Cue Biopharma Reports Second Quarter 2023 Financial Results and Recent Business Highlights
BOSTON, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient’s body, provided a business and financial update for the second quarter 2023.
Recent Business Highlights
“Our second quarter accomplishments have positioned us well as we continued to observe both increased durability and depth of ongoing clinical responses from the CUE-101 combination trial with pembrolizumab (KEYTRUDA®), which we believe aligns well with our proposed mechanism of action,” said Daniel Passeri, chief executive officer of Cue Biopharma. “Importantly, the clinical data to date and proposed mechanism of action from CUE-101, further supports the encouraging observations in our ongoing CUE-102 Phase 1 monotherapy dose escalation trial. Among key accomplishments in the quarter was the ASCO presentation of CUE-101 demonstrating that CUE-101 appears to enhance the clinical activity of PD-1 blockade, particularly in patients with low PD-L1 expression in the tumor, as evidenced by CPS scores less than 20. CUE-101’s maturing clinical profile from the ongoing trials, combined with emerging data from our CUE-102 monotherapy dose escalation trial, both of which will be reported upon at the upcoming Society for Immunotherapy of Cancer's (SITC) conference in November 2023, provides us with a range of potential corporate development opportunities and further supports the potential of our platform for translating the body’s natural signals (or Nature’s Cues) into protein therapeutics to realize the full potential of selective modulation of disease specific T cells.”
Second Quarter 2023 Financial Results
Research and development expenses were $10.7 million and $9.6 million for the three months ended June 30, 2023 and 2022, respectively. The increase was due to higher laboratory and drug substance manufacturing costs in the second quarter of 2023 as compared to the same period in 2022.
General and administrative expenses were $4.3 million and $3.8 million for the three months ended June 30, 2023 and 2022, respectively. This increase was due primarily to higher professional and consulting fees in the second quarter of 2023 as compared to the same period in 2022.
The Company reported collaboration revenue of approximately $1.6 million and $1.0 million for the six months ended June 30, 2023 and 2022, respectively. Revenue for the six months ended June 30, 2023 was primarily due to work related to the recent collaboration and option agreement with Ono Pharmaceutical Co., Ltd.
Research and development expenses were $20.0 million and $19.7 million for the six months ended June 30, 2023 and 2022, respectively. This increase was primarily due to increased clinical costs in 2023 related to the CUE-102 Phase 1 monotherapy dose escalation trial which began enrolling patients in the second half of 2022.
General and administrative expenses were $8.4 and $8.9 million for the six months ended June 30, 2023 and 2022, respectively. This decrease was primarily due to a decrease in rent and operational expenses related to the move of our corporate offices.
As of June 30, 2023, the Company had approximately $57.9 million in cash, cash equivalents and marketable securities compared with $66.1 million as of June 30, 2022. We expect our current cash, cash equivalents, and marketable securities to fund operations through the third quarter of 2024.
About Cue Biopharma
Headquartered in Boston, Massachusetts, we are led by an experienced management team and independent Board of Directors with deep expertise in immunology and immuno-oncology as well as the design and clinical development of protein biologics.
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