Cue Biopharma, Inc. (CUE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CUE SEC filings page.
Cue Biopharma, Inc. (CUE) reported $37.7M in revenue over the twelve months to Jun 30, 2026, up 354.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue has rebounded, but Cue remains a development-stage business where financing supports research rather than customer-funded operations.
Revenue almost tripled from FY2024 to FY2025 while operating cash outflow fell from$36.3M to$21.7M ; that improvement suggests more revenue is being absorbed by a still research-heavy cost base, not cash profitability. Operating leverage is emerging, but the company has not yet crossed into self-funded operations.
FY2025 research and development spending was
The FY2025 net loss of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cue Biopharma, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cue Biopharma, Inc. held $27.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $21.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Cue Biopharma, Inc. scores 38/100 among other emerging companies.
Cue Biopharma, Inc. had 98M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Cue Biopharma, Inc. scores 22/100 among other emerging companies.
Cue Biopharma, Inc. spent $37.7M on research and development in fiscal year 2025, which was 69.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Cue Biopharma, Inc. scores 91/100 among other emerging companies.
Cue Biopharma, Inc. reported revenue of $27.5M in fiscal year 2025, against $9.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Cue Biopharma, Inc. scores 88/100 among other emerging companies.
Cue Biopharma, Inc.'s operations used $21.7M of cash in fiscal year 2025, against $36.3M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Cue Biopharma, Inc. scores 69/100 among other emerging companies.
Cue Biopharma, Inc.'s cash, cash equivalents and investments came to $27.1M at the end of fiscal year 2025, against $15.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Cue Biopharma, Inc. scores 71/100 among other emerging companies.
Cue Biopharma, Inc. scores -6.25, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($177.0M) relative to total liabilities ($15.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cue Biopharma, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Cue Biopharma, Inc. reported a net loss of $26.6M while operations used $21.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cue Biopharma, Inc. reported an operating loss of $26.6M against $100K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cue Biopharma, Inc. generated $7.9M in revenue in Q2 2026. This represents an increase of 166.7% from the same quarter a year earlier. Against the prior quarter it is up 38.5%.
Cue Biopharma, Inc.'s EBITDA was -$87.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 926.7% from the same quarter a year earlier. Against the prior quarter it is down 1731.3%.
Cue Biopharma, Inc. reported -$153.1M in net income in Q2 2026. This represents a decrease of 1704.6% from the same quarter a year earlier. Against the prior quarter it is down 2856.1%.
Cue Biopharma, Inc. earned -$24.14 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 2135.2%.
Cash & Balance Sheet
Cue Biopharma, Inc. recorded an outflow of $29.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 742.6% from the same quarter a year earlier. Against the prior quarter it is down 162.2%.
Cue Biopharma, Inc. held $17.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Cue Biopharma, Inc.'s ROE was -6626.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 6579.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6602.3 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Cue Biopharma, Inc. invested $49.0M in research and development in Q2 2026. This represents an increase of 519.6% from the same quarter a year earlier. Against the prior quarter it is up 610.6%.
Cue Biopharma, Inc. reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
CUE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.9M+166.7% | $5.7M+1250.6% | $21.9M+1292.3% | $2.1M-35.6% | $3.0M+11.1% | $421K-75.5% | $1.6M-13.5% | $3.3M+58.9% |
| R&D Expenses | $49.0M+519.6% | $6.9M-19.3% | $16.5M+130.1% | $4.8M-49.3% | $7.9M-17.0% | $8.5M-16.2% | $7.2M-34.0% | $9.4M-5.0% |
| SG&A Expenses | $46.6M+1165.7% | $4.2M-0.5% | $3.5M-14.1% | $4.9M+72.3% | $3.7M+4.8% | $4.2M-0.3% | $4.0M-12.8% | $2.9M-21.3% |
| Operating Income | -$87.7M-915.6% | -$5.4M+56.5% | $2.0M+120.5% | -$7.6M+13.8% | -$8.6M+16.8% | -$12.3M+2.9% | -$9.6M+30.4% | -$8.8M+22.8% |
| EBITDA | -$87.7M-926.7% | -$4.8M+60.8% | $2.7M+127.9% | -$7.5M+13.8% | -$8.5M+17.0% | -$12.2M+3.0% | -$9.5M+30.2% | -$8.7M+23.0% |
| Interest Expense | -$5K-115.2% | -$4K-104.0% | $42K-91.1% | -$75K+60.1% | $33K+115.3% | $100K+203.0% | $470K+187.5% | -$188K-174.0% |
| Net Income | -$153.1M-1704.6% | -$5.2M+57.8% | $1.6M+116.7% | -$7.4M+14.0% | -$8.5M+16.6% | -$12.3M+0.7% | -$9.5M+29.3% | -$8.7M+21.3% |
| EPS (Basic) | -$24.14-804.1% | -$1.08+78.2% | $0.03+130.0% | -$0.07+58.8% | -$2.67-1235.0% | -$4.95-1880.0% | -$0.10+65.5% | -$0.17+29.2% |
| EPS (Diluted) | -$24.14 | -$1.08 | $0.03 | -$0.07 | -$2.67 | -$4.95 | -$0.10 | -$0.17+29.2% |
| Diluted Shares (Avg) | 6M | 5M | N/A | 101M | 3M | 2M | N/A | 51M+10.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax.
CUE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.7M-24.6% | $30.9M+38.7% | $42.2M+31.1% | $31.6M-29.4% | $40.7M-3.8% | $22.3M-58.8% | $32.2M-47.7% | $44.8M-35.0% |
| Current Assets | $26.6M-13.7% | $26.4M+65.7% | $37.0M+47.1% | $25.8M-30.7% | $30.8M-9.0% | $15.9M-64.3% | $25.1M-51.1% | $37.3M-35.2% |
| Cash & Equivalents | $17.4M-36.7% | $16.4M+24.7% | $27.1M+20.8% | $11.7M-63.9% | $27.5M-8.4% | $13.1M-68.0% | $22.5M-53.7% | $32.4M-40.7% |
| Short-Term Investments | $0 | $0 | $0 | $7.0M | $0 | $0 | $0 | $0 |
| Accounts Receivable | $5.4M+910.7% | $5.4M | $5.5M+486.9% | $387K-87.7% | $532K-71.2% | $0-100.0% | $945K-44.3% | $3.2M+89.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $28.4M+25.9% | $9.3M-40.9% | $15.8M+7.4% | $18.4M-5.4% | $22.5M+8.9% | $15.7M-34.5% | $14.7M-39.9% | $19.4M-25.8% |
| Current Liabilities | $21.2M+10.2% | $7.4M-52.3% | $13.5M-1.4% | $15.5M-7.5% | $19.3M+17.0% | $15.5M-14.3% | $13.7M-19.9% | $16.8M-2.4% |
| Non-Current Liabilities | $7.2M+117.9% | $1.9M+967.0% | $2.3M+127.9% | $2.9M+8.3% | $3.3M-22.5% | $176K-97.0% | $1.0M-86.4% | $2.7M-70.6% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $1.3M-74.3% |
| Total Equity | $2.3M-87.3% | $21.6M+228.4% | $26.4M+51.0% | $13.2M-47.8% | $18.2M-16.0% | $6.6M-78.1% | $17.5M-52.8% | $25.4M-40.5% |
| Retained Earnings | -$526.7M-45.3% | -$373.6M-5.5% | -$368.5M-7.8% | -$370.1M-11.3% | -$362.6M-12.0% | -$354.1M-12.9% | -$341.9M-13.5% | -$332.4M-15.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
CUE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.0M-749.3% | -$10.9M-33.9% | -$1.1M+88.1% | -$9.0M-19.9% | -$3.4M+65.8% | -$8.2M+16.5% | -$9.0M+17.6% | -$7.5M+3.5% |
| Depreciation & Amortization | $33K-66.0% | $566K+460.4% | $678K+591.8% | $76K-21.6% | $97K-3.0% | $101K+2.0% | $98K-13.3% | $97K-3.0% |
| Stock-Based Compensation | $23.8M+1787.4% | $48K-96.4% | N/A | $1.5M-3.2% | $1.3M-28.0% | $1.3M-31.2% | N/A | $1.6M-23.6% |
| Capital Expenditures | $0-100.0% | $121K-19.3% | $0-100.0% | $0-100.0% | $27K+170.0% | $150K+172.7% | $2K | -$1K |
| Free Cash Flow | -$29.0M-742.6% | -$11.1M-32.9% | -$1.1M+88.1% | -$9.0M-19.9% | -$3.4M+65.6% | -$8.3M+15.4% | -$9.0M+17.6% | -$7.5M+3.5% |
| Investing Cash Flow | $0+100.0% | -$121K+19.3% | $7.0M+702100.0% | -$6.8M-7006.1% | -$27K-170.0% | -$150K-172.7% | -$1K | $98K-98.0% |
| Financing Cash Flow | $30.0M+68.7% | $306K+130.6% | $9.5M+1118.5% | $1K-100.0% | $17.8M+1879.8% | -$1.0M-142.5% | -$932K-119.5% | $9.8M+114.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CUE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1113.3% | -94.1% | 9.0% | -353.4% | -292.3% | -2921.4% | -611.3% | -264.2% |
| Net Margin | -1943.2% | -91.1% | 7.2% | -346.6% | -287.1% | -2911.4% | -602.5% | -259.6% |
| Return on Equity | -6626.3%-6579.6pp | -24.0%+162.3pp | 6.0%+60.3pp | -56.2%-22.1pp | -46.7%+0.3pp | -186.3%-145.2pp | -54.3%-18.0pp | -34.1%-8.3pp |
| Return on Assets | -498.5%-477.6pp | -16.8%+38.3pp | 3.8%+33.2pp | -23.5%-4.2pp | -20.8%+3.2pp | -55.1%-32.2pp | -29.5%-7.7pp | -19.3%-3.4pp |
| Current Ratio | 1.25-0.3x | 3.57+2.5x | 2.74+0.9x | 1.66-0.6x | 1.60-0.5x | 1.03-1.4x | 1.84-1.2x | 2.22-1.1x |
| Debt-to-Equity | 12.29+11.1x | 0.43-2.0x | 0.60+0.6x | 1.39+1.3x | 1.24+1.1x | 2.38+2.3x | 0.00-0.1x | 0.05-0.1x |
| Asset Turnover | 0.26+0.2x | 0.18+0.2x | 0.52+0.5x | 0.070.0x | 0.070.0x | 0.020.0x | 0.050.0x | 0.070.0x |
| FCF Margin | -368.2% | -194.6% | -4.9% | -419.9% | -116.5% | -1976.7% | -573.0% | -225.7% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cue Biopharma, Inc. CUE | FY2025 | $27.5M | -$26.6M | -96.9% | $177.0M | 63/100 |
| Adicet Bio, Inc. ACET | FY2025 | N/A | -$116.8M | N/A | $60.8M | — |
| PDS Biotechnology Corporation PDSB | FY2025 | N/A | -$34.5M | N/A | $54.2M | — |
| PolyPid Ltd. PYPD | FY2025 | N/A | -$34.2M | N/A | $105.4M | — |
| MiNK Therapeutics, Inc. INKT | FY2025 | N/A | -$12.5M | N/A | $63.5M | — |
| ALX Oncology Holdings Inc. ALXO | FY2025 | N/A | -$101.7M | N/A | $168.7M | — |
Where Cue Biopharma, Inc. Ranks
Frequently Asked Questions
What is Cue Biopharma, Inc.'s annual revenue?
Cue Biopharma, Inc. (CUE) reported $27.5M in total revenue for fiscal year 2025. This represents a 195.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cue Biopharma, Inc.'s revenue growing?
Cue Biopharma, Inc. (CUE) revenue grew by 195.7% year-over-year, from $9.3M to $27.5M in fiscal year 2025.
Is Cue Biopharma, Inc. profitable?
No, Cue Biopharma, Inc. (CUE) reported a net income of -$26.6M in fiscal year 2025, with a net profit margin of -96.9%.
What is Cue Biopharma, Inc.'s EBITDA?
Cue Biopharma, Inc. (CUE) had EBITDA of -$25.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cue Biopharma, Inc.'s operating margin?
Cue Biopharma, Inc. (CUE) had an operating margin of -96.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cue Biopharma, Inc.'s net profit margin?
Cue Biopharma, Inc. (CUE) had a net profit margin of -96.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cue Biopharma, Inc.'s return on equity (ROE)?
Cue Biopharma, Inc. (CUE) has a return on equity of -100.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cue Biopharma, Inc.'s free cash flow?
Cue Biopharma, Inc. (CUE) recorded an outflow of $21.9M in free cash flow during fiscal year 2025. This represents a 39.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cue Biopharma, Inc.'s operating cash flow?
Cue Biopharma, Inc. (CUE) recorded an outflow of $21.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cue Biopharma, Inc.'s total assets?
Cue Biopharma, Inc. (CUE) had $42.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cue Biopharma, Inc.'s capital expenditures?
Cue Biopharma, Inc. (CUE) invested $177K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cue Biopharma, Inc. spend on research and development?
Cue Biopharma, Inc. (CUE) invested $37.7M in research and development during fiscal year 2025.
What is Cue Biopharma, Inc.'s current ratio?
Cue Biopharma, Inc. (CUE) had a current ratio of 2.74 as of fiscal year 2025, which is generally considered healthy.
What is Cue Biopharma, Inc.'s debt-to-equity ratio?
Cue Biopharma, Inc. (CUE) had a debt-to-equity ratio of 0.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cue Biopharma, Inc.'s return on assets (ROA)?
Cue Biopharma, Inc. (CUE) had a return on assets of -63.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cue Biopharma, Inc.'s P/E ratio?
Cue Biopharma, Inc. (CUE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $177.0M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cue Biopharma, Inc.'s price-to-sales ratio?
Cue Biopharma, Inc. (CUE) trades at 4.7x sales, its market capitalization divided by revenue of $37.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $177.0M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Cue Biopharma, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cue Biopharma, Inc. (CUE) held $27.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $21.7M over that year. Dividing the one by the other, the reported balance equals about 15 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Cue Biopharma, Inc.'s Altman Z-Score?
Cue Biopharma, Inc. (CUE) has an Altman Z-Score of -6.25, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cue Biopharma, Inc.'s Piotroski F-Score?
Cue Biopharma, Inc. (CUE) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cue Biopharma, Inc.'s earnings high quality?
Cue Biopharma, Inc. (CUE) reported a net loss of $26.6M while operations used $21.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cue Biopharma, Inc. cover its interest payments?
Cue Biopharma, Inc. (CUE) reported an operating loss of $26.6M against $100K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cue Biopharma, Inc.?
Cue Biopharma, Inc. (CUE) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.