Cue Biopharma Files Q2 2024 10-Q
Ticker: CUE · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1645460
Sentiment: neutral
Topics: 10-Q, financials, biopharma
TL;DR
Cue Biopharma dropped its Q2 10-Q. Check financials.
AI Summary
Cue Biopharma, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details for the quarter were detailed within the filing.
Why It Matters
This filing provides investors with the latest financial health and operational status of Cue Biopharma, crucial for understanding its ongoing development and market position.
Risk Assessment
Risk Level: medium — Biopharmaceutical companies often carry inherent risks due to the nature of drug development, regulatory hurdles, and market competition.
Key Players & Entities
- Cue Biopharma, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240814 (date) — Filing date
- 40 GUEST STREET, BOSTON, MA 02135 (address) — Company's business and mailing address
- Imagen Biopharma, Inc. (company) — Former company name
- 20150617 (date) — Date of name change
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 14, 2024.
What is Cue Biopharma's primary industry classification?
Cue Biopharma, Inc. is classified under Pharmaceutical Preparations [2834].
What was Cue Biopharma's former company name?
Cue Biopharma's former company name was Imagen Biopharma, Inc.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,426 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-08-14 16:00:22
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share CUE Nasdaq Capital Market
Filing Documents
- cue-20240630.htm (10-Q) — 1356KB
- cue-ex10_1.htm (EX-10.1) — 49KB
- cue-ex10_2.htm (EX-10.2) — 62KB
- cue-ex31_1.htm (EX-31.1) — 13KB
- cue-ex31_2.htm (EX-31.2) — 13KB
- cue-ex32_1.htm (EX-32.1) — 10KB
- img77947453_0.jpg (GRAPHIC) — 28KB
- img77947453_1.jpg (GRAPHIC) — 139KB
- img77947453_2.jpg (GRAPHIC) — 23KB
- img77947453_3.jpg (GRAPHIC) — 22KB
- img77947453_4.jpg (GRAPHIC) — 127KB
- img77947453_5.jpg (GRAPHIC) — 62KB
- img77947453_6.jpg (GRAPHIC) — 19KB
- img77947453_7.jpg (GRAPHIC) — 13KB
- img77947453_8.jpg (GRAPHIC) — 18KB
- img77947453_9.jpg (GRAPHIC) — 15KB
- 0000950170-24-096967.txt ( ) — 7465KB
- cue-20240630.xsd (EX-101.SCH) — 1106KB
- cue-20240630_htm.xml (XML) — 885KB
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 26
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 44
Controls and Procedures
Item 4. Controls and Procedures 44
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 45
Risk Factors
Item 1A. Risk Factors 45
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 46
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 46
Other Information
Item 5. Other Information 46
Exhibits
Item 6. Exhibits 47 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, including our intention to prioritize our autoimmune programs, including CUE-401 and CUE-501, while preserving the value of our oncology programs; our plans to pursue third party support through partnerships and collaborations to further develop the CUE-100 series programs, including CUE-101 and CUE-102; the
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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 30,029 $ 48,514 Accounts receivable 1,847 1,698 Prepaid expenses and other current assets 2,024 1,242 Total current assets 33,900 51,454 Property and equipment, net 667 795 Operating lease right-of-use assets 4,810 6,323 Deposits 2,690 2,690 Restricted cash 151 151 Other long-term assets 111 117 Total assets $ 42,329 $ 61,530 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,906 $ 3,501 Accrued expenses 4,562 4,137 Research and development contract liability, current portion 976 2,112 Operating lease liabilities, current 3,052 3,368 Current portion of long-term debt, net 3,963 3,963 Total current liabilities 16,459 17,081 Operating lease liabilities, non-current 1,962 3,162 Long-term debt, net 2,286 4,202 Total liabilities $ 20,707 $ 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively 48 47 Additional paid in capital 345,282 338,228 Accumulated deficit ( 323,708 ) ( 301,190 ) Total stockholders' equity 21,622 37,085 Total liabilities and stockholders' equity $ 42,329 $ 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 (Unaudited)