Cue Biopharma (CUE) boosts Q1 revenue, raises $30M and trims net loss
Rhea-AI Filing Summary
Cue Biopharma reported first quarter 2026 results that show sharply higher collaboration revenue and a reduced net loss, alongside important strategic and financing steps. Revenue for the quarter rose to $5.7 million from $0.4 million a year earlier, mainly from its Boehringer Ingelheim collaboration. Research and development expenses declined to $6.9 million from $8.5 million, while general and administrative costs were stable at about $4.2 million. Net loss narrowed to $5.2 million from $12.3 million, and the company reported $16.4 million in cash and cash equivalents as of March 31, 2026.
After quarter-end, Cue Biopharma completed a $30 million private placement, yielding approximately $28 million in net proceeds, and received a $7.5 million preclinical milestone payment from Boehringer Ingelheim, strengthening near-term funding. Strategically, the company licensed CUE-221, a Phase 2 anti-IgE program for allergic disease, advanced CUE-401 toward Phase 1 for autoimmune conditions, and appointed Shao-Lee Lin, M.D., Ph.D., as President and CEO to lead its transition as a clinical-stage company.
Positive
- None.
Negative
- Going concern risk: The company cites a current determination that it does not have sufficient capital on hand to continue operations beyond the next twelve months without obtaining additional financing.
Insights
Cue Biopharma pairs stronger Q1 results with added funding but still faces going concern risk.
Cue Biopharma delivered a markedly better quarter, with collaboration revenue rising to $5.7M from $0.4M and net loss narrowing to $5.2M from $12.3M for the three months ended March 31, 2026. Lower R&D spending, mainly from reduced CUE‑100 series trial costs and lower compensation, drove much of the improvement.
The company reinforced liquidity through a private placement raising gross proceeds of about $30M (net about $28M) and a $7.5M milestone payment under its Boehringer Ingelheim collaboration. Management believes this cash runway can support anticipated 2026 clinical milestones for CUE‑221 and CUE‑401, though this is forward‑looking.
Risk remains elevated: the company references an existing "going concern" determination that it lacks sufficient capital to operate beyond the next twelve months without additional financing. Investors will likely focus on execution of planned IND submissions for CUE‑221 and CUE‑401 in the second half of 2026 and the initiation of the planned Phase 1 and Phase 2b trials, as future filings may show whether these milestones proceed on the indicated timetable.
8-K Event Classification
Key Figures
Key Terms
private placement financial
preclinical milestone payment financial
Investigational New Drug (IND) regulatory
Phase 2b trial medical
reverse stock split financial
going concern financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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Item 2.02. |
Results of Operations and Financial Condition.
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On May 14, 2026, Cue Biopharma, Inc. issued a press release announcing financial results for the quarter ended March 31, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, except as expressly set forth by specific reference in such a filing.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits:
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Exhibit |
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Description |
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99.1 |
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Press Release dated May 14, 2026 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Cue Biopharma, Inc. |
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Date: May 14, 2026 |
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By: |
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/s/ Shao-Lee Lin |
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Name: Shao-Lee Lin |
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Title: President and Chief Executive Officer (Principal Executive Officer, Interim Principal Financial Officer and Interim Principal Accounting Officer) |
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Cue Biopharma Reports First Quarter 2026 Financial Results and Recent Strategic Developments
Moves designed to strengthen leadership and financial position, advance portfolio, and leverage expertise in precision immunoengineering
BOSTON, MA, May 14, 2026 -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical stage therapeutics company focused on developing transformative therapies targeting functional cures for immunological disorders, today reported first quarter 2026 financial results and highlighted recent corporate progress and upcoming milestones.
“We are excited to advance our enhanced portfolio targeting the potential for functional cures for allergic and autoimmune diseases with high unmet need. Our newly expanded pipeline reflects our strengthened strategy and position in anticipation of significant value-driving milestones in the second half of 2026,” said Shao-Lee Lin, M.D., Ph.D., president and chief executive officer of Cue Biopharma. “With the recent financing, we believe our current cash runway will be sufficient to support the execution of our expected clinical milestones for CUE-221 and CUE-401. As a team, we look forward to leveraging our strength in precision immunoengineering to advance these assets and create long-term shareholder value to provide transformative therapies for patients.”
Business Highlights
Pipeline and Strategy
Financial and Corporate
Leadership
Upcoming Milestones
CUE-221:
CUE-401:
First Quarter 2026 Financial Results
First quarter revenue was $5.7 million compared to $0.4 million in the first quarter of 2025. The revenue earned during the three months ended March 31, 2026 was related to the Boehringer Ingelheim collaboration and license agreement. The revenue earned during the three months ended March 31, 2025 was related to the agreement with Ono Pharmaceutical, which was terminated in March 2025.
Research and development expenses were $6.9 million for the three months ended March 31, 2026 compared to $8.5 million in 2025. The decrease was primarily due to lower clinical trial costs for the company’s CUE-100 series, as well as decreases in expenditure for total employee compensation due to attrition.
General and administrative expenses were $4.2 million for both the three months ended March 31, 2026 and 2025.
Net loss for the three months ended March 31, 2026 was $5.2 million compared to $12.3 million in 2025.
As of March 31, 2026, the Company had $16.4 million in cash and cash equivalents. Subsequent to March 31, 2026, the Company has completed a $30 million private placement financing and also received a milestone payment of $7.5 million from Boehringer Ingelheim.
Cue Biopharma, Inc. |
Condensed Consolidated Statement of Operations (Unaudited) |
(In thousands, except share and per share amounts) |
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Three Months Ended |
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2026 |
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2025 |
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Collaboration revenue |
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$ |
5,686 |
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$ |
421 |
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Operating expenses: |
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General and administrative |
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4,152 |
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4,173 |
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Research and development |
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6,897 |
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8,547 |
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(Gain) on lease termination |
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(10 |
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— |
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Total operating expenses |
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11,039 |
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12,720 |
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Loss from operations |
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(5,353 |
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(12,299 |
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Other income (expense): |
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Interest income |
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179 |
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170 |
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Interest expense |
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(4 |
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(128 |
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Total other income, net |
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175 |
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42 |
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Net loss |
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$ |
(5,178 |
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$ |
(12,257 |
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Net loss per common share – basic and diluted |
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$ |
(1.08 |
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$ |
(4.95 |
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Weighted average common shares outstanding – basic and diluted |
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4,807,494 |
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2,475,156 |
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(*) The number of shares and per share amounts have been retroactively adjusted to reflect the one-for-thirty (1-for-30) reverse stock split, which was effective on April 23, 2026.
Cue Biopharma, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, In thousands)
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March 31, |
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December 31, |
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Assets |
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Cash and cash equivalents |
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$ |
16,379 |
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$ |
27,136 |
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Other assets |
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14,498 |
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15,076 |
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Total assets |
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$ |
30,877 |
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$ |
42,212 |
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Liabilities and stockholders’ equity |
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Liabilities |
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$ |
9,269 |
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$ |
15,780 |
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Stockholders' equity |
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21,608 |
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26,432 |
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Total liabilities and stockholders’ equity |
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$ |
30,877 |
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$ |
42,212 |
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About Cue Biopharma
Cue Biopharma (Nasdaq: CUE) is a clinical stage therapeutics company focused on advancing a portfolio of potentially transformative therapies aimed at enabling functional cures across immunological disorders. Its lead asset is a novel anti-IgE antibody with a dual-mechanism of action, currently in Phase 2 development for allergic diseases. In addition, Cue developed the Immuno-STAT® platform which selectively targets disease-specific T cells in vivo without broad immune modulation. Its lead autoimmune candidate, CUE-401, is advancing towards Phase 1 and was designed to regulate inflammation and drive Treg-mediated tolerance. Cue is led by an experienced management team with deep expertise in identifying, acquiring, and advancing promising drug candidates.
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 assets, including CUE-401 and CUE-221, including anticipated timing for regulatory submissions and initiation of clinical trials; the anticipated timeline for reporting data from Ascendant Health’s China Phase 2 study for CUE-221; the potential therapeutic benefits of the company’s assets, including CUE-401 and CUE-221; and the sufficiency of the company’s current cash and cash equivalents to fund its anticipated clinical milestones for CUE-401 and CUE-221 for the remainder of 2026. 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 and establish collaboration, licensing and other arrangements; 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 for its current and future drug product candidates, 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; potential challenges associated with clinical trials conducted in China and the company’s access to, and acceptability of, the data therefrom; its ability to secure required FDA or other governmental approvals for its product candidates and the breadth of any approved indication; 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 and Media Contact
Agnes Lee
Chief Officer of Public and Investor Relations
Marie Campinell
Senior Director, Corporate Communications
ir@cuebio.com
Cue Biopharma, Inc.