Cue Biopharma
CUE on Nasdaq. Cue Biopharma develops injectable drugs for treating autoimmune and inflammatory diseases in patients. Market value $177m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-28.35 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$24.36 a share, 389% above its 1-year low
Over the past year the price has ranged from $4.98 to $45.50.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $50 million in the past 12 months, a shortfall of $22 million in the year to December 2025.
| Revenue | |||||
| Revenue | $15m | $1m | $5m | $9m | $27m |
| Operating margin | |||||
| Operating margin | -292.6% | -4275.1% | -949.9% | -446.9% | -96.7% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.15 | 0.22 | 0.00 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.05bn | 0.06bn | 0.08bn | 0.01bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 54.2% a year
- Buying back its own sharesYes, 79% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $8 million last quarter, up 167% on a year ago.
- A loss of $153 million, compared with a loss of $8 million a year ago.
- It loses 262 cents on each $1 of sales, compared with 475 cents a year earlier.
- Over the past 12 months it spent $50 million more cash than it brought in, compared with $28 million a year earlier.
- 99% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $2m |
| March 2025 | $421,000 |
| June 2025 | $3m |
| September 2025 | $2m |
| December 2025 | $22m |
| March 2026 | $6m |
| June 2026 | $8m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$9m |
| December 2024 | -$9m |
| March 2025 | -$12m |
| June 2025 | -$8m |
| September 2025 | -$7m |
| December 2025 | $2m |
| March 2026 | -$5m |
| June 2026 | -$153m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 49 funds in all.
Largest holders overall
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Bleichroeder LPPassive investorat least 10.0%(filed with 2 related holders)Since 19 March 2025
- DRIEHAUS CAPITAL MANAGEMENT LLCPassive investor7.0%Since 30 June 2026
- Shao-Lee LinInsider or founder6.2%Since 3 May 2026
What they said
The Reporting Person intends to review her investment in the Common Stock and the Issuer's securities on a regular basis and, as a result thereof, may, directly or through one or more affiliates, at any time or from time to time determine, either alone or as part of a group, (i)…
Read the filing - Mark E. StromePassive investorat least 5.0%(filed with 3 related holders)Since 14 November 2022
- Slate Path Capital LPPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Bleichroeder LP Passive investor | at least 10.0% (filed with 2 related holders) | 19 March 2025 | |
DRIEHAUS CAPITAL MANAGEMENT LLC Passive investor | 7.0% | 30 June 2026 | |
Shao-Lee Lin Insider or founder | 6.2% | 3 May 2026 | What they saidThe Reporting Person intends to review her investment in the Common Stock and the Issuer's securities on a regular basis and, as a result thereof, may, directly or through one or more affiliates, at any time or from time to time determine, either alone or as part of a group, (i)… Read the filing |
Mark E. Strome Passive investor | at least 5.0% (filed with 3 related holders) | 14 November 2022 | |
Slate Path Capital LP Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $99,719 of shares on the open market. 3 sold $2m.
- Meluzio Michael VincentVP, Prin. Accounting OfficerSold
- Date
- 13 August 2026
- Shares
- 5,628
- Price
- $30.09
- Value
- $169,324
- Ray SumitaChief Legal Compliance OfficerSold
- Date
- 13 August 2026
- Shares
- 8,829
- Price
- $30.09
- Value
- $265,628
- Lin Shao-LeeChief Executive Officer, DirectorSold
- Date
- 13 August 2026
- Shares
- 18,258
- Price
- $28.62
- Value
- $522,573
- Lin Shao-LeeChief Executive Officer, DirectorSold
- Date
- 12 August 2026
- Shares
- 40,000
- Price
- $27.10
- Value
- $1m
- Sarraf PashaDirectorBought
- Date
- 30 December 2025
- Shares
- 323,857
- Price
- $0.31
- Value
- $99,719
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | Meluzio Michael Vincent VP, Prin. Accounting Officer | Sold | 5,628 | $30.09 | $169,324 |
| 13 August 2026 | Ray Sumita Chief Legal Compliance Officer | Sold | 8,829 | $30.09 | $265,628 |
| 13 August 2026 | Lin Shao-Lee Chief Executive Officer, Director | Sold | 18,258 | $28.62 | $522,573 |
| 12 August 2026 | Lin Shao-Lee Chief Executive Officer, Director | Sold | 40,000 | $27.10 | $1m |
| 30 December 2025 | Sarraf Pasha Director | Bought | 323,857 | $0.31 | $99,719 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 12 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.