Research and development expenses for Q4 2025 were $16.5 million, compared to $7.2 million in the same quarter of the previous year. This increase was attributed to higher drug substance manufacturing costs and one-time acquired in-process research and development costs related to the ImmunoScape collaboration. General and administrative expenses decreased to $3.5 million from $4.0 million year-over-year, reflecting a reduction in employee compensation due to headcount reductions.
The company also highlighted several strategic developments, including the advancement of CUE-401, its lead asset for treating autoimmune diseases, towards Investigational New Drug (IND) readiness. Cue Biopharma appointed Lucinda Warren as Chief Financial and Business Officer, raised $10.2 million through an underwritten public offering, and announced a strategic collaboration with ImmunoScape to develop a cell therapy approach for solid tumors, which includes upfront payments totaling $15 million.
Usman Azam, M.D., President and CEO, stated, "During the fourth quarter and throughout 2025, we successfully met our strategic development goals, demonstrating significant progress towards establishing potential first-in-class and best-in-class assets for patients suffering from autoimmune diseases. With these strategic deliverables and continued progress, we believe we are well positioned to advance our Immuno-STAT platform and CUE-401 toward the clinic."
As of December 31, 2025, Cue Biopharma had $27.1 million in cash and cash equivalents, positioning the company well for future operational needs and strategic initiatives.
