$Q32 Bio(QTTB.US) surged +90% in a single day. The Phase 2a primary endpoint for its alopecia areata drug, bempikibart, was met, with SALT-20 response rates achieved and sustained durability after treatment cessation—this is how direct clinical readouts are for small-cap Biotechs; meeting endpoints triggers a revaluation. On the cash front, a $55 million private placement was just completed in May, but to truly advance to Phase 3, the funding gap is an unavoidable hurdle ahead. The numbers themselves are the news; if you're chasing, you have to acknowledge this is a repricing following a binary event.