Cue Biopharma Files Q3 2024 10-Q

Ticker: CUE · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1645460

Sentiment: neutral

Topics: 10-Q, financials, biopharma

TL;DR

Cue Bio Q3 10-Q filed. Financials and ops update.

AI Summary

Cue Biopharma, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details are outlined in the filing, which covers the third quarter of 2024.

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 face high risks due to the nature of drug development, regulatory hurdles, and market competition.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Cue Biopharma, Inc.?

Cue Biopharma, Inc. is in the Pharmaceutical Preparations industry, SIC code 2834.

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on November 14, 2024.

What was Cue Biopharma's former company name?

Cue Biopharma's former company name was Imagen Biopharma, Inc., with a name change effective June 17, 2015.

Are there any specific agreements mentioned in the filing context?

Yes, the filing mentions the 'Einstein License Agreement', 'Ono Collaboration and Option Agreement', and 'Operating Lease Agreement for Additional Laboratory Space'.

Filing Stats: 4,421 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-11-14 16:00:26

Key Financial Figures

Filing Documents

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 27

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 32,420 $ 48,514 Accounts receivable 3,152 1,698 Prepaid expenses and other current assets 1,684 1,242 Total current assets 37,256 51,454 Property and equipment, net 570 795 Operating lease right-of-use assets 4,034 6,323 Deposits 2,690 2,690 Restricted cash 152 151 Other long-term assets 108 117 Total assets $ 44,810 $ 61,530 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,474 $ 3,501 Accrued expenses 3,199 4,137 Research and development contract liability, current portion 259 2,112 Operating lease liabilities, current 2,895 3,368 Current portion of long-term debt, net 3,963 3,963 Total current liabilities 16,790 17,081 Operating lease liabilities, non-current 1,326 3,162 Long-term debt, net 1,328 4,202 Total liabilities $ 19,444 $ 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 September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 100,000,000 shares authorized; 60,207,717 and 47,215,116 shares issued and outstanding, at September 30, 2024 and December 31, 2023, respectively 60 47 Additional paid in capital 357,674 338,228 Accumulated deficit ( 332,368 ) ( 301,190 ) Total stockholders' equity 25,366 37,085 Total liabilities and stockholders' equity $ 44,810 $ 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 Los

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