CUE

MKT CAP:$46M

Cue Biopharma, Inc.

Market Cap

$46M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$0.57+$0.23 (+68.70%)

Apr 23, 2026

Company Details

Cue Biopharma, Inc., a clinical-stage biopharmaceutical company, develops biologic drugs for the selective modulation of the human immune system to treat a range of cancers, chronic infectious diseases, and autoimmune disorders. Its lead dr...

CEO

Colin G. Sandercock

IPO Date

Jan 2, 2018

Website

www.cuebiopharma.com

Key Metrics TTM

Revenue

$27M

+195.7% YoY

Net Income

-$27M

EPS (Diluted)

-$0.32

Free Cash Flow

-$22M

Revenue / Share

$0.25

Gross Margin

88.0%

Operating Margin

-96.6%

Net Margin

-96.9%

FCF Margin

-79.6%

P/S

1.7x

P/E

—

Earnings Reports

FY 2025

Mar 16, 2026

$27M+195.7%EPS -$0.28

Q4 2025

Mar 16, 2026

$22M+1292.3%EPS $0.01

Q3 2025

Nov 12, 2025

$2M-35.6%EPS -$0.07

Q2 2025

Aug 12, 2025

$3M+11.1%EPS -$0.09

Q1 2025

May 12, 2025

$421.0K-75.5%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1M	-$9M	-$14M
Q2 22	$26.0K	-$10M	-$13M
Q3 22	$68.0K	-$8M	-$11M
Q4 22	$151.0K	-$8M	-$15M
Q1 23	$187.0K	$187.0K	-$13M
Q2 23	$1M	$1M	-$14M
Q3 23	$2M	-$7M	-$11M
Q4 23	$2M	-$12M	-$14M
Q1 24	$2M	$2M	-$13M
Q2 24	$3M	$3M	-$10M
Q3 24	$3M	$3M	-$9M
Q4 24	$2M	$2M	-$10M
Q1 25	$421.0K	$421.0K	-$12M
Q2 25	$3M	$3M	-$9M
Q3 25	$2M	$2M	-$8M
Q4 25	$22M	$19M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	11.1x	—
Q2 22	8.6x	—
Q3 22	10.0x	—
Q4 22	106.9x	—
Q1 23	372.3x	—
Q2 23	91.3x	—
Q3 23	26.0x	—
Q4 23	25.8x	—
Q1 24	13.6x	—
Q2 24	6.3x	—
Q3 24	5.9x	—
Q4 24	8.2x	—
Q1 25	10.9x	—
Q2 25	8.3x	—
Q3 25	10.2x	—
Q4 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$12M
Q2 22	-$13M	-$13M
Q3 22	-$7M	-$7M
Q4 22	-$11M	-$11M
Q1 23	-$11M	-$11M
Q2 23	-$10M	-$10M
Q3 23	-$8M	-$8M
Q4 23	-$11M	-$11M
Q1 24	-$10M	-$10M
Q2 24	-$10M	-$10M
Q3 24	-$8M	-$8M
Q4 24	-$9M	-$9M
Q1 25	-$8M	-$8M
Q2 25	-$3M	-$3M
Q3 25	-$9M	-$9M
Q4 25	-$1M	-$1M

Capital Expenditures

Quarter	CapEx
Q1 22	$27.0K
Q2 22	$65.0K
Q3 22	$78.0K
Q4 22	$746
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$55.0K
Q2 24	$10.0K
Q3 24	$1.0K
Q4 24	$2.0K
Q1 25	$150.0K
Q2 25	$27.0K
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-35.6%	+8.3%
Q2 22	-99.1%	+0.6%
Q3 22	-97.2%	-28.0%
Q4 22	-98.2%	-7.0%
Q1 23	-81.3%	-11.0%
Q2 23	+5215.4%	+13.6%
Q3 23	+2988.2%	+21.8%
Q4 23	+1106.0%	+4.2%
Q1 24	+818.2%	+6.0%
Q2 24	+92.3%	-12.5%
Q3 24	+58.9%	-10.1%
Q4 24	-13.5%	-28.4%
Q1 25	-75.5%	-11.6%
Q2 25	+11.1%	-11.1%
Q3 25	-35.6%	-20.2%
Q4 25	+1292.3%	+78.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	301.1%
Q2 22	$2M	8880.8%
Q3 22	$2M	3035.3%
Q4 22	$2M	1398.6%
Q1 23	$2M	1068.4%
Q2 23	$2M	147.4%
Q3 23	$2M	98.7%
Q4 23	$2M	113.8%
Q1 24	$2M	113.3%
Q2 24	$2M	66.0%
Q3 24	$2M	47.5%
Q4 24	$2M	99.1%
Q1 25	$1M	317.8%
Q2 25	$1M	42.8%
Q3 25	$0	0.0%
Q4 25	$610.0K	2.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$10M	$5M	$287.0K
Q2 22	$10M	$4M	$246.0K
Q3 22	$8M	$3M	$182.0K
Q4 22	$11M	$4M	$3M
Q1 23	$9M	$4M	—
Q2 23	$11M	$4M	—
Q3 23	$10M	$4M	$900.0K
Q4 23	$11M	$5M	—
Q1 24	$10M	$4M	—
Q2 24	$10M	$4M	—
Q3 24	$9M	$3M	—
Q4 24	$7M	$4M	—
Q1 25	$9M	$4M	—
Q2 25	$8M	$4M	—
Q3 25	$5M	$5M	—
Q4 25	$17M	$3M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$68M	$0	$68M
Q2 22	$66M	$0	$66M
Q3 22	$30M	$29M	$59M
Q4 22	$52M	$25M	$76M
Q1 23	$56M	$10M	$66M
Q2 23	$53M	$5M	$58M
Q3 23	$55M	$0	$55M
Q4 23	$49M	$0	$49M
Q1 24	$41M	$0	$41M
Q2 24	$30M	$0	$30M
Q3 24	$32M	$0	$32M
Q4 24	$22M	$929.0K	$23M
Q1 25	$13M	$0	$13M
Q2 25	$27M	$470.0K	$28M
Q3 25	$12M	$7M	$19M
Q4 25	$27M	$0	$27M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	33M	+3.6%	+7.2%
Q2 22	35M	+8.3%	+13.2%
Q3 22	35M	+0.1%	+13.0%
Q4 22	39M	+10.7%	+24.3%
Q1 23	45M	+14.0%	+36.8%
Q2 23	45M	+0.3%	+26.7%
Q3 23	46M	+3.5%	+31.0%
Q4 23	47M	+1.7%	+20.4%
Q1 24	49M	+4.9%	+10.8%
Q2 24	50M	+1.4%	+12.0%
Q3 24	51M	+2.1%	+10.5%
Q4 24	74M	+44.9%	+57.5%
Q1 25	74M	+0.0%	+50.1%
Q2 25	95M	+28.6%	+90.3%
Q3 25	101M	+5.7%	+96.9%
Q4 25	111M	+9.6%	+48.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$17.5K	57
Q2 22	$456	57
Q3 22	$1.2K	57
Q4 22	$3.0K	51
Q1 23	$3.7K	51
Q2 23	$27.1K	51
Q3 23	$41.2K	51
Q4 23	$34.4K	53
Q1 24	$32.4K	53
Q2 24	$50.2K	53
Q3 24	$62.9K	53
Q4 24	$38.4K	41
Q1 25	$10.3K	41
Q2 25	$72.0K	41
Q3 25	$52.4K	41
Q4 25	$110	200K

Revenue / Employee