Cue Biopharma Announces Pricing of $10 Million Public Offering

Rhea-AI Summary

Cue Biopharma (Nasdaq: CUE) announced the pricing of an underwritten public offering to raise approximately $10 million in gross proceeds.

The offering consists of 35,714,286 shares of common stock (or pre-funded warrants in lieu) sold together with accompanying common stock warrants to purchase 17,857,143 shares at a combined public offering price of $0.28 per unit (pre-funded warrant units at $0.279). Each warrant has a $0.30 exercise price, is exercisable immediately, and expires five years from issuance.

The offering is expected to close on or about December 22, 2025, subject to customary closing conditions, and underwriters have a 30-day option to purchase up to an additional 5,357,140 shares and/or warrants to purchase 2,678,570 shares.

Positive

• Gross proceeds of approximately $10,000,000 expected
• Warrants exercisable immediately with five-year term
• Underwriter option provides up to 30-day additional supply

Negative

• Share issuance of 35,714,286 shares will dilute existing shareholders
• Warrants outstanding for 17,857,143 shares add potential future dilution
• Low offering price of $0.28 per unit may pressure market valuation

Key Figures

Current share price $0.342 Pre-offering market context from latest close

Shares offered 35,714,286 shares Common stock in underwritten public offering

Warrants offered 17,857,143 common stock warrants Accompanying warrants in the offering units

Offering price per unit $0.28 Combined price for share and warrant unit

Pre-funded warrant price $0.279 Price per pre-funded warrant unit

Gross proceeds $10 million Expected aggregate gross proceeds before expenses

Warrant exercise price $0.30 per share Exercise price for common stock warrants

Underwriters’ option period 30 days Option to purchase additional shares and warrants

Market Reality Check

$0.3374 Last Close

Volume Volume 889,631 is 2.92x the 20-day average of 305,123, indicating elevated trading ahead of the offering close. high

Technical Shares trade below the 200-day moving average of 0.75, reflecting a weak longer-term trend pre-offering.

Peers on Argus

Key biotech peers like ACET (-1.63%), PDSB (-2.73%), and ALXO (-4.73%) are modestly lower, but CUE’s -14.5% move is significantly larger, indicating a company-specific reaction to the offering terms.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 18	Equity offering plan	Negative	-14.5%	Proposed underwritten equity and warrant offering announcement.
Nov 13	Licensing collaboration	Positive	-7.2%	Exclusive in-licensing deal for next-gen solid tumor cell therapy.
Nov 12	Earnings and update	Neutral	-2.3%	Q3 2025 results plus ImmunoScape collaboration and clinical data.
Nov 06	Strategic collaboration	Positive	-2.4%	Collaboration and license for CUE-100 Series oncology programs.
Sep 29	Leadership transition	Positive	+1.3%	New CEO appointed to drive autoimmune-focused growth strategy.

Pattern Detected

CUE has often traded lower on positive strategic news and proposed offerings, with notable downside on the latest financing announcement.

Recent Company History

Over recent months, Cue Biopharma has combined strategic collaborations, leadership changes, and repeated equity offerings. The Nov 2025 ImmunoScape collaboration and Q3 results added non-dilutive cash and encouraging clinical data but still saw modest share declines. A leadership transition on Sep 29 generated only a small uptick. The Dec 18 proposed offering triggered a sharp -14.5% reaction, and today’s pricing announcement builds directly on that financing path, reinforcing dilution concerns against a backdrop of going-concern disclosures in recent filings.

Market Pulse Summary

The stock dropped -21.6% in the session following this news. The decline reflects market sensitivity to dilution after Cue Biopharma priced 35,714,286 shares plus 17,857,143 warrants at $0.28 per unit, below the prior $0.342 trading level. This fits a pattern where financing and going-concern disclosures weighed on sentiment. With prior offerings and tight liquidity already documented in recent filings, investors could have focused on share overhang from units and the additional underwriters’ 30-day option when reassessing risk.

Key Terms

underwritten public offering financial

"today announced the pricing of an underwritten public offering of 35,714,286"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

pre-funded warrants financial

"shares of its common stock (or pre-funded warrants to purchase shares of common"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

common stock warrants financial

"and accompanying common stock warrants to purchase an aggregate of 17,857,143"

Common stock warrants are tradable certificates that give the holder the right, but not the obligation, to buy a company’s common shares at a fixed price before a specified expiration date. They work like long-term options issued by the company and can provide cheaper, leveraged exposure to a stock’s potential upside; however, if holders use the warrants to buy shares, the total number of shares increases, which can dilute the value of existing shares.

exercise price financial

"Each common stock warrant will have an exercise price of $0.30 per share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

shelf registration statement regulatory

"pursuant to an effective shelf registration statement on Form S-3 (File No."

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

Form S-3 regulatory

"statement on Form S-3 (File No. 333-271786) that was filed with the Securities"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"only by means of a prospectus supplement and accompanying prospectus that form"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

book-running manager financial

"H.C. Wainwright & Co. is acting as sole book-running manager for the offering."

A book-running manager is the lead organizer responsible for coordinating a large financial sale, such as issuing new stocks or bonds. They oversee preparing all necessary documents, setting the sale’s price, and finding buyers, much like a concert promoter arranging a major event. Their role matters to investors because they help ensure the offering is successfully sold at the best possible terms.

AI-generated analysis. Not financial advice.

BOSTON, Dec. 19, 2025 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of therapeutic biologics to selectively engage and modulate disease-specific T cells for the treatment of autoimmune disease, today announced the pricing of an underwritten public offering of 35,714,286 shares of its common stock (or pre-funded warrants to purchase shares of common stock in lieu thereof) and accompanying common stock warrants to purchase an aggregate of 17,857,143 shares of common stock. Each share of common stock (or pre-funded warrant to purchase shares of common stock in lieu thereof) and accompanying common stock warrant are being sold together at a combined public offering price of $0.28 (or $0.279, in the case of pre-funded warrants to purchase shares of common stock). The aggregate gross proceeds of the offering are expected to be approximately $10 million, before deducting underwriting discounts and commissions and other offering expenses. Each common stock warrant will have an exercise price of $0.30 per share, will be exercisable immediately and will expire five years from the date of issuance. The offering is expected to close on or about December 22, 2025, subject to satisfaction of customary closing conditions. In addition, Cue Biopharma has granted the underwriters an option for a period of 30 days to purchase up to an additional 5,357,140 shares of its common stock and/or warrants to purchase up to 2,678,570 shares of common stock at the public offering price, less underwriting discounts and commissions. All of the securities are being offered by Cue Biopharma.

H.C. Wainwright & Co. is acting as sole book-running manager for the offering. Newbridge Securities Corporation is acting as co-manager for the offering.

The securities are being offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-271786) that was filed with the Securities and Exchange Commission (the “SEC”) on May 9, 2023, and declared effective on May 26, 2023. The offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and may be obtained for free by visiting the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained by contacting: H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail at placements@hcwco.com.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cue Biopharma
Cue Biopharma, a clinical-stage biopharmaceutical company, is developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient’s body. The company’s proprietary platform, Immuno-STAT® (Selective Targeting and Alteration of T cells), and biologics are designed to harness the curative potential of the body’s intrinsic immune system without the adverse effects of broad systemic immune modulation.

Headquartered in Boston, Massachusetts, we are led by an experienced management team with deep expertise in immunology and protein engineering as well as the design and clinical development of protein biologics.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, those regarding: the public offering, including the satisfaction of customary closing conditions relating to the offering, the expected closing of the public offering, and the underwriters’ option to purchase additional securities. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “strategy,” “future,” “vision,” “should,” ‘‘target”, “will,” “would,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words.

Cue Biopharma may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements Cue Biopharma makes as a result of various risks and uncertainties, including but not limited to the satisfaction of customary closing conditions related to the public offering, Cue Biopharma’s limited operating history, limited cash and a history of losses, Cue Biopharma’s ability to achieve profitability, Cue Biopharma’s ability to obtain adequate financing to fund its business operations in the near-term, Cue Biopharma’s ability to successfully remediate its current “going concern” determination that it does not have sufficient capital on hand to continue operations beyond the next twelve months, Cue Biopharma’s reliance on licensors, collaborators, contract research organizations, suppliers and other business partners, potential setbacks in Cue Biopharma’s research and development efforts including negative or inconclusive results from its preclinical studies or clinical trials or Cue Biopharma’s ability to replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates and other risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of Cue Biopharma’s most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. Any forward-looking statement made by Cue Biopharma in this press release is based only on information currently available to Cue Biopharma and speaks only as of the date on which it is made. Cue Biopharma undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Contact
Marie Campinell
Senior Director, Corporate Communications
Cue Biopharma, Inc.
mcampinell@cuebio.com

Media Contact
Jonathan Pappas
LifeSci Communications
jpappas@lifescicomms.com

FAQ

How much is Cue Biopharma (CUE) raising in the December 19, 2025 offering?

Cue Biopharma is expected to raise approximately $10 million in gross proceeds before fees and expenses.

How many shares and warrants did Cue Biopharma (CUE) offer in the December 19, 2025 deal?

The offering includes 35,714,286 shares (or pre-funded warrants) and accompanying warrants to purchase 17,857,143 shares.

What is the unit price and warrant exercise price in Cue Biopharma's (CUE) offering?

Units were sold at a combined public offering price of $0.28 (pre-funded at $0.279) and each warrant has a $0.30 exercise price.

When is the Cue Biopharma (CUE) offering expected to close?

The offering is expected to close on or about December 22, 2025, subject to customary closing conditions.

Does the Cue Biopharma (CUE) deal include an option for more securities?

Yes; underwriters have a 30-day option to purchase up to an additional 5,357,140 shares and/or warrants for 2,678,570 shares.

Who is managing Cue Biopharma's (CUE) December 2025 offering?

H.C. Wainwright & Co. is sole book-running manager and Newbridge Securities Corporation is co-manager.