The company maintains a conservative debt profile with a 0.16 debt-to-equity ratio, yet the total asset base has shrunk significantly from $61.5M in 2023Q4 to $30.9M in 2026Q1.
| Total Current Assets | 26.39M | 36.98M | 25.14M | 51.45M | 77.19M | 68.47M | 87.53M | 61.02M | 40.61M | 65.07M | 15.14M | 6.51M |
| Cash & Short-Term Investments | 16.38M | 27.14M | 23.39M | 48.51M | 76.29M | 64.37M | 84.87M | 59.41M | 39.21M | 63.58M | 14.98M | 6.46M |
| Cash Only | 16.38M | 27.14M | 22.46M | 48.51M | 51.61M | 64.37M | 74.87M | 44.29M | 20.8M | 63.53M | 14.93M | 6.41M |
| Short-Term Investments | 0 | 0 | 929K | 0 | 24.68M | 0 | 10M | 15.12M | 18.41M | 50.07K | 50.03K | 50K |
| Accounts Receivable | 5.35M | 7.45M | 945K | 1.7M | 57K | 3.14M | 1.42M | 754.9K | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 43.53 | 98.94 | 37.14 | 112.89 | 16.71 | 76.77 | 164.02 | 79.67 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 225.5K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 196.17 | - | - |
| Other Current Assets | 4.66M | 2.4M | 0 | 1.24M | 841K | 0 | 0 | 0 | 104.07K | 453.49K | 0 | 0 |
| Total Non-Current Assets | 4.49M | 5.23M | 7.05M | 10.08M | 14.1M | 14.93M | 12.01M | 10.58M | 4.75M | 1.89M | 1.14M | 807.97K |
| Property, Plant & Equipment | 3.61M | 4.32M | 4.84M | 7.12M | 10.7M | 11.92M | 8.88M | 7.18M | 2.78M | 1.69M | 1.02M | 709.47K |
| Fixed Asset Turnover | 9.29x | 6.37x | 1.92x | 0.77x | 0.12x | 1.25x | 0.36x | 0.48x | 0.41x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.67K | 0 | 175K | 0 | 0 |
| Long-Term Investments | 307K | 154K | 0 | 151K | 0 | 150K | 0 | 0 | 150K | 0 | 0 | 0 |
| Other Non-Current Assets | 879K | 760K | 2.21M | 2.81M | 3.39M | 2.86M | 3.12M | 3.38M | 1.82M | 23.28K | 117K | 98.5K |
| Total Assets | 30.88M | 42.21M | 32.19M | 61.53M | 91.28M | 83.4M | 99.53M | 71.61M | 45.36M | 66.95M | 16.28M | 7.31M |
| Asset Turnover | 0.90x | 0.65x | 0.29x | 0.09x | 0.01x | 0.18x | 0.03x | 0.05x | 0.03x | - | - | - |
| Asset Growth % | 36.66% | 31.13% | -47.68% | -32.59% | 9.45% | -16.21% | 39% | 57.85% | -32.25% | 311.3% | 122.55% | - |
| Total Current Liabilities | 7.39M | 13.49M | 13.69M | 17.08M | 11.55M | 12.79M | 16.32M | 11.66M | 6.22M | 5.35M | 1.07M | 342.2K |
| Accounts Payable | 3.33M | 3.95M | 2.82M | 3.5M | 2.73M | 2.59M | 2.07M | 882.67K | 2.04M | 1.33M | 523.81K | 139.63K |
| Days Payables Outstanding | 15.3K | - | - | 33.54 | - | -531.84 | 22.53 | 11.72 | 26.03 | 1.16K | 946.09 | 1.14K |
| Short-Term Debt | 1.56M | 0 | 4.33M | 3.96M | 1.96M | 1.97M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 7.82M | 0 | 0 | 2.11M | 0 | 645.35K | 6.68M | 0 | 2.01M | 623.85K | 0 | 0 |
| Other Current Liabilities | 2.5M | 7.63M | 85K | 1.92M | 2.27M | 38.31K | 1.96M | 4.1M | 1.58M | 2.54M | 109.09K | 45.45K |
| Current Ratio | 3.57x | 2.74x | 1.84x | 3.01x | 6.68x | 5.35x | 5.36x | 5.24x | 6.53x | 12.17x | 14.18x | 19.01x |
| Quick Ratio | 3.57x | 2.74x | 1.84x | 3.01x | 6.68x | 5.35x | 5.36x | 5.24x | 6.53x | 12.13x | 14.18x | 19.01x |
| Cash Conversion Cycle | -15.26K | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.88M | 2.29M | 1M | 7.36M | 14.05M | 5.12M | 4.31M | 5.37M | 5.17M | 0 | 36.36K | 34.09K |
| Long-Term Debt | 1.88M | 0 | 0 | 4.2M | 8.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.07M | 2.29M | 1M | 3.16M | 6.02M | 5.12M | 2.37M | 1.35M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 4.02M | 0 | 0 | 36.36K | 34.09K |
| Total Liabilities | 9.27M | 15.78M | 14.69M | 24.45M | 25.6M | 17.91M | 20.62M | 17.02M | 11.39M | 5.35M | 1.1M | 376.3K |
| Total Debt | 3.44M | 4.2M | 8.88M | 14.7M | 19.32M | 12.02M | 7.15M | 5.8M | 0 | 2.5M | 0 | 0 |
| Net Debt | -12.94M | -22.94M | -13.58M | -33.82M | -32.3M | -52.35M | -67.72M | -38.49M | -20.8M | -61.03M | -14.93M | -6.41M |
| Debt / Equity | 0.16x | 0.16x | 0.51x | 0.40x | 0.29x | 0.18x | 0.09x | 0.11x | - | 0.04x | - | - |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.78x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -107.70x | -72.11x | -50.10x | -39.75x | -73.26x | - | - | - | - | - | - | - |
| Total Equity | 21.61M | 26.43M | 17.5M | 37.09M | 65.68M | 65.49M | 78.91M | 54.58M | 33.97M | 61.61M | 15.17M | 6.94M |
| Equity Growth % | 215.64% | 51.05% | -52.81% | -43.54% | 0.29% | -17.01% | 44.57% | 60.68% | -44.86% | 305.99% | 118.71% | - |
| Book Value per Share | 4.49 | 8.37 | 9.32 | 24.32 | 55.27 | 62.80 | 82.52 | 74.29 | 50.62 | 89.54 | 22.06 | 28.31 |
| Total Shareholders' Equity | 21.61M | 26.43M | 17.5M | 37.09M | 65.68M | 65.49M | 78.91M | 54.58M | 33.97M | 61.61M | 15.17M | 6.94M |
| Common Stock | 3K | 97K | 62K | 47K | 43K | 32.2K | 30.35K | 26.56K | 20.7K | 20.13K | 10.64K | 7.35K |
| Retained Earnings | -373.64M | -368.47M | -341.86M | -301.19M | -250.46M | -197.45M | -153.29M | -108.5M | -71.8M | -32.82M | -9.59M | -1.93M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -96K | 0 | 7.13K | -10.32K | -10.96K | -661.15K | -246.9K | -44.81K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
According to recent financial disclosures, CUE's total assets have contracted from $61.5M in 2023Q4 to $30.9M in 2026Q1, reflecting a consistent depletion of resources as the company funds its clinical development pipeline without the support of recurring, self-sustaining product revenue streams.
The downward trajectory in total assets suggests that the company is consuming its capital base faster than it can replenish it through milestone-based licensing agreements. This trend indicates a narrowing window for clinical validation before the firm must seek additional external financing to maintain its current research operations.
Based on reported figures, the company's cash position has declined significantly to $16.4M as of 2026Q1, down from $48.5M in 2023Q4, which implies a tightening liquidity buffer that may struggle to support the firm's ongoing R&D requirements over the next several quarters.
While the current ratio of 3.57 appears superficially healthy, it is heavily influenced by the rapid depletion of cash relative to current liabilities. Investors should monitor the cash runway closely, as the current burn rate suggests that the company may face a liquidity crunch in the near term.
As indicated in the balance sheet data, CUE maintains a low debt-to-equity ratio of 0.16, suggesting that the company has avoided significant traditional debt financing, though this lack of leverage may be a necessity given the absence of stable cash flows to service interest obligations.
The reliance on equity rather than debt is typical for clinical-stage biotech, yet it highlights the company's vulnerability to equity market volatility. The absence of debt does not imply financial strength, but rather a reliance on dilutive capital raises to fund the development of its Immuno-STAT platform.
Financial analysis of the balance sheet reveals that the lack of goodwill and intangible assets, while appearing conservative, obscures the reality that the company's primary value resides in uncapitalized R&D, which necessitates frequent and potentially dilutive equity issuances to sustain the firm's long-term viability.
The absence of capitalized assets on the balance sheet means that the company's true value is entirely dependent on the success of its clinical trials. This creates a risk where the headline equity value may be significantly diluted if the company is forced to raise capital at unfavorable valuations to bridge its funding gaps.
Quick answers to the most common questions about buying CUE stock.
As of 2025, Cue Biopharma, Inc. (CUE) had total assets of $42.2M including $37.0M in current assets.
Cue Biopharma, Inc. (CUE) carries total debt of $4.2M, offset by $27.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cue Biopharma, Inc. (CUE) has total shareholders' equity (book value) of $26.4M ($8.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cue Biopharma, Inc. (CUE) reported a current ratio of 2.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.