{"id":757022,"date":"2023-05-09T22:18:56","date_gmt":"2023-05-10T02:18:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/"},"modified":"2023-05-09T22:18:56","modified_gmt":"2023-05-10T02:18:56","slug":"cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/","title":{"rendered":"Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">BOSTON, May  09, 2023  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5Z1aqw-pANgS6zQTSrSOmcb3uSTZ6ZsxwAiSXGh7W3XD3NDBfLQR5oV-uPuYIbXXVvBpWQNXZM-XLxOecvYvw5WrZJFkwcxUffTE_L051uHHOEFbHdsv9XFVH3QlCHHj-n0azKmNkthxXM-WWx0-BIaYH3vC8j3XlY5WKHq_HlBj3GdjhlXghDteZma4UuTEzADsQRVAUpdwXDTcELl8dPvLH2_DFOtg_huF9C17UF8XieGcWi0N8_AUKHnPmIQP\" rel=\"nofollow noopener\" target=\"_blank\">Cue Biopharma, Inc.<\/a>\u00a0(Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient\u2019s body, provided a business and financial update for the first quarter 2023.<\/p>\n<p>\n        <strong>Recent Business Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:12pt;margin-bottom:12pt\">CUE-101 abstract accepted for presentation at the upcoming 2023 American Society of Clinical Oncology (ASCO) Annual Meeting scheduled for June 2-6, 2023.<\/li>\n<li style=\"margin-top:12pt;margin-bottom:12pt\">Entered into a strategic collaboration and option agreement with Ono Pharmaceutical for CUE-401, a bispecific protein designed to induce and expand regulatory T cells (Tregs) for the treatment of autoimmune and inflammatory diseases.<\/li>\n<li style=\"margin-top:12pt;margin-bottom:12pt\">Appointed two new directors to its board, Patrick Verheyen and Pamela D. Garzone Ph.D., to enhance corporate governance and strategic positioning.<\/li>\n<li style=\"margin-top:12pt;margin-bottom:12pt\">Appointed Chief Medical Officer, Matteo Levisetti M.D., to lead clinical development and oversee clinical development strategies.<\/li>\n<li style=\"margin-top:12pt;margin-bottom:12pt\">Enhanced scientific advisory board with the addition of Rafi Ahmed, Ph.D., a leading immunologist.<\/li>\n<\/ul>\n<p>\u201cThe first quarter was highly productive with the achievement of defined and prioritized corporate development objectives,\u201d said Daniel Passeri, chief executive officer of Cue Biopharma. \u201cAmong our accomplishments was the acceptance of our abstract for CUE-101 which will be presented as a poster at the upcoming ASCO annual meeting in June and the establishment of a strategic partnership with Ono Pharmaceutical to advance our lead autoimmune disease asset, CUE-401, into the clinic. Importantly, this collaboration provides requisite capital to further advance this highly promising program while also providing Cue Biopharma with the option for co-development in the U.S. Equally important is the addition of new members to our board of directors and scientific advisory board, broadening our access to thought leaders possessing deep expertise and experience in core strategic areas.\u201d<\/p>\n<p><strong>First Quarter 2023 Financial Results <\/strong><br \/>The Company reported collaboration revenue of\u00a0approximately $190,000 and\u00a0$1.0 million\u00a0for the three months ended\u00a0March 31, 2023 and 2022, respectively. The decrease was primarily due to the completion of the research phase of the LG Chem collaboration in the first quarter of 2022. Revenue in the first quarter of 2023 was primarily from our recent collaboration and option agreement with Ono Pharmaceutical Co., Ltd.<\/p>\n<p>Research and development expenses were\u00a0$9.4\u00a0and\u00a0$10.1 million\u00a0for the three months ended\u00a0March 31, 2023\u00a0and 2022, respectively. The decrease was due to the completion of enrollment in the CUE-101 Phase 1 monotherapy clinical trial in the first half of 2022.<\/p>\n<p>General and administrative expenses were\u00a0$4.2\u00a0and\u00a0$5.2 million\u00a0for the three months ended\u00a0March 31, 2023\u00a0and 2022, respectively. The decrease was due primarily to recording lower stock-based compensation expense during the first quarter of 2023 versus the same period in 2022.<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>As of\u00a0March 31, 2023, the Company had approximately\u00a0$66.2 million\u00a0in cash, cash equivalents and marketable securities compared with\u00a0$67.9 million\u00a0as of\u00a0March 31, 2022.\u00a0We expect our current cash, cash equivalents, and marketable securities to fund operations into the third quarter of 2024.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"7\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\n            <strong>Cue Biopharma, Inc.<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\n            <strong>Condensed Consolidated Statement of Operations<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\n            <strong>(In thousands, except per share information)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong><br \/>\n            <br \/>\n            <strong>March\u00a031,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2022<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Collaboration revenue<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">187<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,000<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Operating expenses:<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">General and administrative<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,176<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,156<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">Research and development<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,391<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,082<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Total operating expenses<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,567<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,238<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Loss from operations<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,380<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,238<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Other income (expense):<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">Interest income<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">641<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">Interest expense<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(370<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(25<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Total other income (expense)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">271<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Net loss<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,109<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,255<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Unrealized gain from available-for-sale securities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Comprehensive loss<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,052<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,255<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net loss per common share \u2013 basic and diluted<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.29<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;border-top: double black 3pt;border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.44<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Weighted average common shares outstanding \u2013 basic and diluted<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,652,353<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,636,383<\/td>\n<td style=\"border-top: double black 3pt;border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Cue Biopharma, Inc.<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Selected Consolidated Balance Sheet Data<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(In thousands)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31,<\/strong><br \/>\n            <br \/>\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31,<\/strong><br \/>\n            <br \/>\n            <strong>2022<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,321<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,927<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Marketable securities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,878<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total current assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">68,755<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75,947<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Working capital<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,945<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64,536<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">81,682<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,704<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total stockholders&#8217; equity<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,017<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64,673<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>About\u00a0Cue Biopharma<\/strong><br \/>\n        <br \/>Cue Biopharma, a clinical-stage biopharmaceutical company, is developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient\u2019s body. The company\u2019s proprietary platform, Immuno-STAT\u2122\u00a0<em>(Selective Targeting and Alteration of T cells)<\/em>\u00a0and biologics are designed to harness the body\u2019s intrinsic immune system as T cell engagers without the need for ex vivo manipulation or broad systemic immune modulation.<\/p>\n<p>Headquartered in\u00a0Boston, Massachusetts, we are led by an experienced management team and independent Board of Directors with deep expertise in immunology and immuno-oncology as well as the design and clinical development of protein biologics.<\/p>\n<p>For more information please visit\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=qlJwJSDsg4NckPxuUSMw_l5VAUmPFk_fUeM3yjhcQlGlF0D2el5uPyxvOstfeLRRrFBPWuBF0vsSXpqKsa29vQjaFITpF0qUzWgGwHL5E2zcZee4BjBNczUVOpWVh_z5_tXzHJkkmSpEwzhZ2VLKrA7c0AJSfsQ3YbVPBil81vsvu4tN8KndghKhMyFaJQ69DUYEjSaAS9OB405VRkuTybbqEeOrOpzTvIT_fH06tIb4nXzsmechbrwspJt_2pEvldzwvHZhdn7EDsj76sQLuyJ2KUQ_WbjEirCzlu51AoAemrH7QqvDBf7Zcg6aMXIIoGlyshQddkESglh1tNfc4hHiP9ERtxWZIAYoWt7E9BlBVbN2xBM5lRgZzqg0h-kW2M-KNziZu5Z2N5V12dfodEa1kpH0vWrpwVQRXWH2eQDR5K_jPliBArfYdsJx9686auZN0O1UgbxsG6SkoKayIWhP2Y3CfXPt_Ai4GiC8lEw=\" rel=\"nofollow noopener\" target=\"_blank\">www.cuebiopharma.com<\/a>\u00a0and follow us on Twitter at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PFBSMDqzQk-PhVpDIZdOwD5ZHzhOV5UELU7JWTrEJOOKm7MEk9jAbxlV2s_rfth2flqGXH9OKH05_skP6kZT-UC1H_h1_exmQKRoPgFJHZ08J2pAjs91P9ZQwQq_RnYPre0_zVk0HAvTYxd1b_3g-rWuYApP7FsJm-BRXwV9lhCyXmS4JubnPyvbgPeyzve8Ee4lSmHAZp6kbbS7zZhmn0efGgOAQMfB1o2NgGTbP1bujROjmALO-RPckG2wpFaKds1YKe1ZlwJR52xF-O643n0f7iL4_xfZ1Ipvj3RprTWpwoJMDltk1Ydj8sn3xBcS\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/twitter.com\/CueBiopharma<\/a>.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong><br \/>\n        <br \/>This press release 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, that are intended to be covered by the safe harbor created by those sections. Such forward-looking statements include, but are not limited to, those regarding: the potential benefits and results that may be achieved through the collaboration with Ono; the company\u2019s belief that the Immuno-STAT platform stimulates targeted immune modulation through the selective engagement of disease-relevant T cells; and the company\u2019s business strategies, plans and prospects. Forward-looking statements, which are based on certain assumptions and describe the company\u2019s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cseek,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cgoal,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201clikely\u201d or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company\u2019s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the company\u2019s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the company\u2019s limited operating history, limited cash and a history of losses; the company\u2019s ability to achieve profitability; potential setbacks in the company\u2019s research and development efforts including negative or inconclusive results from its preclinical studies, its ability to secure required U.S. Food and Drug Administration (\u201cFDA\u201d) or other governmental approvals for its product candidates and the breadth of any approved indication; adverse effects caused by public health pandemics, including COVID-19, including possible effects on the company\u2019s trials; negative or inconclusive results from the company\u2019s clinical trials or preclinical studies or serious and unexpected drug-related side effects or other safety issues experienced by participants in clinical trials; delays and changes in regulatory requirements, policy and guidelines including potential delays in submitting required regulatory applications to the FDA; the company\u2019s reliance on licensors, collaborators, contract research organizations, suppliers and other business partners; the company\u2019s ability to obtain adequate financing to fund its business operations in the future; operations and clinical the company\u2019s ability to maintain and enforce necessary patent and other intellectual property protection; competitive factors; general economic and market conditions and the other risks and uncertainties described in the Risk Factors and in Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations sections of the company\u2019s most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Report(s) on Form 10-Q. Any forward-looking statement made by the company in this press release is based only on information currently available to the company and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.<\/p>\n<p>\n        <strong>Investor Contact <\/strong><br \/>\n        <br \/>Marie Campinell\u00a0<br \/>Senior Director, Corporate Communications<br \/>Cue Biopharma, Inc.<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=UVjDeBshzokkLEF_0TQq3rVC7h-VEKRcugVM4bLSH9bGUWMOy9v1Sv6VmlY7x5aQEaZiPwb8VHTNmlCBNiqDzfq6PKnKQea_ckNGlrDJq7k=\" rel=\"nofollow noopener\" target=\"_blank\">mcampinell@cuebio.com<\/a><\/p>\n<p>\n        <strong>Media Contact<\/strong><br \/>\n        <br \/>Maya Romanchuck<br \/>LifeSci Communications<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=RGyuGbjHh3T_H8hYHlY28Zqupxb2u94WxlhqBpV-8I17Nl6749hkC4kaXvE_zNBRmrWs4-33L8wNs3lAzObVqoJTNRc_9WKD6yjyRMr6N-jysZ9fL8NMY-4aeo0TrUjD\" rel=\"nofollow noopener\" target=\"_blank\">mromanchuck@lifescicomms.com<\/a><\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzNTM1NyM1NTg0NDQ0IzIwOTI2OTI=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/MTAyZTk3MDctNTkyMi00ZGRmLTg3OGQtNjNlYzUxM2U0N2Y1LTExMDQyNjM=\/tiny\/Cue-Biopharma-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BOSTON, May 09, 2023 (GLOBE NEWSWIRE) &#8212; Cue Biopharma, Inc.\u00a0(Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient\u2019s body, provided a business and financial update for the first quarter 2023. Recent Business Highlights CUE-101 abstract accepted for presentation at the upcoming 2023 American Society of Clinical Oncology (ASCO) Annual Meeting scheduled for June 2-6, 2023. Entered into a strategic collaboration and option agreement with Ono Pharmaceutical for CUE-401, a bispecific protein designed to induce and expand regulatory T cells (Tregs) for the treatment of autoimmune and inflammatory diseases. Appointed two new directors to its board, Patrick Verheyen and Pamela D. Garzone Ph.D., to enhance &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-757022","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BOSTON, May 09, 2023 (GLOBE NEWSWIRE) &#8212; Cue Biopharma, Inc.\u00a0(Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient\u2019s body, provided a business and financial update for the first quarter 2023. Recent Business Highlights CUE-101 abstract accepted for presentation at the upcoming 2023 American Society of Clinical Oncology (ASCO) Annual Meeting scheduled for June 2-6, 2023. Entered into a strategic collaboration and option agreement with Ono Pharmaceutical for CUE-401, a bispecific protein designed to induce and expand regulatory T cells (Tregs) for the treatment of autoimmune and inflammatory diseases. Appointed two new directors to its board, Patrick Verheyen and Pamela D. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/","og_locale":"en_US","og_type":"article","og_title":"Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights - Market Newsdesk","og_description":"BOSTON, May 09, 2023 (GLOBE NEWSWIRE) &#8212; Cue Biopharma, Inc.\u00a0(Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient\u2019s body, provided a business and financial update for the first quarter 2023. Recent Business Highlights CUE-101 abstract accepted for presentation at the upcoming 2023 American Society of Clinical Oncology (ASCO) Annual Meeting scheduled for June 2-6, 2023. Entered into a strategic collaboration and option agreement with Ono Pharmaceutical for CUE-401, a bispecific protein designed to induce and expand regulatory T cells (Tregs) for the treatment of autoimmune and inflammatory diseases. Appointed two new directors to its board, Patrick Verheyen and Pamela D. Garzone Ph.D., to enhance &hellip; Continue reading \"Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-10T02:18:56+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzNTM1NyM1NTg0NDQ0IzIwOTI2OTI=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights","datePublished":"2023-05-10T02:18:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/"},"wordCount":1235,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzNTM1NyM1NTg0NDQ0IzIwOTI2OTI=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cue-biopharma-reports-first-quarter-2023-financial-results-and-recent-business-highlights\/","name":"Cue Biopharma\u00a0Reports First Quarter 2023 Financial Results and Recent Business Highlights - 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