Cue Biopharma Inc (NASDAQ: CUE) is a clinical-stage biopharmaceutical company developing engineered biologics designed to selectively modulate the immune system. The company has generated no revenue or profit from product sales as of December 31, 2025, and funds operations through equity offerings, collaborations, and strategic alliances. As of December 31, 2025, Cue Biopharma held cash and cash equivalents of $27.1 million and disclosed that, based on current operating plans, it expects funds sufficient to meet obligations only into the first quarter of 2027, raising substantial going-concern risk. The company's pipeline is built on two proprietary platforms, Immuno-STAT and Neo-STAT, and its patent portfolio as of December 31, 2025 included 161 issued patents (31 in the U.S.), 308 pending patent applications (63 in the U.S.), and additional PCT and foreign applications covering platform-related technologies including CAR-T and ex-vivo applications.

Revenue model

Cue Biopharma has not generated revenue from product sales as of December 31, 2025. The company finances operations through equity offerings, collaborations, and other strategic alliances. No collaboration revenue or milestone payments are described in the excerpts.

Products and services

The company's core technology platforms are Immuno-STAT and Neo-STAT, which are designed to modulate immune system responses. The pipeline also includes CAR-T and ex-vivo application programs. As of December 31, 2025, no products have received regulatory approval or generated commercial sales.

Customers and end markets

As a pre-revenue clinical-stage company, Cue Biopharma has no commercial customers. The intended end markets are oncology and immune-mediated diseases, based on the nature of the Immuno-STAT and Neo-STAT platforms, though specific therapeutic indications are not detailed in the available excerpts.

Geographic exposure

The company conducts or anticipates clinical activities subject to regulatory frameworks in the United States (FDA), European Union (EMA, GDPR), and United Kingdom (MHRA, UK GDPR). Primary headquarters and operations are U.S.-based. No revenue geographic breakdown is available given pre-revenue status.

Source: SEC 10-K, filed 2026-03-16

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