Cue Biopharma Rakes in $21.9M Q4 Collaboration Revenue, Wins $15M ImmunoScape Deal
Cue Biopharma reported Q4 collaboration revenue of $21.9 million, up from $1.6 million a year earlier, driven by a $15 million ImmunoScape licensing agreement. It advanced CUE-401 to IND readiness, raised $10.2 million net in a public offering, and finished 2025 with $27.1 million cash.
1. Financial Performance Highlights
Cue Biopharma recorded Q4 2025 collaboration revenue of $21.9 million versus $1.6 million in Q4 2024, led by the ImmunoScape license deal. Full-year collaboration revenue rose to $27.5 million from $9.3 million. R&D expenses increased to $16.5 million in Q4, while G&A expenses fell to $3.5 million. The company closed the year with $27.1 million in cash and equivalents.
2. ImmunoScape Collaboration Terms
The strategic collaboration and license agreement with ImmunoScape includes upfront payments totaling $15 million, of which $9.5 million was received in Q4 2025 and $5 million is due in November 2026. Cue Biopharma gained a 40% equity stake in ImmunoScape and is eligible for high-single-digit royalties on future cell therapy revenues for solid tumors.
3. CUE-401 IND Advancement and Corporate Updates
The company advanced CUE-401 through toxicology and pharmacology studies, showing no adverse events in non-GLP trials and reinforcing its therapeutic potential for autoimmune diseases. Cue plans a Virtual R&D Day to showcase CUE-401 progress. In addition, it appointed Lucinda Warren as Chief Financial and Business Officer and raised $10.2 million net in a public offering.