Cue Biopharma Reports Q2 2025 Financial Results, Collaboration Revenue Increases 11%

Cue Biopharma, Inc. reported its financial results for the second quarter of 2025, revealing a collaboration revenue of $2.95 million, a 11% increase from $2.66 million in the same period last year. However, for the six months ending June 30, 2025, total collaboration revenue decreased to $3.37 million from $4.38 million in the prior year, primarily due to reduced revenue from the Ono Collaboration and Option Agreement, which was terminated in March 2025. The company incurred a net loss of $8.48 million for the quarter, compared to a loss of $10.17 million in Q2 2024, and a total net loss of $20.74 million for the first half of 2025, down from $22.52 million in the same period last year.

Operating expenses for the second quarter were $11.59 million, a decrease from $13.04 million in Q2 2024, driven by lower research and development costs, which fell to $7.91 million from $9.53 million. General and administrative expenses also increased slightly to $3.68 million from $3.51 million. The company reported a total cash and cash equivalents balance of $27.49 million as of June 30, 2025, up from $22.46 million at the end of 2024, reflecting a net increase in cash of $5.03 million during the first half of the year.

In terms of strategic developments, Cue Biopharma entered into a significant collaboration and license agreement with Boehringer Ingelheim (BI) in April 2025, which includes an upfront payment of $10.1 million and potential milestone payments totaling approximately $345 million. This agreement is aimed at the research and development of differentiated B cell depletion molecules, including CUE-501. The company also reported that it is preparing to file an investigational new drug (IND) application for CUE-401 in the second quarter of 2026, with human proof-of-mechanism data expected in the first half of 2027.

Operationally, Cue Biopharma's employee headcount has increased, reflecting its ongoing commitment to advancing its drug development pipeline. The company continues to focus on its Immuno-STAT platform, which aims to selectively engage and modulate disease-specific T cells for treating autoimmune diseases and cancer. The company is actively seeking collaborations to further develop its oncology assets, CUE-101 and CUE-102, while also prioritizing the development of its autoimmune programs.

Looking ahead, Cue Biopharma acknowledges the need for additional capital to fund its operations and continue its research and development activities. The company plans to finance its future cash needs through a combination of equity offerings, collaborations, and strategic alliances. However, it has raised substantial doubt about its ability to continue as a going concern within the next year, given its history of operating losses and the need for ongoing funding to support its business strategies.