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Cue Biopharma (CUE) investor relations material

Cue Biopharma Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Focused on developing Immuno-STAT® platform for autoimmune diseases and cancer, with lead programs CUE-401 (autoimmune), CUE-500 series (targeted cell depletion), and CUE-100 series (oncology).

  • Strategic collaborations with BI for CUE-501 (B cell depletion) and ImmunoScape for CUE-100 series and cell therapy for solid tumors, including $15M in upfront payments and a 40% equity stake in ImmunoScape.

  • Leadership transition: Usman Azam appointed CEO and President, Daniel Passeri transitioned to Strategic Advisor.

  • CUE-401 is engineered as a tolerogenic bifunctional molecule targeting immune tolerance in autoimmune diseases.

Financial highlights

  • Collaboration revenue was $2.1M for Q3 2025 (down from $3.3M in Q3 2024); net loss for Q3 2025 was $7.4M (improved from $8.7M in Q3 2024).

  • Cash, cash equivalents, and marketable securities totaled $11.7M as of September 30, 2025, down from $22.5M at year-end 2024.

  • R&D expenses for Q3 2025 were $4.8M (down from $9.4M), and for nine months: $21.2M (down from $29.1M in 2024).

  • General and administrative expenses for Q3 2025 rose to $4.9M from $2.9M, and for nine months: $12.8M (up from $10.6M), due to one-time severance and higher professional fees.

  • Net loss per share for Q3 2025: $(0.07); weighted average shares outstanding: 100.9M.

Outlook and guidance

  • Current cash and expected upfront payments from ImmunoScape are projected to fund operations into Q3 2026.

  • Additional capital will be required to continue operations beyond this period; plans include further equity offerings and strategic partnerships.

  • IND filing for CUE-401 planned for Q2 2026, with initial clinical data expected in H2 2026.

Future financing plans given going concern
Implications of CUE-101's 32.7-month mOS
ImmunoScape deal's strategic impact on pipeline
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Frequently asked questions

Cue Biopharma, Inc., a clinical-stage biopharmaceutical company, develops biologic drugs for the selective modulation of the human immune system to treat a range of cancers, chronic infectious diseases, and autoimmune disorders. The company is focused on developing its proprietary platform designed to modulate immune signaling with cytokine infiltration and inflammatory mediators to generate personalized therapeutic immunotherapies.

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