Core Insights - Cue Biopharma, Inc. provided a business and financial update for Q3 2024, highlighting advancements in clinical trials and financial performance [1] Recent Business Highlights - Positive updated data from Phase 1 trials of CUE-101 and CUE-102 presented at SITC 2024, showing an objective response rate (ORR) of 46% and a 12-month overall survival (OS) of 91.3% in first-line HPV+ R/M HNSCC patients [2] - CUE-102 demonstrated a disease control rate (DCR) of 67% in late-stage pancreatic cancer patients, with a 40% decrease in tumor burden [2] - The company announced a public offering priced at $12 million and appointed Lucinda Warren as Chief Business Officer [2] Financial Results - Collaboration revenue increased by $1.2 million to $3.3 million for Q3 2024, driven by the Ono Collaboration and Option Agreement [3] - Research and development expenses decreased by $0.5 million to $9.4 million for Q3 2024, attributed to lower clinical trial costs [4] - General and administrative expenses decreased by $0.7 million to $2.9 million for Q3 2024, mainly due to reduced employee compensation [5] - As of September 30, 2024, the company had approximately $32.4 million in cash and cash equivalents, down from $48.5 million at the end of 2023 [9] Summary of Financial Performance - For the nine months ended September 30, 2024, collaboration revenue increased by $4.0 million to $7.7 million [6] - Research and development expenses decreased by $0.8 million to $29.1 million for the same period [7] - General and administrative expenses decreased by $1.5 million to $10.6 million for the nine months ended September 30, 2024 [8] - The net loss for Q3 2024 was $8.66 million, compared to a net loss of $11.00 million in Q3 2023 [10]
Cue Biopharma Reports Third Quarter 2024 Financial Results and Recent Business Highlights