Cue Biopharma Reports Fourth Quarter and Full Year 2024 Financial Results and Business Highlights
BOSTON, March 31, 2025 (GLOBE NEWSWIRE) -- - 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, today reported fourth quarter and full year 2024 financial results.
Prioritized resources on potentially disruptive autoimmune programs while enabling maturation of clinical data from oncology programs to further support prospective strategic partnerships
Appointed key industry leaders to management team and board of directors
Lucinda Warren, Chief Business OfficerIndustry veteran, with extensive experience and proven expertise in strategic transactions, portfolio optimization and alliance management
Daniel Baker, M.D., Interim Chief Development OfficerOver 20 years of drug development experience in the pharmaceutical industry
Pasha Sarraf, M.D., Ph.D., Member of Board of Directors Physician-scientist with extensive experience in the business of science and biotechnology
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
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
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 EndedDecember 31,
Year EndedDecember 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
Loss (gain) on fixed asset disposal
