Cue Biopharma (CUE) Q4 2025 earnings summary

Executive summary

• Advanced CUE-401 for IND readiness, targeting autoimmune and inflammatory diseases.

• Announced strategic collaboration and license agreement with ImmunoScape for solid tumor cell therapy, with $15M in upfront payments and a 40% equity stake.

• Appointed Lucinda Warren as Chief Financial and Business Officer.

• Raised $10.2M in net proceeds through a public offering.

Financial highlights

• Reported Q4 2025 collaboration revenue of $21.9M, up from $1.6M in Q4 2024, driven by ImmunoScape agreement.

• Full year 2025 collaboration revenue was $27.5M, up from $9.3M in 2024.

• Q4 2025 net income was $1.6M, compared to a net loss of $9.5M in Q4 2024.

• Full year 2025 net loss was $26.6M, improved from a $40.7M net loss in 2024.

• Cash and cash equivalents at year-end 2025 totaled $27.1M.

Outlook and guidance

• Plans to further advance CUE-401 toward clinical trials to address unmet needs in autoimmune disease.

• Upcoming Virtual R&D Day event to highlight CUE-401.