Cue Biopharma reports Q2 2026 results, IND filing for CUE-221, $50M PIPE
Cue disclosed a food allergy IND submission for CUE-221, a completed $50 million private placement, and higher quarterly expenses tied to a licensing deal, with cash of $17.4 million at quarter end.
Cue Biopharma reported second quarter 2026 results on August 14, 2026, alongside several pipeline and corporate updates. The company said it recently submitted an IND to the FDA in food allergy applications for CUE-2211. It also said a Phase 2 data readout in Chronic Spontaneous Urticaria is anticipated by the end of the third quarter of 20261.
For its second program, Cue said it anticipates submitting an IND to the FDA and initiating a Phase 1 clinical study for CUE-401 by year-end 20261.
On financing, the company completed a $50 million private placement to fund clinical development and its pipeline1, with proceeds primarily intended to support clinical development, pipeline advancement, and infrastructure growth1. The financing closed subsequent to June 30, 20261.
Cue also added leadership, appointing Dr. Dominic Borie as Chief Medical Officer and Head of Research and Development1 and Mr. James M. Ahlers as Chief Financial Officer1.
Second quarter revenue was $7.9 million, up from $3.0 million a year earlier, which the company attributed to revenue earned from the Boehringer Ingelheim collaboration and license agreement upon achievement of a preclinical milestone triggered in the second quarter of 20261. Research and development expenses rose to $49.0 million from $7.9 million, driven in part by one-time cash payments of approximately $20.0 million, including the upfront payment to Ascendant, and transaction-related costs1, plus approximately $20.0 million of expense recognized as the fair value of warrants issued to Ascendant pursuant to the license agreement1.
Net loss for the quarter was $153.1 million, compared with $8.5 million a year earlier, which the company said reflected one-time non-cash losses accounted for in other income, and one-time expenses related to the license agreement1. As of June 30, 2026, Cue held $17.4 million in cash and cash equivalents after incurring one-time cash outflows related to the license agreement1.
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