12:41 PM EST, 02/11/2025 (MT Newswires) -- Q32 Bio ( QTTB ) shares were down Tuesday after the company said late Monday it was implementing a corporate restructuring to focus on advancing the bempikibart clinical development program for the treatment of alopecia areata.

The company is halting its phase 2 renal basket trial of ADX-097 and exploring strategic options for its tissue-targeted complement inhibitor platform, Q32 Bio ( QTTB ) said, adding that the restructuring, which includes workforce reductions, is projected to extend its cash runway until H2 of 2026.

Following positive results from the SIGNAL-AA part A trial, which showed Severity of Alopecia Tool score improvements and sustained response through week 55, the company said it plans to launch an open-label extension in H1 2025. The company also said it will begin dosing for SIGNAL-AA part B in H1, evaluating about 20 patients with severe AA over 36 weeks, with topline results expected in H1 of 2026.

Separately, Piper Sandler downgraded the company's stock to neutral from overweight, and cut its price target to $4 from $20.

Trading volume stood at around 594,000 shares against a daily average of 382,973.

Price: 2.77, Change: -0.41, Percent Change: -12.89