Stock

Q32 Bio

QTTB

Biotechnology · Healthcare

Also trades as: 0T6G.L GBP 0.09 (+1.85%)

Price

$8.80

+0.13 (+1.50%)

Market Cap

$262.0M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

7/30

Growth

Mixed

5/20

Cash Flow

Weak

0/10

Stability

Exceptional

10/10

Valuation

Good

6/10

Ownership

Good

10/15

Dividends

Not counted

n/a

38 of 95 counted points = Winston Score 40. Pillars marked n/a do not apply to this company and are left out of the total.

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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.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+43.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$19M/ year

↓ Declining (-60% vs prior year)

35.6% of revenue

2.0x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

57.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~9 years

$107M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$107M cash & investments at current burn rate

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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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

19.3%

Strong — 19.3% 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

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-59%

Weak — only -59% 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

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

16.51x

Comfortably covers interest (16.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

3.2x

Attractive valuation — P/E 3.2

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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