Q32 Bio is a clinical-stage biotech developing antibody therapies for autoimmune and inflammatory diseases. The company has no approved products and no product revenue. Q32 Bio's lead asset is bempikibart (ADX-914), a fully human monoclonal antibody that blocks IL-7 and TSLP signaling pathways via the IL-7 receptor alpha. By blocking these pathways, bempikibart is designed to rebalance T-effector and T-regulatory cells to reverse autoimmune damage. The primary target indication is alopecia areata (AA), an autoimmune condition that causes hair loss and affects an estimated 2% of the global population. Q32 Bio is developing bempikibart specifically for severe or very severe AA patients, and it is administered via self-injection. The company's near-term focus is completing its SIGNAL-AA Phase 2a Part B trial, with topline data expected mid-2026, followed by pivotal trials if data are positive. Bempikibart has received FDA Fast Track designation for AA. Q32 Bio licensed bempikibart from Bristol-Myers Squibb and owes BMS milestone and royalty payments tied to development and commercialization progress. The company outsources all manufacturing to contract manufacturers and operates with just 24 full-time employees. Beyond bempikibart, Q32 Bio retains an early-stage complement inhibitor platform, including ADX-096 in ophthalmology, and is evaluating strategic options for these assets after selling its ADX-097 program to Akebia Therapeutics in 2025.