Cue Biopharma Reports Second Quarter 2021 Results, Recent Data Updates of CUE-101 Phase 1 Dose Escalation and Expansion Study, Platform Progress and Business Highlights
“During the second quarter 2021, we continued to make significant clinical progress advancing our IL-2 based CUE-100 series, represented by the Phase 1a/1b monotherapy trial of CUE-101 and combination-therapy trial with KEYTRUDA® (pembrolizumab). In addition, we have continued with the development and expansion of our pipeline programs and technology platforms, and also enhanced our capital resources,” said Daniel Passeri, chief executive officer of
- Reported first patient dosed in the Part B expansion of its CUE-101 Phase 1 monotherapy clinical trial in HPV+ second line and beyond head and neck squamous cell carcinoma (HNSCC), at the recommended Phase 2 dose of 4mg/kg.
- Presented preclinical data on CUE-401, the Company’s first autoimmune drug product candidate from the CUE-400 series, at the 2021 Federation of Clinical Immunology Societies (FOCIS) Annual Meeting.
Second Quarter 2021 Financial Results
The Company reported collaboration revenue of approximately
Research and development expenses were $8.8 million and $8.1 million for the three months ended June 30, 2021 and 2020, respectively. The increase in research and development expenses of $0.7 million was primarily due to an increase in laboratory and drug substance manufacturing costs and clinical expenses.
General and administrative expenses were $4.3 million and $3.9 million for the three months ended June 30, 2021 and 2020, respectively. The increase in general and administrative expense of
|Selected Consolidated Statement of Operations Data|
|Three Months Ended
|General and administrative||4,280||3,898|
|Research and development||8,762||8,119|
|Total operating expenses||13,042||12,017|
|Loss from operations||$||(10,303||)||$||(10,942||)|
|Interest income, net||24||109|
|Net loss per common share – basic and diluted||$||(0.33||)||$||(0.38||)|
|Weighted average common shares outstanding – basic and diluted||31,233,794||28,221,537|
|Selected Consolidated Balance Sheet Data|
|Cash and cash equivalents||$||73,920||$||74,866|
|Total current assets||$||79,677||$||87,527|
|Total stockholders' equity||$||72,910||$||78,911|
About Cue Biopharma
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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 company’s plans to submit an IND for CUE-102; the company’s estimate of the period in which it expects to have cash to fund its operations; 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
VP, Investor Relations & Corporate Development
Source: Cue Biopharma, Inc.