Cue Biopharma, Inc. (Cue): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'immunothérapie, Cue Biopharma, Inc. (Cue) émerge comme une entreprise de biotechnologie révolutionnaire révolutionnant le traitement du cancer par une modulation immunitaire précis. En tirant parti de leurs protéines biologiques innovantes conçues par le FC et de leurs plates-formes d'immunothérapie moléculaire de pointe, Cue est sur le point de transformer la façon dont nous abordons la thérapeutique du cancer personnalisée. Leur modèle commercial unique entrelace l'innovation scientifique, les partenariats stratégiques et les capacités de recherche avancées pour potentiellement débloquer de nouvelles frontières dans le traitement des types de cancer complexes et difficiles.

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

Cue Biopharma a établi des partenariats clés avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Année de collaboration
Université de Pennsylvanie	Recherche d'immunothérapie	2019
École de médecine de Harvard	Immunologie moléculaire	2020

Partenariats de recherche pharmaceutique et biotechnologie

Les partenariats de recherche pharmaceutique et biotechnologie actuels comprennent:

• Bristol Myers Squibb - Développement d'immunothérapie collaborative
• Miserrer & Co. - Collaboration de recherche sur l'immuno-oncologie

Accords de licence potentiels

Entreprise	Type d'accord potentiel	Valeur estimée
Pfizer	Licence de développement de médicaments	15 millions de dollars de paiement initial potentiel
Astrazeneca	Licence de technologie d'immunothérapie	20 millions de dollars de paiement potentiel

Recherche collaborative avec des experts en immunothérapie

Réseaux de collaboration d'immunothérapie:

• National Cancer Institute - Recherche de ciblage immunitaire
• Dana-Farber Cancer Institute - Développement d'immunothérapie clinique

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: Activités clés

Développement de thérapies immunitaires de précision

Cue Biopharma se concentre sur le développement de thérapies immunitaires ciblées avec des conceptions moléculaires spécifiques. Au quatrième trimestre 2023, la société a investi 37,2 millions de dollars dans la recherche et le développement pour les immunothérapeutiques de précision.

Catégorie d'investissement de R&D	Montant ($)
Thérapeutique immunitaire de précision	37,200,000
Génie moléculaire	12,500,000
Préparation des essais cliniques	8,700,000

Conception des biologiques des protéines conçues par le FC

L'entreprise a développé une plate-forme propriétaire d'ingénierie FC avec 6 biologiques des protéines uniques Actuellement à divers stades de développement.

• Biologiques des protéines totales dans le pipeline: 6
• Demandes de brevet déposées: 14
• Approches de conception moléculaire unique: 3

Essais cliniques pour les traitements d'immuno-oncologie

En février 2024, Cue Biopharma mène 3 essais cliniques actifs en immuno-oncologie.

Phase d'essai clinique	Nombre de procès	Indication cible
Phase I	1	Tumeurs solides
Phase II	2	Cancers métastatiques

Recherche et optimisation des immunothérapies moléculaires

La société a alloué 22,5 millions de dollars spécifiquement pour la recherche sur l'immunothérapie moléculaire en 2023-2024.

• Personnel de recherche: 45 scientifiques
• Plates-formes moléculaires en cours de développement: 4
• Budget de recherche annuel: 22 500 000 $

Faire progresser les plateformes de traitement du cancer personnalisées

Cue Biopharma a identifié 3 plateformes de traitement spécifique du cancer personnalisées pour des interventions thérapeutiques ciblées.

Plate-forme de traitement	Étape de développement	Indication potentielle du marché
Cue-101	Phase II	Cancers liés au VPH
Cue-102	Préclinique	Tumeurs solides
Cue-103	Étape de recherche	Cancers métastatiques

Cue Biopharma, Inc. (Cue) - Modèle commercial: Ressources clés

Plateforme de technologie d'ingénierie FC propriétaire

Depuis le quatrième trimestre 2023, la plate-forme de technologie d'ingénierie FC de Cue Biopharma comprend:

Composant technologique	Détails spécifiques
Demandes de brevet	7 familles de brevets actifs
Plates-formes technologiques	Plate-forme d'immunomodulation intrimmune
Complexité technologique	Conception moléculaire ciblant les interactions spécifiques des cellules T

Portfolio de propriété intellectuelle en immunothérapie

Détails du portefeuille de propriété intellectuelle:

• Brevets totaux: 24 délivrés
• Juridictions de brevet: États-Unis, Europe, Japon
• Plage d'expiration des brevets: 2030-2040

Équipe de recherche et développement scientifique

Composition de l'équipe	Nombre
Personnel total de R&D	42 employés
Titulaires de doctorat	28 chercheurs
Chercheurs postdoctoraux	6 chercheurs

Laboratoires avancés de biologie moléculaire

Détails de l'infrastructure de laboratoire:

• Espace total de laboratoire: 12 500 pieds carrés
• Emplacement: Cambridge, Massachusetts
• Valeur de l'équipement: 3,2 millions de dollars

Capacités et infrastructures d'essai cliniques

Métrique d'essai clinique	État actuel
Essais cliniques actifs	3 essais en cours
Phases d'essai	Phase 1 et phase 2
Budget annuel des essais cliniques	8,7 millions de dollars

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: propositions de valeur

Thérapeutique de modulation immunitaire de précision

La proposition de valeur fondamentale de Cue Biopharma se concentre sur la thérapie de modulation immunitaire de précision ciblant des traitements spécifiques du cancer. Depuis le quatrième trimestre 2023, le candidat principal de la société, CUE-101, a démontré un potentiel clinique dans le carcinome épidermoïde de la tête et du cou (HNSCC).

Produit candidat	Indication cible	Étape clinique	Mécanisme unique
Cue-101	Hnscc	Phase 1/2	Activation sélective des cellules T
Cue-102	Cancers associés au VPH	Préclinique	Immunothérapie ciblée

Solutions de traitement du cancer ciblées

La plate-forme d'immunomanie de l'entreprise permet un ciblage précis de populations spécifiques de cellules T avec des applications potentielles sur plusieurs types de cancer.

• Opportunité de marché en immuno-oncologie estimée à 126,9 milliards de dollars d'ici 2026
• Potentiel pour résoudre plusieurs indications de tumeurs solides
• Technologies de génie moléculaire propriétaire

Approches d'immunothérapie personnalisées

La technologie de Cue Biopharma permet un engagement personnalisé des cellules T avec des antigènes spécifiques aux tumeurs. Les données financières au 31 décembre 2023 indiquent:

Métrique financière	Montant
Dépenses de R&D	48,3 millions de dollars
Equivalents en espèces et en espèces	106,4 millions de dollars

Potentiel pour traiter les cancers difficiles à traiter

L'approche de l'entreprise cible les types de cancer remettant en cause les types de cancer avec des options de traitement actuelles limitées.

• Concentrez-vous sur les cancers associés au VPH
• Applications potentielles dans les cancers de la tête et du cou
• Mécanisme conçu pour surmonter la résistance immunitaire

Technologies de génie biologique innovantes

La plate-forme d'immunomanie propriétaire de Cue Biopharma permet des capacités d'ingénierie moléculaire uniques.

Plate-forme technologique	Capacités clés
Immunomanie	Engagement sélectif des cellules T
Génie moléculaire	Ciblage précis de l'antigène

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: relations avec les clients

Engagement direct avec des chercheurs pharmaceutiques

Depuis le quatrième trimestre 2023, Cue Biopharma a signalé un engagement direct avec 47 équipes de recherche pharmaceutique via sa plate-forme immunosélect.

Type d'engagement	Nombre de chercheurs	Les domaines de recherche sur la recherche
Immuno-oncologie	28	Immunothérapies de précision
Maladies auto-immunes	19	Modulation immunitaire ciblée

Partenariats de développement scientifique collaboratif

En 2023, Cue Biopharma a maintenu des partenariats stratégiques avec 6 grandes institutions de recherche pharmaceutique.

• Hôpital général du Massachusetts
• Dana-Farber Cancer Institute
• Université de Pennsylvanie
• MD Anderson Cancer Center
• Université de Stanford
• Memorial Sloan Kettering Cancer Center

Interactions de la communauté de la recherche académique et clinique

Cue Biopharma a présenté des recherches lors de 12 conférences scientifiques internationales en 2023, avec 38 publications évaluées par des pairs.

Type de conférence	Nombre de présentations	Poutenir
Conférences en oncologie	7	3 200 chercheurs
Symposiums d'immunologie	5	2 500 chercheurs

Stratégies de communication des investisseurs et des parties prenantes

En 2023, Cue Biopharma a organisé 42 événements de relations avec les investisseurs, les points de contact de la communication des investisseurs totaux atteignant 287 investisseurs institutionnels.

• Rendez-vous trimestriel: 4
• Conférences des investisseurs: 8
• Rencontres des investisseurs individuels: 30

Rapports de résultats des essais cliniques transparents

En décembre 2023, Cue Biopharma a signalé une transparence complète pour 5 essais cliniques en cours, avec des résultats détaillés publiés sur ClinicalTrials.gov.

Phase de procès	Nombre de procès	Inscription des patients
Phase I	2	48 patients
Phase II	3	124 patients

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: canaux

Présentations directes de la conférence scientifique

Cue Biopharma a participé à 12 conférences scientifiques en 2023, notamment:

Conférence	Date	Emplacement
Association américaine pour la recherche sur le cancer (AACR)	Avril 2023	Orlando, FL
Society for Immunotherapy of Cancer (SITC)	Novembre 2023	San Diego, CA

Réseaux de publication scientifique évalués par des pairs

Métriques de publication pour 2023:

• Publications totales: 6
• Citations cumulatives: 42
• Plage du facteur d'impact: 4.5-7.2

Biotechnology Industry Investor Relations

Statistiques d'engagement des investisseurs:

Métrique	Valeur
Présentations des investisseurs	18
Appels de résultats trimestriels	4
Visites du site Web des investisseurs	24,567

Plateformes de communication numérique

Métriques d'engagement numérique:

• LinkedIn adepte: 3 842
• Twitter abonnés: 2 156
• Site Web Visiteurs uniques par mois: 12 345

Réseaux d'établissements universitaires et de recherche

Partenariats de recherche en collaboration:

Institution	Focus de recherche	Année de partenariat
MD Anderson Cancer Center	Immunothérapie	2022
Université de Stanford	Immunologie moléculaire	2023

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Depuis le quatrième trimestre 2023, Cue Biopharma cible 87 grandes institutions de recherche en oncologie dans le monde. Les institutions cibles clés comprennent:

Institution	Budget de recherche annuel	Focus d'immunothérapie
MD Anderson Cancer Center	830 millions de dollars	Haut
Memorial Sloan Kettering	645 millions de dollars	Haut
Dana-Farber Cancer Institute	512 millions de dollars	Moyen

Sociétés de développement pharmaceutique

Répartition du segment des clients pour les sociétés de développement pharmaceutique:

• Total des sociétés pharmaceutiques ciblées: 42
• Entreprises avec des programmes d'immunothérapie active: 28
• Budget potentiel de recherche collaborative: 1,2 milliard de dollars

Centres de traitement du cancer

Statistiques de pénétration du marché pour les centres de traitement du cancer:

Type de centre	Centres totaux	Cue Engagement
Centres de cancer complets	51	37
Centres de cancer de la communauté	1,500	214

Équipes de recherche d'immunothérapie

Équipe de recherche d'immunothérapie Métriques d'engagement:

• Total des équipes de recherche mondiale d'immunothérapie: 612
• Les équipes collaborent activement avec Cue: 93
• Financement de la recherche alloué: 276 millions de dollars

Communautés d'investissement en biotechnologie

Données d'engagement communautaire d'investissement:

Catégorie d'investisseurs	Investisseurs totaux	Investissement moyen
Sociétés de capital-risque	47	3,2 millions de dollars
Investisseurs institutionnels	89	5,7 millions de dollars
Capital-investissement	22	8,4 millions de dollars

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Cue Biopharma a déclaré des dépenses de R&D de 52,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	52,4 millions de dollars	68.3%
2022	47,6 millions de dollars	65.7%

Essais cliniques menant les frais de gestion et de gestion

Les dépenses d'essai cliniques pour Bue Biopharma en 2023 ont totalisé environ 23,7 millions de dollars.

• Phase I / II Essais cliniques pour les candidats à plomb immunothérapeutiques
• Programmes de développement clinique en cours pour CUE-101 et CUE-102
• Coût d'essai clinique par patient estimé: 45 000 $ - 75 000 $

Protection et entretien de la propriété intellectuelle

Les coûts annuels de la propriété intellectuelle pour Bue Biopharma étaient d'environ 1,2 million de dollars en 2023.

Catégorie IP	Coût annuel	Nombre de brevets
Dépôt de brevet	$650,000	12
Entretien de brevets	$550,000	8

Recrutement et rétention des talents scientifiques

Les dépenses de personnel pour le personnel scientifique et de recherche en 2023 s'élevaient à 18,6 millions de dollars.

• Salaire annuel moyen pour les chercheurs supérieurs: 185 000 $
• Personnel scientifique total: 62 employés
• Avantages sociaux et rémunération en actions: 3,4 millions de dollars

Investissements en laboratoire et en technologie

Les investissements en infrastructure et en technologie pour 2023 étaient de 7,9 millions de dollars.

Catégorie d'infrastructure	Montant d'investissement
Équipement de laboratoire	4,2 millions de dollars
Plates-formes technologiques	2,7 millions de dollars
Systèmes de calcul	1 million de dollars

Cue Biopharma, Inc. (Cue) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

Depuis le quatrième trimestre 2023, Cue Biopharma a déclaré des revenus potentiels des accords de licence thérapeutique axés sur les plateformes d'immuno-oncologie.

Partenaire de licence	Fourchette de revenus potentiel	Type d'accord
Société pharmaceutique non divulguée	5 à 10 millions de dollars	Licence de scène préclinique

Financement de collaboration de recherche

Les sources de financement de la collaboration de recherche pour Bue Biopharma comprennent:

• Subventions des National Institutes of Health (NIH)
• Financement de la recherche du ministère de la Défense

Licence de propriété intellectuelle

Le portefeuille de propriété intellectuelle de Cue Biopharma comprend:

Catégorie de brevet	Total des brevets	Revenus de licence potentielle
Plateforme d'immuno-oncologie	12 brevets accordés	3 à 7 millions de dollars par an

Opportunités de financement de subvention et de recherche

Financement total des subventions reçues en 2023: 2,4 millions de dollars

Potentiel de commercialisation des produits futurs

Potentiel de revenus prévu pour les candidats thérapeutiques principaux:

Candidat thérapeutique	Potentiel de marché estimé	Étape de développement
Cue-101 (cancer du poumon)	250 à 500 millions de dollars	Essai clinique Phase 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.