Q32 Bio Inc.
QTTBAbout the company
Q32 Bio Inc., a clinical-stage biotechnology company, develops novel biologics to restore healthy immune balance in patients with alopecia areata and other autoimmune and inflammatory diseases driven by pathological immune dysfunction. The company is developing Bempikibart (ADX-914), a fully human antiinterleukin-7 receptor alpha antagonist monoclonal antibody which completed Phase 2a clinical trials, designed to re-regulate adaptive immune function by blocking signaling mediated by interleukin-7 and thymic stromal lymphopoietin for the treatment of atopic dermatitis and alopecia areata.
Investment snapshot
Positive
5
BUY / PASS
Neutral / negative
3 / 8
NEUTRAL / FAIL
Median fair value
$13.34
+53.2% vs price
Models with upside
1 / 17
Positive margin of safety
Strongest signal
8 of 12 pass — Graham, Buffett, Lynch +1 more object
Key risk
9 of 10 flag QTTB's cash flow — Buffett, Lynch, Piotroski +6 more
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | PASS | PASS | PASS | NEUTRAL | PASS | FAIL | PASS | FAIL | FAIL | NEUTRAL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Margin of Safety | +34.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-04 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-04 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Graham, Buffett, Lynch +1 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.23, IC: N/A✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities56.34✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDA✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Cash Flow10% pass✓ 1✗ 11▾
9 of 10 flag QTTB's cash flow — Buffett, Lynch, Piotroski +6 more
Free Cash Flow Proxy✗BuffettPositive and growingFCF Positive and Growing$-33.5M✗LynchPositive and growingOperating Cash Flow$-33.5M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-54.30%, ROA=48.27%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldP/E=3.6x, FCF Yield=-12.9%✓PabraiP/E < 15 or FCF Yield > 10%FCF Positive1/9 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-30.0%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency1/9 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-33.5M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-12.87%; #3331/4519 (top 73.7%)✗OshaughnessyTop 10% of eligible cross-section - Profitability13% pass✓ 8✗ 27▾
14 of 16 flag QTTB's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)1/10 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)1/10 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-186.5%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)31.5% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)P/E 3.6x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE11.2%✗Lynch> 15%EBIT / Enterprise Value7.6%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=7.6%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets48.27%✓PiotroskiROA > 0ROA Change YoY-51.70% -> 48.27% (delta: +99.97%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-54.30%, ROA=48.27%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue55.5%✓Dreman>= 8%Net Income / Shareholders' Equity11.2%✗Dreman> 12%Margin of SafetyP/E=3.6x, P/B=2.7x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-275.5% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/9 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue31.5%✓Ackman>= 15%Net Income / Shareholders Equity11.2%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trend✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+12.37%; #479/6340 (top 7.6%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+11.21%; #1627/5226 (top 31.1%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.5413; #4980/5884 (top 84.6%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years1/9 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Growth13% pass✓ 5✗ 8▾
7 of 8 flag QTTB's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)P/E 3.6x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$-12.10 (2017) -> $2.42 (2025)✓DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/9 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth155.9%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trend✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR81.9%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Valuation23% pass✓ 10✗ 18▾
10 of 13 flag QTTB's valuation — Graham, Lynch, Greenblatt +7 more
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio2.7x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)P/E 3.6x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value7.6%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=7.6%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS3.6x✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share2.7x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=3.6x✓MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=3.6x, FCF Yield=-12.9%✓PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=3.6x, P/B=2.7x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low585% of trailing low ($1.49)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+12.37%; #479/6340 (top 7.6%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+1.1037; #1318/6449 (top 20.4%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS3.6x✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share2.67x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.2062; #3745/5247 (top 71.4%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-12.87%; #3331/4519 (top 73.7%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+55.54%; #589/6202 (top 9.5%)✓OshaughnessyTop 10% of eligible cross-section - Efficiency38% pass✓ 6✗ 5▾
5 of 8 flag QTTB's efficiency — Greenblatt, Piotroski, Munger +2 more
Current Ratio56.34✓Graham>= 2.0ROIC (3-5 yr avg)389.9%✓Buffett> 10%ROIC - WACC+379.9%✓BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY4.97 -> 4.85✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.00x -> 0.87x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities56.34✓Dreman> 1.5Return on Invested Capital5.0%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-595.3%; FY2025: ROIC=25.8%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC25.8% (RR=100% x ROIC=25.8%)✓AkreReinvestment Rate * ROIC > 10%ROIC (5-year)1/2 years above 12% (latest 25.8%)✗SleepROIC > 12% in a majority of years - Verdicts38% pass✓ 5✗ 8▾
Split decision: 8 FAIL · 5 PASS · 3 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✓DremanPASS (5/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✓AkrePASS (3/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 5.4% of shares last year.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: net income, operating income, ebit, pre tax income, operating cash flow, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $260.6Mcurrent | -- | -- | -- | $49.9Mest. | $37.0Mest. | $699.7Mest. | $1.6Best. | $3.8Best. |
| Revenue | -- | -- | -- | -- | $53.7M | $0↑100% | -$6.7M↓307% | $3.2M↓91% | $34.0M |
| Operating Income | $18.4M↑142% | -$10.7M↓41% | -$9.1M↑1% | -$7.7M↑37% | $16.9M↑126% | -$66.1M↓37% | -$48.3M↑64% | -$133.3M↓39% | -$95.9M |
| Net Income | $32.3M↑177% | -$8.9M↓21% | -$8.9M↑6% | -$7.6M↑31% | $29.8M↑162% | -$47.7M↑11% | -$53.7M↓974% | -$5.0M↑95% | -$95.8M |
| EPS (Diluted) | -- | $-0.26↑57% | $-0.44↑44% | $-0.54↑40% | $2.42↑137% | $-6.58↓237% | $-1.95↓2067% | $-0.09↑95% | $-1.73 |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | 31.5% | — | 725.5%↑117% | -4154.6%↓1371% | -282.4% |
| ROE | 11.2%↓95% | — | — | — | 71.0%↑108% | -841.1%↓2963% | 29.4%↑667% | 3.8%↑107% | -56.4% |
| Total Debt | $0↓100% | $0↓100% | $0↓100% | $8.2M↓36% | $9.7M↑213% | $3.1M↓92% | $39.5M↑32% | $30.0M | -- |
| Shareholders' Equity | $287.7M↑1659% | $287.7M↑1659% | $105.9M↑966% | $46.3M↑1254% | $42.0M↑640% | $5.7M↑103% | -$182.9M↓40% | -$130.7M↓177% | $169.7M |
| Current Ratio | 56.34↑1132% | 56.34↑1132% | 20.30↑301% | 5.36↑14% | 4.85↓2% | 4.97↑144% | 2.04↓75% | 8.02↓28% | 11.14 |
| Debt / Equity | 0.00↑100% | 0.00↑100% | 0.00↑100% | 0.18↑106% | 0.23↓58% | 0.55↑353% | -0.22↑6% | -0.23 | — |
| Operating Cash Flow | -$20.0M↑48% | -$4.4M↓4% | -$3.1M↑71% | -$6.3M↑49% | -$33.5M↑50% | -$67.7M↓263% | -$18.7M↑84% | -$113.7M↓4% | -$109.8M |
| Free Cash Flow | -- | -- | -- | -- | -$33.5M↑51% | -$67.8M↓263% | -$18.7M↑84% | -$114.9M↓2% | -$112.1M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Pharmaceutical Products
QTTB vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merck & Co., Inc.MRK | $364.3B | $147.76 | $65.0B | $18.3B | 34.7% | 0.94 | — | 1.54 | 2/9 | 5/9 | 4/7 | 0/3 | F-Score 4 | 1/11 |
| ABBOTT LABORATORIESABT | $188.0B | $108.52 | $44.3B | $6.5B | 12.5% | 0.25 | 18.2% | 1.58 | 3/9 | 4/9 | 2/7 | 1/3 | F-Score 5 | 3/11 |
| BRISTOL MYERS SQUIBB COBMY | $129.7B | $63.43 | $48.2B | $7.1B | 38.2% | 2.44 | 19.4% | 1.26 | 2/9 | 1/9 | 3/7 | 1/3 | F-Score 8 | 5/11 |
| BIO-TECHNE CorpTECH | $11.4B | $72.80 | $1.2B | $73.4M | 3.8% | — | 8.4% | 3.46 | 4/9 | 3/9 | 3/7 | 0/3 | F-Score 5 | 4/11 |
| REPLIGEN CORPRGEN | $10.7B | $167.79 | $738.3M | $48.9M | 2.3% | 0.26 | 7.5% | 8.37 | 3/9 | 2/9 | 3/7 | 0/3 | F-Score 7 | 5/11 |
| IONIS PHARMACEUTICALS INCIONS | $4.8B | $29.06 | $943.7M | $381.4M | -78.0% | 3.60 | -40.4% | 3.83 | 3/9 | 1/9 | 1/7 | 0/3 | F-Score 4 | 3/11 |
| NEOGEN CORPNEOG | $2.5B | $11.23 | $870.4M | $7.9M | -0.4% | 0.76 | -2.5% | 3.82 | 3/9 | 1/9 | 2/7 | 0/3 | F-Score 6 | 4/11 |
| Pharvaris N.V.PHVS | $2.4B | $33.36 | — | $206.4M | -64.8% | 0.00 | — | — | 0/9 | 0/9 | 2/7 | 0/3 | F-Score 2 | 2/11 |