Cue Biopharma, Inc. (CUE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inmunoterapia, Cue BioPharma, Inc. (CUE) surge como una compañía de biotecnología innovadora que revoluciona el tratamiento del cáncer a través de la modulación inmune de precisión. Al aprovechar sus innovadoras biológicas de proteínas con ingeniería de FC y plataformas de inmunoterapia molecular de vanguardia, Cue está preparado para transformar cómo abordamos la terapéutica personalizada del cáncer. Su modelo de negocio único entrelazan la innovación científica, las asociaciones estratégicas y las capacidades de investigación avanzadas para desbloquear nuevas fronteras en el tratamiento de tipos de cáncer complejos y desafiantes.

Cue BioPharma, Inc. (Cue) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Cue BioPharma ha establecido asociaciones clave con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Año de colaboración
Universidad de Pensilvania	Investigación de inmunoterapia	2019
Escuela de Medicina de Harvard	Inmunología molecular	2020

Asociaciones de investigación farmacéutica y biotecnología

Las actuales asociaciones de investigación farmacéutica y de biotecnología incluyen:

• Bristol Myers Squibb - Desarrollo de inmunoterapia colaborativa
• Merck & Co. - Colaboración de investigación inmune -oncología

Posibles acuerdos de licencia

Compañía	Tipo de acuerdo potencial	Valor estimado
Pfizer	Licencia de desarrollo de drogas	Pago inicial potencial de $ 15 millones
Astrazeneca	Licencia de tecnología de inmunoterapia	Pagos de hitos potenciales de $ 20 millones

Investigación colaborativa con expertos en inmunoterapia

Redes de colaboración de inmunoterapia:

• Instituto Nacional del Cáncer - Investigación de focalización inmune
• Dana -Farber Cancer Institute - Desarrollo de inmunoterapia clínica

Cue BioPharma, Inc. (Cue) - Modelo de negocio: actividades clave

Desarrollo de la terapéutica inmune de precisión

Cue BioPharma se centra en desarrollar terapias inmunes dirigidas con diseños moleculares específicos. A partir del cuarto trimestre de 2023, la compañía ha invertido $ 37.2 millones en investigación y desarrollo para la inmunoterapia de precisión.

Categoría de inversión de I + D	Monto ($)
Terapéutica inmune de precisión	37,200,000
Ingeniería molecular	12,500,000
Preparación de ensayos clínicos	8,700,000

Diseño de biológicos proteicos diseñados por FC

La compañía ha desarrollado una plataforma patentada de ingeniería FC con 6 Biológicos de proteínas únicos Actualmente en varias etapas de desarrollo.

• Biológicos de proteínas totales en la tubería: 6
• Solicitudes de patente presentadas: 14
• Enfoques de diseño molecular únicos: 3

Ensayos clínicos para tratamientos de inmuno-oncología

A partir de febrero de 2024, Cue BioPharma está llevando a cabo 3 ensayos clínicos activos en inmuno-oncología.

Fase de ensayo clínico	Número de pruebas	Indicación objetivo
Fase I	1	Tumores sólidos
Fase II	2	Cánceres metastásicos

Investigación y optimización de inmunoterapias moleculares

La compañía ha asignado $ 22.5 millones específicamente para la investigación de inmunoterapia molecular en 2023-2024.

• Personal de investigación: 45 científicos
• Plataformas moleculares en desarrollo: 4
• Presupuesto de investigación anual: $ 22,500,000

Avance de las plataformas de tratamiento de cáncer personalizadas

Cue BioPharma ha identificado 3 plataformas específicas de tratamiento de cáncer personalizado para intervenciones terapéuticas dirigidas.

Plataforma de tratamiento	Etapa de desarrollo	Indicación del mercado potencial
Cue-101	Fase II	Cánceres relacionados con el VPH
Cue-102	Preclínico	Tumores sólidos
Cue-103	Etapa de investigación	Cánceres metastásicos

Cue BioPharma, Inc. (Cue) - Modelo de negocio: recursos clave

Plataforma de tecnología de ingeniería FC patentada

A partir del cuarto trimestre de 2023, la plataforma de tecnología de ingeniería FC de Cue BioPharma comprende:

Componente tecnológico	Detalles específicos
Solicitudes de patentes	7 familias de patentes activas
Plataformas tecnológicas	Plataforma de inmunomodulación Intrimmune ™
Complejidad tecnológica	Diseño molecular dirigido a interacciones específicas de células T

Cartera de propiedades intelectuales en inmunoterapia

Detalles de la cartera de propiedad intelectual:

• Patentes totales: 24 emitidos
• Jurisdicciones de patentes: Estados Unidos, Europa, Japón
• Rango de vencimiento de patentes: 2030-2040

Equipo de Investigación y Desarrollo Científico

Composición del equipo	Número
Personal total de I + D	42 empleados
Titulares de doctorado	28 investigadores
Investigadores postdoctorales	6 investigadores

Laboratorios de biología molecular avanzadas

Detalles de la infraestructura de laboratorio:

• Espacio de laboratorio total: 12,500 pies cuadrados
• Ubicación: Cambridge, Massachusetts
• Valor del equipo: $ 3.2 millones

Capacidades e infraestructura de ensayos clínicos

Métrico de ensayo clínico	Estado actual
Ensayos clínicos activos	3 pruebas en curso
Fases de prueba	Fase 1 y Fase 2
Presupuesto anual de ensayo clínico	$ 8.7 millones

Cue BioPharma, Inc. (Cue) - Modelo de negocio: propuestas de valor

Terapéutica de modulación inmune de precisión

La proposición de valor central de Cue BioPharma se centra en la terapéutica de modulación inmune de precisión dirigida a tratamientos específicos para el cáncer. A partir del cuarto trimestre de 2023, el candidato principal del producto de la compañía, Cue-101, demostró potencial clínico en el carcinoma de células escamosas (HNSCC) de la cabeza y el cuello.

Candidato al producto	Indicación objetivo	Estadio clínico	Mecanismo único
Cue-101	HNSCC	Fase 1/2	Activación selectiva de células T
Cue-102	Cánceres asociados al VPH	Preclínico	Inmunoterapia dirigida

Soluciones de tratamiento de cáncer dirigidas

La plataforma de inmunománía de la compañía permite una orientación precisa de poblaciones específicas de células T con posibles aplicaciones en múltiples tipos de cáncer.

• Oportunidad de mercado en inmuno-oncología estimada en $ 126.9 mil millones para 2026
• Potencial para abordar múltiples indicaciones tumorales sólidas
• Tecnologías de ingeniería molecular patentada

Enfoques de inmunoterapia personalizados

La tecnología de Cue BioPharma permite el compromiso personalizado de las células T con antígenos específicos de tumores. Los datos financieros al 31 de diciembre de 2023 indican:

Métrica financiera	Cantidad
Gastos de I + D	$ 48.3 millones
Equivalentes de efectivo y efectivo	$ 106.4 millones

Potencial para tratar los cánceres difíciles de tratar

El enfoque de la compañía se dirige a tipos de cáncer desafiantes con opciones de tratamiento actuales limitadas.

• Centrarse en los cánceres asociados con el VPH
• Aplicaciones potenciales en cánceres de cabeza y cuello
• Mecanismo diseñado para superar la resistencia inmune

Tecnologías innovadoras de ingeniería biológica

La plataforma de inmunománía patentada de Cue BioPharma permite capacidades únicas de ingeniería molecular.

Plataforma tecnológica	Capacidades clave
Inmunománía	Compromiso selectivo de células T
Ingeniería molecular	Orientación de antígeno preciso

Cue BioPharma, Inc. (Cue) - Modelo de negocios: relaciones con los clientes

Compromiso directo con investigadores farmacéuticos

A partir del cuarto trimestre de 2023, Cue BioPharma informó un compromiso directo con 47 equipos de investigación farmacéutica a través de su plataforma inmunoselecta.

Tipo de compromiso	Número de investigadores	Áreas de enfoque de investigación
Inmuno-oncología	28	Inmunoterapias de precisión
Enfermedades autoinmunes	19	Modulación inmune dirigida

Asociaciones de desarrollo científico colaborativo

En 2023, Cue BioPharma mantuvo asociaciones estratégicas con 6 principales instituciones de investigación farmacéutica.

• Hospital General de Massachusetts
• Instituto del Cáncer Dana-Farber
• Universidad de Pensilvania
• Centro de cáncer de MD Anderson
• Universidad de Stanford
• Memorial Sloan Kettering Cancer Center

Interacciones de la comunidad de investigación académica y clínica

Cue Biopharma presentó investigación en 12 conferencias científicas internacionales en 2023, con 38 publicaciones revisadas por pares.

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias oncológicas	7	3.200 investigadores
Simposios de inmunología	5	2.500 investigadores

Estrategias de comunicación de inversores y partes interesadas

En 2023, Cue Biopharma realizó 42 eventos de relaciones con los inversores, con puntos de contacto de comunicación de inversores totales que alcanzan 287 inversores institucionales.

• Llamadas de ganancias trimestrales: 4
• Conferencias de inversores: 8
• Reuniones de inversores individuales: 30

Informes de resultados de ensayos clínicos transparentes

A diciembre de 2023, Cue BioPharma informó transparencia completa para 5 ensayos clínicos en curso, con resultados detallados publicados en ClinicalTrials.gov.

Fase de prueba	Número de pruebas	Inscripción del paciente
Fase I	2	48 pacientes
Fase II	3	124 pacientes

Cue BioPharma, Inc. (Cue) - Modelo de negocio: canales

Presentaciones de conferencias científicas directas

Cue Biopharma participó en 12 conferencias científicas en 2023, que incluyen:

Conferencia	Fecha	Ubicación
Asociación Americana para la Investigación del Cáncer (AACR)	Abril de 2023	Orlando, FL
Sociedad de Inmunoterapia de Cáncer (SITC)	Noviembre de 2023	San Diego, CA

Redes de publicaciones científicas revisadas por pares

Métricas de publicación para 2023:

• Publicaciones totales: 6
• Citas acumulativas: 42
• Rango de factor de impacto: 4.5-7.2

Relaciones con inversores de la industria biotecnología

Estadísticas de participación del inversor:

Métrico	Valor
Presentaciones de inversores	18
Llamadas de ganancias trimestrales	4
Visitas en el sitio web de los inversores	24,567

Plataformas de comunicación digital

Métricas de compromiso digital:

• Seguidores de LinkedIn: 3.842
• Seguidores de Twitter: 2,156
• Sitio web Visitantes únicos por mes: 12,345

Redes de instituciones académicas e de investigación

Asociaciones de investigación colaborativa:

Institución	Enfoque de investigación	Año de asociación
Centro de cáncer de MD Anderson	Inmunoterapia	2022
Universidad de Stanford	Inmunología molecular	2023

Cue BioPharma, Inc. (Cue) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir del cuarto trimestre de 2023, Cue Biopharma se dirige a 87 Instituciones de Investigación de Oncología Principales a nivel mundial. Las instituciones objetivo clave incluyen:

Institución	Presupuesto de investigación anual	Enfoque de inmunoterapia
Centro de cáncer de MD Anderson	$ 830 millones	Alto
Memorial Sloan Kettering	$ 645 millones	Alto
Instituto del Cáncer Dana-Farber	$ 512 millones	Medio

Empresas de desarrollo farmacéutico

Desglose del segmento de clientes para empresas de desarrollo farmacéutico:

• Compañías farmacéuticas totales dirigidas: 42
• Empresas con programas de inmunoterapia activos: 28
• Presupuesto de investigación colaborativa potencial: $ 1.2 mil millones

Centros de tratamiento del cáncer

Estadísticas de penetración del mercado para centros de tratamiento del cáncer:

Tipo central	Centros totales	Compromiso de la señal
Centros de cáncer integrales	51	37
Centros de cáncer comunitario	1,500	214

Equipos de investigación de inmunoterapia

Métricas de participación del equipo de investigación de inmunoterapia:

• Equipos de investigación de inmunoterapia global total: 612
• Equipos colaborando activamente con la señal: 93
• Financiación de investigación asignada: $ 276 millones

Comunidades de inversión biotecnológica

Datos de participación de la comunidad de inversiones:

Categoría de inversionista	Total de inversores	Inversión promedio
Empresas de capital de riesgo	47	$ 3.2 millones
Inversores institucionales	89	$ 5.7 millones
Capital privado	22	$ 8.4 millones

Cue BioPharma, Inc. (Cue) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Cue BioPharma reportó gastos de I + D de $ 52.4 millones, que representan una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 52.4 millones	68.3%
2022	$ 47.6 millones	65.7%

Costos de realización y gestión de ensayos clínicos

Los gastos de ensayo clínico para CUE BioPharma en 2023 totalizaron aproximadamente $ 23.7 millones.

• Ensayos clínicos de fase I/II para candidatos inmunoterapéuticos de plomo
• Programas de desarrollo clínico en curso para Cue-101 y Cue-102
• Costo estimado de ensayo clínico por paciente: $ 45,000- $ 75,000

Protección y mantenimiento de la propiedad intelectual

Los costos anuales de propiedad intelectual para Cue Biofarma fueron aproximadamente $ 1.2 millones en 2023.

Categoría de IP	Costo anual	Número de patentes
Presentación de patentes	$650,000	12
Mantenimiento de patentes	$550,000	8

Reclutamiento y retención de talento científico

Los gastos de personal para el personal científico y de investigación en 2023 ascendieron a $ 18.6 millones.

• Salario anual promedio para científicos de investigación senior: $ 185,000
• Personal científico total: 62 empleados
• Beneficios para empleados y compensación basada en acciones: $ 3.4 millones

Inversiones de infraestructura de laboratorio y tecnología

Las inversiones en infraestructura y tecnología para 2023 fueron de $ 7.9 millones.

Categoría de infraestructura	Monto de la inversión
Equipo de laboratorio	$ 4.2 millones
Plataformas tecnológicas	$ 2.7 millones
Sistemas computacionales	$ 1 millón

Cue BioPharma, Inc. (Cue) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir del cuarto trimestre de 2023, Cue BioPharma reportó ingresos potenciales de los acuerdos de licencia terapéutica centrados en las plataformas de inmuno-oncología.

Socio de licencia	Rango de ingresos potenciales	Tipo de acuerdo
Compañía farmacéutica no revelada	$ 5-10 millones por adelantado	Licencia de etapa preclínica

Financiación de la colaboración de investigación

Fuentes de financiación de colaboración de investigación para Cue BioPharma incluyen:

• Subvenciones de los Institutos Nacionales de Salud (NIH)
• Financiación del Departamento de Investigación del Departamento de Defensa

Licencia de propiedad intelectual

La cartera de propiedad intelectual de Cue BioPharma incluye:

Categoría de patente	Patentes totales	Ingresos potenciales de licencia
Plataforma de inmuno-oncología	12 patentes otorgadas	$ 3-7 millones anualmente

Oportunidades de financiación de subvenciones e investigación

Financiación total de la subvención recibida en 2023: $ 2.4 millones

Potencial de comercialización de productos futuros

Potencial de ingresos proyectados para candidatos terapéuticos con plomo:

Candidato terapéutico	Potencial de mercado estimado	Etapa de desarrollo
Cue-101 (cáncer de pulmón)	$ 250-500 millones	Ensayo clínico Fase 2

Cue Biopharma, Inc. (CUE) - Canvas Business Model: Value Propositions

The core value proposition of Cue Biopharma, Inc. centers on its proprietary Immuno-STAT® platform, which is designed to selectively engage and modulate disease-specific T cells directly in the body, aiming to avoid the adverse effects of broad systemic immune modulation.

Selective T cell modulation to reduce systemic toxicity in cancer and autoimmune disease.

The platform's design seeks to harness the body's intrinsic immune system with precision. This approach is engineered to provide a therapeutic index for cytokines like IL-2 by selectively targeting anti-tumor T cells, which presents a broad opportunity for addressing many cancers. The platform's strategy for creating this therapeutic index can be deployed for any other cytokine or immune activation signal.

CUE-401 designed to re-establish immune tolerance for autoimmune diseases.

CUE-401, the Company's lead autoimmune asset, is engineered as a tolerogenic bifunctional molecule. It harnesses the power of transforming growth factor beta (TGF-$\beta$) and interleukin 2 (IL-2) to re-establish immune tolerance and balance. Preclinical models suggest CUE-401 effectively converts inflammatory cells into regulatory ones, addressing the underlying dysfunction driving autoimmune diseases by creating a "tolerance positive feedback loop." The Company received positive Pre-Investigational New Drug (Pre-IND) feedback from the FDA regarding the planned first-in-human trial for CUE-401.

CUE-101 showing a confirmed 50% overall response rate in Phase 1b HPV+ cancer.

Clinical validation of the Immuno-STAT platform is demonstrated through CUE-101. In the expansion portion of the Phase 1 trial evaluating CUE-101 at the recommended Phase 2 dose of 4 mg/kg in combination with pembrolizumab in first-line patients (data cutoff of July 14, 2025), the results were compelling compared to historical data. You can see the key metrics here:

Metric	CUE-101 Combination (Data Cutoff July 14, 2025)	Historical KEYNOTE-048 (Pembrolizumab Alone)
Confirmed Overall Response Rate (ORR) for CPS $\ge 1$	50% (2 Complete Responses, 10 Partial Responses)	19%
12-Month Overall Survival (OS) Rate	88%	57%
Median Overall Survival (mOS)	32 months	12.3 months

The ORR of 50% was also confirmed in patients with low PD-L1 expression CPS (1-19). This favorable survival data represents a reduction in the risk of death (HR 0.23) compared to historical data.

Modular platform design enabling rapid pipeline expansion.

The platform's modularity allows for the development of additional pipeline assets, de-risking the overall program. This is evidenced by recent strategic business development activities and the existing pipeline:

• Announced a strategic collaboration and license agreement with ImmunoScape, for which Cue Biopharma is entitled to receive upfront payments totaling $15M, with $10M expected in Q4 2025 and $5M in November 2026.
• Cue Biopharma also secured a 40% equity stake in ImmunoScape as part of this deal.
• The CUE-100 series supports platform expansion into broad indications, with CUE-102 currently in trials for WT-1+ recurrent cancers (ovarian, CRC, gastric, pancreatic).
• Additional pipeline assets are planned to target mutated KRAS, MAGE-A4, PRAME, and others.

Financially, the collaboration revenue for the three months ended September 30, 2025, was $2.1 million, reflecting the ongoing value derived from these partnerships, even as the nine-month net loss narrowed to $28.19 million compared to $31.18 million a year ago.

Cue Biopharma, Inc. (CUE) - Canvas Business Model: Customer Relationships

You're looking at how Cue Biopharma, Inc. manages its critical relationships, which are almost entirely centered on strategic alliances and the scientific community, given its clinical-stage status. It's about validation and shared risk.

Strategic, long-term collaboration management with large pharmaceutical partners

The core of Cue Biopharma, Inc.'s external relationship strategy is securing and managing high-value, non-dilutive funding through partnerships. These deals validate the Immuno-STAT® platform and provide the necessary capital to advance the pipeline, especially the autoimmune assets.

The relationship with Boehringer Ingelheim (BI) for CUE-501, announced in Q1 2025, is a prime example. This strategic collaboration and license agreement brought in an upfront payment of $12 million, with potential milestone payments reaching ~$345 million. This deal is crucial for developing the B cell depletion therapy for autoimmune and inflammatory diseases.

More recently, in Q4 2025, a new strategic collaboration and license agreement was struck with ImmunoScape to develop a cell therapy approach for solid tumors. This deal is structured to provide upfront payments totaling $15 million, with $10 million expected in Q4 2025 and an additional $5 million scheduled for November 2026. This partnership also included Cue Biopharma, Inc. receiving a 40% equity stake in ImmunoScape.

Relationship management also involves strategic divestiture and regaining control. For instance, the agreement with Ono Pharmaceutical Co., Ltd. for CUE-401 was terminated in March 2025, allowing Cue Biopharma, Inc. to retain all rights to its lead autoimmune asset. Similarly, the Ninth Amendment to the LG Chem Collaboration Agreement in March 2025 saw Cue Biopharma, Inc. regain its rights to the CUE-101 program in the LG Chem Territory.

Here's a look at the recent partnership activity:

Partner	Asset/Focus	Upfront Payment (USD)	Potential Milestones (USD)	Key Date/Status
Boehringer Ingelheim	CUE-501 (B cell depletion)	$12,000,000	~$345,000,000	Announced Q1 2025
ImmunoScape	Cell Therapy ('Seed-and-Boost')	$15,000,000 (Total)	Not specified	Announced Q3/Q4 2025
Ono Pharmaceutical	CUE-401 (Autoimmune)	Undisclosed (Upfront received)	N/A	Terminated March 2025

High-touch engagement with the scientific and medical community (KOLs)

Engagement with Key Opinion Leaders (KOLs) is used to build credibility and communicate the potential of the Immuno-STAT® platform, especially as CUE-401 moves toward the clinic. This is a direct, focused relationship style, not broad marketing.

Cue Biopharma, Inc. hosted a Novel Biologics Portfolio Virtual Event on May 15, 2025, which featured two prominent KOLs to highlight preclinical data for CUE-401 and updates on CUE-100 series oncology programs.

• Richard DiPaolo, PhD (Saint Louis University) participated in the May 2025 event.
• Andrew Cope, MD, PhD (Centre for Rheumatic Diseases, King's College London) participated in the May 2025 event.

The clinical data shared with this community is a key relationship driver. For example, the CUE-101 + pembrolizumab Phase 1 HNSCC study reported a 50% ORR in patients with low CPS scores and a 12-month OS of 88%.

Investor relations focused on clinical milestones and cash runway extension

Investor relations communication is tightly linked to achieving financing milestones and demonstrating operational discipline to extend the cash runway. The focus is on non-dilutive capital events and expense management.

The company actively manages investor perception around its financial stability. Following a 25% workforce reduction and strategic realignment announced in 2024, the projected annualized cash burn was reduced to approximately $30 million for fiscal year 2025. This discipline, combined with partnership proceeds, extended the cash runway to an estimated 3-4 quarters as of June 30, 2025.

Financially, Cue Biopharma, Inc. bolstered its position by raising gross proceeds of approximately $20 million in a follow-on public offering in April 2025. As of March 31, 2025, cash and cash equivalents stood at $13.1 million, growing to $27.49 million by June 30, 2025.

The narrative for investors in late 2025 centers on the ImmunoScape deal providing non-dilutive capital and the expected $10 million cash inflow in Q4 2025 from that upfront payment. Despite Q3 2025 collaboration revenue slipping to $2.149 million, the net loss narrowed to $7.45 million, beating consensus EPS estimates. Analyst sentiment remains positive, with each of the three firms covering the stock issuing a 'buy' or 'strong buy' rating, and their average target price sitting nearly 83% above the recent close.

Key financial and investor metrics as of late 2025:

• Cash and Cash Equivalents (March 31, 2025): $13.1 million.
• Cash Reserves (June 30, 2025): $27.49 million.
• Projected Annualized Cash Burn (FY 2025): $30 million.
• Expected Cash Inflow (Q4 2025 from ImmunoScape): $10,000,000.
• Q3 2025 Collaboration Revenue: $2.149 million.
• Analyst Coverage: 3 firms with 'buy' or 'strong buy' ratings.

Finance: draft 13-week cash view by Friday.

Cue Biopharma, Inc. (CUE) - Canvas Business Model: Channels

You're looking at how Cue Biopharma, Inc. gets its value propositions-novel biologics that selectively engage T cells-out to the world, which for a clinical-stage biotech means partners, clinical sites, and the financial markets. It's all about external validation and funding to keep the pipeline moving.

Direct licensing and collaboration agreements with global pharma companies

Cue Biopharma, Inc. uses strategic partnerships as a primary channel to advance and fund its drug candidates. These deals provide non-dilutive capital and external expertise for development and commercialization. The company announced a significant strategic collaboration and license agreement with Boehringer Ingelheim International GmbH (BI) for CUE-501 in April 2025. This channel also includes a new agreement with ImmunoScape announced in late 2025.

Here's a look at the financial impact and structure of these key external channels as of late 2025:

Partner/Agreement	Asset/Focus	Upfront Payment (USD)	Potential Milestones (USD)	Key Timing/Equity
Boehringer Ingelheim	CUE-501	$12 million	~$345 million	Announced April 2025
ImmunoScape	Cell Therapy (Seed-and-Boost)	$15 million total	Not specified	$10 million expected in Q4 2025; 40% equity stake in ImmunoScape
Ono Pharmaceutical	Autoimmune Program (CUE-401)	N/A	N/A	Agreement terminated in March 2025

The flow of cash from these channels directly impacts operations; for instance, Cue Biopharma, Inc. received the $12 million upfront fee from BI in April 2025, supplementing capital raised from the public markets. Collaboration revenue for the three months ended September 30, 2025, was $2.1 million, a decrease from $3.3 million in the same period in 2024, reflecting the timing of revenue recognition from past deals like the Ono agreement.

Clinical trial sites for drug candidate testing and data generation

Clinical trial sites are the essential physical channel for generating the data needed to prove the value proposition of the Immuno-STAT® platform. The company's most advanced asset, CUE-101 (from the CUE-100 series), is being tested in Phase 1 trials for HPV+ recurrent/metastatic head and neck squamous cell carcinoma (HNSCC). The FDA feedback received on the Pre-IND Briefing Document for the lead autoimmune asset, CUE-401, signals the next major step for that program through clinical sites.

Data generated from these sites is crucial for attracting future partners and investors. Highlights from the CUE-101 trial as of the July 14, 2025, data cutoff include:

• Objective Response Rate (ORR) of 50% in patients with Combined Positive Score (CPS) $\ge$1.
• 12-month overall survival (OS) of 88%, compared to 57% in historical data.
• Median overall survival (mOS) of 32 months, compared to 12.3 months historically.

These clinical activities are a major component of spending. Research and development expenses for Q3 2025 were $4.8 million, which was primarily due to decreases in clinical trial costs for the CUE-100 series compared to Q3 2024's $9.4 million. You see the cost of this channel reflected in the R&D line item.

Scientific publications and conferences to disseminate clinical data

Dissemination through peer-reviewed channels and scientific forums validates the science and informs the medical community, which is a necessary precursor to broad adoption or licensing. Cue Biopharma, Inc. actively uses these channels to communicate its platform's potential.

Recent and upcoming dissemination activities in 2025 include:

• Poster Presentation at the ASGCT Annual Meeting in May, 2025.
• Publication in the Journal of Virology in August, 2025.
• Poster Presentation at the Cytokines (ICIS) Annual Meeting in November, 2025, focusing on CUE-401.

This communication channel supports the narrative for the autoimmune asset, CUE-401, which is uniquely engineered to harness TGF-$\beta$ and IL-2 signals to re-establish immune tolerance.

Investor presentations and financial reporting (Nasdaq: CUE)

The public market channel is vital for securing the necessary capital to fund the R&D and clinical trial channels. Cue Biopharma, Inc. reports its financial status regularly on the Nasdaq exchange under the ticker CUE. The company executed a capital raise to bolster its position.

Key financial metrics reported through this channel as of late 2025:

• Cash and cash equivalents as of March 31, 2025: $13.1 million.
• Net proceeds raised from an underwritten public offering in April 2025: approximately $18 million.
• Q3 2025 net loss: $7.4 million on operating expenses of $9.7 million.
• Market Capitalization as of December 5, 2025: $43,211,270.
• Stock price on December 1, 2025: $0.595.

The short sale ratio as of November 28, 2025, stood at 29.82%, indicating a level of bearish sentiment in the market. Finance: draft 13-week cash view by Friday.

Cue Biopharma, Inc. (CUE) - Canvas Business Model: Customer Segments

You're looking at the specific groups Cue Biopharma, Inc. (CUE) targets with its novel T-cell engaging biologics, which is crucial for understanding their path to revenue.

Global pharmaceutical and biotechnology companies seeking novel immunotherapies represent a primary segment, particularly those looking to bolster pipelines against the backdrop of a looming patent cliff, which put an estimated US$300 billion in revenue at risk for major players between 2023 through 2028. These potential partners are active, with venture financing deal value in the biotech industry reaching $3.1bn in Q3 2025. Cue Biopharma, Inc. (CUE) has already executed deals, securing an upfront payment of $12 million from Boehringer Ingelheim for CUE-501 and an agreement with ImmunoScape for upfront payments totaling $15M. The broader cancer immunotherapy market is valued at an estimated $136.39 billion in 2025, expected to reach $338.40 billion by 2034. Another estimate places the global market size at $253.48 billion in 2025.

Oncologists and specialists treating recurrent/metastatic HPV+ cancers are the immediate clinical focus, driven by the data from CUE-101. The target patient population is significant; across 7MM markets, there were an estimated 170K incident cases of head and neck cancer in 2024, with nearly 150K being HNSCC. Specifically, in the US in 2024, approximately 20K cases of HPV+ Oropharyngeal Squamous Cell Carcinoma (OPSCC) were reported, over 70% of which were regional stages (III-IVB). Clinical results for CUE-101 in combination with pembrolizumab showed a 50% overall response rate (ORR) in treatment-naïve patients with HPV-positive recurrent/metastatic HNSCC. This efficacy is highlighted by a 12-month overall survival rate of 88% and an estimated median overall survival (mOS) of 32 months, which represents a significant reduction in the risk of death (HR 0.23) compared to historical data of 19% ORR with pembrolizumab alone.

Autoimmune disease specialists for future CUE-401 and CUE-501 therapies represent a future, high-potential segment. Cue Biopharma, Inc. (CUE) is advancing CUE-401, its lead autoimmune asset, toward the clinic. The company received FDA feedback reinforcing its intention to advance the Investigational New Drug (IND) submission for CUE-401. CUE-501, for autoimmune and inflammatory diseases, is being developed in collaboration with Boehringer Ingelheim.

Equity investors in the high-risk, high-reward clinical-stage biotech sector monitor the company's financial health and clinical milestones closely. As of the third quarter ended September 30, 2025, Cue Biopharma, Inc. (CUE) reported collaboration revenue of $2.1 million and a net loss of $7.4 million for the quarter. The company bolstered its position by raising approximately $18.0 million in net proceeds through a public offering in April 2025. Cash and cash equivalents stood at $13.1 million as of March 31, 2025. The Zacks Industry Rank for Medical - Biomedical and Genetics is currently in the top 34% of over 250 Zacks industries.

Here's a quick view of the customer segments and relevant metrics:

Customer Segment	Key Metric/Data Point	Associated Cue Biopharma, Inc. (CUE) Asset/Event
Global Pharma/Biotech	Global Cancer Immunotherapy Market Size: $136.39 billion (2025 Est.)	CUE-501/CUE-401 Partnering Potential
Oncologists/Specialists (HPV+ HNSCC)	CUE-101 ORR: 50% in treatment-naïve patients	CUE-101 (CUE-100 Series)
Oncologists/Specialists (HPV+ HNSCC)	Historical ORR for pembrolizumab alone: 19%	CUE-101 Clinical Data Comparison
Autoimmune Specialists	Upfront Payment from BI Collaboration: $12 million	CUE-501 (with Boehringer Ingelheim)
Equity Investors	Q3 2025 Net Loss: $7.4 million	Recent Financial Performance
Equity Investors	Capital Raised (April 2025): $18.0 million	Balance Sheet Strength

The immediate clinical target group for CUE-101 is defined by the need for better outcomes in recurrent/metastatic HPV+ HNSCC, where the 32 months estimated median overall survival is a key differentiator. For the broader autoimmune segment, the company is advancing CUE-401, which is designed as a tolerogenic bifunctional molecule harnessing TGF-β and IL-2.

You'll want to track the cash burn rate, as R&D expenses were $4.8 million for the three months ended September 30, 2025. Finance: draft 13-week cash view by Friday.

Cue Biopharma, Inc. (CUE) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business as of late 2025, which is heavily weighted toward research and development, as is typical for a clinical-stage biopharma. The company has been actively managing these costs following a major restructuring in 2024.

The most immediate figures come from the third quarter of 2025, showing where the operating cash was being spent:

Expense Category	Q3 2025 Amount (USD)	Q3 2024 Amount (USD)
Research and Development (R&D) Expenses	\$4.8 million	\$9.4 million
General and Administrative (G&A) Expenses	\$4.9 million	\$2.9 million
Total Operating Expenses (Q3 2025)	\$9.60 million	N/A
Net Loss (Q3 2025)	\$7.45 million	N/A

The R&D spend reduction from the prior year's quarter is notable, but the G&A increase in Q3 2025 needs a closer look. Honestly, that jump suggests one-time costs hit that quarter.

Here's a breakdown of the key cost drivers and related financial context:

• High Research and Development expenses, totaling \$4.8 million in Q3 2025.
• General and Administrative expenses, totaling \$4.9 million in Q3 2025, an increase driven primarily by a one-time employee severance accrual in September 2025, plus higher professional fees.
• Clinical trial costs for the CUE-100 series decreased in Q3 2025 compared to Q3 2024.
• IND-enabling studies for CUE-401 were anticipated to initiate in the first half of 2025.

Personnel costs are a central element of the cost structure, especially given the recent restructuring efforts. The company made a significant move to control this burn rate.

Here's the quick math on the workforce impact:

• A workforce realignment in July 2024 involved an approximately 25% reduction of staff across research, development, and G&A.
• This reduction, combined with other operational efficiencies, was projected to reduce fiscal year 2025 operating expenses by approximately 25%.
• The goal of this cost control was to achieve a projected annual cash burn of approximately \$30 million for 2025.
• Decreases in employee compensation, including stock-based compensation, were cited as a reason for lower R&D expenses in Q3 2025 compared to Q3 2024.

What this estimate hides is the impact of the one-time severance accrual in Q3 2025, which temporarily inflated G&A despite the underlying personnel cost savings from the 2024 reduction. Finance: draft 13-week cash view by Friday.

Cue Biopharma, Inc. (CUE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cue Biopharma, Inc. brings in cash right now, late in 2025. It's heavily weighted on these strategic deals, which is typical for a clinical-stage biotech. Honestly, the numbers show a clear shift in focus and revenue recognition based on recent agreements.

The collaboration revenue is the most immediate, recurring piece of the puzzle, though it can fluctuate based on when milestones are hit or when specific development activities are billed under the agreements. For the third quarter ended September 30, 2025, Cue Biopharma reported collaboration revenue of \$2.1 million. That was down from \$3.3 million in the third quarter of 2024. This dip was directly tied to the timing of revenue recognition from the Boehringer Ingelheim International GmbH (BI) agreement in 2025 versus the Ono Collaboration revenue recognized in 2024.

The big news driving near-term cash flow is the new license agreement with ImmunoScape, announced in November 2025. This deal is structured to provide immediate capital infusion.

Here's the quick math on the upfront payments secured from these key partnerships:

Revenue Source	Type of Payment	Amount (USD)	Timing/Notes
ImmunoScape Collaboration	Upfront Payment (Total)	\$15 million	\$10 million expected in Q4 2025
ImmunoScape Collaboration	Upfront Payment (Future)	\$5 million	Due in November 2026
Boehringer Ingelheim (BI) Collaboration	Upfront Payment	\$12 million	Received following the April 14, 2025 announcement

Beyond the upfront cash, the long-term value is baked into the potential for future payments. This is where the real upside lives, contingent on clinical and commercial success. You need to track these potential streams closely.

The structure of potential future revenue streams includes:

• Potential milestone payments from the Boehringer Ingelheim agreement totaling approximately \$345 million.
• Eligibility for high-single-digit royalty payments on net sales from the ImmunoScape collaboration.
• Additional milestone payments tied to the ImmunoScape deal, though the exact structure beyond the upfront is not detailed as clearly as the BI milestones.

The ImmunoScape deal also nets Cue Biopharma a 40% equity stake in ImmunoScape, which isn't a direct revenue stream but represents a significant asset value tied to that partnership's success. What this estimate hides is that milestone achievement is never guaranteed; it's a probability-weighted asset, not cash in the bank.

Finance: draft 13-week cash view by Friday.