Cue Biopharma Reports Fourth Quarter and Full Year 2025 Financial Results and Business Highlights
Rhea-AI Summary
Cue Biopharma (Nasdaq: CUE) reported Q4 and full-year 2025 results on March 16, 2026, highlighting a strategic collaboration with ImmunoScape, progress on lead autoimmune candidate CUE-401, and financing actions.
Key metrics: Q4 collaboration revenue of $21.9M, full-year collaboration revenue of $27.5M, cash and equivalents of $27.1M at year-end, net loss for 2025 of $26.6M, and net proceeds of $10.2M from a public offering. The company received $9.5M of a $15M upfront payment and obtained a 40% equity stake in ImmunoScape.
Positive
- Q4 collaboration revenue of $21.942M
- Full-year collaboration revenue of $27.466M
- Raised $10.2M net proceeds from public offering
- Received $9.5M of $15M upfront from ImmunoScape and holds 40% equity
- $27.1M cash and cash equivalents at December 31, 2025
Negative
- Full-year net loss of $26.602M for 2025
- Weighted average common shares outstanding up to 94.7M from 56.3M (dilution)
- General and administrative expenses rose to $16.2M from $14.6M (≈11% increase)
News Market Reaction – CUE
On the day this news was published, CUE declined 12.84%, reflecting a significant negative market reaction. Argus tracked a peak move of +68.0% during that session. Argus tracked a trough of -7.0% from its starting point during tracking. Our momentum scanner triggered 41 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $4M from the company's valuation, bringing the market cap to $29M at that time. Trading volume was exceptionally heavy at 5.1x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CUE is up 8.95% while key biotech peers like ACET (-1.64%), PDSB (-3.19%), PYPD (-0.24%) and ALXO (-1%) mostly declined, indicating a stock-specific move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -7.2% | ImmunoScape deal, CEO transition, improved expenses and cash position. |
| Aug 12 | Q2 2025 earnings | Positive | +2.6% | Boehringer collaboration, strong CUE-401 and CUE-101 updates, capital raise. |
| May 12 | Q1 2025 earnings | Positive | +2.3% | New Boehringer deal, follow-on offering and regained CUE-401 rights. |
| Mar 31 | FY 2024 results | Neutral | -17.7% | Full-year 2024 cost reductions and leadership changes with CUE-401 progress. |
| Nov 14 | Q3 2024 earnings | Positive | -17.0% | Positive CUE-101 and CUE-102 data with improved revenue and lower R&D. |
Earnings and results updates have often coincided with negative next-day moves, even when operational news was constructive.
Over the last year, Cue Biopharma’s earnings releases have mixed strategic progress with volatile share reactions. Collaborations with Boehringer Ingelheim and ImmunoScape, plus advancing CUE‑401, featured prominently in Q1–Q3 2025 updates. Nonetheless, several results days, including Q3 2024 and full‑year 2024, saw double‑digit percentage declines. Against this backdrop, the latest Q4 and full‑year 2025 report, with sharply higher collaboration revenue and Q4 profitability, comes after a pattern where fundamentally positive news has not always translated into sustained price strength.
Historical Comparison
Past earnings-related releases saw an average move of -7.41%. Today’s +8.95% reaction to Q4/FY 2025 results represents a sharp positive reversal versus that trend.
Across recent earnings cycles, Cue Biopharma has steadily increased collaboration revenue through partnerships like Boehringer Ingelheim and ImmunoScape while advancing CUE-401 from regaining rights to IND-readiness, alongside periodic equity financings to support its pipeline.
Market Pulse Summary
The stock dropped -12.8% in the session following this news. A negative reaction despite improved Q4 results would have fit the historical pattern, where earnings and business updates produced an average move of -7.41% and multiple double‑digit declines. Even with collaboration revenue at $27.5M for 2025 and Q4 net income of $1.6M, investors have focused on recurring losses and funding needs. Any renewed concern over future capital raises or the pace of CUE‑401 development could have overshadowed near‑term financial improvements.
Key Terms
Investigational New Drug regulatory
non-GLP medical
regulatory T cell (Treg) medical
royalties financial
AI-generated analysis. Not financial advice.
- Advanced research and development of CUE-401 for IND (Investigational New Drug) readiness –
CUE-401 is the Company’s lead asset for the treatment of autoimmune and inflammatory diseases - Appointed industry veteran Lucinda Warren as Chief Financial and Business Officer
- Raised net proceeds of
$10.2M through an underwritten public offering - Announced strategic collaboration and license agreement with ImmunoScape to develop breakthrough cell therapy approach for solid tumors – Entitled to receive upfront payments totaling
$15M
BOSTON, March 16, 2026 (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 and inflammatory diseases, today reported fourth quarter and full year 2025 financial results.
“During the fourth quarter and throughout the full year 2025, the Company successfully met its strategic development goals and objectives that demonstrated significant progress towards establishing potential first-in-class and best-in-class assets for patients suffering with autoimmune diseases,” said Usman Azam, M.D., president and chief executive officer of Cue Biopharma. “With these strategic deliverables and continued progress to date, we believe we are well positioned to further advance our differentiating Immuno-STAT® platform and lead autoimmune asset, CUE-401, toward the clinic to address major unmet needs in autoimmune disease treatment.”
Business Highlights
- Advanced research and development of CUE-401 for IND (Investigational New Drug) readiness
- Conducted toxicology and pharmacology studies and announced preclinical safety and tolerability data
- In two non-GLP studies, CUE-401 was well tolerated with no adverse events observed
- Proof-of concept studies reinforce promising preclinical profile and therapeutic potential of CUE-401
- Presented in vivo and in vitro data that demonstrate the therapeutic potential of CUE-401 to restore immune balance for the treatment of autoimmune and inflammatory diseases at the World Immune Regulation Meeting (WIRM) held March 11-14, 2026
- Conducted toxicology and pharmacology studies and announced preclinical safety and tolerability data
- Announced strategic collaboration and license agreement with ImmunoScape to develop breakthrough cell therapy approach for solid tumors
- Entitled to upfront payments totaling
$15 million . Of these payments, received$9.5 million , net of withholding taxes in the fourth quarter of 2025, and entitled to receive an additional$5 million in November 2026 - Received a
40% equity stake in ImmunoScape, and the Company is eligible for high-single digit royalties
- Entitled to upfront payments totaling
- Company plans to announce Virtual R&D Day event highlighting CUE-401, the company’s lead autoimmune asset, within the next couple of weeks. CUE-401 is designed to act mechanistically both as a regulator of proinflammatory mechanisms and as a master switch for regulatory T cell (Treg) differentiation to induce tolerance.
Fourth Quarter 2025 Financial Results
The Company reported collaboration revenue of
Research and development expenses were
General and administrative expenses were
Full Year 2025 Financial Results
The Company reported collaboration revenue of
Research and development expenses were
General and administrative expenses were
As of December 31, 2025, the Company had
| Cue Biopharma, Inc. | ||||||||||||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Collaboration revenue | $ | 21,942 | $ | 1,576 | $ | 27,466 | $ | 9,287 | ||||||||
| Operating expenses (income): | ||||||||||||||||
| General and administrative | 3,452 | 4,021 | 16,244 | 14,585 | ||||||||||||
| Research and development | 16,532 | 7,184 | 37,743 | 36,295 | ||||||||||||
| (Gain) loss on fixed asset disposal | (20 | ) | 4 | 31 | (93 | ) | ||||||||||
| Total operating expenses | 19,964 | 11,209 | 54,018 | 50,787 | ||||||||||||
| Income (loss) from operations | 1,978 | (9,633 | ) | (26,552 | ) | (41,500 | ) | |||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 158 | 290 | 807 | 1,622 | ||||||||||||
| Interest expense | (51 | ) | (153 | ) | (357 | ) | (796 | ) | ||||||||
| Total other income, net | 107 | 137 | 450 | 826 | ||||||||||||
| Income (loss) before provision for income taxes | 2,085 | (9,496 | ) | (26,102 | ) | (40,674 | ) | |||||||||
| Provision for income taxes | (500 | ) | — | (500 | ) | — | ||||||||||
| Net income (loss) | $ | 1,585 | $ | (9,496 | ) | $ | (26,602 | ) | $ | (40,674 | ) | |||||
| Unrealized loss from available-for-sale securities | (1 | ) | — | — | — | |||||||||||
| Comprehensive income (loss) | $ | 1,584 | $ | (9,496 | ) | $ | (26,602 | ) | $ | (40,674 | ) | |||||
| Net income (loss) per common share – basic | $ | 0.01 | $ | (0.13 | ) | $ | (0.28 | ) | $ | (0.72 | ) | |||||
| Net income (loss) per common share – diluted | $ | 0.01 | $ | (0.13 | ) | $ | (0.28 | ) | $ | (0.72 | ) | |||||
| Weighted average common shares outstanding – basic | 107,988,413 | 74,238,329 | 94,731,768 | 56,328,348 | ||||||||||||
| Weighted average common shares outstanding – diluted | 110,512,936 | 74,238,329 | 94,731,768 | 56,328,348 | ||||||||||||
| Cue Biopharma, Inc. Consolidated Balance Sheets (In thousands) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 27,136 | $ | 22,459 | ||||
| Other assets | 15,076 | 9,732 | ||||||
| Total assets | $ | 42,212 | $ | 32,191 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Liabilities | $ | 15,780 | $ | 14,692 | ||||
| Stockholders' equity | 26,432 | 17,499 | ||||||
| Total Liabilities and stockholders’ equity | $ | 42,212 | $ | 32,191 | ||||
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. CUE-401, the company’s lead autoimmune asset, is designed to act mechanistically both as a regulator of proinflammatory mechanisms, and as a master switch for regulatory T cell (Treg) differentiation to induce tolerance. It is a highly innovative, tolerogenic bifunctional molecule combining a TGF-beta breathing-mask moiety with Cue Biopharma’s clinically validated interleukin 2 (IL-2) mutein in a single injectable biologic.
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.
For more information please visit www.cuebiopharma.com and follow us on X and LinkedIn.
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 company’s belief regarding the potential benefits and applications of its drug candidates and programs, including the company’s plans to further advance its differentiating Immuno-STAT® platform and lead autoimmune asset, CUE-401, toward the clinic to address a major unmet need in autoimmune disease treatment; the company’s belief that CUE-401 has the therapeutic potential to restore immune balance for the treatment of autoimmune and inflammatory diseases; the company’s business strategies, plans and prospects; the potential benefits of the therapeutic approach to be developed pursuant to the collaboration and license agreement with ImmunoScape and receipt of upfront payments pursuant to such agreement; and the company’s plans to host a virtual R&D day event and the timing thereof. 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 “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely,” “promise” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the company’s ability to maintain its collaboration with ImmunoScape; the company’s limited operating history, limited cash and a history of losses; the company’s ability to obtain adequate financing to fund its business operations in the near term and successfully remediate its current “going concern” determination that it does not have sufficient capital on hand to continue operations beyond the next twelve months; the company’s ability to achieve profitability; potential setbacks in the company’s research and development efforts including negative or inconclusive results from its preclinical studies or clinical trials or the company’s ability to replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates; serious and unexpected drug-related side effects or other safety issues experienced by participants in clinical trials; its ability to secure required U.S. Food and Drug Administration (FDA) or other governmental approvals for its product candidates and the breadth of any approved indication; adverse effects caused by public health pandemics, including possible effects on the company’s operations and clinical trials; delays and changes in regulatory requirements, policy and guidelines including potential delays in submitting required regulatory applications to the FDA; the company’s reliance on licensors, collaborators, contract research organizations, suppliers and other business partners; the company’s ability to obtain adequate financing to fund its business operations in the future and ability to continue as a going concern; the company’s ability to maintain and enforce necessary patent and other intellectual property protection; competitive factors; general economic and market conditions and the other risks and uncertainties described in the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations sections of the company’s most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Report(s) on Form 10-Q. Any forward-looking statement made by the company in this press release is based only on information currently available to the company and speaks only as of the date on which it is made. The company 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) report for collaboration revenue in Q4 2025?
How much cash did Cue Biopharma (CUE) have at December 31, 2025?
What is the financial impact of the ImmunoScape collaboration for Cue Biopharma (CUE)?
Did Cue Biopharma (CUE) raise new capital in 2025 and how much?
What were Cue Biopharma's (CUE) full-year 2025 profitability results?
What development progress did Cue Biopharma (CUE) report for CUE-401 in 2025?
