Cue Biopharma(US:CUE)2025-11-12 21:00Financial Performance - Collaboration revenue for Q3 2025 was $2.1 million, down from $3.3 million in Q3 2024, reflecting a decrease of approximately 37% due to timing differences in revenue recognition [8]. - The net loss for Q3 2025 was $7.4 million, compared to a net loss of $8.7 million in Q3 2024, representing a decrease in loss of about 14% [12]. - Total operating expenses for Q3 2025 were $9.7 million, a decrease from $12.2 million in Q3 2024, reflecting a reduction of approximately 20% [12]. - The company has a cash and cash equivalents balance of $11.7 million as of September 30, 2025, down from $22.5 million at the end of 2024 [14]. Expenses - Research and development expenses decreased to $4.8 million in Q3 2025 from $9.4 million in Q3 2024, a reduction of about 49% primarily due to lower clinical trial costs [9]. - General and administrative expenses increased to $4.9 million in Q3 2025 from $2.9 million in Q3 2024, an increase of approximately 69% attributed to a one-time employee severance accrual [10]. Strategic Initiatives - Cue Biopharma announced a strategic collaboration with ImmunoScape, which includes upfront payments totaling $15 million, with $10 million expected in Q4 2025 and $5 million in November 2026 [5]. - The company appointed Usman Azam, M.D., as President and CEO effective September 29, 2025, to lead the next stage of growth [6]. Clinical Development - The company reported a 50% overall response rate in the ongoing Phase 1 trial of CUE-101 in combination with pembrolizumab for recurrent/metastatic HPV+ head and neck cancer [7]. - Cue Biopharma's lead autoimmune asset, CUE-401, is designed to address major unmet needs in autoimmune disease treatment through its unique tolerogenic bifunctional molecule [6].