Q32 Bio — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents were $289.6 million as of September 30, 2026, compared to $48.3 million as of December 31, 2025.
• Research and development expenses were $5.1 million for the three months ended September 30, 2026, an increase from $3.6 million in the same period in 2025.
• General and administrative expenses were $5.5 million for the three months ended September 30, 2026, an increase from $4.0 million in the same period in 2025.
• Net loss was $8.9 million ($0.26 per share) for the three months ended September 30, 2026, compared to a net loss of $7.4 million ($0.60 per share) for the three months ended September 30, 2025.
• Total operating expenses were $10.7 million for the three months ended September 30, 2026, compared to $7.6 million in the prior year period.
• Venture debt was eliminated, dropping from $9.7 million as of December 31, 2025, to $0 as of September 30, 2026.
• Stockholders' equity increased to $287.7 million as of September 30, 2026, from $42.0 million as of December 31, 2025.

Guidance and Future Outlook:

• A registration-directed program evaluating bempikibart in patients with severe or very severe alopecia areata is expected to initiate in the first half of 2027, subject to regulatory discussions in the fourth quarter of 2026.
• Data from the SIGNAL-AA Part B open-label extension (OLE) is anticipated in the second half of 2027.
• Q32 Bio expects its current cash position to provide a financial runway through the topline Phase 3 results of the planned registration-directed program.
• The company is evaluating opportunities to expand bempikibart into additional immunology and inflammation indications and expanded alopecia areata populations.

Business Segments and Product Lines:

• Presented 36-week results and 16-week off-drug findings from Part B of the SIGNAL-AA clinical trial at the EADV Congress 2026.
• In Part B, bempikibart demonstrated a mean percent reduction in Severity of Alopecia Tool (SALT) score of 35.3% at Week 36 in the modified intent-to-treat analysis.
• 40.0% of patients achieved a SALT-20 response at Week 36 in the modified intent-to-treat analysis, and 30.3% in the intent-to-treat analysis.
• Robust durability was observed during the 16-week off-drug period, with maintenance and deepening of response supporting potential less frequent, chronic maintenance dosing.
• The half-life extended program ADX-914-XL continues in preclinical development.
• Completed a public offering in July 2026 raising gross proceeds of approximately $200.0 million.

Market and Competitive Landscape:

• Approximately 700,000 people in the United States live with alopecia areata, a disease with limited current treatment options.
• Management believes bempikibart has the potential to become a first-line standard of care option for patients with alopecia areata.
• The company is targeting the treatment of severe or very severe alopecia areata and other autoimmune and inflammatory diseases.

Risks and Challenges:

• Forward-looking statements regarding clinical trial results, safety, efficacy, and regulatory progress involve risks that actual results may differ materially.
• Risks include the potential for ongoing and future clinical studies to be more costly than expected or to not yield anticipated results.
• There is a risk that Q32 Bio may use capital resources sooner than anticipated or may need additional funding to complete clinical studies, which may not be available on favorable terms.
• Future data analyses may not support current beliefs regarding the durability of clinical responses for bempikibart.

Management Commentary and Tone:

• CEO Jodie Morrison stated the third quarter brought continued momentum and highlighted encouraging data supporting bempikibart as a potential first-line standard of care.
• Management expressed confidence in the data demonstrating durable responses and the potential for less frequent chronic maintenance dosing.
• The company welcomed new leadership appointments, including José Trevejo, M.D., Ph.D., as Chief Medical Officer and Ellie Hershberger, Pharm.D., as Chief Development Officer.
• Management indicated the company is well-positioned to rapidly advance into a registration-directed program following planned regulatory discussions.

Other Key Points:

• Appointed José Trevejo, M.D., Ph.D., as Chief Medical Officer and Ellie Hershberger, Pharm.D., as Chief Development Officer in September 2026.
• Additional senior leaders were appointed to oversee clinical operations, clinical strategy, medical affairs, and regulatory affairs.
• The SIGNAL-AA Part B open-label extension (OLE) is ongoing with dosing continuing for eligible patients.
• The company has no outstanding venture debt as of September 30, 2026.
• The company communicated that the $200.0 million raised in July 2026, combined with existing cash, supports operations through Phase 3 topline results.