Cambridge biotech tracker · Waltham
Q32 Bio
Listed on Nasdaq as QTTB, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $290M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $5.0M
- avg. operating cash flow, 4 qtrs
- Runway
- 5+ yrs
- 3+ years
- Net loss
- $8.9M
- Q3 '26
- R&D expense
- $5.1M
- 48% of opex
- Raised, last 4 qtrs
- +$254M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Pipeline
2 active trials, through phase 2.
Phase 2 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Evaluating Safety and Efficacy of ADX-914 in Patients With Moderate to Severe Atopic Dermatitis (SIGNAL-AD)NCT05509023 · Atopic DermatitisPhase 2Dec 2024est. | Phase 2 | Active, not recruiting | ||
| A Phase 2a Proof-of-Concept Trial of Bempikibart (ADX-914) for the Treatment of Severe Alopecia Areata (SIGNAL-AA)NCT06018428 · Alopecia AreataPhase 2Jun 2026est. | Phase 2 | Active, not recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 5+ years of runway
Cash and investments of $290M at Q3 '26 against an average operating cash burn of $5.0M per quarter over the last four reported quarters runs out around March 2041. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $212M since Q4 '24
Net financing inflows of $254M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $4.5M above cash burn
The Q3 '26 net loss of $8.9M includes non-cash charges, including $2.9M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 48% of operating expenses
$5.1M of R&D against $10.7M of total operating expenses in Q3 '26, with G&A at $5.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $230M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $78.0M | −$11.4M | −$14.2M | $10.5M | $4.0M | $0 | $1.3M | $317K |
| Q1 '25 · Mar 31, 25 | $65.5M | −$12.5M | −$11.0M | $7.1M | $5.1M | — | $1.3M | — |
| Q2 '25 · Jun 30, 25 | $54.8M | −$10.7M | −$9.5M | $5.2M | $4.0M | — | $1.3M | — |
| Q3 '25 · Sep 30, 25 | $49.0M | −$4.2M | −$7.4M | $3.6M | $4.0M | — | $1.2M | −$1.6M |
| Q4 '25 · Dec 31, 25 | $48.3M | −$6.2M | $57.7M | $3.3M | $4.5M | — | $1.5M | −$1.6M |
| Q1 '26 · Mar 31, 26 | $50.8M | −$6.3M | −$7.6M | $3.2M | $4.5M | — | $1.5M | $8.8M |
| Q2 '26 · Jun 30, 26 | $106M | −$3.1M | −$8.9M | $4.3M | $4.9M | — | $1.7M | $58.6M |
| Q3 '26 · Sep 30, 26 | $290M | −$4.4M | −$8.9M | $5.1M | $5.5M | — | $2.9M | $188M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.