Q32 Bio Inc. Common Stock 12th Annual Cantor Fitzgerald Global Healthcare Conference
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Okay, we are live. Great. Well, thank you everyone for joining. I'm Imogen Mansfield. I'm one of the biotech analysts here at Cantor and I am thrilled to be joined by the management team, many members of the management team from Q32 Bio. We're joined by Jodi Morrison, the CEO, Sheila Violette, the CSO and President of Research, and Lee Kalowski, the CFO. Welcome everyone. Thank you for coming- Thank you all the way down here.
It's been quite the comeback year for- Yes QTTB, the turnaround story of 2026 and- I like it.
your lead asset bempikibart. Could you give us a quick overview of the company and a snapshot of where you are today?
Yeah. A fantastic year for us. Thank you for saying that. It's been quite the turnaround. We had our readout in July of this year for alopecia areata, our second study in alopecia areata, this time with a 36-week endpoint. We were incredibly excited to see the results there where we saw an mITT of 40%, SALT 20 at the 36-week endpoint and a 30% in the setting of the ITT, the overall population including all patients that recruited. A fantastic position to be in, competitive with JAK sort of efficacy but with a totally different profile, which is what we believe and I think all the market research would support is what patients and physicians are looking for in the field. This remains one of the indications where there's no biologic in the front position in front of a JAK.
I think it's really open for the taking and we're really excited about our mechanism and how it performed.
Great. Yeah, no biologic in any position at the moment. There's some debate around the size of the alopecia areata market amongst investors, and maybe JAK's underestimating what that could be with a biologic. So where do you think that the market stands today and where could it get to with biologics approved?
Yeah, I'm going to let Lee take this one. He's been doing a lot of work here.
Yeah, sure. The first part of your question was about the JAK inhibitor sales.
The size of the market today and then where it could get to.
Yeah. We've done some extensive market research, drilling down to claims data to really get a good estimate of what the JAKs are doing.
This year for 2026, in AA alone, they're on track to do about $500 million in net sales. Market's growing by about 30%-35% year-over-year. So substantial growth in that market. I think the second part of your question was around where the market could go and obviously that's just a very small sliver. Penetration is still increasing. So still early days. What we've been able to forecast out based on our market research is a U.S. opportunity of $5 billion or more and likely considerably more than that.
Does your market research give you any indication of the penetration today, where we're at with JAKs?
Low. It's probably very, very low double digits right now.
Okay. Any numbers that you could put to the size of the opportunity in the U.S.?
Absolutely. How that splits, mild, moderate, severe.
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