Cue Biopharma Reports Increased Collaboration Revenue and Reduced Losses in Q1 2026

Cue Biopharma, Inc. reported its financial results for the first quarter of 2026, revealing a significant increase in collaboration revenue and a reduction in operating losses compared to the same period in 2025. The company generated $5.7 million in collaboration revenue, a substantial rise from $421,000 in the prior year, primarily driven by activities related to its collaboration with Boehringer Ingelheim (BI). Total operating expenses for the quarter were $11.0 million, down from $12.7 million a year earlier, reflecting a decrease in research and development costs, which fell to $6.9 million from $8.5 million.

The company’s net loss for the quarter was $5.2 million, a notable improvement from the $12.3 million loss reported in the same quarter of 2025. This reduction in losses was attributed to lower operating expenses and increased revenue from collaboration agreements. The loss per share was reported at $1.08, compared to $4.95 in the previous year, with the weighted average shares outstanding increasing to approximately 4.8 million due to a reverse stock split effective April 23, 2026.

In terms of strategic developments, Cue Biopharma entered into a license agreement with Ascendant Health Sciences Ltd. for the development and commercialization of CUE-221, an anti-IgE monoclonal antibody. This agreement includes an upfront payment of $15 million and potential milestone payments totaling up to $676.5 million. Additionally, the company received a $7.5 million milestone payment from BI in May 2026, following the approval of a compound for lead optimization under their collaboration agreement.

Operationally, Cue Biopharma reported cash and cash equivalents of $16.4 million as of March 31, 2026, down from $27.1 million at the end of 2025. The decrease was primarily due to cash used in operating activities, which totaled $10.9 million for the quarter. The company anticipates that its current cash position, along with the recent private placement proceeds of $27.6 million, will be sufficient to fund operations into the first quarter of 2027. However, Cue Biopharma acknowledged the need for additional capital to support ongoing research and development efforts, raising substantial doubt about its ability to continue as a going concern without further financing.

Looking ahead, Cue Biopharma plans to submit an Investigational New Drug (IND) amendment for CUE-221 to expand its development into food allergies and expects to initiate a Phase 1 study for CUE-401 by the end of 2026. The company continues to explore collaborations and strategic alliances to enhance its pipeline and financial stability, while also managing the risks associated with its clinical-stage operations.