Cue Biopharma Reports Third Quarter 2022 Financial Results
Recent Business Updates
- Announced a
$30 millionprivate investment in public equity (PIPE) financing with certain accredited investors in which the company agreed to sell 7,656,966 shares of its common stock and, in lieu of shares of common stock to certain investors, pre-funded warrants to purchase an aggregate of 1,531,440 shares of common stock, and, in each case, accompanying warrants to purchase an aggregate of up to 9,188,406 additional shares of common stock (or Pre-Funded Warrants). The transaction is expected to close on or about November 16, 2022, subject to the satisfaction of customary closing conditions.
- Presented new positive data from the ongoing Phase 1 trials of CUE-101 in combination with pembrolizumab (KEYTRUDA®) and as a monotherapy for recurrent/metastatic HPV+ head and neck squamous cell carcinoma (r/m HNSCC) at the
Society for Immunotherapyof Cancer’s (SITC) 37th Annual Meeting on November 10, 2022.
- Key data highlights from the dose escalation and patient expansion portion of the Phase 1 trial evaluating CUE-101 at the recommended Phase 2 dose in combination with pembrolizumab include a 40% overall response rate (ORR) and a 70% clinical benefit rate (CBR) in first line (1L) r/m HNSCC patients treated with CUE-101, with 16 evaluable patients to date.
- Median overall survival (mOS) approaching greater than 12 months in third line and beyond (3L+) patients treated with CUE-101 monotherapy, which is 50% greater than current standard of care (SOC) with anti-PD-1 therapy in second line (2L) patients.
“With our anticipated strengthened financial position and with bolstered confidence from the recently reported clinical update at SITC, we are able to focus on core strategic initiatives to further enhance our competitive positioning to optimize shareholder value,” said
Third-Quarter 2022 Financial Results
The Company reported collaboration revenue of approximately
Research and development expenses were $7.6 million and $11.3 million for the three months ended September 30, 2022 and 2021, respectively. The decrease in research and development expenses of $3.7 million was primarily due to a decrease in laboratory and drug substance manufacturing costs, employee and
General and administrative expenses were $3.5 million and $4.1 million for the three months ended September 30, 2022 and 2021, respectively. The decrease in general and administrative expense of
|Selected Consolidated Statement of Operations Data|
|(in thousands, except share data)|
|Three Months Ended
|General and administrative||3,528||4,125|
|Research and development||7,571||11,288|
|Total operating expenses||11,099||15,413|
|Loss from operations||(11,031||)||(13,018||)|
|Total other income, net||76||25|
|Net loss per common share – basic and diluted||$||(0.31||)||$||(0.41||)|
|Weighted average common shares outstanding – basic and diluted||35,383,430||31,315,178|
|Selected Consolidated Balance Sheet Data|
|Cash and cash equivalents||29,726||64,371|
|Total current assets||61,700||68,469|
|Total Stockholders' equity||50,764||65,492|
About Cue Biopharma
For more information, visit https://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 company’s statements about the expected closing of the PIPE financing; the company’s anticipated use of proceeds from the PIPE financing; whether the conditions for the closing of the PIPE financing will be satisfied; 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
Senior Director, Corporate Communications
Source: Cue Biopharma, Inc.