Cue Biopharma, Inc. reported its financial results for the third quarter of 2025, revealing a collaboration revenue of $2.1 million, a decrease from $3.3 million in the same period last year. For the nine months ending September 30, 2025, total collaboration revenue was $5.5 million, down from $7.7 million in the prior year. The decline in revenue is attributed to reduced earnings from the BI Collaboration and License Agreement compared to the previous year's Ono Collaboration and Option Agreement, reflecting the timing of activities under these agreements. The company recorded a net loss of $7.4 million for the quarter, slightly improved from a loss of $8.7 million in Q3 2024, and a total net loss of $28.2 million for the nine months, compared to $31.2 million in the same period last year.
Operating expenses for the third quarter were $9.7 million, down from $12.2 million in Q3 2024, primarily due to a significant reduction in research and development costs, which fell to $4.8 million from $9.4 million year-over-year. General and administrative expenses increased to $4.9 million from $2.9 million, largely due to a one-time employee severance accrual and higher professional fees. The company’s total assets as of September 30, 2025, were $31.6 million, a slight decrease from $32.2 million at the end of 2024, with cash and cash equivalents at $11.7 million, down from $22.5 million.
In terms of strategic developments, Cue Biopharma entered into a Collaboration and License Agreement with ImmunoScape Pte. Ltd. on November 6, 2025, which is expected to provide the company with $15 million in upfront payments. This agreement allows ImmunoScape to develop and commercialize molecules from Cue's CUE-100 series for oncology indications. Additionally, the company has been focusing on its CUE-401 program for autoimmune diseases, with plans to file an investigational new drug (IND) application in the second quarter of 2026.
Operationally, Cue Biopharma has been working on its clinical trials, with the CUE-101 and CUE-102 candidates having completed patient dosing in their respective Phase 1b studies. The company is preparing for database lock and analysis of these trials, with results expected in the fourth quarter of 2025. As of September 30, 2025, the company had a total employee headcount of 66, reflecting a strategic focus on maintaining a lean operational structure while advancing its clinical 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 explore various financing options, including equity offerings and collaborations, to support its growth. However, the management has expressed substantial doubt about the company's 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 clinical development efforts.
About Cue Biopharma, Inc.
Cue Biopharma, Inc. develops precision immunotherapies targeting T cells to treat cancer and autoimmune diseases. Its proprietary Immuno-STAT platform selectively modulates disease-relevant T cells, aiming to restore immune balance. The company’s core programs include autoimmune, autoimmune cell depletion, and oncology candidates, with a focus on personalized, targeted biologics designed to improve efficacy and safety over traditional therapies.
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