Cue Biopharma Reports Q1 2025 Financial Results, Collaboration Revenue Declines

Cue Biopharma, Inc. reported its financial results for the first quarter of 2025, revealing a collaboration revenue of $421,000, a significant decrease from $1.7 million in the same period last year. The company’s total operating expenses for the quarter were $12.7 million, down from $14.4 million in the prior year, primarily due to reduced research and development costs. The net loss for the quarter was $12.3 million, slightly improved from a loss of $12.3 million in the first quarter of 2024. The loss per share was reported at $0.17, compared to $0.25 in the previous year.

Cue Biopharma's financial position has changed notably, with total assets decreasing to $22.3 million as of March 31, 2025, down from $32.2 million at the end of 2024. The company’s cash and cash equivalents also saw a decline, totaling $13.1 million compared to $22.5 million at the end of the previous fiscal year. The accumulated deficit increased to $354.1 million, reflecting ongoing operational losses. The company’s total liabilities rose to $15.7 million, up from $14.7 million at the end of 2024, driven by increased accounts payable and accrued expenses.

In terms of strategic developments, Cue Biopharma entered into a significant collaboration and license agreement with Boehringer Ingelheim International GmbH in April 2025, which included an upfront payment of approximately $12 million. This agreement focuses on the research and development of differentiated B cell depletion molecules, including CUE-501. The company also plans to file an investigational new drug application for CUE-401 in the third quarter of 2026, with human proof-of-mechanism data expected in the first half of 2027, contingent on funding.

Operationally, Cue Biopharma continues to focus on its Immuno-STAT platform, which aims to selectively modulate disease-specific T cells for the treatment of autoimmune diseases and cancer. The company is actively seeking collaborations to enhance its pipeline, particularly for its CUE-101 and CUE-102 assets. As of March 31, 2025, the company had 61.8 million shares outstanding, reflecting an increase in share count due to previous equity offerings. The company’s employee headcount remains stable as it continues to prioritize its research and development efforts.

Looking ahead, Cue Biopharma acknowledges the need for additional capital to support its operations and research initiatives. The company plans to finance its future cash needs through a combination of equity offerings, collaborations, and strategic alliances. However, it also notes that volatility in capital markets may pose challenges in securing the necessary funding, raising substantial doubt about its ability to continue as a going concern. The company remains committed to advancing its drug product candidates and establishing new partnerships to drive growth and innovation in the biopharmaceutical sector.