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Q32 Bio

QTTB
44
Biotechnology · Healthcare
Also trades as: 0T6G.L
Price
$15.97
+0.11 (+0.69%)
Market Cap
$475.3M
Exchange
NASDAQ
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Exceptional
Valuation
Good

Share count rising — dilution

+3.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.9M (2021) → 12.3M (2025)

Winston Score History

The full picture

Q32 Bio is a small biotechnology company focused on developing drugs that treat diseases caused by an overactive immune system. Its main focus is on conditions like atopic dermatitis (a severe form of eczema) and other inflammatory diseases. The company is working on experimental medicines that have not yet been approved, so it does not sell products to regular customers yet.

Q32 Bio makes almost no revenue from product sales right now. Instead, it funds its work through partnerships, grants, and money raised from investors. It operates primarily in the United States and has a market value of around $200 million, which is small even by biotech standards. The company's main risk is that its drugs must still pass clinical trials and win approval from the FDA before they can be sold — a process that is expensive, slow, and often fails.

Score breakdown

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Quality

Profit per sale
Gross Margin
N/A
Data not available
Profit after running costs
Operating Margin
N/A
Data not available
Return on the money invested
ROCE
19.4%
Strong — 19.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
-46%
Weak — only -46% of profit becomes cash
Spare cash per sale
FCF Margin
-36.9%
Burning cash (-36.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.04
Conservative — low debt load (0.04)
Covers its interest
Interest Cover
30.66x
Comfortably covers interest (30.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
5.3x
Attractive valuation — P/E 5.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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