Cue Biopharma Q1 2024 Financial Results and Business Highlights

Cue Biopharma, Inc., a clinical-stage biopharmaceutical company listed on Nasdaq under the ticker CUE, has provided a business and financial update for the first quarter of 2024. The company specializes in developing a novel class of injectable biologics aimed at selectively engaging and modulating disease-specific T cells.

Recent Business Developments

Several key events marked Cue Biopharma's progress in the first quarter of 2024. Notably, an abstract for CUE-101 was accepted for an oral presentation and a poster presentation at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, scheduled for May 31 to June 4, 2024. Additionally, CUE-102 will be featured in a poster presentation at the same event.

Cue Biopharma has also made strides with its CUE-401 program, which is being developed in collaboration with Ono Pharmaceutical. This program shows promise for broad application across multiple autoimmune and inflammatory diseases. The company's pipeline has been further expanded to include the preclinical CUE-500 series, aimed at treating autoimmune and inflammatory diseases by depleting B cells through T cell mediation.

Furthermore, posters related to the Immuno-STAT™ platform for both oncology and autoimmune diseases have been accepted for presentation at the PEGS Boston Summit 2024, set to take place on May 13-14.

Daniel Passeri, the Chief Executive Officer of Cue Biopharma, highlighted the significant advancements made during the first quarter. These include the ongoing CUE-101 clinical trial and a meeting with the FDA to outline a registrational path for this program. The Phase 1 clinical trial for CUE-102 has also seen continued progress. In collaboration with Ono Pharmaceutical, the CUE-401 autoimmune program has advanced, and the autoimmune pipeline has been expanded with the bispecific Immuno-STAT CUE-500 series. This series is designed to redirect virus-specific T cells to eliminate B cells in autoimmune and inflammatory diseases. Passeri believes that these developments highlight the transformative potential of the company's platform to address a wide range of indications, from cancer to autoimmune diseases, potentially creating significant value for shareholders.

First Quarter 2024 Financial Performance

The company reported collaboration revenue of $1.7 million for the first quarter of 2024, up from $0.2 million in the same period in 2023. This increase is attributed to revenue from the Collaboration and Option Agreement with Ono Pharmaceutical, executed in February 2023.

Research and development expenses rose to $10.2 million for the three months ended March 31, 2024, compared to $9.4 million for the same period in the previous year. The increase was primarily due to higher clinical trial expenses. General and administrative expenses remained consistent at $4.2 million for both the first quarter of 2024 and 2023.

As of March 31, 2024, Cue Biopharma had $41.0 million in cash and cash equivalents. The company expects that its current cash and cash equivalents will fund operations into the first quarter of 2025.

Summary of Financials

- Collaboration revenue: $1.7 million (Q1 2024) vs. $0.2 million (Q1 2023)
- Research and development expenses: $10.2 million (Q1 2024) vs. $9.4 million (Q1 2023)
- General and administrative expenses: $4.2 million (Q1 2024 and Q1 2023)
- Net loss: $12.3 million (Q1 2024) vs. $13.1 million (Q1 2023)
- Cash and cash equivalents: $41.0 million as of March 31, 2024

Cue Biopharma continues to advance its innovative platform and pipeline, with a focus on harnessing the body's immune system to treat a range of diseases, including cancer and autoimmune disorders. The company remains optimistic about its strategy and the potential for future value creation for its shareholders.

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