Q32 Bio (QTTB) Q2 2026 earnings summary

Executive summary

• Bempikibart (ADX-914) advanced as the lead candidate with positive 36-week Phase 2 results in severe/very severe alopecia areata, showing meaningful hair regrowth and a favorable safety profile; enrollment and dosing in the SIGNAL-AA Part B OLE are ongoing, with further data expected in 2027.

• Registration-directed trials for bempikibart in AA are planned for 2027, with expanded indications under exploration.

• Sold ADX-097 asset, securing upfront, milestone, and royalty potential, and retaining rights to other complement inhibitor assets.

• Advanced preclinical development of ADX-914-XL, a half-life extended anti-IL-7Ra antibody.

• Raised significant capital through public offerings, private placements, and ATM programs, strengthening liquidity.

Financial highlights

• Cash and cash equivalents were $106.3 million as of June 30, 2026, excluding proceeds from a $200 million public offering completed in July 2026.

• Net loss for Q2 2026 was $8.9 million ($0.44 per share), compared to $9.5 million ($0.78 per share) in Q2 2025; net loss for the six months ended June 30, 2026 was $16.6 million, down from $20.5 million year-over-year.

• Operating expenses for Q2 2026 were $9.1 million, nearly flat year-over-year; R&D expenses decreased due to the ADX-097 asset sale, while G&A expenses rose to $4.9 million due to higher stock-based compensation.

• Financing activities in H1 2026 provided $67.4 million, primarily from equity offerings.

Outlook and guidance

• Cash position, including July 2026 offering, expected to fund operations through topline Phase 3 results for bempikibart.

• Additional capital will be needed for regulatory approval and commercialization.

• Additional 36-week and initial 52-week results from SIGNAL-AA Part B to be presented in the second half of 2026; OLE data expected in 2027.