Cue Biopharma Reports First Quarter 2023 Financial Results and Recent Business Highlights
Recent Business Highlights
- CUE-101 abstract accepted for presentation at the upcoming 2023
American Society of Clinical Oncology(ASCO) Annual Meeting scheduled for June 2-6, 2023.
- Entered into a strategic collaboration and option agreement with Ono Pharmaceutical for CUE-401, a bispecific protein designed to induce and expand regulatory T cells (Tregs) for the treatment of autoimmune and inflammatory diseases.
- Appointed two new directors to its board,
Patrick Verheyenand Pamela D. GarzonePh.D., to enhance corporate governance and strategic positioning.
- Appointed Chief Medical Officer, Matteo Levisetti M.D., to lead clinical development and oversee clinical development strategies.
- Enhanced scientific advisory board with the addition of
Rafi Ahmed, Ph.D., a leading immunologist.
“The first quarter was highly productive with the achievement of defined and prioritized corporate development objectives,” said
First Quarter 2023 Financial Results
The Company reported collaboration revenue of approximately
Research and development expenses were $9.4 and $10.1 million for the three months ended March 31, 2023 and 2022, respectively. The decrease was due to the completion of enrollment in the CUE-101 Phase 1 monotherapy clinical trial in the first half of 2022.
General and administrative expenses were $4.2 and $5.2 million for the three months ended March 31, 2023 and 2022, respectively. The decrease was due primarily to recording lower stock-based compensation expense during the first quarter of 2023 versus the same period in 2022.
As of March 31, 2023, the Company had approximately $66.2 million in cash, cash equivalents and marketable securities compared with $67.9 million as of March 31, 2022. We expect our current cash, cash equivalents, and marketable securities to fund operations into the third quarter of 2024.
|Condensed Consolidated Statement of Operations|
|(In thousands, except per share information)|
|Three Months Ended
|General and administrative||4,176||5,156|
|Research and development||9,391||10,082|
|Total operating expenses||13,567||15,238|
|Loss from operations||(13,380||)||(14,238||)|
|Other income (expense):|
|Total other income (expense)||271||(17||)|
|Unrealized gain from available-for-sale securities||57||-|
|Net loss per common share – basic and diluted||$||(0.29||)||$||(0.44||)|
|Weighted average common shares outstanding – basic and diluted||44,652,353||32,636,383|
|Selected Consolidated Balance Sheet Data|
|Cash and cash equivalents||$||56,321||$||67,927|
|Total current assets||68,755||75,947|
|Total stockholders' equity||55,017||64,673|
About Cue Biopharma
Headquartered in Boston,
For more information please visit www.cuebiopharma.com and follow us on Twitter at https://twitter.com/CueBiopharma.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by those sections. Such forward-looking statements include, but are not limited to, those regarding: the potential benefits and results that may be achieved through the collaboration with Ono; the company’s belief that the Immuno-STAT platform stimulates targeted immune modulation through the selective engagement of disease-relevant T cells; and the company’s business strategies, plans and prospects. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the company’s limited operating history, limited cash and a history of losses; the company’s ability to achieve profitability; potential setbacks in the company’s research and development efforts including negative or inconclusive results from its preclinical studies, its ability to secure required
Senior Director, Corporate Communications
Source: Cue Biopharma, Inc.