Cue Biopharma, Inc. reported a net loss of $40.7 million for the fiscal year ended December 31, 2024, a decrease of $10.1 million compared to the $50.7 million net loss in 2023. The company's collaboration revenue increased by $3.8 million to $9.3 million in 2024, primarily due to revenue recognized from a collaboration agreement with Ono Pharmaceutical. Operating expenses decreased by $6.8 million to $50.8 million, reflecting reductions in general and administrative expenses and research and development costs.
Significant changes in the company's financial performance compared to the previous fiscal year included a decrease in general and administrative expenses by $2.1 million, primarily due to lower employee compensation and professional fees. Research and development expenses also decreased by $4.5 million, resulting from lower clinical trial costs, employee compensation, and manufacturing and lab costs. Interest income decreased by $1 million, while interest expense decreased by $0.4 million due to a reduction in the loan principal balance.
During the reporting period, Cue Biopharma regained worldwide development and commercialization rights for its CUE-401 program from Ono Pharmaceutical and also regained rights to the CUE-101 program from LG Chem. The company continues to prioritize its autoimmune programs, CUE-401 and CUE-501, while actively seeking partnerships for its oncology programs, CUE-101 and CUE-102. As of December 31, 2024, Cue Biopharma had 41 full-time employees.
The company's cash and cash equivalents totaled $22.5 million at the end of 2024, down from $48.5 million at the end of 2023. Cue Biopharma anticipates needing additional funding to support its operations beyond the fourth quarter of 2025 and plans to secure this through equity offerings, collaborations, and strategic alliances. The company's financial statements include a discussion of factors that raise substantial doubt about its ability to continue as a going concern.
Cue Biopharma's outlook is focused on advancing its autoimmune programs toward IND filing and clinical trials, while pursuing strategic partnerships to further develop its oncology programs. The company acknowledges significant risks related to its clinical-stage status, reliance on collaborations, competition, and the need for substantial additional funding. The company's 10-K filing includes a detailed discussion of these risks and uncertainties.
About Cue Biopharma, Inc.
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