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Accounting for the Merger - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2025	Mar. 25, 2024	Mar. 10, 2022
Merger and Acquisition [Line Items]
Contingent payment liability			$ 200
Equity investment	$ 2,600	$ 2,526		$ 74,100
Transaction Costs		10,000
Fair Value [Member]
Merger and Acquisition [Line Items]
Contingent payment liability		$ 4,900
General and Administrative [Member]
Merger and Acquisition [Line Items]
Payment Related to Severance Cost	$ 2,100

Common Stock

3 Months Ended

Mar. 31, 2025

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Common Stock

13. Common Stock

As of March 31, 2025, the Company’s Certificate of Incorporation, as amended, authorized the Company to issue 400,000,000 shares of common stock, $0.0001 par value per share.

The Company has reserved the following shares of common stock for future issuance:


	As of March 31, 2025		As of December 31, 2024
Shares available for future issuance under the 2024 Stock Incentive Plan		1,908,292		1,760,657
Shares available for future issuance under the 2024 Employee Stock Purchase Plan		242,813		120,836
Shares reserved for stock option exercises		1,938,015		1,942,920
Shares reserved for vesting of restricted stock units		467,150		—
Shares reserved for warrants		18,144		18,144
		4,574,414		3,842,557

- Definition

The entire disclosure for equity.

+ References

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+ Details

Net Income (Loss) per Share - Summary of calculation of diluted net income (loss) per share, the numerator is adjusted for any changes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income (loss)-basic	$ (11,031)	$ 1,029
Net income (loss)-diluted	$ (11,031)	$ (14,771)
Denominator:
Weighted-average common shares outstanding-basic	12,197,615	995,280
Dilutive securities	0	1,338,900
Weighted-average common shares outstanding-diluted	12,197,615	2,334,180
Net income (loss) per share-basic	$ (0.9)	$ 1.03
Net income (loss) per share-diluted	$ (0.9)	$ (6.33)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

. Property and Equipment, Net

Property and equipment, net consisted of the following as of (in thousands):


	March 31, 2025			December 31, 2024
Lab equipment	$	1,382		$	1,382
Furniture and fixtures		351			351
Computer equipment		89			89
Leasehold improvements		1,001			1,001
Total property and equipment		2,823			2,823
Less accumulated depreciation		(1,572	)		(1,453	)
Property and equipment, net	$	1,251		$	1,370

Depreciation expense for the three months ended March 31, 2025 and 2024 was approximately $0.1 million in each period. No impairment losses occurred in the three months ended March 31, 2025 and 2024. The Company had no losses on disposal of fixed assets for the three months ended March 31, 2025 and 2024.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

2017 Stock Option and Grant Plan

Legacy Q32 adopted the 2017 Stock Option and Grant Plan and subsequent amendments (the “2017 Plan”) with 1,246,290 shares of common stock reserved for issuance to employees, directors, and consultants. The 2017 Plan allowed for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards and other stock awards. As of March 31, 2025, there were no additional shares available for future grant under the 2017 Plan.

2024 Stock Option and Incentive Plan

On March 15, 2024, Homology’s board of directors adopted and subsequently, Homology’s stockholders approved the Q32 Inc. 2024 Stock Option and Incentive Plan (the “2024 Plan”), which became effective upon the closing of the Merger. The 2024 Plan replaced the 2017 Plan, as well as the Homology 2015 Stock Incentive Plan (the “Homology 2015 Plan”), and the Homology 2018 Plan (together with the Homology 2015 Plan, the “Homology Incentive Plans.”) Upon effectiveness of the 2024 Plan, the Company ceased granting new awards under the 2017 Plan and the Homology Incentive Plans.

The 2024 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock or cash-based awards to officers, employees, directors and consultants of the Company. The number of shares of common stock initially available for issuance under the 2024 Plan was 2,839,888 shares of common stock. The 2024 Plan provides that the number of shares reserved and available for issuance under the 2024 Plan will automatically increase each January 1, beginning on January 1, 2025, by 5% of the outstanding number of shares on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. As of March 31, 2025, there were 1,908,292 shares available for future grant under the 2024 Plan.

2024 Employee Stock Purchase Plan

On March 15, 2024, Homology’s board of directors adopted and subsequently, Homology’s stockholders approved the Q32 Inc. 2024 Employee Stock Purchase Plan (the “2024 ESPP”). The 2024 ESPP allows employees to buy Company stock through after-tax payroll deductions at a discount from market value. The 2024 ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. The number of shares of common stock initially available for issuance under the 2024 ESPP was 120,836 shares of common stock. The 2024 ESPP provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2025, by the lesser of 241,677 shares, a number of shares equal 1% of the outstanding number of shares on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. As of March 31, 2025, there were 242,813 shares available for future grant under the 2024 ESPP.

Under the 2024 ESPP, employees may purchase common stock through after-tax payroll deductions at a price equal to 85% of the lower of the fair market value on the first trading day of an offering period or the last trading day of an offering period. The 2024 ESPP generally provides for offering periods of six months in duration that end on the final trading day of each February and August. In accordance with the Internal Revenue Code, no employee will be permitted to accrue the right to purchase stock under the 2024 ESPP at a rate in excess of $25,000 worth of shares during any calendar year during which such a purchase right is outstanding (based on the fair market value per share of the Company’s common stock as of the first day of the offering period).

There were no shares issued under the 2024 ESPP during the three months ended March 31, 2025 and 2024.

Stock Options

Stock options granted by the Company typically vest over a four-year period and have a ten-year contractual term. The following table summarizes the Company’s stock option activity during the three months ended March 31, 2025:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		1,942,920		$	12.93		8.33	$	12
Granted		60,743		$	2.54
Exercised		—		$	—
Cancelled		(65,648	)	$	14.10
Outstanding at March 31, 2025		1,938,015		$	2.54		7.93	$	—
Vested and expected to vest at March 31, 2025		1,938,015		$	2.54		7.93	$	—
Exercisable at March 31, 2025		942,917		$	2.54		7.03	$	—

The per share weighted-average grant date fair value of options granted in the three months ended March 31, 2025 was $2.42 prior to the Option Repricing (as defined below) in February 2025 and $1.73 after. The total fair value of options vested during the three months ended March 31, 2025 was $0.9 million. As of March 31, 2025, total unrecognized compensation costs to the unvested stock options were approximately $11.3 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Stock Option Modifications

On February 23, 2025, the Company's board of directors approved a stock option repricing (the “Option Repricing”), which was effective on February 24, 2025 (the “Repricing Date”). The Option Repricing applied to outstanding options to purchase shares of common stock of the Company granted under the Company’s 2017 Plan and 2024 Plan (collectively, “the Plans”), which, as of the Repricing Date, were held by current employees and non-employee directors of the Company and had an exercise price in excess of the current trading price of the common stock (so-called “underwater options”) with grant dates prior to February 23, 2025 (the “Eligible Options”). As of the Repricing Date, the Eligible Options were repriced such that the exercise price per share for such Eligible Options was reduced to the closing price of the common stock on the Nasdaq Global Market on the Repricing Date (the “Repriced Exercise Price”). The total number of shares of common stock underlying all Eligible Options was 1,871,416.

The Eligible Options will revert to the original exercise price (the “Original Price”) if (i) such Eligible Options are exercised prior to the one-year anniversary of the Repricing Date (the “Retention Date”), (ii) an Eligible Option holder's employment is terminated by the Company for Cause (as defined in the 2024 Plan) prior to the Retention Date, or (iii) an Eligible Option holder resigns for any reason prior to the Retention Date. If an Eligible Option holder is terminated by the Company other than for Cause prior to the Retention Date (a “Terminated Employee”), any Eligible Options vested as of the date of such termination shall be exercisable at the Repriced Exercise Price (the “Terminated Employee Vested Options”), even prior to the Retention Date; provided that any unvested Eligible Options as of the date of such termination shall revert to the Original Price as of the date of termination. The deadline to exercise any Terminated Employee Vested Options, and any other Eligible Options held by a Terminated Employee that may become vested, shall be extended (but not truncated) to the later of (a) the one-year anniversary of the Terminated Employee’s termination date and (b) to align with the Eligible Option holder’s severance period (whether now or later implemented); provided that no extension shall exceed the Terminated Employee Vested Option’s expiration date, if earlier. In the event of a change-in-control prior to the Retention Date, each Eligible Option shall retain the Repriced Exercise Price to the extent it has not otherwise reverted to the Original Price. For the avoidance of doubt, the Eligible Options as modified by the Option Repricing are subject to the severance or change-in-control provisions in the current or future employment agreements, programs, policies or plans the Company has entered into or implemented or will enter into or implement with its directors, executive officers and other employees. There were no changes to the number of shares, the vesting schedule, or the expiration date of the Repriced Options except as outlined above.

The repricing of the Eligible Options was accounted for as a modification under FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). Accordingly, the Company calculated incremental compensation cost on the modification date in an amount equal to the difference between the fair value of the awards before and after modification, determined using a lattice model based on the Hull-White framework, and recognized $0.3 million in its statement of operations for the three months ended March 31, 2025. An additional $0.2 million will be recognized over the remaining vesting terms of the modified awards.

Restricted Stock Units

The fair values of restricted stock units (“RSUs”) are based on the fair market value of the Company’s common stock on the date of grant. Each RSU represents a contingent right to receive one share of the Company’s common stock upon vesting. In general, RSUs vest annually in two or three equal installments. The following table summarizes the Company’s RSU activity during the three months ended March 31, 2025:


	Number of Shares		Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2025		—	$	—
Granted		467,150	$	2.54
Vested		—	$	—
Forfeited		—	$	—
Outstanding at March 31, 2025		467,150	$	2.54

As of March 31, 2025, total unrecognized compensation costs to the unvested RSUs were approximately $1.1 million, which is expected to be recognized over a weighted-average period of 2.9 years.

Stock-Based Compensation Expense

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model prior to the Option Repricing during the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025	2024
Risk-free interest rate range	4.46%	4.24%
Expected dividend rate	— %	— %
Expected term (years) range	5.23	5.88 – 6.11
Expected stock price volatility range	95.8%	92.0% – 92.2%

Risk-Free Interest Rate – The risk-free rate assumption is based on the U.S. Treasury instruments, the terms of which were consistent with the expected term of the Company’s stock options.

Expected Dividend – The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not intend to pay dividends.

Expected Term – The expected term of stock options represents the weighted average period the stock options are expected to be outstanding. The Company uses the simplified method for estimating the expected term, which calculates the expected term as the average time-to-vesting and the contractual life of the options for stock options issued to employees. The expected term for options granted to non-employees is based on the contractual life of the options.

Expected Volatility – Due to the Company’s limited operating history and lack of sufficient company-specific historical or implied volatility, the expected volatility assumption was determined by examining the historical volatilities of a group of industry peers whose share prices are publicly available. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price.

Fair Value of Common Stock – Prior to the Merger, as there had been no public market for the Company’s common stock, the estimated fair value of its common stock was determined by the Company using estimates and assumptions on the respective grant dates of the awards. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred securities and the superior likelihood of achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.

As discussed above, incremental stock-based compensation expense for the Option Repricing during the three months ended March 31, 2025 was calculated using a lattice model based on the Hull-White framework. This approach incorporated key assumptions, including suboptimal exercise multiples for both staff and executives, derived from empirical data. The model also accounted for additional factors such as vesting periods, employee turnover based on the accounting of forfeitures, volatility, contractual expiry, and risk-free rates.

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	265	$	157
General and administrative		1,077		260
Total stock-based compensation expense	$	1,342	$	417

Commitments and Contingencies Summary of Amounts Reported in the Balance Sheet in Respect of Operating Lease Assets and Corresponding Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Operating lease right-of-use assets	$ 5,571	$ 5,722
Current:
Operating lease liability, current	631	612
Noncurrent:
Operating lease liabilities, net of current portion	5,467	5,636
Total operating lease liabilities	$ 6,098	$ 6,248

Related Party Transactions - Additional Information (Detail) - Consulting and Advisory Agreements - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Related party transaction expense	$ 0	$ 0
Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 0		$ 0

- Definition

Amount of liabilities classified as other.

+ References + Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Cost and Variable Lease Costs and Sub Lease Income

The following table summarizes operating lease costs for the three months ended March 31, 2025 and 2024 (in thousands):


	March 31,
	2025		2024
Fixed lease costs	$	265	$	257
Variable lease costs		230		137
Total lease costs	$	495	$	394

Schedule of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable lease agreement as of March 31, 2025 and a reconciliation to the carrying amount of the lease liabilities presented in the consolidated balance sheet are as follows (in thousands):


	Minimum Rental Payments
2025	$	795
2026		1,092
2027		1,124
2028		1,158
2029		1,193
Thereafter		2,494
Total minimum lease payments		7,856
Less imputed interest		(1,758	)
Total lease liability	$	6,098
Lease liability, current portion		631
Lease liability, net of current portion		5,467
Total	$	6,098

Stock-Based Compensation - Summary of Assumptions Used to Value Stock Options Granted (Detail)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate range, Minimum	4.46%	4.24%
Expected dividend rate	0.00%	0.00%
Expected stock price volatility range, minimum	95.80%	92.00%
Expected stock price volatility range, maximum		92.20%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years) range		6 years 1 month 9 days
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years) range	5 years 2 months 23 days	5 years 10 months 17 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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+ Details

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 65,483	$ 77,965	$ 115,509
Restricted cash equivalents	647	647
CVR liability	1,940	2,900
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	63,913	76,089
CVR liability	1,940	2,900
Assets, Fair Value Disclosure, Total	63,913	76,089
Total	1,940	2,900
Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	63,913	76,089
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	63,913	76,089
Assets, Fair Value Disclosure, Total	63,913	76,089
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	63,913	76,089
Fair Value, Measurements, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CVR liability	1,940	2,900
Total	$ 1,940	$ 2,900

Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the date the financial statements are available to be issued for potential recognition or disclosure in the financial statements. The Company has completed an evaluation of all subsequent events after the balance sheet date of March 31, 2025 through the date the financial statements were issued to ensure that these financial statements include appropriate disclosure of events both recognized in the financial statements as of March 31, 2025 and events which occurred subsequently but were not recognized in the financial statements, and there were no material subsequent events requiring disclosure.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in conformity with GAAP and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the year ended December 31, 2024, included in the Company's Annual Report on Form 10-K filed with the SEC on March 11, 2025.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including those adjustments that are normal and recurring in nature, which are necessary for a fair statement of the Company’s financial position as of March 31, 2025, and consolidated results of operations for the three months ended March 31, 2025 and 2024, and cash flows for the three months ended March 31, 2025 and 2024. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2025 or for any future period.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include those of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these unaudited condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether

historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the fair value of the common stock and convertible notes prior to the effective date of the Merger, the fair value of CVR liability, and the prepaid and accrued research and development expenses. The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from service providers. Estimates are periodically reviewed considering changes in circumstances, facts and historical experience. Actual results may differ from the Company’s estimates.

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially expose the Company to credit risk primarily consist of cash, cash equivalents, restricted cash and restricted cash equivalents. The Company maintains its cash, cash equivalents, restricted cash and restricted cash equivalents balances with accredited financial institutions and, consequently, the Company does not believe it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company’s cash management limits investment to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. The Company maintains its cash in bank deposit accounts that are Federal Deposit Insurance Corporation (“FDIC”) insured up to $250,000. At times, the Company’s bank accounts may exceed the federal insurance limit.

The Company is dependent on contract development and manufacturing organizations (“CDMOs”) to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients, other raw materials and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients, other raw materials and formulated drugs. The Company is also dependent on contract research organizations (“CROs”) which provide services related to the research and development activities in its programs.

Comprehensive Income (Loss)

Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive income (loss) is unrealized gains and losses on available-for-sale investments.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents are comprised of money market accounts invested in U.S. Treasury securities.

Restricted cash and restricted cash equivalents are comprised of deposits held by financial institutions as collateral for the company’s venture debt and used to collateralize letters of credit related to the Company’s lease arrangements.

The Company includes the restricted cash and restricted cash equivalents balance together with its cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Cash, cash equivalents, restricted cash and restricted cash equivalents consisted of the following (in thousands):


	March 31,
	2025		2024
Cash and cash equivalents	$	65,483	$	115,509
Restricted cash and cash equivalents		647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	66,130	$	116,156

Deferred Transaction Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Investments in Equity Securities

The Company uses the equity method of accounting to account for an investment in an entity that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. The Company's proportionate share of the net income or loss of the entity is included in consolidated net income (loss). Judgments regarding the level of influence over the equity method investment include consideration of key factors such as the Company's ownership interest, representation on the board of directors or other management body and participation in policy-making decisions.

Under the equity method of accounting, the Company’s investment is initially recorded at fair value on the consolidated balance sheets. Upon initial investment, the Company evaluates whether there are basis differences between the carrying value and fair value of the Company’s proportionate share of the investee’s underlying net assets. Typically, the Company amortizes basis differences identified on a straight-line basis over the underlying assets’ estimated useful lives when calculating the attributable earnings or losses, excluding the basis differences attributable to in-process research and development that has no alternative future use. If the Company is unable to attribute all of the basis differences to specific assets or liabilities of the investee, the residual excess of the cost of the investment over the proportional fair value of the investee’s assets and liabilities is considered to be equity method goodwill and is recognized within the equity investment balance, which is tracked separately within the Company’s memo accounts. The Company subsequently records in the statements of operations its share of income or loss of the other entity within other income/expense, which results in an increase or decrease to the carrying value of the investment. If the share of losses exceeds the carrying value of the Company’s investment, the Company will suspend recognizing additional losses and will continue to do so unless it commits to providing additional funding; however, if there are intra-entity profits this can cause the investment balance to go negative.

The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry in which the investee operates and the Company’s strategic plans for holding the investment in relation to the period of time expected for an anticipated recovery of its carrying value. If the investment is determined to have a decline in value deemed to be other than temporary it is written down to estimated fair value.

The Company uses the cost method to account for an investment in an entity in which it does not have the ability to exercise significant influence over operating and financial policies. Investments recorded using the cost method will be assessed for any decrease in value that has occurred that is other than temporary and the other than temporary decrease in value shall be recognized.

As and when circumstances and facts change, the Company will evaluate the Company’s ability to significantly influence operational and financial policy to establish a basis for converting the investment accounted for using the cost method to the equity method of accounting and vice versa.

At March 31, 2025, the Company accounted for its investment in Oxford Biomedica (US) LLC (“OXB (US) LLC”) using the cost method (see Note 5).

Leases

The Company evaluates whether an arrangement is or contains a lease at contract inception. If a contract is or contains a lease, lease classification is determined at lease commencement, which represents the date at which the underlying asset is made available for use by the Company. The Company’s lease terms are generally measured at the respective lease’s noncancelable term and exclude any optional extension terms as the Company is not reasonably certain to exercise such options. The Company elected the short-term lease exemption and therefore does not recognize lease liabilities and right of use assets for lease arrangements with original lease terms of twelve months or less.

Lease liabilities represent the Company’s obligation to make lease payments under a lease arrangement. Lease liabilities are measured as the present value of fixed lease payments, discounted using an incremental borrowing rate, as interest rates implicit in the Company’s lease arrangements are generally not readily determinable. The Company elected the practical expedient to not separate lease and non-lease components for its real estate leases and therefore both are considered when determining the lease payments in a lease arrangement. Variable lease costs are expensed as incurred.

The incremental borrowing rate represents the interest rate at which the Company could borrow a fully collateralized amount equal to the lease payments, over a similar term, in a similar economic environment. The Company determines the incremental borrowing rate at lease commencement, generally using a synthetic credit rating based on the Company’s financial position and negative cash flows, factoring in adjustments for additional risks based on the Company’s economic condition, a survey of comparable companies with similar credit and financial profiles, as well as additional market risks, as may be applicable.

Right-of-use assets represent the Company’s right to use an underlying asset over its lease term. Right-of-use assets are initially measured as the associated lease liability, adjusted for prepaid rent and tenant incentives. The Company remeasures right-of-use assets and lease liabilities when a lease is modified, and the modification is not accounted for as a separate contract. A modification is accounted for as a separate contract if the modification grants the Company an additional right of use not included in the original lease agreement and the increase in lease payments is commensurate with the additional right of use. The Company assesses its right-of-use assets for impairment consistent with its policy for impairment of long-lived assets held and used in operations.

Subsequent Event Considerations

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has evaluated events occurring after the date of its consolidated balance sheet through the date these condensed consolidated financial statements were issued (see Note 20).

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in this update improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. All disclosure requirements of the update are required for entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. The Company adopted this standard as of January 1, 2024. The Company determined that adopting the amendments in ASU 2023-07 had no impact on the Company’s reportable segment identified and additional required disclosures have been included.

Recently Issued Accounting Standards Not Yet Adopted

On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and incomes taxes paid information. For public companies, the amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively. The Company has determined that the effects of adopting the amendments in ASU 2023-09 will only impact its disclosures and not have a material impact on its consolidated financial position and the results of its operations when such amendment is adopted.

Stock-Based Compensation - Company's RSU activity (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding at Beginning Balance	1,942,920
Number of Shares, Granted	60,743
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period	65,648
Number of Shares, Outstanding at Ending Balance	1,938,015
Weighted- Average Exercise Price, Outstanding at Beginning Balance \| $ / shares	$ 12.93
Weighted- Average Exercise Price, Granted \| $ / shares	2.54
Weighted- Average Exercise Price, Outstanding at Ending Balance \| $ / shares	$ 2.54
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding at Beginning Balance	0
Number of Shares, Granted	467,150
Number of Shares, Outstanding at Ending Balance	467,150
Weighted- Average Exercise Price, Outstanding at Beginning Balance \| $ / shares	$ 0
Weighted- Average Exercise Price, Granted \| $ / shares	2.54
Weighted- Average Exercise Price, Outstanding at Ending Balance \| $ / shares	$ 2.54

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Dec. 23, 2022	Aug. 05, 2022	May 20, 2022	Mar. 31, 2025	Dec. 31, 2022	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from convertible debt	$ 16,700	$ 5,000	$ 8,300		$ 30,000
CVR liability				$ 1,940		$ 2,900
Other income (expense), net				$ 1,000
Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Purchase Price of Convertible notes to Common stock				90.00%
Gain on conversion of convertible notes				$ 15,900

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2025:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		1,942,920		$	12.93		8.33	$	12
Granted		60,743		$	2.54
Exercised		—		$	—
Cancelled		(65,648	)	$	14.10
Outstanding at March 31, 2025		1,938,015		$	2.54		7.93	$	—
Vested and expected to vest at March 31, 2025		1,938,015		$	2.54		7.93	$	—
Exercisable at March 31, 2025		942,917		$	2.54		7.03	$	—

Company's RSU Activity

The following table summarizes the Company’s RSU activity during the three months ended March 31, 2025:


	Number of Shares		Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2025		—	$	—
Granted		467,150	$	2.54
Vested		—	$	—
Forfeited		—	$	—
Outstanding at March 31, 2025		467,150	$	2.54

Summary of Assumptions Used to Value Stock Options Granted


	Three Months Ended March 31,
	2025	2024
Risk-free interest rate range	4.46%	4.24%
Expected dividend rate	— %	— %
Expected term (years) range	5.23	5.88 – 6.11
Expected stock price volatility range	95.8%	92.0% – 92.2%

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	265	$	157
General and administrative		1,077		260
Total stock-based compensation expense	$	1,342	$	417

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding at Beginning Balance	1,942,920
Number of Shares, Granted	60,743
Number of Shares, Exercised	0
Number of Shares, Cancelled	(65,648)
Number of Shares, Outstanding at Ending Balance	1,938,015	1,942,920
Number of shares, Vested and expected to vest	1,938,015
Number of Shares, Exercisable	942,917
Weighted- Average Exercise Price, Outstanding at Beginning Balance	$ 12.93
Weighted- Average Exercise Price, Granted	2.54
Weighted- Average Exercise Price, Exercised	0
Weighted- Average Exercise Price, Cancelled	(14.1)
Weighted- Average Exercise Price, Outstanding at Ending Balance	2.54	$ 12.93
Weighted- Average Exercise Price, Vested and expected to vest	2.54
Weighted- Average Exercise Price, Exercisable	$ 2.54
Weighted Average Remaining Contractual Term, Outstanding	7 years 11 months 4 days	8 years 3 months 29 days
Weighted Average Remaining Contractual Term, Vested and expected to vest	7 years 11 months 4 days
Weighted Average Remaining Contractual Term, Exercisable	7 years 10 days
Aggregate Intrinsic Value, Outstanding Beginning Balance	$ 12
Aggregate Intrinsic Value, Outstanding Ending Balance	0	$ 12
Aggregate Intrinsic Value, Vested and expected to vest	0
Aggregate Intrinsic Value, Exercisable	$ 0

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of (in thousands):


	March 31, 2025		December 31, 2024
Accrued external research and development	$	1,865	$	2,611
Accrued compensation and related expenses		1,672		2,782
Accrued professional services and other		1,097		1,474
Operating lease liability, current		631		612
Total accrued expenses and other current liabilities	$	5,265	$	7,479

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 01, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Q32 Bio Inc.
Entity Central Index Key	0001661998
Entity File Number	001-38433
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3468154
Entity Address, Address Line One	830 Winter Street
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
City Area Code	781
Local Phone Number	999-0232
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	QTTB
Security Exchange Name	NASDAQ
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,197,615

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment

The following table presents reportable segment net loss, including significant expenses regularly provided to the CODM, attributable to the Company’s reportable segment for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025			2024
	(in thousands)
Direct research and development expense by program:
Bempikibart	$	2,764		$	5,261
ADX-097		569			1,084
Discovery and other		43			225
Personnel-related costs (excluding stock-based compensation)		4,549			5,732
Other G&A expenses		2,706			1,849
Interest (income) expense, net		(371	)		(180	)
Other segment items (1)		771			(15,000	)
Total segment net (gain) loss	$	11,031		$	(1,029	)

(1) Other segment items are included in order to reconcile to total segment net (gain) loss. Other segment items include non-cash items such as depreciation and amortization expense and stock-based compensation expense, gains and losses on the change in fair value of convertible notes, change in fair value of contingent value rights and loss from equity method investment.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Investment in Equity Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	May 22, 2024
Schedule of Equity Method Investments [Line Items]
Loss from equity method investment	$ 0	$ (176)
Impairment charge	$ 100
Homology
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership, percentage	20.00%
Oxb Solutions
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership, percentage			10.00%
Equity method investments	$ 2,500

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Debt - Summary of Long-term Debt Balance (Detail) - Venture Debt Two Thousand Twenty And Two Thousand And Twenty Three Term A Loan [Member] - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Disclosure in tabular form of venture debt [Line Items]
Principal amount of term loans	$ 12,500	$ 12,500
Unamortized debt discount and issuance costs	201	153
Carrying amount	12,701	12,653
Less current portion	(4,662)	(3,097)
Long-term debt, net	$ 8,039	$ 9,556

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Common Stock - Additional Information (Detail) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Common stock, shares authorized	400,000,000	400,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001
Common Stock [Member]
Common stock, shares authorized	400,000,000
Common stock, par value per share	$ 0.0001

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 are summarized as follows (in thousands):


Description	Balance as of March 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	63,913	$	63,913	$	—	$	—
Total cash equivalents	$	63,913	$	63,913	$	—	$	—
Total financial assets	$	63,913	$	63,913	$	—	$	—
Liabilities
CVR liability	$	1,940	$	—	$	—	$	1,940
Total financial liabilities	$	1,940	$	—	$	—	$	1,940

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows (in thousands):


Description	Balance as of December 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	76,089	$	76,089	$	—	$	—
Total cash equivalents	$	76,089	$	76,089	$	—	$	—
Total financial assets	$	76,089	$	76,089	$	—	$	—
Liabilities
CVR liability	$	2,900	$	—	$	—	$	2,900
Total financial liabilities	$	2,900	$	—	$	—	$	2,900

Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Summary of calculation of diluted net income (loss) per share, the numerator is adjusted for any changes

Pursuant to such method, the Company adjusted the numerator for the gains or losses recognized during the period in net income from the Convertible Notes and the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the Convertible Notes were converted as of the beginning the period.


	Three Months Ended March 31,
(in thousands, except per share amounts)	2025			2024
Numerator:
Net income (loss)-basic	$	(11,031	)	$	1,029
Net income (loss)-diluted	$	(11,031	)	$	(14,771	)
Denominator:
Weighted-average common shares outstanding-basic		12,197,615			995,280
Dilutive securities		—			1,338,900
Weighted-average common shares outstanding-diluted		12,197,615			2,334,180

Net income (loss) per share-basic	$	(0.90	)	$	1.03
Net income (loss) per share-diluted	$	(0.90	)	$	(6.33	)

Summary of computation of diluted net loss per share attributable to common stockholders

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2025		2024
Options to purchase common stock		1,938,015		2,028,820
Restricted stock units		467,150		—
Warrants to purchase common stock		18,144		18,144

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 65,483	$ 77,965	$ 115,509
Restricted cash and cash equivalents	647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$ 66,130	$ 78,612	$ 116,156	$ 31,264

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

Property and equipment, net consisted of the following as of (in thousands):


	March 31, 2025			December 31, 2024
Lab equipment	$	1,382		$	1,382
Furniture and fixtures		351			351
Computer equipment		89			89
Leasehold improvements		1,001			1,001
Total property and equipment		2,823			2,823
Less accumulated depreciation		(1,572	)		(1,453	)
Property and equipment, net	$	1,251		$	1,370

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock par value per share	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock shares issued	12,197,615	12,197,615
Common stock shares outstanding	12,197,615	12,197,615

Commitments and Contingencies - Schedule of Operating Lease Cost and Variable Lease Costs and Sub Lease Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Fixed lease costs	$ 265	$ 257
Variable lease costs	230	137
Total lease costs	$ 495	$ 394

Accounting for the Merger

3 Months Ended

Mar. 31, 2025

Mergers and Aquisitions [Abstract]

Accounting for the Merger

3. Accounting for the Merger

As described in Note 1, Merger Sub merged with and into Legacy Q32, with Legacy Q32 surviving as a wholly-owned subsidiary of the Company on March 25, 2024. The Merger was accounted for as a reverse recapitalization in accordance with GAAP with Legacy Q32 as the accounting acquirer of Homology. Legacy Q32 was determined to be the accounting acquirer based on the terms of the Merger Agreement and other factors, including: (i) Legacy Q32’s shareholders own a majority of the voting rights in the combined company; (ii) Legacy Q32 designated a majority (seven of nine) of the initial members of the board of directors of the combined company; (iii) Legacy Q32’s executive management team became the management team of the combined company; (iv) the pre-combination assets of Homology were primarily cash and cash equivalents, short-term investments, and other non-operating assets; and (v) the combined company was named Q32 Bio Inc. and is headquartered in Legacy Q32’s office in Waltham, Massachusetts.

At the effective time of the Merger, substantially all of the assets of Homology consisted of cash and cash equivalents, short-term investments, as well as other non-operating assets. Under such reverse recapitalization accounting, the assets and liabilities of Homology were recorded at their fair value in the Company’s financial statements at the effective time of the Merger, which approximated book value due to the short-term nature, except for the equity method investment as described below. Homology’s development programs had ceased prior to the Merger and were deemed to be de minimis in value at the transaction date. No goodwill or intangible assets were recognized.

Consequently, the unaudited condensed consolidated financial statements of the Company reflect the operations of Legacy Q32 for accounting purposes together with a deemed issuance of shares, equivalent to the shares held by the former stockholders Homology, the legal acquirer, and a recapitalization of the equity of Legacy Q32, the accounting acquirer.

As part of the recapitalization, the Company obtained the assets and liabilities listed below:


Cash and cash equivalents	$	53,158
Short-term investments		19,905
Prepaid expenses		964
Equity method investment		4,900
Accounts payable and accrued liabilities		(7,903	)
CVR liability		(5,080	)
Net assets acquired	$	65,944

In addition, the Company recognized $2.1 million in personnel cost related to severance payments and retention bonuses to Homology employees and this amount was recorded in general and administrative expense in the accompanying unaudited condensed consolidated statement of operations for the year ended December 31, 2024. The Company also incurred transaction costs of $10.0 million and this amount is recorded in additional paid-in capital in the accompanying unaudited condensed consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2024.

With respect to the CVRs issued in connection with the Merger, each CVR represents the contractual right to receive payments from the Company upon the actual receipt by the Company or its subsidiaries of certain contingent proceeds derived from any cash consideration that is paid to the Company or its subsidiaries as a result of the sale, transfer, license, assignment or other divestiture, disposition or commercialization of any of the Company’s assets, rights and interests relating to the following pre-merger assets of Homology: HMI-103, HMI-204, capsids and human hematopoietic stem cell-derived adeno-associated virus vector (“AAVHSC”) platform, including any equity interests held directly or indirectly by the Company in OXB (US) LLC.

The Company believes that the achievement of the milestones outlined in the CVR agreement related to Homology’s HMI-103, HMI-204, capsids and AAVHSC platform are highly susceptible to factors outside the Company's influence that are not expected to be resolved for a long period of time, if at all. In particular, these amounts are primarily influenced by the actions and judgments of third parties and the licensors of such assets and are based on the licensors of such assets progressing the in-process research and development assets, and in the case of one of the draft agreements, to certain milestones. As of March 25, 2024, the date of the Merger, the Company recorded a CVR liability of $0.2 million on the balance sheet relating to such contingent payments.

For the portion of the CVR agreement that is related to Homology's equity interest in OXB (US) LLC, the Company recorded a CVR liability of $4.9 million representing its estimated fair value as of the date of the Merger. Pursuant to the Amended and Restated Limited Liability Company Agreement of OXB (US) LLC, at any time following the three-year anniversary of the closing of the transaction between OXB (US) LLC, Oxford Biomedica (US), Inc. and the Company (formerly known as Homology Medicines, Inc.) on March 10, 2022, (i) Oxford Biomedica (US), Inc. will have an option to cause the Company to sell and transfer to Oxford Biomedica (US), Inc., and (ii) the Company will have an option to cause Oxford Biomedica (US), Inc. to purchase from the Company, in each case, all of the Company’s equity ownership interest in OXB (US) LLC based on the Company's pro rata share of OXB (US) LLC (10%) times a predetermined multiple of revenue for the immediately preceding 12-month period increased by OXB (US) LLC's cash balance and decreased by OXB (US) LLC's debt balance as of the exercise date (together, the “Options”), subject to a maximum amount of $74.1 million. The Company utilized a monte carlo simulation model, also known as a probability simulation, to estimate the fair value of the CVR liability. For each simulated path of future revenue, a market approach using the predetermined revenue multiple was employed to determine the future value of the equity interest, which was then discounted to present value using OXB (US) LLC's estimated cost of debt.

Pursuant to a change in control provision in the Amended and Restated Limited Liability Company Agreement of OXB (US) LLC, on March 1, 2025, Oxford Biomedica (US), Inc. exercised its option to cause the Company to sell and transfer to Oxford Biomedica (US), Inc. all of the Company’s equity ownership interest in OXB (US) LLC. The sale price is based on a formula using the Company's pro rata share of OXB (US) LLC (10%), times a predetermined multiple of revenue for the immediately preceding 12-month period increased by OXB (US) LLC's cash balance and decreased by OXB (US) LLC's debt balance as of the exercise date. The Company and Oxford Biomedica (US), Inc. expect to finalize the transaction and pay the CVR holders by the end of the second quarter of 2025.

Property and Equipment, Net - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property Plant and Equipment [Line Items]
Total property and equipment	$ 2,823	$ 2,823
Less accumulated depreciation	(1,572)	(1,453)
Property and equipment, net	1,251	1,370
Lab equipment [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	1,382	1,382
Furniture and fixtures [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	351	351
Computer equipment [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	89	89
Leasehold improvements [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	$ 1,001	$ 1,001

Restructuring Charges (Additional Information) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Restructuring Charges [Abstract]
Restructuring Charges	$ 0.9

Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

16. Related Party Transactions

The Company has consulting and advisory agreements with certain investors and board members which are considered to be related party transactions. The Company did not incur expense for the three months ended March 31, 2025 and 2024 related to services provided by these investors and board members.

No amounts were due to related parties at March 31, 2025 or December 31, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,342	$ 417
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	265	157
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,077	$ 260

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net income (loss)	$ (11,031)	$ 1,029
Other comprehensive income (loss):
Change in unrealized gain (loss) on available for sale securities, net	0	(5)
Total other comprehensive gain (loss)	0	(5)
Comprehensive income (loss)	$ (11,031)	$ 1,024

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Accounting for the Merger - Summary of Recapitalization of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Mar. 25, 2024	Mar. 10, 2022
Merger and Acquisition [Line Items]
Cash and cash equivalents	$ 65,483	$ 77,965	$ 115,509
Equity investment	2,526	2,600			$ 74,100
CVR liability				$ (200)
Net assets acquired	79,071	$ 92,332
Legacy Q32
Merger and Acquisition [Line Items]
Cash and cash equivalents	53,158
Short-term investments	19,905
Prepaid expenses	964
Equity investment	4,900
Accounts payable and accrued liabilities	(7,903)
CVR liability	(5,080)
Net assets acquired	$ 65,944

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) per Share

18. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the applicable period. In computing diluted net income (loss) per share, only potential shares of common stock that are dilutive are included.

For the three months ended March 31, 2025, the Company’s potentially dilutive securities, which include stock options, RSUs and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.

For the three months ended March 31, 2024, the Company considered each issue or series of issues of potential shares of common stock separately when determining whether potential shares of common stock are dilutive or antidilutive. The Company made such determination in sequence from the most dilutive to the least dilutive and concluded that its Convertible Notes are dilutive to net income per share for the three months ended March 31, 2024. Pursuant to FASB ASC Topic 260, Earnings Per Share, the Company applied the if-converted method to determine the effect of its Convertible Notes on the diluted earnings per share calculations. Pursuant to such method, the Company adjusted the numerator for the gains or losses recognized during the period in net income from the Convertible Notes and the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the Convertible Notes were converted as of the beginning the period.


	Three Months Ended March 31,
(in thousands, except per share amounts)	2025			2024
Numerator:
Net income (loss)-basic	$	(11,031	)	$	1,029
Net income (loss)-diluted	$	(11,031	)	$	(14,771	)
Denominator:
Weighted-average common shares outstanding-basic		12,197,615			995,280
Dilutive securities		—			1,338,900
Weighted-average common shares outstanding-diluted		12,197,615			2,334,180

Net income (loss) per share-basic	$	(0.90	)	$	1.03
Net income (loss) per share-diluted	$	(0.90	)	$	(6.33	)

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2025		2024
Options to purchase common stock		1,938,015		2,028,820
Restricted stock units		467,150		—
Warrants to purchase common stock		18,144		18,144

Convertible Preferred Stock - Additional Information (Detail) $ in Millions	Mar. 25, 2024 USD ($) shares
Additional Paid-in Capital [Member]
Temporary Equity [Line Items]
Temporary equity converted into permanent equity value \| $	$ 111.4
Minimum [Member] \| Common Stock [Member]
Temporary Equity [Line Items]
Temporary equity converted into permanent equity value \| $	$ 0.1
Series A One Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Conversion of temporary equity into permanent equity shares	2,286,873
Series A Two Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Conversion of temporary equity into permanent equity shares	312,094
Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Conversion of temporary equity into permanent equity shares	2,625,896

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2025	$ 795
2026	1,092
2027	1,124
2028	1,158
2029	1,193
Thereafter	2,494
Total minimum lease payments	7,856
Less imputed interest	(1,758)
Total lease liability	6,098	$ 6,248
Lease liability, current portion	631	612
Lease liability, net of current portion	5,467	5,636
Total	$ 6,098	$ 6,248

Nature of the Business

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

1. Nature of the Business

Q32 Bio Inc. (“Q32” or the “Company”) is a clinical stage biotechnology company focused on developing novel biologics to effectively and safely restore healthy immune balance in patients with autoimmune and inflammatory diseases driven by pathological immune dysfunction. Q32 has multiple product candidates across a variety of autoimmune and inflammatory diseases. The Company was formed in 2017 as Admirx, Inc. under the laws of the state of Delaware and is headquartered in Waltham, Massachusetts. On March 20, 2020, the Company changed its name to Q32 Bio Inc.

Merger with Homology

On March 25, 2024, Kenobi Merger Sub, Inc. (“Merger Sub”), a wholly-owned subsidiary of Homology Medicines, Inc. (“Homology”), completed its merger with and into Q32 Bio Operations Inc. (previously named Q32 Bio Inc. and referred to herein as “Legacy Q32”), with Legacy Q32 continuing as the surviving entity as a wholly-owned subsidiary of Homology. This transaction is referred to as the “Merger.” Homology changed its name to Q32 Bio Inc., and Legacy Q32, which remains as a wholly-owned subsidiary of the Company, changed its name to Q32 Bio Operations, Inc. The Merger was effected pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of November 16, 2023, by and among Homology, Legacy Q32, and Merger Sub. In connection with the Merger Agreement, certain parties entered into a subscription agreement with the Company to purchase shares of Legacy Q32’s common stock for an aggregate purchase price of $42.0 million (the “Pre-Closing Financing”).

On March 25, 2024 (the “Closing Date”), the Pre-Closing Financing closed immediately prior to the consummation of the Merger. Shares of Legacy Q32’s common stock issued pursuant to the Pre-Closing Financing were converted into the right to receive 1,682,045 shares of Homology common stock after taking into account the Reverse Stock Split. On March 25, 2024, Homology effected a one-for-eighteen reverse stock split of its then outstanding common stock (the “Reverse Stock Split”) where all issued and outstanding shares of Legacy Q32’s common stock (including common stock issued upon the conversion of all Legacy Q32’s Series A, Series A-1 and Series B preferred stock, conversion of Legacy Q32 convertible notes, but excluding the common stock issued in Pre-Closing Financing) converted into the right to receive an aggregate of 7,017,842 shares of Homology’s common stock based on the final exchange ratio of 0.0480 (the “Exchange Ratio”). Lastly, each option to purchase the Legacy Q32’s shares that was outstanding and unexercised immediately prior to the Merger was converted into an option to purchase shares of Homology based on the Exchange Ratio. Immediately following the Merger, Legacy Q32 stockholders owned approximately 74.4% of the outstanding common stock of the combined company.

The Merger was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For accounting purposes, Legacy Q32 is considered the accounting acquirer and Homology is the acquired company based on the terms of the Merger Agreement and other factors, such as relative voting rights and the composition of the combined company’s board of directors and senior management. Accordingly, the Merger was treated as the equivalent of Legacy Q32’s issuing stock to acquire the net assets of Homology. As a result of the Merger, the net assets of Homology were recorded at their acquisition-date fair value in the financial statements of the combined company and the reported operating results prior to the Merger are those of Legacy Q32. Legacy Q32’s historical financial statements became the historical consolidated financial statements of the combined company. All issued and outstanding Legacy Q32 common stock, convertible preferred stock and options prior to the effective date of the Merger have been retroactively adjusted to reflect the Exchange Ratio, which reflects the impact of the reverse stock split, for all periods presented.

At the effective time of the Merger, each person who as of immediately prior to the effective time of the Merger was a stockholder of record of Homology or had the right to receive Homology’s common stock received a contractual contingent value right (“CVR”) issued by Homology representing the contractual right to receive cash payments from the combined company upon the receipt of certain proceeds from a disposition of Homology’s pre-merger assets (see Note 3 for more details surrounding the accounting for the Merger and the CVRs).

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, obtaining regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing, and

will need to obtain regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Since its inception, the Company’s operations have been focused on organizing and staffing, business planning, raising capital, establishing the Company’s intellectual property portfolio and performing research and development of its product candidates, programs and platform. The Company has primarily funded its operations with proceeds from the sale of convertible preferred stock, convertible notes, venture debt, the Merger with Homology and accompanying Pre-Closing Financing and its collaboration arrangement with Horizon.

Liquidity and Going Concern

In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether they are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.

As of March 31, 2025, the Company had an accumulated deficit of $245.8 million and cash and cash equivalents of $65.5 million. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these unaudited condensed consolidated financial statements.

The Company has incurred recurring operating losses since its inception. During the three months ended March 31, 2025, the Company incurred a net loss of $11.0 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.

Agreements with Horizon - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Horizon collaboration agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement, transaction price	$ 55.0
Collaboration agreement, Aggregate amount of sales milestone	75.1
Received amount from Horizon	55.0
Collaboration agreement, contingent payment	75.1
Refund liability	55.0
Payment to horizon	20.1
Legacy Q32
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination, intial consideration	55.0
Sales-based milestone \| Horizon collaboration agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement, contingent payment	75.1
Collaboration agreement, contingent payment payable excess of cash received	$ 20.1

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Concentrations of Credit Risk and Significant Suppliers

Comprehensive Income (Loss)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Cash, cash equivalents, restricted cash and restricted cash equivalents consisted of the following (in thousands):


	March 31,
	2025		2024
Cash and cash equivalents	$	65,483	$	115,509
Restricted cash and cash equivalents		647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	66,130	$	116,156

Deferred Transaction Costs

Fair Value Measurements

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Investments in Equity Securities

At March 31, 2025, the Company accounted for its investment in Oxford Biomedica (US) LLC (“OXB (US) LLC”) using the cost method (see Note 5).

Leases

Subsequent Event Considerations

Recent Accounting Pronouncements

Recently Issued Accounting Standards Not Yet Adopted

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure

. Segment Reporting

The Company operates as one operating segment, focused on research, development, and discovering, developing and delivering therapies for its novel biologics. The Company’s CEO, as the chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a total-company basis enables the CODM to assess the overall level of resources available and how to best deploy those resources across research and development projects that are in line with our long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. When evaluating the Company’s overall performance, the CODM is focused on the timing and progress of its preclinical and clinical development activities. The CODM regularly reviews total expenses, as well as direct research and development expenses by program and makes decisions using this information on a company-wide basis.

The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on consolidated net loss. This measure is used to monitor budget versus actual results to assess performance of the segment. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.


	Three Months Ended March 31,
	2025			2024
	(in thousands)
Direct research and development expense by program:
Bempikibart	$	2,764		$	5,261
ADX-097		569			1,084
Discovery and other		43			225
Personnel-related costs (excluding stock-based compensation)		4,549			5,732
Other G&A expenses		2,706			1,849
Interest (income) expense, net		(371	)		(180	)
Other segment items (1)		771			(15,000	)
Total segment net (gain) loss	$	11,031		$	(1,029	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Line Items]
Provision for tax expense (benefit)	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

. Fair Value Measurements

The carrying values of the Company’s prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair value due to their short-term nature. The carrying value of the Company’s term loan as of March 31, 2025 (see Note 11) approximated fair value based on interest rates currently available to the Company.

The tables below present information about the Company’s assets and liabilities that are regularly measured and carried at fair value on a recurring basis at March 31, 2025 and December 31, 2024 and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, which is described further within Note 2, Summary of Significant Accounting Policies.

Financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 are summarized as follows (in thousands):


Description	Balance as of March 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	63,913	$	63,913	$	—	$	—
Total cash equivalents	$	63,913	$	63,913	$	—	$	—
Total financial assets	$	63,913	$	63,913	$	—	$	—
Liabilities
CVR liability	$	1,940	$	—	$	—	$	1,940
Total financial liabilities	$	1,940	$	—	$	—	$	1,940

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows (in thousands):


Description	Balance as of December 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	76,089	$	76,089	$	—	$	—
Total cash equivalents	$	76,089	$	76,089	$	—	$	—
Total financial assets	$	76,089	$	76,089	$	—	$	—
Liabilities
CVR liability	$	2,900	$	—	$	—	$	2,900
Total financial liabilities	$	2,900	$	—	$	—	$	2,900

Money market funds

Money market funds were valued by the Company using quoted prices in active markets for identical securities, which represent a Level 1 measurement within the fair value hierarchy.

CVR liability

As discussed in Notes 1 and 3, at the effective time of the Merger, each person who as of immediately prior to the effective time of the Merger was a stockholder of record of Homology or had the right to receive Homology’s common stock received a CVR, issued by Homology subject to and in accordance with the terms and conditions of a CVR Agreement, representing the contractual right to receive cash payments from the combined company upon the receipt of certain proceeds from a disposition of Homology’s pre-merger assets, calculated in accordance with the CVR Agreement. The Company concluded that the CVR liability is a derivative liability and is accounted for at fair value. The fair value of the CVR liability is based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. For the portion of the CVR liability that is related to Homology's equity interest in OXB (US) LLC, the Company utilized a monte carlo simulation model, also known as a probability simulation, to estimate the fair value of the CVR liability at December 31, 2024. This model requires the use of estimates and assumptions including estimated future revenues and discount rates. At March 31, 2025, the Company utilized the purchase price for Homology's equity interest in OXB (US) LLC included in the call option execution notice obtained from Oxford Biomedica (US), Inc., less contractually reimbursable expenses pursuant to the CVR Agreement, to estimate the fair value of the CVR liability. For the portion of the CVR liability related to Homology's HMI-103, HMI-204, capsids and AAVHSC platform, the Company's fair value assessment includes judgments around the probability of progressing the in-process research and development assets, and in the case of one of the draft agreements, to certain milestones.

The CVR liability had an estimated fair value of $1.9 million as of March 31, 2025. The Company recorded in other income (expense), net, $1.0 million for the change in estimated fair value during the three months ended March 31, 2025.

Convertible Notes

Legacy Q32 issued convertible notes (the “Convertible Notes”) totaling $30.0 million during the year ended December 31, 2022. Legacy Q32 concluded that the Convertible Notes and its related features are within the scope of FASB Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“ASC 825”), as a combined financial instrument, and Legacy Q32 elected the fair value option where changes in fair value of the Convertible Notes are measured through the accompanying condensed consolidated statement of operations until settlement. The Convertible Notes liability represents a Level 3 measurement within the fair value hierarchy as it was valued using certain unobservable inputs.

Upon closing of the Merger, Legacy Q32 converted the outstanding Convertible Notes plus accrued interest into shares of common stock at 90% of the purchase price of the mandatory conversion event. As the Convertible Notes are recorded at fair value, a gain of $15.9 million on the change in the fair value prior to the conversion of convertible notes is reflected in the unaudited condensed consolidated statement of operations for the three months ended March 31, 2024 (see Note 11).

During the three months ended March 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3 measurements. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2025 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2025 USD ($)
Accounting Policies [Line Items]
Cash FDIC insured amount	$ 250,000

Restructuring Charges - Schedule Of Restructuring Liability Related to the Restructuring Plan (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Restructuring Charges [Abstract]
Accrued restructuring , Beginning Balance	$ 0
Expenses incurred	924
Payments	(272)
Accrued restructuring , Ending Balance	$ 652

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Stock [Member] Series A convertible preferred stock [Member]	Preferred Stock [Member] Series A-1 convertible preferred stock [Member]	Preferred Stock [Member] Series B convertible preferred stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2023		$ 47,458	$ 4,132	$ 59,855
Beginning balance, Shares at Dec. 31, 2023		2,286,873	312,094	2,625,896
Beginning balance, Shares at Dec. 31, 2023					359,569
Beginning balance at Dec. 31, 2023	$ (182,921)				$ 1	$ 4,159		$ (187,081)
Conversion of convertible preferred stock to common stock in connection with the Merge, Share		(2,286,873)	(312,094)	(2,625,896)	5,224,863
Conversion of convertible preferred stock to common stock in connection with the Merger, Value	111,445	$ (47,458)	$ (4,132)	$ (59,855)	$ 1	111,444
Issuance of common stock in the pre-closing financing, Shares					1,682,045
Issuance of common stock in the pre-closing financing, Value	42,000					42,000
Issuance of common stock for conversion of convertible notes, Shares					1,433,410
Issuance of common stock for conversion of Convertible Notes, Value	22,705					22,705
Issuance of common stock to Homology shareholders in reverse recapitalization, Shares					3,229,633
Issuance of common stock to Homology shareholders in reverse recapitalization, Value	64,292					64,292
Reverse recapitalization transaction costs	(10,013)					(10,013)
Issuance of CVR at fair value	(180)					(180)
Stock-based compensation expense	417					417
Other comprehensive loss	(5)						$ (5)
Net Income (Loss)	1,029							1,029
Ending balance, Shares at Mar. 31, 2024		0	0	0
Ending balance at Mar. 31, 2024		$ 0	$ 0	$ 0
Ending balance, Shares at Mar. 31, 2024					11,929,520
Ending balance at Mar. 31, 2024	48,769				$ 2	234,824	$ (5)	(186,052)
Beginning balance, Shares at Dec. 31, 2024					12,197,615
Beginning balance at Dec. 31, 2024	$ 5,675				$ 2	240,487		(234,814)
Issuance of common stock from option exercises, Shares	0
Stock-based compensation expense	$ 1,342					1,342
Other comprehensive loss	0
Net Income (Loss)	(11,031)							(11,031)
Ending balance, Shares at Mar. 31, 2025					12,197,615
Ending balance at Mar. 31, 2025	$ (4,014)				$ 2	$ 241,829		$ (245,845)

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

11. Debt

Venture Debt

In December 2020, the Company entered into a Loan and Security Agreement, as amended in June 2022, August 2022, December 2022, April 2023, July 2023, November 2023, March 2024 and July 2024, with Silicon Valley Bank, a California corporation (the “Loan Agreement”) for a lending facility of up to $25.0 million. The Company received $5.0 million upon execution of the Loan Agreement which it repaid in July 2023, a $5.5 million term loan advance in July 2023 and a $7.0 million term loan advance in March 2024, for a total of $12.5 million principal amount outstanding at March 31, 2025. The Company no longer has the ability to draw down any additional loan advances. The term loan bears interest at an annual rate equal to the greater of the prime rate minus 0.25% or 8.00%. The Loan Agreement provides for interest-only payments until July 1, 2025, followed by 24 equal monthly payments of principal plus interest. The loan matures on July 1, 2027. In addition, the Company paid a fee of $0.1 million upon closing and is required to pay a fee of 3.5% of the aggregate amount of advances under the Loan Agreement at maturity. At its option, the Company may elect to prepay all or a portion of the outstanding advances by paying the principal balance, and all accrued and unpaid interest, and a prepayment premium. In connection with the Loan Agreement, the Company granted the lender a security interest in all of its personal property now owned or hereafter acquired, excluding intellectual property (but including the rights to payment and proceeds from the sale, licensing or disposition of intellectual property), and a negative pledge on intellectual property. The Loan Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. If the Company fails to make payments when due or breaches any operational covenant or has any event of default, this could have a material adverse effect on its business and financial condition. The Company was in compliance with all covenants at March 31, 2025.

In conjunction with the Loan Agreement, in December 2020, the Company issued warrants to purchase 7,988 shares of common stock to the lender at a per share price of $6.87 with a maximum contractual term of 10 years and in July 2023, warrants to purchase 10,156 shares of common stock to the lender at a per share price of $7.50 with a maximum contractual term of 10 years. The warrants had a de minimis total relative fair value at the time of issuance. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity and FASB ASC Topic 815, Derivatives and Hedging, the warrants were classified as equity and were initially measured at fair value. Subsequent changes to fair value will not be recognized so long as the instrument continues to be equity classified.

Interest expense was $0.3 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively. The effective rate on the Loan Agreement, including the amortization of the debt discount and issuance costs was 9.56% and 10.42%, respectively, at each of March 31, 2025 and December 31, 2024. The components of the long-term debt balance are as follows (in thousands):


	March 31, 2025			December 31, 2024
Principal amount of term loans	$	12,500		$	12,500
Unamortized debt discount and issuance costs		201			153
Carrying amount		12,701			12,653
Less current portion		(4,662	)		(3,097	)
Long-term debt, net	$	8,039		$	9,556

Convertible Notes

In May 2022, the Company entered into an agreement with the existing investors of the Company to issue, and for the existing investors to purchase, the Convertible Notes for up to an aggregate of $30.0 million. The Convertible Notes bore interest at 5.0% per annum. The Convertible Notes become due on demand of the Convertible Noteholders one year from the date of issuance. On April 27, 2023, the Company amended the maturity dates for the Convertible Notes. On May 20, August 5 and December 23, 2022, the Company received $8.3 million, $5.0 million, and $16.7 million, respectively, in exchange for issuance of the Convertible Notes. Interest expense was $0.4 million three months ended March 31, 2024. There was no interest expense recorded for the three months ended March 31, 2025, as the Convertible Notes converted into share of common stock in March 2024 per the Merger (see discussion below and in Note 1).

The Convertible Notes contained mandatory conversion features whereby the total outstanding amount of principal and accrued and unpaid interest of the Convertible Notes automatically converted into shares of common stock upon certain qualified financings. The total outstanding amount of principal and accrued and unpaid interest of the Convertible Notes convert into shares of common stock at 90% of the purchase price of the mandatory conversion events.

The Company elected to account for the Convertible Notes at fair value where changes in fair value of the notes are measured through the condensed consolidated statements of operations until settlement. Subsequent to December 31, 2023 and per the Merger further discussed in Note 1, the Convertibles Notes converted into 1,433,410 shares of common stock. The Company recorded a gain on the change in fair value prior to the conversion of the Convertible Notes of $15.9 million in other income (expense), net during the three months ended March 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 65,483	$ 77,965
Prepaid expenses and other current assets	3,149	3,912
Total current assets	68,632	81,877
Equity investment	2,526	2,600
Property and equipment, net	1,251	1,370
Right-of-use asset, operating leases	5,571	5,722
Restricted cash and restricted cash equivalents	647	647
Other noncurrent assets	444	116
Total assets	79,071	92,332
Current liabilities:
Accounts payable	2,712	2,989
Accrued expenses and other current liabilities	5,265	7,479
CVR liability	1,940	2,900
Venture debt, current portion	4,662	3,097
Total current liabilities	14,579	16,465
Lease liability, net of current portion	5,467	5,636
Venture debt, net of current portion	8,039	9,556
Other noncurrent liabilities	55,000	55,000
Total liabilities	83,085	86,657
Commitments and contingencies (Note 10)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 400,000,000 shares authorized, 12,197,615 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	2	2
Additional paid-in capital	241,829	240,487
Accumulated other comprehensive loss	0	0
Accumulated deficit	(245,845)	(234,814)
Total stockholders' equity (deficit)	(4,014)	5,675
Total liabilities and stockholders' equity (deficit)	$ 79,071	$ 92,332

Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring Charges [Abstract]

Schedule Of Restructuring Liability Related to the Restructuring Plan

The Company’s restructuring liability related to the Restructuring Plan, which is included in accrued compensation and related expenses, consisted of the following (in thousands):


	Employee-Related Costs
Accrued restructuring balance at January 1, 2025	$	—
Expenses incurred		924
Payments		(272	)
Accrued restructuring balance at March 31, 2025	$	652

Segment Reporting - Summary of the Company's segment expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Segment Reporting Information [Line Items]

$ 4,549

$ 5,732

Other G&A Expenses

2,706

1,849

Interest (Income) Expense, Net

(371)

(180)

Other segment items

^[1]

771

(15,000)

Total Segment Net Loss

11,031

(1,029)

Bempikibart [Member]

Segment Reporting Information [Line Items]

Other Research And Development Expense

2,764

5,261

ADXZeroNineSeven [Member]

Segment Reporting Information [Line Items]

Other Research And Development Expense

569

1,084

DiscoveryAndOther [Member]

Segment Reporting Information [Line Items]

Other Research And Development Expense

$ 43

$ 225

[1]

Other segment items are included in order to reconcile to total segment net (gain) loss. Other segment items include non-cash items such as depreciation and amortization expense and stock-based compensation expense, gains and losses on the change in fair value of convertible notes, change in fair value of contingent value rights and loss from equity method investment.

Prepaid Expenses, Other Current Assets and Other Noncurrent Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid external research and development	$ 1,653	$ 2,076
Prepaid expenses	848	885
Payroll tax credit	555	555
Other	93	396
Total prepaid expenses and other current assets	$ 3,149	$ 3,912

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (11,031)	$ 1,029
Adjustments to reconcile net income loss to net cash used in operating activities:
Amortization of debt discount and issuance costs	48	29
Depreciation expense	119	123
Stock-based compensation expense	1,342	417
Non-cash lease expense	151	141
Loss from equity method investment	0	176
Loss on impairment of equity investment	74	0
Change in fair value of CVR liability	(960)	0
Change in fair value of convertible notes	0	(15,890)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	763	1,332
Other noncurrent assets	(328)	(600)
Accounts payable	(277)	928
Operating lease liability	(149)	(131)
Accrued expenses and other current liabilities	(2,234)	(2,218)
Other noncurrent liabilities	0	113
Net cash used in operating activities	(12,482)	(14,551)
Cash flows from investing activities:
Maturities of short-term investments	0	97
Net cash provided by (used in) investing activities	0	97
Cash flows from financing activities:
Proceeds from borrowings under loan and security agreement, net	0	7,000
Proceeds from issuance of common stock in pre-closing financing, net	0	42,000
Cash acquired in connection with reverse recapitalization	0	53,158
Payment of reverse recapitalization transaction costs	0	(2,812)
Net cash provided by financing activities		99,346
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	(12,482)	84,892
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	78,612	31,264
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	66,130	116,156
Supplemental disclosure of non-cash operating, investing and financing activities:
Interest payments on venture debt	247	115
Short Term Investments Acquired In reverse recapitalization	0	19,905
Issuance of CVR at fair value	0	180
Transaction costs related to reverse recapitalization included in accounts payable and accrued expenses	$ 0	$ 7,201

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued external research and development	$ 1,865	$ 2,611
Accrued compensation and related expenses	1,672	2,782
Accrued professional services and other	1,097	1,474
Operating lease liability, current	631	612
Total accrued expenses and other current liabilities	$ 5,265	$ 7,479

Nature of the Business - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 25, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Nov. 16, 2023
Nature Of Business [Line Items]
Common stock, aggregate purchase price					$ 42,000
Net Income (Loss)		$ (11,031)	$ 1,029
Accumulated deficit		(245,845)		$ (234,814)
Cash and cash equivalents		65,483	$ 115,509	$ 77,965
Homology
Nature Of Business [Line Items]
Business combination shares conversion into rights to purchase common stock	1,682,045
Stockholders' equity, reverse stock split	one-for-eighteen
Outstanding common stock of the combined company	74.40%
Conversion of Stock, Shares Converted	7,017,842
Parent company [Member]
Nature Of Business [Line Items]
Cash and cash equivalents		$ 65,500

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Cash, cash equivalents, restricted cash and restricted cash equivalents consisted of the following (in thousands):


	March 31,
	2025		2024
Cash and cash equivalents	$	65,483	$	115,509
Restricted cash and cash equivalents		647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	66,130	$	116,156

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

As of March 31, 2025, the Company had ongoing clinical studies in various clinical trial stages. Its most significant contracts relate to agreements with CROs for clinical trials and preclinical studies and CDMOs for manufacturing which the Company enters into in the normal course of business. The contracts with CROs and CDMOs are generally cancellable, with notice, at the Company’s option.

Operating lease

In 2021 the Company entered into a long-term operating lease agreement for its current corporate headquarters in Waltham, Massachusetts (“headquarters lease”). The headquarters lease provides approximately 15,000 square feet for general office use and research lab facilities. The lease commencement date was January 1, 2022 and the Company did not take control or have the right to use the leased property until this time. The lease term ends in December 2031. The Company has an option to extend the lease term for an additional five years. The initial rent for the office space is approximately $1.0 million per year, increasing every year by 3% for total aggregate payment of $11.1 million. Upon the commencement date, the Company established a right-of-use asset and lease liability on the condensed consolidated balance sheet. As part of the agreement, the Company arranged for a letter of credit for $0.6 million as a security for lease, which is considered restricted cash and included as restricted cash and restricted cash equivalents in the condensed consolidated balance sheet. The Company received $0.4 million in a tenant improvement allowance that was applied against the right-of-use asset.

As of March 31, 2025, the Company’s headquarters lease had a weighted-average remaining lease term of 6.75 years and weighted average incremental borrowing rate of 7.5%.

Amounts reported in the unaudited condensed consolidated balance sheet for leases where the Company is the lessee as of March 31, 2025 and December 31, 2024 were as follows (in thousands):


	March 31, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	5,571	$	5,722
Total operating lease right-of-use assets	$	5,571	$	5,722
Liabilities:
Current:
Operating lease liabilities	$	631	$	612
Noncurrent:
Operating lease liabilities, net of current portion		5,467		5,636
Total operating lease liabilities	$	6,098	$	6,248

The following table summarizes operating lease costs for the three months ended March 31, 2025 and 2024 (in thousands):


	March 31,
	2025		2024
Fixed lease costs	$	265	$	257
Variable lease costs		230		137
Total lease costs	$	495	$	394

Variable lease costs were primarily related to operating expenses, taxes and insurances associated with the operating lease, which were assessed based on the Company’s proportionate share of such costs for the leased premises. As these costs are generally variable in nature, they were not included in the measurement of the operating lease right-of-use asset and related lease liability. Total lease costs are included as operating expenses in the Company’s unaudited condensed consolidated statements of operations. Future minimum lease payments under non-cancelable lease agreement as of March 31, 2025 and a reconciliation to the carrying amount of the lease liabilities presented in the consolidated balance sheet are as follows (in thousands):


	Minimum Rental Payments
2025	$	795
2026		1,092
2027		1,124
2028		1,158
2029		1,193
Thereafter		2,494
Total minimum lease payments		7,856
Less imputed interest		(1,758	)
Total lease liability	$	6,098
Lease liability, current portion		631
Lease liability, net of current portion		5,467
Total	$	6,098

Prior to the Merger, Homology was subleasing office and research and development laboratory space in Bedford, Massachusetts, under a sublease agreement with OXB (US) LLC that expired in December 2024. At the effective time of the Merger, the Company recorded a liability of approximately $1.0 million representing the present value of the future minimum lease payments due under this sublease. As of March 31, 2025, all amounts under the sublease agreement have been paid and there are no accrued expenses or liabilities on the Company's condensed consolidated balance sheet related to the sublease.

License Agreements

License Agreement with the University of Colorado

In August 2017, the Company entered into an exclusive license agreement, as amended in February 2018, September 2018, and April 2019 (the “Colorado License Agreement”), with The Regents of the University of Colorado (“Colorado”), pursuant to which the Company obtained worldwide, royalty-bearing, sublicensable licenses under certain patents and know-how owned by Colorado and Medical University of South Carolina (“MUSC”) relating to the research, development and commercialization of ADX-097. The licenses granted to the Company are exclusive with respect to certain patent families and know-how and non-exclusive with certain other patent families and know-how. The licenses granted to the Company are also subject to certain customary retained rights of Colorado and MUSC and rights of the United States government owing to federal funding giving rise to inventions covered by the licensed patents. The Company agreed to use commercially reasonable efforts to develop, manufacture and commercialize ADX-097, including by using commercially reasonable efforts to achieve specified development and regulatory milestones by specified dates.

In addition, the Company agreed to pay Colorado (i) development and sales milestone payments in an aggregate amount of up to $2.2 million per licensed product for the first three products, (ii) tiered royalty rates on cumulative net sales of licensed products in the low single digit percentages, (iii) 15% of sublicense income and (iv) ongoing fees associated with the prosecution, maintenance, or filing of the licensed patents. The Company’s obligation to pay royalties to Colorado commences, on a licensed product-by-licensed product and country-by-country basis, from the first commercial sale of a licensed product in any country and expires on the later of (a) the last to expire valid claim within the licensed patents covering such licensed product in such country, and (b) 20 years following the effective date of the Colorado License Agreement, or April 2037 (the “Royalty Term”).

Unless earlier terminated by either party pursuant to its terms, the Colorado License Agreement will expire upon the expiration of the Royalty Term in all countries. The Company may terminate the Colorado License Agreement for convenience upon providing prior written notice to Colorado. Colorado may terminate the Colorado License Agreement or convert the Company’s exclusive license to a non-exclusive license if the Company breaches certain obligations under the Colorado License Agreement and fails to cure such breach. The Colorado License Agreement will terminate automatically upon the Company’s dissolution, insolvency, or bankruptcy.

During the three months ended March 31, 2025 and 2024, the Company had zero research and development expense for any milestone related to the Colorado License Agreement. The financial statements as of March 31, 2025 and December 31, 2024 do not include liabilities with respect to royalty fees on the license agreement as the Company has not yet generated revenue and the achievement of certain milestones is not yet probable.

License Agreement with Bristol-Myers Squibb Company

In September 2019, the Company entered into a license agreement, as amended in August 2021 and July 2022 (the BMS License Agreement), with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company obtained sublicensable licenses from BMS to research, develop and commercialize licensed products, including bempikibart, for any and all uses worldwide. The licenses granted to the Company are exclusive with respect to BMS’s patent rights and know-how relating to certain antibody fragments (including certain fragments of bempikibart) and non-exclusive with respect to BMS’s patent rights and know-how relating to the composition of matter and use of a specific region of bempikibart. BMS retained the right for it and its affiliates to use the exclusively licensed patents and know-how for internal, preclinical research purposes. Under the BMS License Agreement, the Company is prohibited from engaging in certain clinical development or commercialization of any antibody other than a licensed compound with the same mechanism of action until the earlier of the expiration of Q32’s obligation to pay BMS royalties or September 2029.

In consideration for the license, the Company made an upfront payment to BMS of $8 million, issued 318,278 Series A preferred shares to BMS and agreed to use commercially reasonable efforts to develop and commercialize at least one licensed product in key geographic markets. In addition, the Company agreed to pay BMS (i) development and regulatory milestone payments in aggregate amounts ranging from $32 million to $49 million per indication for the first three indications and commercial milestone payments in an aggregate amount of up to $215 million on net sales of licensed products, (ii) tiered royalties ranging from rates in the mid-single digit percentages to up to 10% of net sales, with increasing rates depending on the cumulative net sales, (iii) up to 60% of sublicense income, which percentage decreases based on the development stage of bempikibart at the time of the sublicensing event, and (iv) ongoing fees associated with the prosecution, maintenance, or filing of the licensed patents.

The Company’s obligation to pay BMS royalties under subsection (ii) above commences, on a licensed product-by-licensed product and country-by-country basis on the first commercial sale of a licensed product in a country and expires on the later of (x) 12 years from the first commercial sale of such Licensed Product in such country, (y) the last to expire licensed patent right covering bempikibart or such licensed product in such country, and (z) the expiration or regulatory or marketing exclusivity for such licensed product in such country (Royalty Term). If the Company undergoes a change of control prior to certain specified phase of development, the development and milestone payments are subject to increase by a low double digit percentage and the royalty rates are subject to increase by a low sub single digit percentage.

Unless terminated earlier by either party pursuant to its terms, the BMS License Agreement will expire on a country-by-country and licensed product-by-licensed product basis upon the expiration of the last to expire Royalty Term with respect to such licensed product in such country. Either party may terminate the BMS License Agreement for the other party’s material breach, subject to a specified notice and cure period. BMS may terminate the BMS License Agreement if the Company fails to meet its diligence obligations under the BMS License Agreement, for the Company’s insolvency, or if the Company or its affiliates challenges the validity, scope, enforceability, or patentability of any of the licensed patents. The Company may terminate the BMS License Agreement for any reason upon prior written notice to BMS, with a longer notice period if a licensed product has received regulatory approval. If the BMS Agreement is terminated for the Company’s material breach, BMS will regain rights to bempikibart and the Company must grant BMS an exclusive license under the Company’s patent rights covering bempikibart, subject to a low single digit percentage royalty on net sales of bempikibart payable to the Company by BMS

In July 2024, the Company made a $4.0 million development milestone payment to BMS and recorded it as research and development expenses. As of March 31, 2025, no further events have occurred that would require payment of milestones, royalties or sublicense fees.

Legal Proceedings

The Company is not currently party to any material legal proceedings. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and reasonably estimable. Legal costs associated with these matters are expensed when incurred.

Indemnification Arrangements

As permitted under Delaware law, the Company has agreements whereby it indemnifies certain of its investors, stockholders, employees, officers, and directors (collectively, the “Indemnified Parties”) for certain events or occurrences while the Indemnified Parties are, or were serving, at its request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has an Executive Liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid up to $5.0 million. The Company believes the estimated fair value of these indemnification agreements is minimal. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the Indemnified Parties for losses suffered or incurred by the Indemnified Parties, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements.

Restructuring Charges

3 Months Ended

Mar. 31, 2025

Restructuring Charges [Abstract]

Restructuring Charges

9. Restructuring Charges

On February 10, 2025, the Company notified its employees of a strategic restructuring plan adopted by the Company’s board of directors to focus its resources on the advancement of bempikibart in patients with AA (the “Restructuring Plan”). In connection with the Restructuring Plan, the Company discontinued its Phase 2 renal basket clinical trial of ADX-097 and is evaluating strategic options for its tissue-targeted complement inhibitor platform, inclusive of ADX-097 and early-stage assets, in combination with other cost-saving measures. The Restructuring Plan included a reduction in force, which the Company expects to substantially complete by the end of the second quarter of 2025. As part of this Restructuring Plan, the Company recorded a restructuring charge for severance and related costs of approximately $0.9 million in the Company's condensed consolidated statements of operations during the three months ended March 31, 2025.

The Company’s restructuring liability related to the Restructuring Plan, which is included in accrued compensation and related expenses, consisted of the following (in thousands):


	Employee-Related Costs
Accrued restructuring balance at January 1, 2025	$	—
Expenses incurred		924
Payments		(272	)
Accrued restructuring balance at March 31, 2025	$	652

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating expenses:
Research and development	$ 7,124	$ 9,841
General and administrative	5,104	5,002
Total operating expenses	12,228	14,843
Loss from operations	(12,228)	(14,843)
Change in fair value of convertible notes	0	15,890
Other income (expense), net	1,197	158
Total other income (expense), net	1,197	16,048
Income (loss) before provision for income taxes and loss from equity method investment	(11,031)	1,205
Provision for income taxes	0	0
Loss from equity method investment	0	(176)
Net loss	$ (11,031)	$ 1,029
Net loss per share - basic	$ (0.9)	$ 1.03
Net loss per share - diluted	$ (0.9)	$ (6.33)
Weighted-average common shares - basic	12,197,615	995,280
Weighted-average common shares - diluted	12,197,615	2,334,180

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 119	$ 123
Impairment, long-lived asset, held-for-use	0	0
Loss on disposal of property and equipment	$ 0	$ 0

Net Income (Loss) per Share - Summary of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	467,150
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	1,938,015	2,028,820
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	18,144	18,144

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		4 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Sep. 30, 2019 USD ($)
Commitment And Contingencies [Line Items]
Lease expiration date					Dec. 31, 2031
Operating lease liability, current		$ 631				$ 612
Research and development expenses		7,124	$ 9,841
Executive insurance reserve		5,000
License Agreement With The University Of Colorado [Member]
Commitment And Contingencies [Line Items]
Development and sales milestone payment payable		$ 2,200
Period of obligation to pay royalties		20 years
Research and development expenses		$ 0	$ 0
License Agreement With Bristol Mayers Equib Company [Member]
Commitment And Contingencies [Line Items]
Period of obligation to pay royalties				12 years
Upfront payment made				$ 8,000
Commercial milestone payment payable				$ 215,000
Development Milestone Payment Payable							$ 4,000
License Agreement With Bristol Mayers Equib Company [Member] \| Maximum [Member] \| Tranche Three [Member]
Commitment And Contingencies [Line Items]
Development and sales milestone payment payable								$ 49,000
License Agreement With Bristol Mayers Equib Company [Member] \| Minimum [Member] \| Tranche Three [Member]
Commitment And Contingencies [Line Items]
Development and sales milestone payment payable								$ 32,000
License Agreement With Bristol Mayers Equib Company [Member] \| Series A Redeemable Preferred Stock [Member]
Commitment And Contingencies [Line Items]
Stock issued during period shares purchase of assets \| shares				318,278
Waltham Massauchets [Member]
Commitment And Contingencies [Line Items]
Office space leased \| ft²	15,000				15,000
Lessee, operating lease, lease not yet commenced, renewal term	5 years				5 years
Sublease aggregate base rent obligation	$ 1,000				$ 1,000
Annual Rent Operating lease Aggregate After Increase	$ 11,100
Security deposit		$ 600
Operating lease weighted average remaining lease term		6 years 9 months
Operating lease weighted average discount rate		7.50%
Future minimum lease payment due under this sublease		$ 1,000
Waltham Massauchets [Member] \| Restricted Cash And Cash Equivalents Non Current [Member]
Commitment And Contingencies [Line Items]
Lessee tenant improvement allowance		$ 400

Common Stock - Schedule of Shares of Common Stock for Future Issuance (Detail) - shares	Mar. 31, 2025	Dec. 31, 2024
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	4,574,414	3,842,557
Shares reserved for warrants [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	18,144	18,144
Shares reserved for stock option exercises [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	1,938,015	1,942,920
Restricted Stock [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	467,150	0
Shares reserved for future issuance under the 2024 Stock Incentive Plan
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	1,908,292	1,760,657
Shares reserved for future issuance under the 2024 Employee Stock Purchase Plan
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	242,813	120,836

Debt - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		12 Months Ended
	Dec. 23, 2022	Aug. 05, 2022	May 20, 2022	Dec. 11, 2020	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2022	Dec. 31, 2024	Jul. 31, 2023	Jul. 12, 2023	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from long term line of credit					$ 0	$ 7,000
Line of credit facility outstanding current					4,662			$ 3,097
Proceeds from convertible debt	$ 16,700	$ 5,000	$ 8,300				$ 30,000
Other income (expense)					1,197	158
Gain on conversion of the Convertible Notes						15,900
Two Thousand And Twenty And Two Thousand And Twenty Three Term A Loan [Member]
Debt Instrument [Line Items]
Interest expenses					$ 300	100
Debt instrument effective rate of interest percentage					9.56%			10.42%
Convertible Debt Agreement [Member]
Debt Instrument [Line Items]
Debt instrument face value			$ 30,000
Convertible debt interest rate percentage			5.00%
Interest expenses on convertible debt					$ 0	$ 400
Debt instrument converted into equity number of shares issued						1,433,410
Loan And Security Agreement With Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Class of warrants or rights number of securities covered by warrants or rights				7,988
Class of warrants or rights term				10 years
Loan And Security Agreement With Silicon Valley Bank [Member] \| Two Thousand And Twenty Term A Loan Advance [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity				$ 25,000
Proceeds from long term line of credit				5,000
Line of credit remaining borrowing capacity						$ 7,000			$ 5,500
Principal Amount Outstanding					$ 12,500
Line of credit facility commitment fee amount				$ 100
Line of credit facility commitment fee percentage				3.50%
Loan And Security Second Amendment Agreement With Silicon Valley Bank [Member] \| Two Thousand And Twenty Term A Loan Advance [Member]
Debt Instrument [Line Items]
Long term debt variable interest rate percentage											0.25%
Sixth Amendment Agreement With Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Class of warrants or rights number of securities covered by warrants or rights										10,156
Class of warrants or rights exercise price per share				$ 6.87						$ 7.5
Class of warrants or rights term										10 years

Stock-Based Compensation - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended
	Feb. 23, 2025	Mar. 15, 2024	Feb. 28, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance				4,574,414		3,842,557
Share based compensation by share based award options granted during the period shares				60,743
Share based awards, maximum contractual term				10 years
Number of common stock underlying shares	1,871,416
Option Repricing			$ 1.73
Recognized				$ 300,000
Recognized Remaining Vesting Terms				$ 200,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance				467,150		0
Unrecognised compensation cost				$ 1.1
Unrecognised compensation cost, recognition period				2 years 10 months 24 days
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance				1,938,015		1,942,920
Share based awards, vesting period				4 years
Weighted-average grant date fair value, options granted				$ 2.42
Fair value of options vested				$ 900,000
Unrecognised compensation cost				$ 11,300,000
Unrecognised compensation cost, recognition period				2 years 4 months 24 days
2017 Stock Option and Grant Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance				1,246,290
Share based awards, shares available for future grant				0
2024 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance		2,839,888
Share based awards, shares available for future grant				1,908,292
2024 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance		120,836
Share based awards, shares available for future grant				242,813
Increase in number of shares reserved for issuance (shares)		241,677
Common stock offering period		6 months
Shares issued during period				0	0
Excess of accrued right to purchase stock		$ 25,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,031)	$ 1,029

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

The Company did not record a tax provision or benefit for the three months ended March 31, 2025 and 2024.

The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets and has considered its history of cumulative net losses incurred since inception and its lack of any commercially ready products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Investment in Equity Securities

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Equity Securities

. Investment in Equity Securities

As part of the Merger, the Company obtained Homology's 20% equity interest in OXB (US) LLC, an AAV vector process development and manufacturing services company. At that time, the Company had significant influence over, but did not control, OXB (US) LLC through its noncontrolling representation on OXB (US) LLC’s board of directors and the Company’s equity interest in OXB (US) LLC. Accordingly, the Company did not consolidate the financial statements of OXB (US) LLC and accounted for its investment using the equity method of accounting.

The Company recorded its equity method investment in OXB (US) LLC at fair value upon the effective date of the Merger. The fair value of the equity method investment was determined based on the market approach. This approach estimated the fair value of OXB (US) LLC based on the implied value for the entity, including the Options (as defined in Note 3 above), for a controlling interest in OXB (US) LLC at the entity’s formation. As part of its fair value analysis, the Company determined that the Options are embedded in the Company’s ownership units of OXB (US) LLC because the Options are not legally detachable or separately exercisable. Accordingly, the equity method investment and the Options represent one unit of account and the fair value recorded reflects the value of the equity interest and the Options (refer to Note 3 for more information for how the fair value was determined).

As a result of transactions by OXB (US) LLC, the Company’s investment was diluted to a 10% equity interest in OXB (US) LLC on May 22, 2024, and the Company no longer has the ability to exert significant influence over the operating and financial policies of OXB (US) LLC. The Company discontinued the equity method of accounting for the investment in OXB (US) LLC on May 22, 2024 and determined the remaining investment to be an equity security accounted for in accordance with FASB ASC Topic 321, Investments—Equity Securities (“ASC 321”) at the date the investment no longer qualifies for the equity method of accounting. The Company recorded the equity instrument at fair value and applied the measurement alternative under ASC 321 such that the Company would not change the amount recorded for the equity instrument unless the Company identified observable price changes in orderly transactions for the identical or similar investment of the same issuer or the equity instrument was otherwise deemed to be impaired. At each reporting period, the Company is required to make a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. If deemed impaired, the Company is required to estimate the fair value of the investment and recognize an impairment loss equal to the difference between the fair value of the investment and its carry amount.

On March 1, 2025, Oxford Biomedica (US), Inc. exercised its option to cause the Company to sell and transfer to Oxford Biomedica (US), Inc. all of the Company’s equity ownership interest in OXB (US) LLC. As of March 31, 2025, the Company performed an assessment to evaluate whether the investment is impaired and determined that the fair value of its investment in OXB (US) LLC was negatively impacted due to the projected payment to the Company as outlined in the call option exercise notice. The Company determined that the decline in value was deemed to be other than temporary and recorded an impairment charge of approximately $0.1 million to reduce its investment to fair value. The impairment charge is included in other income (expense), net in the Company's consolidated statements of operations. The Company and Oxford Biomedica (US), Inc. expect to finalize the transaction and pay the CVR holders by the end of the second quarter of 2025.

Prior to May 22, 2024, the Company was recording its share of income or losses from OXB (US) LLC on a quarterly basis under the equity method of accounting.

As of March 31, 2025, the carrying value of the equity investment was $2.5 million.

Agreements with Horizon

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Agreements with Horizon

15. Agreements with Horizon

From August 2022 until November 2023, Legacy Q32 was a party to the Collaboration and Option Agreement (the “Horizon Collaboration Agreement”) and the Asset Purchase Agreement (the “Purchase Agreement”, and together with the Horizon Collaboration Agreement, the “Horizon Agreements”), each between Legacy Q32 and Horizon Therapeutics Ireland DAC (“Horizon”), pursuant to which Legacy Q32 received $55.0 million in initial consideration and staged development funding for the completion of the two ongoing Phase 2 trials for bempikibart, and Horizon had an option to acquire the bempikibart program at a prespecified price, subject to certain adjustments.

The Company has received $55.0 million of the $55.0 million transaction price from Horizon. In October 2023, Amgen Inc. (“Amgen”) completed its acquisition of Horizon Therapeutics public limited company (“Horizon plc”). Following the closing of Amgen’s acquisition of Horizon plc, the Company agreed with Amgen to mutually terminate the Horizon Agreements and in November 2023, the Company and Horizon entered into a termination agreement (the “Horizon Termination Agreement”), pursuant to which Horizon’s option to acquire the bempikibart program was terminated. As a result, the Company retained all initial consideration and development funding received under the Horizon Collaboration Agreement (as defined below) and regained full development and commercial rights to bempikibart. In consideration for the Horizon Termination Agreement, the Company agreed to pay Horizon regulatory and sales milestones payments of up to an aggregate amount of $75.1 million upon the first achievement of certain regulatory and sales milestones with respect to bempikibart.

The Company concluded that the consideration allocated to the research service performance obligations should be recognized over time as Horizon received the benefit of the research activities as the activities were performed. The Company has determined that this method was most appropriate as progress towards completion of research is largely driven by time and effort spent and costs incurred to perform this research. The Horizon Termination Agreement is accounted for as a modification because it does not result in the addition of distinct goods or services. Since the two performance obligations and the material right are terminated with no further performance obligations aside from the contingent payments to Horizon of up to $75.1 million, the Company recognized the remaining deferred revenue in the fourth quarter of 2023.

Upon the execution of the Horizon Termination Agreement, the Company became obligated to pay Horizon up to $75.1 million contingent on regulatory and sales-based milestones or up to $20.1 million in excess of the cash received. These potential payments to Horizon are not in exchange for a distinct good or service; therefore, the Company accounts for consideration payable to Horizon as a reduction of the transaction price under FASB ASC Topic 606, Revenue from Contracts with Customers. The Company concluded that the $55.0 million of arrangement consideration previously recognized should be fully constrained as a result of the contingent consideration payable to Horizon, and accordingly, all amounts previously recognized as revenue were reversed in the fourth quarter of 2023 and a refund liability was established for the $55.0 million cash received during the term of the Horizon Collaboration Agreement. No amounts have been recognized related to the remaining potential payment to Horizon (up to $20.1 million) as it is not probable that the respective milestones will be achieved at this time.

Prepaid Expenses, Other Current Assets and Other Noncurrent Assets - Summary of Prepaid Expenses and Other Noncurrent Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Noncurrent [Abstract]
Prepaid external research and development - long term	$ 444	$ 116
Other	0	0
Total other noncurrent assets	$ 444	$ 116