CUE · Cue Biopharma, Inc.

Cue Biopharma's Q1 2026 results showed significant improvement, with collaboration revenue surging to $5.7 million from $0.4 million year-over-year, driven by the Boehringer Ingelheim agreement after the Ono Pharmaceutical deal terminated in March 2025. R&D expenses declined 19% to $6.9 million, primarily from reduced CUE-100 series clinical trial costs and lower employee compensation due to attrition, while G&A held steady at $4.2 million. This narrowed the net loss to $5.2 million ($1.08 per share) from $12.3 million ($4.95 per share), reflecting post-reverse stock split shares. Cash stood at $16.4 million at quarter-end, bolstered subsequently by $28 million net proceeds from a $30 million private placement of pre-funded warrants and common warrants, plus a $7.5 million preclinical milestone from Boehringer Ingelheim, extending runway for CUE-221 and CUE-401 milestones. Strategically, the company licensed CUE-221, a Phase 2 anti-IgE asset from Ascendant Health, targeting allergic diseases like food allergy and chronic spontaneous urticaria, with plans for an FDA IND amendment in H2 2026 and a potential Phase 2b trial. CUE-401, a bifunctional IL-2/TGF-B program for autoimmune diseases, targets IND submission in H2 2026 and Phase 1 initiation by year-end. CEO Shao-Lee Lin's appointment brings 25 years of immunology expertise to drive clinical advancement and value creation via precision immunoengineering.