Cue Biopharma, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cue Biopharma, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and business operations.</b>

AI Summary

Cue Biopharma, Inc. (CUE) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Cue Biopharma, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. Cue Biopharma, Inc. is located at 40 Guest Street, Boston, MA 02135. The company was formerly known as Imagen Biopharma, Inc., with a name change on June 17, 2015. The filing includes references to various agreements and financial instruments such as term loan agreements, collaboration agreements, and warrants.

Why It Matters

For investors and stakeholders tracking Cue Biopharma, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Cue Biopharma, Inc. during the first quarter of 2024. The detailed information within the filing is crucial for understanding the company's financial health, ongoing research and development activities, and any material agreements or risks.

Risk Assessment

Risk Level: medium — Cue Biopharma, Inc. shows moderate risk based on this filing. The company's financial disclosures are limited in this extract, making it difficult to assess its overall financial health, cash burn rate, or revenue generation, which are critical for a clinical-stage biopharmaceutical company.

Analyst Insight

Investors should review the full 10-Q filing to understand Cue Biopharma's financial position, R&D progress, and strategic partnerships.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-09 — Filing Date (10-Q filing)
• 2015-06-17 — Date of Name Change (From Imagen Biopharma, Inc.)

Key Players & Entities

• Cue Biopharma, Inc. (company) — Filer name
• Imagen Biopharma, Inc. (company) — Former company name
• Silicon Valley Bank (company) — Mentioned in relation to loan agreements
• Ono Collaboration and Option Agreement (company) — Specific agreement mentioned
• LG Chem Life Sciences (company) — Mentioned in relation to collaboration agreements
• Jefferies LLC (company) — Mentioned in relation to transaction expenses
• 2024-03-31 (date) — Reporting period end date
• 2024-05-09 (date) — Filing date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and operations for the quarter.)

Collaboration Agreement

A contract between two or more parties to work together on a project or business venture. (Indicates potential partnerships and revenue streams for Cue Biopharma.)

Term Loan Agreement

A loan from a bank or other lender that has a specified repayment schedule. (Details the company's debt obligations and financing structure.)

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share CUE Nasdaq Capital Market

Filing Documents

• cue-20240331.htm (10-Q) — 1127KB
• cue-ex31_1.htm (EX-31.1) — 12KB
• cue-ex31_2.htm (EX-31.2) — 12KB
• cue-ex32_1.htm (EX-32.1) — 10KB
• img77944571_0.jpg (GRAPHIC) — 28KB
• img77944571_1.jpg (GRAPHIC) — 139KB
• img77944571_2.jpg (GRAPHIC) — 69KB
• img77944571_3.jpg (GRAPHIC) — 127KB
• img77944571_4.jpg (GRAPHIC) — 62KB
• img77944571_5.jpg (GRAPHIC) — 19KB
• img77944571_6.jpg (GRAPHIC) — 13KB
• img77944571_7.jpg (GRAPHIC) — 18KB
• 0000950170-24-056838.txt (&nbsp;) — 7409KB
• cue-20240331.xsd (EX-101.SCH) — 1380KB
• cue-20240331_htm.xml (XML) — 807KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations and Comprehensive Loss 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to the Condensed Consolidated Financial Statements (Unaudited) 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 43 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy," "future," "likely" or other comparable terms. All statements, other than statements of historical fact, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management, are forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements about: the initiation, timing, progress and results of our ongoing and planned preclinical studies and clinical trials and our research and development programs; our estimates regarding expenses, future revenue, capital requirements and need for additional financing; our expectations regarding our ability to fund our projected operating requirements with our existing cash resources and the period in which we expect that such cash resources will enable us to fund such operating requirements; our plans to develop our drug product candidates; the timing of and our ability to submit applications for, and to obtain and maintain regulatory approvals for, our drug product candidates; the potential advantages of our drug product candidates; the rate and degree of market acceptance and clinical utility of our drug product candidates, if approved; ou

Financial Sta tements

Item 1. Financial Sta tements Cue Biopharma, Inc. Condensed Consolidated Bal ance Sheets (Unaudited) (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 41,029 $ 48,514 Accounts receivable 1,400 1,698 Prepaid expenses and other current assets 2,240 1,242 Total current assets 44,669 51,454 Property and equipment, net 754 795 Operating lease right-of-use assets 5,573 6,323 Deposits 2,690 2,690 Restricted cash 151 151 Other long-term assets 114 117 Total assets $ 53,951 $ 61,530 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,919 $ 3,501 Accrued expenses 5,208 4,137 Research and development contract liability, current portion 1,790 2,112 Operating lease liabilities, current 3,210 3,368 Current portion of long-term debt, net 3,963 3,963 Total current liabilities 18,090 17,081 Operating lease liabilities, non-current 2,579 3,162 Long-term debt, net 3,244 4,202 Total liabilities $ 23,913 $ 24,445 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized and 0 shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 100,000,000 shares authorized; 48,643,316 and 47,215,116 shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively 48 47 Additional paid in capital 343,527 338,228 Accumulated deficit ( 313,537 ) ( 301,190 ) Total stockholders' equity 30,038 37,085 Total liabilities and stockholders' equity $ 53,951 $ 61,530 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Cue Biopharma, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaud

View Full Filing

View this 10-Q filing on SEC EDGAR