Q32 Bio Inc. sold its Phase 2 complement inhibitor ADX‑097 to Akebia Therapeutics Inc. The deal delivers an upfront payment of $7 million, a guaranteed $5 million in near‑term payments, and a milestone structure that includes $3 million at six months and $2 million by the end of 2026. The transaction also opens the door to up to $592 million in future milestone payments and tiered royalties, giving Q32 Bio a total potential upside of $604 million.
The divestiture removes a non‑core asset from Q32 Bio’s portfolio and frees capital that the company will use to fund the ongoing development of its lead candidate, bempikibart (ADX‑914), for alopecia areata. By concentrating research and development resources on bempikibart, Q32 Bio extends its cash runway into the second half of 2027, providing a financial cushion for the expected topline data from the SIGNAL‑AA Part B trial in mid‑2026.
Q32 Bio’s financials show a clear trend of cost discipline. In Q3 2025 the company posted a net loss of $7.39 million, a sharp improvement from the $17.6 million loss reported in Q3 2024. R&D expenses have also declined following a restructuring in February 2025, underscoring the company’s focus on efficient use of capital while advancing its pipeline.
Akebia’s acquisition of ADX‑097 aligns with its strategy to expand a rare kidney disease pipeline. The complement inhibitor fits into Akebia’s plan to launch a Phase 2 basket trial across multiple kidney disease indications, with dosing expected to begin in 2026. The deal gives Akebia a promising asset that complements its existing portfolio, including the approved drug Vafseo.
CEO Jodie Morrison said, “This transaction strengthens our cash position through additional non‑dilutive funding, extending our runway into the second half of 2027. We remain focused on advancing bempikibart for patients with alopecia areata, and we are pleased to transition ADX‑097 to a company that is dedicated to kidney disease.” She added that the sale “provides a clear path forward for our core program while allowing us to de‑risk our financial future.”
The transaction signals to investors that Q32 Bio is actively managing its asset portfolio to maximize value and accelerate progress toward regulatory approval of its lead product. The infusion of capital and the strategic focus on bempikibart position the company to meet upcoming clinical milestones without immediate financing concerns.
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