Detailed financial statements for Q32 Bio Inc. (QTTB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Operating as a clinical-stage biotechnology firm, Q32 Bio Inc. is dedicated to developing biologic therapies aimed at re-establishing healthy immune equilibrium in patients across the United States suffering from autoimmune and inflammatory disorders stemming from dysfunctional immune responses. The company's primary investigational therapy, ADX-097, is a humanized anti-C3d monoclonal antibody fusion protein designed to normalize complement regulation.
Analysis Summary
Q32 Bio Inc. reported revenue of $53.7M in the most recent fiscal year, growing at a 5-year CAGR of 81.9%.
Trailing-twelve-month margins: gross margin 99.8%, operating margin 39.9%, net margin 62.9%.
At the current price of $10.98, QTTB trades at a P/E of 3.84 and an ROE of 76.88%. Market capitalisation stands at $327M.
Balance sheet quality for QTTB: current ratio of 4.9, net cash position of $33.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$33.5M represents -112% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $5.3M | $1.7M | $2.7M | 0 | $6.7M | -$6.7M | 0 | $53.7M |
| Cost of Revenue | $239797 | $684214 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$239797 | -$684214 | $5.3M | $1.7M | 0 | 0 | $6.7M | -$6.7M | 0 | $53.7M |
| Research & Development | $5.7M | $21.4M | $47.9M | $89.4M | $100.4M | $29.9M | $35.8M | $31.7M | $48.1M | $19.2M |
| Selling, General & Admin | $4.1M | $7.6M | $16.0M | $15.9M | $23.7M | $6.8M | $10.1M | $9.9M | $18.0M | $17.7M |
| Operating Expenses | $9.8M | $29.0M | $64.0M | $105.3M | $124.1M | $36.7M | $45.9M | $41.6M | $66.1M | $36.8M |
| Operating Income | -$10.0M | -$29.7M | -$59.9M | -$109.9M | -$130.3M | -$36.7M | -$39.2M | -$48.3M | -$66.1M | $16.9M |
| EBITDA | -$7.8M | -$29.3M | -$58.6M | -$97.6M | -$121.4M | -$36.6M | -$38.9M | -$47.8M | -$44.5M | $31.3M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.1M | $1.1M |
| Pre-tax Income | -$8.0M | -$30.0M | -$55.6M | -$103.9M | -$128.7M | -$37.0M | -$42.7M | -$53.4M | -$47.7M | $29.8M |
| Income Tax | $2 | -$4 | 0 | 0 | 0 | $547000 | $62000 | $318000 | $21000 | 0 |
| Net Income | -$8.0M | -$30.0M | -$55.6M | -$103.9M | -$128.7M | -$37.6M | -$42.8M | -$53.7M | -$47.7M | $29.8M |
| EPS | $-3.87 | $-14.42 | $-35.04 | $-44.41 | $-50.46 | $-3.15 | $-3.59 | $-4.51 | $-5.12 | $2.42 |
| EPS (Diluted) | $-3.87 | $-14.42 | $-35.04 | $-44.41 | $-50.46 | $-3.15 | $-3.59 | $-4.51 | $-6.58 | $2.42 |
| Shares Outstanding (Diluted) | $2.1M | $2.1M | $1.6M | $2.3M | $2.6M | $11.9M | $11.9M | $11.9M | $9.7M | $12.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.4M | $51.6M | $38.2M | $53.8M | $217.4M | $108.4M | $34.0M | $25.6M | $78.0M | $48.3M |
| Short-term Investments | 0 | $78.1M | $176.5M | $208.6M | 0 | $47.5M | $141.0M | 0 | 0 | 0 |
| Receivables | $113260 | 0 | $800000 | $400000 | $400000 | 0 | $1.1M | $755000 | $555000 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $12.0M | $131.6M | $221.7M | $266.6M | $219.6M | $191.9M | $182.1M | $28.7M | $81.9M | $55.0M |
| Property, Plant & Equipment | $2.0M | $3.2M | $35.6M | $42.7M | $42.9M | $17.9M | $21.6M | $8.1M | $7.1M | $6.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $14.2M | $137.5M | $259.1M | $310.6M | $263.7M | $211.7M | $229.5M | $47.1M | $92.3M | $61.8M |
| Accounts Payable | $893673 | $2.5M | $15.7M | $2.6M | $4.7M | $2.4M | $1.4M | $3.5M | $3.0M | $879000 |
| Short-term Debt | 0 | 0 | 0 | 0 | $2.5M | $246000 | $1.6M | $878000 | $3.1M | $6.9M |
| Total Current Liabilities | $6.4M | $8.9M | $22.5M | $12.4M | $22.7M | $17.2M | $23.6M | $14.1M | $16.5M | $11.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $43.2M | $9.6M | $3.5M |
| Total Liabilities | $6.7M | $39.2M | $62.7M | $52.1M | $67.7M | $42.1M | $51.5M | $230.0M | $86.7M | $19.8M |
| Retained Earnings | -$10.2M | -$40.2M | -$95.8M | -$199.7M | -$328.4M | -$424.1M | -$429.1M | -$187.1M | -$234.8M | -$205.0M |
| Total Equity | $7.5M | $98.3M | $196.4M | $258.5M | $196.0M | $169.7M | $178.0M | -$182.9M | $5.7M | $42.0M |
| Total Debt | 0 | 0 | 0 | 0 | $15.4M | $23.9M | $29.9M | $50.8M | $18.9M | $15.3M |
| Net Debt | -$11.4M | -$129.7M | -$214.7M | -$262.4M | -$202.0M | -$131.9M | -$145.1M | $25.2M | -$59.1M | -$33.0M |
| Working Capital | $5.6M | $122.7M | $199.2M | $254.2M | $196.9M | $174.7M | $158.5M | $14.6M | $65.4M | $43.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.0M | -$30.0M | -$55.6M | -$103.9M | -$128.7M | -$95.8M | -$42.8M | -$53.7M | -$47.7M | $29.8M |
| Depreciation & Amortization | $239797 | $684214 | $1.3M | $6.3M | $8.9M | $9.5M | $370000 | $499000 | $487000 | $391000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | $1.2M | $1.4M | $4.4M | $5.3M |
| Change in Working Capital | $928479 | $34.7M | $10.6M | $463000 | $11.5M | -$41.8M | $26.9M | $26.3M | -$9.6M | -$4.0M |
| Operating Cash Flow | -$8.5M | $6.5M | -$42.6M | -$91.4M | -$94.3M | -$109.8M | -$11.0M | -$18.7M | -$67.7M | -$33.5M |
| Capital Expenditure | -$2.0M | -$2.0M | -$24.9M | -$21.8M | -$3.7M | -$2.4M | -$2.5M | -$5000 | -$75000 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $130.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$17470 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.5M | $4.5M | -$67.5M | -$113.2M | -$98.1M | -$112.1M | -$13.4M | -$18.7M | -$67.8M | -$33.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -68.7% | +62.2% | -100.0% | -200.0% | +100.0% | |||||
| Net Income Growth (YoY) | -272.7% | -85.3% | -87.0% | -23.8% | +70.8% | -14.0% | -25.5% | +11.2% | +162.5% | |
| EPS Growth (YoY) | -272.6% | -143.0% | -26.7% | -13.6% | +93.8% | -14.0% | -25.6% | -13.5% | +147.3% | |
| Shares Change (YoY) | +0.0% | -23.7% | +47.5% | +9.0% | +367.7% | +0.0% | +0.0% | -19.0% | +27.5% | |
| FCF Growth (YoY) | +143.2% | -1593.1% | -67.7% | +13.4% | -14.4% | +88.0% | -39.0% | -262.9% | +50.5% | |
| Gross Margin | 100.0% | 100.0% | 0.0% | 100.0% | 100.0% | 100.0% | ||||
| Operating Margin | -1126.0% | -6599.2% | -4821.0% | -589.8% | 725.5% | 31.5% | ||||
| EBITDA Margin | -1101.8% | -5858.2% | -4491.5% | -584.2% | 718.0% | 58.3% | ||||
| Net Margin | -1044.3% | -6237.5% | -4762.9% | -643.6% | 808.0% | 55.5% | ||||
| FCF Margin | -1268.3% | -6794.2% | -3629.3% | -202.1% | 280.9% | -62.4% | ||||
| Effective Tax Rate | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -1.5% | -0.1% | -0.6% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.04 | $2.17 | $-42.55 | $-48.37 | $-38.45 | $-9.40 | $-1.13 | $-1.57 | $-7.02 | $-2.72 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.1M | $2.1M | $1.6M | $2.3M | $2.6M | $11.9M | $11.9M | $11.9M | $9.3M | $12.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 76.88% |
| Return on Invested Capital | 19.30% |
| Return on Assets | 29.16% |
| Gross Margin | 99.84% |
| Operating Margin | 39.94% |
| Net Margin | 62.87% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 20.30 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -86.79 | -23.29 | -11.49 | -8.39 | -4.03 | -20.80 | -6.32 | -2.43 | -0.67 | 1.37 |
| P/B | 93.12 | 7.10 | 3.25 | 3.37 | 2.64 | 4.61 | 1.52 | -0.71 | 5.65 | 0.97 |
| P/S | 0.00 | 0.00 | 119.96 | 523.31 | 191.83 | 0.00 | 40.68 | -19.62 | 0.00 | 0.76 |
| Gross Margin | 0.0% | 0.0% | 100.0% | 100.0% | 0.0% | 0.0% | 100.0% | 100.0% | 0.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | -1126.0% | -6599.2% | -4821.0% | 0.0% | -589.8% | 725.5% | 0.0% | 31.5% |
| Net Margin | 0.0% | 0.0% | -1044.3% | -6237.5% | -4762.9% | 0.0% | -643.6% | 808.0% | 0.0% | 55.5% |
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