Cue Biopharma (CUE) Q2 2026 earnings summary

Executive summary

• Entered exclusive license agreement with Ascendant Health Sciences for CUE-221, a novel anti-IgE antibody, with a $15M upfront payment and up to $676.5M in milestones and royalties.

• Completed private placements totaling $27.6M in May 2026, $49.8M in July 2026, and $50M post-quarter to strengthen liquidity and fund clinical development.

• Appointed new President and CEO Shao-Lee Lin, and expanded leadership with new Chief Medical Officer and Chief Financial Officer.

• Submitted IND for CUE-221 in food allergy and expect Phase 2 data in Chronic Spontaneous Urticaria by end of Q3 2026.

Financial highlights

• Q2 2026 revenue was $7.9M, up from $3.0M in Q2 2025, driven by Boehringer Ingelheim milestone payments.

• Net loss for Q2 2026 was $153.1M, compared to $8.5M in Q2 2025, primarily due to one-time non-cash charges and license-related expenses.

• R&D expenses rose to $49.0M from $7.9M, mainly due to one-time $20M cash payments and $20M in warrant expenses.

• G&A expenses increased to $46.6M from $3.7M, reflecting $23M in integration and transaction costs and $19.7M in non-cash stock-based compensation.

• Cash and cash equivalents as of June 30, 2026, were $17.4M, with an additional $49.8M received in July 2026 and $50M raised post-quarter.

Outlook and guidance

• Cash runway expected to last at least twelve months from the financial statement issuance date, supported by recent financings.

• Plans to initiate a global Phase 2b trial for CUE-221 in food allergy after reviewing Phase 2 data from China and expect Phase 2 data in urticaria by end of Q3 2026.

• IND submission for CUE-401 expected by end of 2026, with Phase 1 trial initiation planned.

• Expect continued advancement of the Immuno-STAT platform and expansion of the clinical pipeline.