Cue Biopharma 2025 Q3 Earnings Narrows Net Loss 14.0% to $7.45M, Beats Revenue Estimates

Cue Biopharma (CUE) reported fiscal 2025 Q3 earnings on Nov 12, 2025, with mixed financial results. The company narrowed its net loss by 14.0% to $7.45 million and improved EPS by 58.8%, though revenue declined sharply. Strategic partnerships and leadership changes underscored growth ambitions despite ongoing losses.

Revenue

Collaboration revenue accounted for the entirety of Cue Biopharma’s $2.15 million in total revenue for Q3 2025, a 35.6% decline from $3.34 million in the same period last year. This drop reflects reduced partnership activity and a focus on platform development over immediate monetization.

Earnings/Net Income

Cue Biopharma reduced its per-share loss to $0.07 in Q3 2025 from $0.17 in Q3 2024, marking a 58.8% improvement. The net loss narrowed to $7.45 million, down 14.0% from $8.66 million, as cost-cutting measures and operational efficiency gains offset revenue declines. Despite this progress, the company remains unprofitable, with cumulative losses spanning seven years. Despite ongoing losses, Cue Biopharma reported a 58.8% improvement in EPS to -$0.07, reflecting progress in cost control and strategic partnerships.

Price Action

Cue Biopharma’s stock fell 2.15% in the latest trading day, 8.96% over the week, and 18.10% month-to-date, reflecting investor caution amid mixed earnings and revenue declines.

Post-Earnings Price Action Review

The strategy of buying Cue Biopharma shares on the date of its revenue raise announcement and holding for 30 days yielded mixed results over the past three years. While it generated a 15.23% gain in Year 1, outperforming the SPY ETF’s 10.45%, it suffered a 25.34% loss in Year 2, underperforming the SPY ETF’s -13.16%. Year 3 saw a 10.76% gain, slightly trailing the SPY ETF’s 13.32%. The strategy’s maximum drawdown of -34.25% in Year 2 highlights its higher risk profile compared to passive investing.

CEO Commentary

Dr. Usman Azam emphasized progress in Q3 2025, including a $15M collaboration with ImmunoScape and leadership transitions. He highlighted CUE-401’s potential as a “master switch” for autoimmune disease and a 50% ORR in the CUE-101/pembrolizumab trial.

Guidance

The company plans to advance its Immuno-STAT® platform and CUE-401 toward clinical trials, leveraging the ImmunoScape collaboration for solid tumor therapies. Upfront payments of $15M ($10M in Q4 2025, $5M in November 2026) and a 40% equity stake in ImmunoScape will fund growth.

Additional News

Cue Biopharma announced a strategic collaboration with ImmunoScape, securing $15M in upfront payments and a 40% equity stake to develop cell therapies for solid tumors. Leadership changes, including Dr. Azam’s appointment as CEO, aim to accelerate growth in autoimmune disease and oncology. Additionally, the company reported a 50% ORR in its CUE-101/pembrolizumab trial for HPV+ head and neck cancer, reinforcing its pipeline’s potential. These moves highlight a shift toward partnerships and targeted R&D to mitigate financial risks.