Detailed financial statements for Cue Biopharma, Inc. (CUE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cue Biopharma, Inc. is a clinical-stage biopharmaceutical enterprise focused on creating biological therapies. Its central objective is the precise manipulation of the human immune system to address a spectrum of severe conditions, such as various cancers, chronic infectious diseases, and autoimmune disorders. The company's leading investigational therapeutic is CUE-101, a specialized fusion protein biologic.
Analysis Summary
Cue Biopharma, Inc. reported revenue of $27.5M in the most recent fiscal year, growing at a 5-year CAGR of 54.2%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -96.6%, net margin -96.9%.
At the current price of $37.84, CUE has negative trailing earnings (P/E not meaningful) and an ROE of -100.64%. Market capitalisation stands at $99M.
Balance sheet quality for CUE: current ratio of 2.7, net cash position of $22.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $1.1M | $3.5M | $3.2M | $14.9M | $1.2M | $5.5M | $9.3M | $27.5M |
| Cost of Revenue | $202085 | $419568 | $28.5M | $27.5M | $33.5M | -$1.8M | 0 | $38.1M | 0 | 0 |
| Gross Profit | -$202085 | -$419568 | -$27.4M | -$24.0M | -$30.4M | $16.7M | $1.2M | -$32.6M | $9.3M | $27.5M |
| Research & Development | $5.7M | $18.9M | $28.5M | $27.5M | $33.5M | $41.3M | $38.6M | $40.8M | $36.3M | $37.7M |
| Selling, General & Admin | $2.0M | $4.3M | $11.3M | $12.7M | $14.7M | $17.3M | $16.2M | $16.7M | $14.6M | $16.2M |
| Operating Expenses | $7.7M | $23.2M | $39.8M | $12.7M | $14.7M | $60.4M | $54.5M | $19.5M | $50.8M | $54.0M |
| Operating Income | -$7.7M | -$23.2M | -$38.7M | -$36.8M | -$45.0M | -$43.7M | -$53.2M | -$52.1M | -$41.5M | -$26.5M |
| EBITDA | -$7.5M | -$22.8M | -$37.9M | -$36.0M | -$44.0M | -$45.4M | -$50.5M | -$46.1M | -$37.5M | -$22.3M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $713815 | $1.2M | $796000 | $357000 |
| Pre-tax Income | -$7.7M | -$23.2M | -$38.2M | -$36.3M | -$44.6M | -$43.7M | -$53.0M | -$50.7M | -$40.7M | -$26.1M |
| Income Tax | 0 | 0 | $825000 | $412500 | $206250 | $495000 | 0 | 0 | 0 | $500000 |
| Net Income | -$7.7M | -$23.2M | -$39.0M | -$36.7M | -$44.8M | -$44.2M | -$53.0M | -$50.7M | -$40.7M | -$26.6M |
| EPS | $-11.10 | $-33.90 | $-58.20 | $-49.80 | $-46.80 | $-42.30 | $-44.70 | $-33.30 | $-21.60 | $-8.40 |
| EPS (Diluted) | $-11.10 | $-33.90 | $-58.20 | $-49.80 | $-46.80 | $-42.30 | $-44.70 | $-33.30 | $-21.60 | $-8.40 |
| Shares Outstanding (Diluted) | $688020 | $688020 | $671135 | $734726 | $956287 | $1.0M | $1.2M | $1.5M | $1.9M | $3.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.1M | $21.9M | $5.7M | $7.9M |
| Gross Profit | $2.1M | $21.9M | $5.7M | $7.8M |
| Operating Income | -$7.5M | $2.0M | -$5.4M | -$87.7M |
| EBITDA | -$7.3M | $3.3M | -$4.2M | -$87.7M |
| Net Income | -$7.4M | $1.6M | -$5.2M | -$153.1M |
| EPS | $-2.21 | $0.44 | $-1.08 | $-24.14 |
| EPS (Diluted) | $-2.21 | $0.43 | $-1.08 | $-24.14 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.9M | $63.5M | $20.8M | $44.3M | $74.9M | $64.4M | $51.6M | $48.5M | $22.5M | $27.1M |
| Short-term Investments | $50033 | $50068 | $18.4M | $15.1M | $10.0M | 0 | $24.7M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | $754898 | $1.4M | $3.1M | $57000 | $1.7M | $945000 | $7.4M |
| Inventory | 0 | $225500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $15.1M | $65.1M | $40.6M | $61.0M | $87.5M | $68.5M | $77.2M | $51.5M | $25.1M | $37.0M |
| Property, Plant & Equipment | $1.0M | $1.7M | $2.8M | $7.2M | $8.9M | $11.9M | $10.7M | $7.1M | $4.8M | $4.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $175000 | 0 | $11667 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $16.3M | $67.0M | $45.4M | $71.6M | $99.5M | $83.4M | $91.3M | $61.5M | $32.2M | $42.2M |
| Accounts Payable | $523811 | $1.3M | $2.0M | $882666 | $2.1M | $2.6M | $2.7M | $3.5M | $2.8M | $3.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $2.0M | $2.0M | $4.0M | $4.3M | 0 |
| Total Current Liabilities | $1.1M | $5.3M | $6.2M | $11.7M | $16.3M | $12.8M | $11.5M | $17.1M | $13.7M | $13.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $8.0M | $4.2M | 0 | 0 |
| Total Liabilities | $1.1M | $5.3M | $11.4M | $17.0M | $20.6M | $17.9M | $25.6M | $24.4M | $14.7M | $15.8M |
| Retained Earnings | -$9.6M | -$32.8M | -$71.8M | -$108.5M | -$153.3M | -$197.4M | -$250.5M | -$301.2M | -$341.9M | -$368.5M |
| Total Equity | $15.2M | $61.6M | $34.0M | $54.6M | $78.9M | $65.5M | $65.7M | $37.1M | $17.5M | $26.4M |
| Total Debt | 0 | $2.5M | 0 | $5.8M | $7.1M | $12.0M | $19.3M | $14.7M | $8.9M | $4.2M |
| Net Debt | -$15.0M | -$61.1M | -$39.2M | -$53.6M | -$77.7M | -$52.3M | -$57.0M | -$33.8M | -$13.6M | -$22.9M |
| Working Capital | $14.1M | $59.7M | $34.4M | $49.4M | $71.2M | $55.7M | $65.6M | $34.4M | $11.4M | $23.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $11.7M | $27.1M | $16.4M | $17.4M |
| Total Assets | $31.6M | $42.2M | $30.9M | $30.7M |
| Total Liabilities | $18.4M | $15.8M | $9.3M | $28.4M |
| Total Equity | $13.2M | $26.4M | $21.6M | $2.3M |
| Total Debt | $6.2M | $4.2M | $3.4M | $8.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.7M | -$23.2M | -$39.0M | -$36.7M | -$44.8M | -$44.2M | -$53.0M | -$50.7M | -$40.7M | -$26.6M |
| Depreciation & Amortization | $202085 | $419568 | $760011 | $5.2M | -$3.1M | -$1.8M | $1.8M | $3.4M | $2.4M | $958000 |
| Stock-based Compensation | $889556 | $2.8M | $7.2M | $6.5M | $10.5M | $11.5M | $9.5M | $8.2M | $6.8M | $4.7M |
| Change in Working Capital | $532321 | $2.9M | $4.2M | -$1.5M | $5.4M | -$4.4M | $356000 | -$934000 | -$4.9M | -$3.3M |
| Operating Cash Flow | -$6.0M | -$12.2M | -$26.4M | -$30.8M | -$32.5M | -$38.8M | -$41.8M | -$40.0M | -$36.3M | -$21.7M |
| Capital Expenditure | -$515979 | -$1.2M | -$1.9M | -$46353 | -$595259 | -$913039 | -$171000 | 0 | -$66000 | -$177000 |
| Acquisitions | 0 | 0 | 0 | $127500 | 0 | 0 | 0 | 0 | 0 | $40000 |
| Stock Repurchased | -$1.4M | -$4.2M | 0 | -$91027 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.5M | -$13.4M | -$28.3M | -$30.8M | -$33.1M | -$39.8M | -$42.0M | -$40.0M | -$36.4M | -$21.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$9.0M | -$1.1M | -$10.9M | -$29.0M |
| Capital Expenditure | 0 | 0 | -$121000 | 0 |
| Free Cash Flow | -$9.0M | -$1.1M | -$11.1M | -$29.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.5M | $610000 | $48000 | $23.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +202.7% | -8.8% | +373.7% | -91.7% | +341.0% | +69.2% | +195.7% | |||
| Net Income Growth (YoY) | -203.4% | -67.8% | +5.9% | -22.0% | +1.4% | -20.0% | +4.3% | +19.8% | +34.6% | |
| EPS Growth (YoY) | -205.4% | -71.7% | +14.4% | +6.0% | +9.6% | -5.7% | +25.5% | +35.1% | +61.1% | |
| Shares Change (YoY) | +0.0% | -2.5% | +9.5% | +30.2% | +9.1% | +13.9% | +28.3% | +23.1% | +68.2% | |
| FCF Growth (YoY) | -106.6% | -111.0% | -9.1% | -7.3% | -20.1% | -5.6% | +4.8% | +8.9% | +39.9% | |
| Gross Margin | -2398.2% | -694.8% | -963.5% | 111.9% | 100.0% | -593.9% | 100.0% | 100.0% | ||
| Operating Margin | -3386.7% | -1063.2% | -1428.0% | -292.6% | -4275.1% | -949.9% | -446.9% | -96.6% | ||
| EBITDA Margin | -3320.2% | -1039.8% | -1394.4% | -304.1% | -4055.5% | -838.8% | -404.1% | -81.1% | ||
| Net Margin | -3411.5% | -1061.2% | -1419.8% | -295.6% | -4257.8% | -924.1% | -438.0% | -96.9% | ||
| FCF Margin | -2473.8% | -891.9% | -1049.0% | -266.0% | -3371.6% | -727.9% | -391.9% | -79.6% | ||
| Effective Tax Rate | -0.0% | -0.0% | -2.2% | -1.1% | -0.5% | -1.1% | -0.0% | -0.0% | -0.0% | -1.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-9.42 | $-19.47 | $-42.12 | $-41.98 | $-34.60 | $-38.12 | $-35.33 | $-26.20 | $-19.38 | $-6.92 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $688020 | $688020 | $671135 | $734726 | $956287 | $1.0M | $1.2M | $1.5M | $1.9M | $3.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -100.64% |
| Return on Invested Capital | -86.59% |
| Return on Assets | -63.02% |
| Gross Margin | 100.00% |
| Operating Margin | -96.56% |
| Net Margin | -96.85% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 2.74 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -11.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -31.43 | -10.29 | -2.42 | -9.56 | -8.02 | -8.02 | -1.91 | -2.38 | -1.51 | -1.09 |
| P/B | 15.82 | 3.90 | 2.79 | 6.41 | 4.55 | 5.40 | 1.55 | 3.26 | 3.51 | 1.09 |
| P/S | 0.00 | 0.00 | 82.82 | 101.18 | 113.78 | 23.68 | 81.61 | 22.00 | 6.61 | 1.05 |
| Gross Margin | 0.0% | 0.0% | -2398.2% | -694.8% | -963.5% | 111.9% | 100.0% | -593.9% | 100.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | -3386.7% | -1063.2% | -1428.0% | -292.6% | -4275.1% | -949.9% | -446.9% | -96.6% |
| Net Margin | 0.0% | 0.0% | -3411.5% | -1061.2% | -1419.8% | -295.6% | -4257.8% | -924.1% | -438.0% | -96.9% |
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