Q32 Bio Inc. (formerly Homology Medicines, Inc.) reported a net loss of $47.7 million for the year ended December 31, 2024, compared to a net loss of $53.7 million in 2023. This improvement of $6.0 million resulted from a $15.9 million gain on the change in fair value of convertible notes prior to their conversion, partially offset by increased operating expenses. Operating expenses rose to $66.1 million in 2024 from $41.6 million in 2023, primarily due to increased research and development spending on the company's lead product candidate, bempikibart, and costs associated with the March 2024 merger with Homology Medicines, Inc.
Significant changes occurred during the reporting period. The company completed its merger with Homology Medicines, Inc. on March 25, 2024, resulting in a reverse stock split at a ratio of 1:18 and a name change to Q32 Bio Inc. The company also terminated its collaboration agreement with Horizon Therapeutics, regaining full development and commercial rights to bempikibart. A corporate restructuring in February 2025 focused resources on advancing bempikibart for the treatment of alopecia areata, leading to the discontinuation of the Phase 2 renal basket clinical trial of ADX-097 and a workforce reduction. The restructuring is expected to result in severance and related charges of approximately $1.1 million.
Operational developments included the completion of two Phase 2a clinical trials for bempikibart, one for alopecia areata (SIGNAL-AA) and one for atopic dermatitis (SIGNAL-AD). Bempikibart was dosed in 130 patients across these trials, demonstrating a favorable safety profile. Positive results were observed in the SIGNAL-AA trial, leading to plans to enroll additional patients in a Part B expansion. The company plans to report initial data from SIGNAL-AA Part B in the first half of 2026. As of December 31, 2024, Q32 Bio had 42 full-time employees.
The company's financial position showed $78.0 million in cash and cash equivalents as of December 31, 2024. Management projects that this will be sufficient to fund operations into the second half of 2026, but additional capital will be needed to advance programs through regulatory approval. The company anticipates continued losses for the foreseeable future and plans to raise additional capital through various means, including equity and debt financings and collaborations. The company has not generated any product revenue to date and does not expect to generate product revenue in the foreseeable future.
Looking ahead, Q32 Bio plans to advance bempikibart for the treatment of alopecia areata in the SIGNAL-AA Phase 2a Part B clinical trial and evaluate strategic options for its tissue-targeted complement inhibitor platform. The company acknowledges numerous risks, including the inherent uncertainties of drug development, competition, regulatory approvals, and securing additional funding. The company's future success depends heavily on the successful development and commercialization of bempikibart.
About Q32 Bio Inc.
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