Q32 Bio
QTTB on Nasdaq. Pharmaceutical preparations. Market value $249m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-13.89 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$8.11 a share, 326% above its 1-year low
Over the past year the price has ranged from $1.90 to $23.57.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $34m | $3m | -$7m | $0 | $54m |
| Operating margin | |||||
| Operating margin | -282.4% | -4154.6% | n/a | n/a | 31.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.01bn | 0.01bn | 0.03bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 81.9% a year
- Buying back its own sharesYes, 48% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $9 million, compared with a loss of $9 million a year ago.
- 67% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$18m |
| December 2024 | -$14m |
| March 2025 | -$11m |
| June 2025 | -$9m |
| September 2025 | -$7m |
| December 2025 | $58m |
| March 2026 | -$8m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
None of the long-term investors we follow own it. 71 funds in all.
Largest holders overall
- Orbimed Advisors$53mAdded
- Boxer Capital Management$40mNew
- Atlas Venture Life Science Advisors$35mAdded
- BVF$30mNew
- RA Capital Management, L.P.$30mNew
- Point72 Asset Management, L.P.$15mNew
- Opaleye Management$12mCut
- Logos Global Management LP$10mNew
- SummitTX Capital, L.P.$9mNew
- Vanguard Capital Management$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- ORBIMED ADVISORS LLCPassive investorat least 13.9%−3.5 pts(filed with 2 related holders)Since 16 July 2026
What they said
The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…
Read the filing - Boxer Capital Management, LLCPassive investorat least 13.3%(filed with 3 related holders)Since 30 June 2026
- BVF PARTNERS L P/ILPassive investorat least 10.0%(filed with 9 related holders)Since 28 May 2026
- RA Capital Management, L.P.Passive investorat least 9.8%(filed with 3 related holders)Since 28 May 2026
- Opaleye Management Inc.Passive investorat least 5.5%−3.1 pts(filed with 2 related holders)Since 30 June 2026
- Point72 Asset Management, L.P.Passive investorat least 5.0%−0.8 pts(filed with 2 related holders)Since 30 June 2026
- The Carlyle Group Inc.Passive investorat least 4.1%(filed with 9 related holders)Since 30 June 2026
- Atlas Venture Fund X, L.P.Passive investorat least 3.6%(filed with 10 related holders)Since 26 May 2026
- Pfizer Inc. (IRS Identification No.: 13-5315170)Passive investorSold down below 5%Since 31 December 2024
- BRISTOL MYERS SQUIBB COPassive investorSold down below 5%Since 31 December 2024
- Sirenia Capital Management LPPassive investorSold down below 5%Since 30 June 2026
- Sio Capital Management, LLCPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
ORBIMED ADVISORS LLC Passive investor | at least 13.9%−3.5 pts (filed with 2 related holders) | 16 July 2026 | What they saidThe Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in… Read the filing |
Boxer Capital Management, LLC Passive investor | at least 13.3% (filed with 3 related holders) | 30 June 2026 | |
BVF PARTNERS L P/IL Passive investor | at least 10.0% (filed with 9 related holders) | 28 May 2026 | |
RA Capital Management, L.P. Passive investor | at least 9.8% (filed with 3 related holders) | 28 May 2026 | |
Opaleye Management Inc. Passive investor | at least 5.5%−3.1 pts (filed with 2 related holders) | 30 June 2026 | |
Point72 Asset Management, L.P. Passive investor | at least 5.0%−0.8 pts (filed with 2 related holders) | 30 June 2026 | |
The Carlyle Group Inc. Passive investor | at least 4.1% (filed with 9 related holders) | 30 June 2026 | |
Atlas Venture Fund X, L.P. Passive investor | at least 3.6% (filed with 10 related holders) | 26 May 2026 | |
Pfizer Inc. (IRS Identification No.: 13-5315170) Passive investor | Sold down below 5% | 31 December 2024 | |
BRISTOL MYERS SQUIBB CO Passive investor | Sold down below 5% | 31 December 2024 | |
Sirenia Capital Management LP Passive investor | Sold down below 5% | 30 June 2026 | |
Sio Capital Management, LLC Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $30m of shares on the open market. 3 sold $459,748.
- Kalowski LeeCFO and PresidentSold
- Date
- 25 August 2026
- Shares
- 3,972
- Price
- $16.56
- Value
- $65,776
- Morrison Jodie PopeCEO, DirectorSold
- Date
- 25 August 2026
- Shares
- 9,845
- Price
- $16.56
- Value
- $163,033
- Violette Shelia M.Chief Scientific OfficerSold
- Date
- 25 August 2026
- Shares
- 2,798
- Price
- $16.56
- Value
- $46,335
- Xu DiyongDirectorBought
- Date
- 28 May 2026
- Shares
- 1,875,000
- Price
- $8.00
- Value
- $15m
- OrbiMed Capital GP VII LLCDirectorBought
- Date
- 28 May 2026
- Shares
- 1,875,000
- Price
- $8.00
- Value
- $15m
- Kalowski LeeCFO and PresidentSold
- Date
- 25 February 2026
- Shares
- 3,995
- Price
- $4.51
- Value
- $18,017
- Morrison Jodie PopeCEO, DirectorSold
- Date
- 25 February 2026
- Shares
- 9,896
- Price
- $4.51
- Value
- $44,631
- Violette Shelia M.Chief Scientific OfficerSold
- Date
- 25 February 2026
- Shares
- 2,815
- Price
- $4.51
- Value
- $12,696
- Morrison Jodie PopeCEO, DirectorSold
- Date
- 2 December 2025
- Shares
- 22,506
- Price
- $3.46
- Value
- $77,871
- Kalowski LeeCFO and PresidentSold
- Date
- 2 December 2025
- Shares
- 9,072
- Price
- $3.46
- Value
- $31,389
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 August 2026 | Kalowski Lee CFO and President | Sold | 3,972 | $16.56 | $65,776 |
| 25 August 2026 | Morrison Jodie Pope CEO, Director | Sold | 9,845 | $16.56 | $163,033 |
| 25 August 2026 | Violette Shelia M. Chief Scientific Officer | Sold | 2,798 | $16.56 | $46,335 |
| 28 May 2026 | Xu Diyong Director | Bought | 1,875,000 | $8.00 | $15m |
| 28 May 2026 | OrbiMed Capital GP VII LLC Director | Bought | 1,875,000 | $8.00 | $15m |
| 25 February 2026 | Kalowski Lee CFO and President | Sold | 3,995 | $4.51 | $18,017 |
| 25 February 2026 | Morrison Jodie Pope CEO, Director | Sold | 9,896 | $4.51 | $44,631 |
| 25 February 2026 | Violette Shelia M. Chief Scientific Officer | Sold | 2,815 | $4.51 | $12,696 |
| 2 December 2025 | Morrison Jodie Pope CEO, Director | Sold | 22,506 | $3.46 | $77,871 |
| 2 December 2025 | Kalowski Lee CFO and President | Sold | 9,072 | $3.46 | $31,389 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.