Revenue performance is highly episodic, evidenced by the $53.7M milestone-driven gain in 2025Q4 contrasting with multiple quarters of zero revenue.
Q32 Bio Inc. (QTTB) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 53.74M | 53.74M | 0 | -6.65M | 6.65M | 0 | 2.7M | 1.67M | 5.32M | 0 | 0 |
| Revenue Growth % | - | - | 100% | -200% | - | -100% | 62.18% | -68.7% | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 684.21K | 239.8K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 53.74M | 53.74M | 0 | -6.65M | 6.65M | 0 | 2.7M | 1.67M | 5.32M | -684.21K | -239.8K |
| Gross Margin % | 100% | 100% | - | 100% | 100% | - | 100% | 100% | 100% | - | - |
| Gross Profit Growth % | - | - | 100% | -200% | - | -100% | 62.18% | -68.7% | 877.83% | -185.33% | - |
| Operating Expenses | 32.27M | 36.84M | 66.1M | 41.6M | 45.88M | 36.69M | 124.06M | 105.29M | 63.96M | 28.97M | 9.76M |
| OpEx % of Revenue | - | 68.55% | - | -625.53% | 689.76% | - | 4591.45% | 6319.99% | 1201.78% | - | - |
| Selling, General & Admin | 17.93M | 17.68M | 17.96M | 9.88M | 10.06M | 6.76M | 23.67M | 15.89M | 16.01M | 7.6M | 4.07M |
| SG&A % of Revenue | - | 32.9% | - | -148.47% | 151.29% | - | 875.98% | 953.96% | 300.85% | - | - |
| Research & Development | 14.35M | 19.16M | 48.14M | 31.73M | 35.81M | 29.93M | 100.39M | 89.4M | 47.95M | 21.38M | 5.69M |
| R&D % of Revenue | - | 35.65% | - | -477.06% | 538.48% | - | 3715.47% | 5366.03% | 900.94% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 21.46M | 16.9M | -66.1M | -48.26M | -39.23M | -36.69M | -130.26M | -109.94M | -59.93M | -29.66M | -10M |
| Operating Margin % | 39.94% | 31.45% | - | 725.53% | -589.76% | - | -4820.98% | -6599.22% | -1126.01% | - | - |
| Operating Income Growth % | - | 125.57% | -36.98% | -23.02% | -6.9% | 71.83% | -18.48% | -83.46% | -102.06% | -196.57% | - |
| EBITDA | 21.91M | 17.29M | -65.61M | -47.76M | -38.85M | -36.65M | -121.36M | -103.63M | -58.64M | -28.97M | -9.76M |
| EBITDA Margin % | 40.77% | 32.18% | - | 718.03% | -584.2% | - | -4491.45% | -6219.99% | -1101.78% | - | - |
| EBITDA Growth % | 140.36% | 126.36% | -37.4% | -22.91% | -6.03% | 69.8% | -17.11% | -76.72% | -102.38% | -196.85% | - |
| D&A (Non-Cash Add-back) | 446K | 391K | 487K | 499K | 370K | 47K | 8.9M | 6.32M | 1.29M | 684.21K | 239.8K |
| EBIT | 34.17M | 30.92M | -44.99M | -48.26M | -39.23M | -36.69M | -128.69M | -103.92M | -55.58M | -29.99M | -8.05M |
| Net Interest Income | 400K | 1.1M | 2.8M | 0 | 0 | 0 | 1.57M | 6.03M | 0 | 0 | 0 |
| Interest Income | 900K | 2.2M | 3.9M | 0 | 0 | 0 | 1.57M | 6.03M | 4.35M | 542.63K | 24.2K |
| Interest Expense | 500K | 1.1M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 12.32M | 12.92M | 18.39M | -5.17M | -3.52M | -324K | 1.57M | 6.03M | 4.35M | -333.37K | 1.95M |
| Pretax Income | 33.79M | 29.82M | -47.71M | -53.42M | -42.75M | -37.02M | -128.69M | -103.92M | -55.58M | -29.99M | -8.05M |
| Pretax Margin % | 62.87% | 55.49% | - | 803.26% | -642.72% | - | -4762.92% | -6237.45% | -1044.29% | - | - |
| Income Tax | 0 | 0 | 21K | 318K | 62K | 547K | 0 | 0 | 0 | -4 | 2 |
| Effective Tax Rate % | 0% | 0% | -0.04% | -0.6% | -0.15% | -1.48% | 0% | 0% | 0% | 0% | -0% |
| Net Income | 33.79M | 29.82M | -47.73M | -53.74M | -42.81M | -37.56M | -128.69M | -103.92M | -55.58M | -29.99M | -8.05M |
| Net Margin % | 62.87% | 55.49% | - | 808.04% | -643.65% | - | -4762.92% | -6237.45% | -1044.29% | - | - |
| Net Income Growth % | 164.6% | 162.47% | 11.18% | -25.54% | -13.96% | 70.81% | -23.84% | -86.98% | -85.31% | -272.7% | - |
| Net Income (Continuing) | 33.79M | 29.82M | -47.73M | -53.74M | -42.81M | -37.56M | -128.69M | -103.92M | -55.58M | -29.99M | -8.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.66 | 2.42 | -6.58 | -4.51 | -3.59 | -3.15 | -50.46 | -44.41 | -35.04 | -14.42 | -3.87 |
| EPS Growth % | 147.29% | 136.78% | -45.9% | -25.63% | -13.97% | 93.76% | -13.62% | -26.74% | -143% | -272.61% | - |
| EPS (Basic) | - | 2.42 | -5.12 | -4.51 | -3.59 | -3.15 | -50.46 | -44.41 | -35.04 | -14.42 | -3.87 |
| Diluted Shares Outstanding | 20.34M | 12.31M | 9.66M | 11.93M | 11.93M | 11.93M | 2.55M | 2.34M | 1.59M | 2.08M | 2.08M |
| Basic Shares Outstanding | 20.34M | 12.3M | 9.32M | 11.93M | 11.93M | 11.93M | 2.55M | 2.34M | 1.59M | 2.08M | 2.08M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying QTTB stock.
For fiscal year 2025, Q32 Bio Inc. (QTTB) reported total revenue of $53.7M.
Q32 Bio Inc. (QTTB) is profitable, generating $29.8M in net income for the fiscal year ending 2025 with a net profit margin of 55.5%.
Q32 Bio Inc. (QTTB) reported an operating income of $16.9M, resulting in an operating profit margin of 31.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Q32 Bio Inc. (QTTB) generated $53.7M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical milestone dependency
Metrics are mathematically derived from official filings.
Revenue Driven by Episodic Milestones
As reported in financial statements, QTTB's top-line performance is characterized by extreme volatility, highlighted by a $53.7M revenue spike in 2025Q4 that contrasts sharply with multiple quarters of zero revenue, confirming the company's reliance on non-recurring collaboration milestones rather than sustainable commercial product sales.
The absence of consistent revenue streams suggests that the company's financial trajectory is tethered to clinical development progress and partnership agreements rather than market-driven demand. Investors should monitor the sustainability of these inflows, as they appear to be accounting-based recognitions that do not reflect an underlying commercial business model.
R&D Intensity Defines Cost Structure
Based on QTTB's reported figures, the company's cost structure is heavily dominated by R&D expenditures, which reached a peak of $14.3M in 2024Q3, reflecting the significant capital requirements necessary to advance its pipeline of tissue-targeted complement inhibitors through mid-stage clinical trials.
The high concentration of spending in R&D relative to SG&A indicates a lean operational footprint focused almost exclusively on clinical execution. This expense profile warrants investigation, as any delays in trial enrollment or manufacturing could lead to inefficient capital consumption without corresponding progress toward regulatory milestones.
Accounting Anomalies Obscure Operational Reality
According to recent SEC filings, the reported net income of $57.7M in 2025Q4 appears to be an outlier driven by non-operating accounting events, as the company otherwise consistently reports net losses, suggesting that headline profitability metrics are not indicative of the firm's actual operational health.
The significant variance between quarterly net income figures suggests that investors should focus on cash burn rather than GAAP earnings to assess the company's viability. The presence of these lumpy, non-recurring items complicates the assessment of true underlying performance and may mask the ongoing costs of clinical development.
Sustainability Risks of Milestone Dependency
As indicated by the company's financial history, the reliance on sporadic milestone payments creates a precarious funding profile, where the lack of recurring revenue leaves the firm vulnerable to liquidity constraints if clinical timelines for ADX-097 or Bempikibart face unexpected regulatory or operational delays.
Short-sellers would likely focus on the high probability of dilutive equity offerings given the current cash-to-burn ratio and the absence of a commercial product. The market's potential overestimation of the Amgen partnership's long-term value could also present a significant downside risk if the asset is deprioritized within a larger portfolio.