Cue Biopharma Announces Proposed Public Offering

Rhea-AI Summary

Cue Biopharma (Nasdaq: CUE) announced on December 18, 2025 that it is commencing an underwritten public offering of its common stock (or pre-funded warrants) together with accompanying warrants to purchase common stock.

The company said it will grant underwriters a 30-day option to purchase up to an additional 15% of the shares and/or warrants. The offering is subject to market and other conditions and will be made by a prospectus supplement to the company’s effective Form S-3 registration statement (File No. 333-271786).

Positive

• Commenced an underwritten public offering to raise capital
• Offering uses existing effective Form S-3 registration, enabling faster execution

Negative

• Offering completion is uncertain and subject to market and other conditions
• Underwriters have a 30-day option to buy up to an additional 15% of offered securities, creating potential dilution

Key Figures

Underwriters’ option period 30 days Duration of option to purchase additional securities

Overallotment size 15% Maximum additional shares and/or warrants underwriters may purchase

Form type Form S-3 Effective shelf registration statement referenced for the offering

Filing date May 9, 2023 Date S-3 registration statement was filed with the SEC

Effectiveness date May 26, 2023 Date S-3 registration statement was declared effective

File number 333-271786 SEC file number for the registration statement

Market Reality Check

$0.3374 Last Close

Volume Volume 214,275 is below 20-day average 255,962 (relative volume 0.84x). normal

Technical Shares trade below the 200-day MA, with price at $0.40 vs MA $0.75.

Peers on Argus

Peers show mixed, mostly negative moves: names like ACET, PDSB, PYPD, and INKT are down between about 0.5% and 3.5%, while ALXO is modestly positive, indicating stock-specific factors for CUE.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 13	Licensing deal	Positive	-7.2%	Exclusive in-licensing deal for WT1-targeted Seed-and-Boost solid tumor program.
Nov 12	Earnings update	Negative	-2.3%	Q3 2025 results with ongoing net loss and modest collaboration revenue.
Nov 06	Collaboration deal	Positive	-2.4%	Strategic collaboration with ImmunoScape for novel Seed-and-Boost cell therapy.
Sep 29	Leadership change	Positive	+1.3%	Appointment of new CEO Usman Azam to lead next growth stage.
Aug 21	Conference participation	Neutral	+0.4%	Announcement of participation in Cantor Global Healthcare Conference fireside chat.

Pattern Detected

Recent strategically positive news (collaborations, leadership change) often saw negative or modest price reactions, while neutral events produced small moves.

Recent Company History

Over the last few months, Cue Biopharma reported a new CEO on Sept 29, 2025, collaboration and license deals with ImmunoScape in early Nov 2025, and Q3 results with ongoing losses but new cash sources on Nov 12, 2025. These events delivered important strategic and clinical updates, yet 24-hour reactions were mostly small declines, framing today’s offering against a backdrop of cautious trading around news.

Market Pulse Summary

The stock dropped -14.5% in the session following this news. A negative reaction despite routine offering mechanics fits a pattern where Cue Biopharma’s positive or strategic updates sometimes met selling pressure. The company previously announced offerings that moved the stock only about 1.14% on average, so a sharper decline could reflect concerns about dilution or capital needs. Past events show that even collaborations and leadership changes did not consistently support the share price, highlighting sensitivity to financing news.

Key Terms

underwritten public offering financial

"it is commencing an underwritten public offering of shares of its common stock"

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

"pre-funded warrants to purchase common stock in lieu thereof"

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.

warrants financial

"accompanying warrants to purchase shares of common stock"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

prospectus supplement regulatory

"The offering will be made only by means of a prospectus supplement and accompanying prospectus"

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.

registration statement regulatory

"that form a part of the registration statement"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

AI-generated analysis. Not financial advice.

BOSTON, Dec. 18, 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 that it is commencing an underwritten public offering of shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and accompanying warrants to purchase shares of common stock. In addition, Cue Biopharma intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15% of the shares of its common stock and/or warrants to purchase shares of common stock offered in the public offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. All of the securities are being offered by Cue Biopharma.

H.C. Wainwright & Co. is acting as sole book-running manager for the proposed offering. Newbridge Securities Corporation is acting as co-manager for the proposed 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 will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the preliminary 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 proposed public offering, including the completion of the public offering on the anticipated terms, or at all, 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 market and other financial conditions, satisfaction of customary closing conditions related to the proposed 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

What did Cue Biopharma (CUE) announce on December 18, 2025?

Cue Biopharma announced it is commencing an underwritten public offering of common stock (or pre-funded warrants) and accompanying warrants.

How large is the underwriter option in Cue Biopharma's (CUE) offering?

Underwriters have a 30-day option to purchase up to an additional 15% of the shares and/or warrants offered.

Is Cue Biopharma's (CUE) December 2025 offering guaranteed to close?

No — the company said the offering is subject to market and other conditions and may not be completed.

Where will the Cue Biopharma (CUE) prospectus for the offering be filed?

A preliminary prospectus supplement will be filed with the SEC and available on www.sec.gov.

Who is managing the Cue Biopharma (CUE) public offering?

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

Can investors obtain copies of Cue Biopharma's (CUE) offering materials?

Yes — when available, the preliminary prospectus supplement and prospectus may be obtained from the listed underwriter contact.