Cue Biopharma, Inc.
cuebiopharma.comWhat Do They Do?
Develops injectable biologic drug candidates for patients with autoimmune and inflammatory diseases and cancer, designed to selectively modulate disease-specific T cells.
10-K for FY2025, filed Mar 16, 2026
How Do They Make Money?
Partners pay upfront for licenses and may also pay for research work, milestone payments when development or regulatory targets are met, and royalties on licensed-product sales. Cue receives license fees when the rights transfer and research payments as work is done; milestone and royalty payments arrive when the agreed triggers occur.
10-K for FY2025, filed Mar 16, 2026The Company recognizes collaboration revenue under certain of the Company’s license and collaboration agreements that are within the scope…View ↗
The terms of the Company’s arrangements with customers typically include the payment of one or more of the following: (i) non-refundable…View ↗
Revenue is recognized based on the amount of the transaction price that is allocated to each respective performance obligation when or as…View ↗
$27.5M
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10-K for FY2025, filed Mar 16, 2026
$27.5M ↗
Who Are Their Customers?
Development partners license Cue's drug candidates directly through collaboration agreements; those agreements may also include research and development work.
10-K for FY2025, filed Mar 16, 2026The CUE-500 series represents a novel approach to selectively target disease-causing cells by redirecting existing anti-viral memory T…View ↗
Historically, we primarily focused our resources on the development of our CUE-100 series for oncology, namely the CUE-101 and CUE-102 drug…View ↗
On November 6, 2018, we entered into a Collaboration, License and Option Agreement, as amended from time to time, or the LG Chem…View ↗
Do Revenues Turn Into Profits?
No. It lost $26.6M in FY2025.
10-K for FY2025, filed Mar 16, 2026
−$26.6MView ↗
10-K for FY2025, filed Mar 16, 2026
−$26.6MView ↗
10-K for FY2025, filed Mar 16, 2026
−$21.9MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$153.1MView ↗
- ▲ +1705% (Loss)
- vs −$8.5M in Q2 FY2025
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Aug 3, 2026
Appointed James Ahlers as chief financial officer
Sources
8-K, filed Aug 3, 2026
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain…View ↗
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May 1, 2026
Licensed Ascendant-221 rights for allergic-disease development
The antibody is in Phase 2 development for allergic diseases, with Cue planning a global food-allergy study.
Sources
8-K, filed May 1, 2026
On April 30, 2026, Cue Biopharma, Inc. (the “Company”) entered into a License Agreement (the “License Agreement”) with Ascendant Health…View ↗
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Mar 27, 2026
CEO Usman Azam resigned; Lucinda Warren became interim CEO
Sources
8-K, filed Mar 27, 2026
On March 26, 2026, the Board of Directors (the “Board”) of Cue Biopharma, Inc. (the “Company”) appointed Lucinda Warren, the Chief…View ↗
Growing. Revenue grew 84% in 4 years, from $14.9M in FY2021 to $27.5M in FY2025, about 16% a year.
From oncology to autoimmunity
The earlier report prioritized oncology drug candidates and sought outside support for autoimmune programs; the latest report centers on developing autoimmune treatments and describes targeted cell-depletion candidates.
10-K for FY2022, filed Mar 21, 2023 10-K for FY2025, filed Mar 16, 2026
Who Do They Compete With?
Competes with Amgen, Bristol-Myers Squibb, Merck, Nektar Therapeutics, Sanofi, TRex Bio, RegCell, Coya Therapeutics, Quell Therapeutics, EVOQ Therapeutics, and Sonoma Biotherapeutics
10-K for FY2025, filed Mar 16, 2026We compete with other companies working to develop cytokines to restore immune balance, as well as those developing other therapeutic…View ↗
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