Cue Biopharma, Inc. (Cue): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da imunoterapia, a Cue Biopharma, Inc. (CUE) surge como uma empresa inovadora de biotecnologia que revoluciona o tratamento do câncer por meio da modulação imunológica de precisão. Ao alavancar suas inovadoras plataformas de imunoterapia molecular de vanguarda e plataformas de imunoterapia molecular, a CUE está pronta para transformar a maneira como abordamos a terapêutica personalizada do câncer. Seu modelo de negócios exclusivo entrelaça a inovação científica, as parcerias estratégicas e os recursos avançados de pesquisa para potencialmente desbloquear novas fronteiras no tratamento de tipos complexos e desafiadores de câncer.

Cue Biopharma, Inc. (Cue) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A CUE Biopharma estabeleceu parcerias importantes com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Ano de colaboração
Universidade da Pensilvânia	Pesquisa de imunoterapia	2019
Escola de Medicina de Harvard	Imunologia molecular	2020

Parcerias de pesquisa farmacêutica e biotecnologia

As parcerias de pesquisa farmacêutica e biotecnológica atuais incluem:

• Bristol Myers Squibb - Desenvolvimento de imunoterapia colaborativa
• Merck & Co. - Colaboração de pesquisa imune -oncológica

Acordos de licenciamento em potencial

Empresa	Tipo de contrato potencial	Valor estimado
Pfizer	Licença de desenvolvimento de medicamentos	US $ 15 milhões em potencial pagamento inicial
AstraZeneca	Licença de tecnologia de imunoterapia	US $ 20 milhões em potenciais pagamentos marcantes

Pesquisa colaborativa com especialistas em imunoterapia

Redes de colaboração de imunoterapia:

• National Cancer Institute - Pesquisa de segmentação imunológica
• Instituto de Câncer Dana -Farber - Desenvolvimento de Imunoterapia Clínica

Cue Biopharma, Inc. (Cue) - Modelo de negócios: Atividades -chave

Desenvolvimento de terapêutica imunológica de precisão

A CUE Biopharma se concentra no desenvolvimento de terapias imunológicas direcionadas com desenhos moleculares específicos. A partir do quarto trimestre de 2023, a empresa investiu US $ 37,2 milhões em pesquisa e desenvolvimento para imunoterapêuticos de precisão.

Categoria de investimento em P&D	Valor ($)
Terapêutica imunológica de precisão	37,200,000
Engenharia Molecular	12,500,000
Preparação de ensaios clínicos	8,700,000

Projeto de proteínas biológicas de proteínas engenhadas em FC

A empresa desenvolveu uma plataforma proprietária de engenharia FC com 6 biológicos exclusivos de proteínas Atualmente em vários estágios de desenvolvimento.

• Total de proteínas biológicas no pipeline: 6
• Pedidos de patente arquivados: 14
• Abordagens exclusivas de design molecular: 3

Ensaios clínicos para tratamentos de imuno-oncologia

Em fevereiro de 2024, a sugestão biopharma está conduzindo 3 ensaios clínicos ativos em imuno-oncologia.

Fase de ensaios clínicos	Número de ensaios	Indicação alvo
Fase I.	1	Tumores sólidos
Fase II	2	Cânceres metastáticos

Pesquisa e otimização de imunoterapias moleculares

A empresa alocou US $ 22,5 milhões especificamente para pesquisas de imunoterapia molecular em 2023-2024.

• Pessoal de pesquisa: 45 cientistas
• Plataformas moleculares em desenvolvimento: 4
• Orçamento de pesquisa anual: US $ 22.500.000

Avançando plataformas personalizadas de tratamento de câncer

A CUE Biopharma identificou 3 plataformas específicas de tratamento de câncer para intervenções terapêuticas direcionadas.

Plataforma de tratamento	Estágio de desenvolvimento	Indicação potencial de mercado
Cue-101	Fase II	Cânceres relacionados ao HPV
Cue-102	Pré -clínico	Tumores sólidos
Cue-103	Estágio de pesquisa	Cânceres metastáticos

Cue Biopharma, Inc. (Cue) - Modelo de negócios: Recursos -chave

Plataforma proprietária de tecnologia de engenharia da FC

A partir do quarto trimestre 2023, a plataforma de tecnologia de engenharia FC da CUE Biopharma compreende:

Componente de tecnologia	Detalhes específicos
Aplicações de patentes	7 famílias de patentes ativas
Plataformas de tecnologia	Plataforma de imunomodulação Intrimune ™
Complexidade tecnológica	Projeto molecular direcionando interações específicas de células T

Portfólio de propriedade intelectual em imunoterapia

Detalhes da carteira de propriedade intelectual:

• Total de patentes: 24 emitidas
• Jurisdições de patentes: Estados Unidos, Europa, Japão
• Faixa de expiração de patentes: 2030-2040

Equipe de Pesquisa e Desenvolvimento Científica

Composição da equipe	Número
Pessoal total de P&D	42 funcionários
Titulares de doutorado	28 pesquisadores
Pesquisadores de pós -doutorado	6 pesquisadores

Laboratórios avançados de biologia molecular

Detalhes da infraestrutura de laboratório:

• Espaço de laboratório total: 12.500 pés quadrados
• Localização: Cambridge, Massachusetts
• Valor do equipamento: US $ 3,2 milhões

Capacidades de ensaio clínico e infraestrutura

Métrica do ensaio clínico	Status atual
Ensaios clínicos ativos	3 ensaios em andamento
Fases de teste	Fase 1 e Fase 2
Orçamento anual de ensaio clínico	US $ 8,7 milhões

Cue Biopharma, Inc. (CUE) - Modelo de negócios: proposições de valor

Terapêutica de modulação imunológica de precisão

Cue A proposição de valor central da Biopharma se concentra na terapêutica de modulação imunológica de precisão direcionada a tratamentos específicos do câncer. A partir do quarto trimestre 2023, o candidato a produtos principal da empresa, a CUE-101, demonstrou potencial clínico no carcinoma de células escamosas de cabeça e pescoço (HNSCC).

Candidato a produto	Indicação alvo	Estágio clínico	Mecanismo único
Cue-101	HNSCC	Fase 1/2	Ativação seletiva de células T.
Cue-102	Cânceres associados ao HPV	Pré -clínico	Imunoterapia direcionada

Soluções direcionadas de tratamento de câncer

A plataforma imunomania da empresa permite o direcionamento preciso de populações específicas de células T com aplicações em potencial em vários tipos de câncer.

• Oportunidade de mercado em imuno-oncologia estimada em US $ 126,9 bilhões até 2026
• Potencial para abordar múltiplas indicações sólidas de tumores
• Tecnologias de engenharia molecular proprietárias

Abordagens de imunoterapia personalizadas

A tecnologia da Cue Biopharma permite o envolvimento personalizado das células T com antígenos específicos do tumor. Dados financeiros em 31 de dezembro de 2023 indica:

Métrica financeira	Quantia
Despesas de P&D	US $ 48,3 milhões
Caixa e equivalentes de dinheiro	US $ 106,4 milhões

Potencial para tratar cânceres difíceis de tratar

A abordagem da empresa tem como alvo os tipos de câncer desafiadores com opções de tratamento atuais limitadas.

• Concentre-se nos cânceres associados ao HPV
• Aplicações em potencial em câncer de cabeça e pescoço
• Mecanismo projetado para superar a resistência imune

Tecnologias inovadoras de engenharia biológica

Cue A plataforma de imunomania proprietária da Biopharma permite recursos exclusivos de engenharia molecular.

Plataforma de tecnologia	Capacidades -chave
Imunomania	Engajamento seletivo de células T.
Engenharia Molecular	Direcionamento preciso do antígeno

Cue Biopharma, Inc. (Cue) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com pesquisadores farmacêuticos

A partir do quarto trimestre 2023, a CUE Biopharma relatou envolvimento direto com 47 equipes de pesquisa farmacêutica por meio de sua plataforma imunosselect.

Tipo de engajamento	Número de pesquisadores	Áreas de foco de pesquisa
Imuno-oncologia	28	Imunoterapias de precisão
Doenças autoimunes	19	Modulação imunológica direcionada

Parcerias colaborativas de desenvolvimento científico

Em 2023, a CUE Biopharma manteve parcerias estratégicas com 6 principais instituições de pesquisa farmacêutica.

• Hospital Geral de Massachusetts
• Instituto de Câncer Dana-Farber
• Universidade da Pensilvânia
• MD Anderson Cancer Center
• Universidade de Stanford
• Memorial Sloan Kettering Cancer Center

Interações da comunidade de pesquisa acadêmica e clínica

A CUE Biopharma apresentou pesquisas em 12 conferências científicas internacionais em 2023, com 38 publicações revisadas por pares.

Tipo de conferência	Número de apresentações	Alcance do público
Conferências de oncologia	7	3.200 pesquisadores
Simpósios de imunologia	5	2.500 pesquisadores

Estratégias de comunicação de investidores e partes interessadas

Em 2023, a CUE Biopharma conduziu 42 eventos de relações com investidores, com pontos de contato totais de comunicação para investidores atingindo 287 investidores institucionais.

• Chamadas de ganhos trimestrais: 4
• Conferências de investidores: 8
• Reuniões individuais de investidores: 30

Relatório de resultado do ensaio clínico transparente

Em dezembro de 2023, a CUE Biopharma relatou uma transparência completa para 5 ensaios clínicos em andamento, com resultados detalhados publicados em clínicos.

Fase de teste	Número de ensaios	Inscrição do paciente
Fase I.	2	48 pacientes
Fase II	3	124 pacientes

Cue Biopharma, Inc. (Cue) - Modelo de Negócios: Canais

Apresentações de conferências científicas diretas

Cue Biopharma participou de 12 conferências científicas em 2023, incluindo:

Conferência	Data	Localização
Associação Americana de Pesquisa do Câncer (AACR)	Abril de 2023	Orlando, FL
Sociedade de Imunoterapia do Câncer (SITC)	Novembro de 2023	San Diego, CA.

Redes de publicação científica revisadas por pares

Métricas de publicação para 2023:

• Publicações totais: 6
• Citações cumulativas: 42
• Faixa do fator de impacto: 4.5-7.2

Relações com investidores da indústria de biotecnologia

Estatísticas de engajamento do investidor:

Métrica	Valor
Apresentações de investidores	18
Chamadas de ganhos trimestrais	4
Visitas ao site do investidor	24,567

Plataformas de comunicação digital

Métricas de engajamento digital:

• Seguidores do LinkedIn: 3.842
• Seguidores do Twitter: 2.156
• Site visitantes exclusivos por mês: 12.345

Redes de instituições acadêmicas e de pesquisa

Parcerias de pesquisa colaborativa:

Instituição	Foco na pesquisa	Ano de parceria
MD Anderson Cancer Center	Imunoterapia	2022
Universidade de Stanford	Imunologia molecular	2023

Cue Biopharma, Inc. (Cue) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir do quarto trimestre 2023, a CUE Biopharma tem como alvo 87 principais instituições de pesquisa de oncologia em todo o mundo. As principais instituições -alvo incluem:

Instituição	Orçamento de pesquisa anual	Foco da imunoterapia
MD Anderson Cancer Center	US $ 830 milhões	Alto
Memorial Sloan Kettering	US $ 645 milhões	Alto
Instituto de Câncer Dana-Farber	US $ 512 milhões	Médio

Empresas de desenvolvimento farmacêutico

A quebra do segmento de clientes para empresas de desenvolvimento farmacêutico:

• Total de empresas farmacêuticas direcionadas: 42
• Empresas com programas ativos de imunoterapia: 28
• Orçamento de pesquisa colaborativa potencial: US $ 1,2 bilhão

Centros de Tratamento do Câncer

Estatísticas de penetração de mercado para centros de tratamento de câncer:

Tipo central	Total de centros	Cue Engagement
Centros abrangentes de câncer	51	37
Centros de Câncer Comunitário	1,500	214

Equipes de pesquisa de imunoterapia

Métricas de engajamento da equipe de pesquisa de imunoterapia:

• Equipes totais de pesquisa global de imunoterapia: 612
• Equipes colaborando ativamente com sugestão: 93
• Financiamento da pesquisa alocada: US $ 276 milhões

Comunidades de investimento em biotecnologia

Dados de envolvimento da comunidade de investimentos:

Categoria de investidores	Total de investidores	Investimento médio
Empresas de capital de risco	47	US $ 3,2 milhões
Investidores institucionais	89	US $ 5,7 milhões
Private equity	22	US $ 8,4 milhões

Cue Biopharma, Inc. (Cue) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a CUE Biopharma registrou despesas de P&D de US $ 52,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 52,4 milhões	68.3%
2022	US $ 47,6 milhões	65.7%

Ensaios clínicos conduzindo custos de gestão

As despesas de ensaios clínicos para a sugestão biofarma em 2023 totalizaram aproximadamente US $ 23,7 milhões.

• Ensaios clínicos de fase I/II para candidatos imunoterapêuticos de chumbo
• Programas de desenvolvimento clínico em andamento para Cue-101 e Cue-102
• Custo estimado do ensaio clínico por paciente: US $ 45.000 a US $ 75.000

Proteção e manutenção da propriedade intelectual

Os custos anuais de propriedade intelectual para a sugestão biopharma foram de aproximadamente US $ 1,2 milhão em 2023.

Categoria IP	Custo anual	Número de patentes
Registro de patentes	$650,000	12
Manutenção de patentes	$550,000	8

Recrutamento e retenção de talentos científicos

As despesas de pessoal para a equipe científica e de pesquisa em 2023 totalizaram US $ 18,6 milhões.

• Salário médio anual para cientistas de pesquisa sênior: US $ 185.000
• Equipe científica total: 62 funcionários
• Benefícios dos funcionários e compensação baseada em ações: US $ 3,4 milhões

Investimentos de infraestrutura de laboratório e tecnologia

Os investimentos em infraestrutura e tecnologia para 2023 foram de US $ 7,9 milhões.

Categoria de infraestrutura	Valor do investimento
Equipamento de laboratório	US $ 4,2 milhões
Plataformas de tecnologia	US $ 2,7 milhões
Sistemas computacionais	US $ 1 milhão

Cue Biopharma, Inc. (CUE) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

A partir do quarto trimestre de 2023, a CUE Biopharma relatou receita potencial de acordos de licenciamento terapêutico focados em plataformas de imuno-oncologia.

Parceiro de licenciamento	Faixa de receita potencial	Tipo de contrato
Empresa farmacêutica não divulgada	US $ 5 a 10 milhões antecipadamente	Licença de estágio pré -clínico

Financiamento de colaboração de pesquisa

As fontes de financiamento de colaboração de pesquisa para a sugestão biopharma incluem:

• Graças do National Institutes of Health (NIH)
• Financiamento do Departamento de Pesquisa de Defesa

Licenciamento de propriedade intelectual

Cue O portfólio de propriedade intelectual da Biopharma inclui:

Categoria de patentes	Total de patentes	Potencial receita de licenciamento
Plataforma de imuno-oncologia	12 patentes concedidas	US $ 3-7 milhões anualmente

Oportunidades de financiamento de concessão e pesquisa

Total de financiamento do subsídio recebido em 2023: US $ 2,4 milhões

Potencial de comercialização de produtos futuros

Potencial de receita projetado para candidatos terapêuticos principais:

Candidato terapêutico	Potencial estimado de mercado	Estágio de desenvolvimento
Cue-101 (câncer de pulmão)	US $ 250-500 milhões	Fase 2 do ensaio clínico 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.