On March 31, 2025 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 cancer and autoimmune disease, reported fourth quarter and full year 2024 financial results (Press release, Cue Biopharma, MAR 31, 2025, View Source [SID1234651667]).
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Prioritized resources on potentially disruptive autoimmune programs while enabling maturation of clinical data from oncology programs to further support prospective strategic partnerships
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Appointed key industry leaders to management team and board of directors
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Lucinda Warren, Chief Business Officer
Industry veteran, with extensive experience and proven expertise in strategic transactions, portfolio optimization and alliance management.
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Daniel Baker, M.D., Interim Chief Development Officer
Over 20 years of drug development experience in the pharmaceutical industry.
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Pasha Sarraf, M.D., Ph.D., Member of Board of Directors
Physician-scientist with extensive experience in the business of science and biotechnology.
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Successfully regained worldwide development and commercialization rights for CUE-401, the Company’s lead autoimmune program with potential to transform treatment across a broad spectrum of autoimmune and inflammatory diseases
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Advanced research and development of CUE-501 as lead program of the CUE-500 series, demonstrating the potential to harness anti-viral specific T cells against pathogenic cells in both autoimmune and oncology
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Company plans to announce business update call and webcast within the next couple of weeks
"During 2024 and Q1 2025, we made significant progress shaping the company for success," said Daniel Passeri, chief executive officer of Cue Biopharma. "We believe that the ongoing advancement of our prioritized autoimmune programs and the implementation of a highly focused strategic business model, support our ability to exploit the potentially disruptive opportunity of our Immuno-STAT platform, specifically CUE-401."
Fourth Quarter 2024 Financial Results
The Company reported collaboration revenue of $1.6 million and $1.8 million for the three months ended December 31, 2024 and 2023, respectively. The decrease was due to revenue earned from the strategic collaboration agreement entered into with Ono Pharmaceutical in the first quarter of 2023.
Research and development expenses were $7.2 million and $10.9 million for the three months ended December 31, 2024 and 2023, respectively. The decrease was primarily due to decreases in both drug substance manufacturing and clinical trial costs.
General and administrative expenses were $4.0 million and $4.6 million for the three months ended December 31, 2024 and 2023, respectively. The decrease was primarily due to a decrease in professional fees.
Full Year 2024 Financial Results
The Company reported collaboration revenue of $9.3 million and $5.5 million for the years ended December 31, 2024 and 2023, respectively. The increase was due to revenue earned from our strategic collaboration agreement entered into with Ono Pharmaceutical in the first quarter of 2023.
Research and development expenses were $36.3 million and $40.8 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to decreases in clinical trial costs, employee compensation, which includes stock-based compensation, and manufacturing costs.
General and administrative expenses were $14.6 million and $16.7 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to decreases in employee compensation, which includes stock-based compensation, and professional fees.
As of December 31, 2024, the Company had $22.5 million in cash and cash equivalents.
Cue Biopharma, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
Three Months Ended December 31,
Years Ended December 31,
2024
2023
2024
2023
Collaboration revenue
$
1,576
$
1,821
$
9,287
$
5,490
Operating expenses (income):
General and administrative
4,021
4,609
$
14,585
16,680
Research and development
7,184
10,887
$
36,295
40,802
(Gain) loss on fixed asset disposal
4
157
$
(93
)
157
Total operating expenses
11,209
15,653
50,787
57,639
Loss from operations
(9,633
)
(13,832
)
(41,500
)
(52,149
)
Other income (expense):
Interest income
290
905
1,622
2,661
Interest expense
(153
)
(507
)
(796
)
(1,245
)
Total other income, net
137
398
826
1,416
Net loss
$
(9,496
)
$
(13,434
)
$
(40,674
)
$
(50,733
)
Unrealized gain from available-for-sale securities
96
Comprehensive loss
$
(9,496
)
$
(13,434
)
$
(40,674
)
$
(50,637
)
Net loss per common share – basic and diluted
$
(0.13
)
$
(0.28
)
$
(0.72
)
$
(1.11
)
Weighted average common shares outstanding – basic and diluted
74,238,329
47,181,633
56,328,348
45,754,794
Cue Biopharma, Inc.
Consolidated Balance Sheets
(In thousands)
December 31,
2024
December 31,
2023
Assets
Cash and cash equivalents
$
22,459
$
48,514
Other assets
9,732
13,016
Total assets
$
32,191
$
61,530
Liabilities and stockholders’ equity
Liabilities
$
14,692
$
24,445
Stockholders’ equity
17,499
37,085
Total Liabilities and stockholders’ equity
$
32,191
$
61,530