Free cash flow remains structurally negative, with quarterly outflows often exceeding $9M, highlighting a persistent inability to generate internal capital to fund development.
| Cash from Operations | -24.46M | -21.69M | -36.33M | -39.96M | -41.81M | -38.84M | -32.49M | -30.8M | -26.41M | -12.19M | -5.97M | -1.66M |
| Operating CF Margin % | - | -78.96% | -391.18% | -727.89% | -3357.91% | -259.93% | -1030.14% | -890.51% | -2311.47% | - | - | - |
| Operating CF Growth % | 100.11% | 40.3% | 9.09% | 4.41% | -7.64% | -19.52% | -5.51% | -16.61% | -116.63% | -104.27% | -260.07% | - |
| Net Income | -19.52M | -26.6M | -40.67M | -50.73M | -53.01M | -44.16M | -44.78M | -36.7M | -38.98M | -23.23M | -7.66M | -1.93M |
| Depreciation & Amortization | 2.9M | 958K | 2.35M | 3.44M | 1.81M | -1.78M | -3.15M | 5.17M | 760.01K | 419.57K | 202.09K | 44.81K |
| Stock-Based Compensation | 1.92M | 4.74M | 6.85M | 8.18M | 9.5M | 11.52M | 10.48M | 6.52M | 7.17M | 2.78M | 889.56K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.19K | 79.86K | 10.68K | 0 | 0 |
| Other Non-Cash Items | 2.1M | 2.51M | 74K | 90K | -454K | -26.13K | -479.54K | -4.28M | 345.1K | 4.93M | 65.91K | 79.55K |
| Working Capital Changes | -11.85M | -3.29M | -4.92M | -934K | 356K | -4.39M | 5.43M | -1.49M | 4.21M | 2.91M | 532.32K | 146.8K |
| Change in Receivables | -7.25M | -6.5M | 753K | -1.64M | 3.08M | -1.73M | -662.58K | -754.9K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -509.8K | 0 | 0 | 0 | 0 |
| Change in Payables | -458K | 1.13M | -678K | 770K | 83K | 520.4K | 741.26K | -1.15M | 376.15K | 561.59K | 0 | 177.81K |
| Cash from Investing | 104K | 75K | 32K | 25M | -24.61M | 9.11M | 4.46M | 3.45M | -20.35M | -1.2M | -516.01K | -804.29K |
| Capital Expenditures | -148K | -177K | -66K | 0 | -171K | -913.04K | -595.26K | -46.35K | -1.85M | -1.2M | -515.98K | -754.29K |
| CapEx % of Revenue | 0.45% | 0.64% | 0.71% | - | 13.73% | 6.11% | 18.87% | 1.34% | 162.28% | - | - | - |
| Acquisitions | 40K | 40K | 0 | 0 | 0 | 0 | 0 | 127.5K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 30K | 212K | 98K | 2K | 6K | 21.55K | 0 | 0 | -18.5M | -35 | -33 | -50K |
| Cash from Financing | 27.6M | 26.29M | 10.24M | 11.86M | 53.66M | 19.23M | 58.61M | 50.79M | 4.18M | 62M | 15.01M | 8.87M |
| Debt Issued (Net) | -3.5M | -4.5M | -4M | -2M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 31.1M | 30.79M | 14.22M | 13.39M | 39.3M | 17.38M | 56.68M | 49M | 4.17M | 62M | 15.01M | 8.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -91.03K | 0 | -4.16M | -1.41M | -1.14M |
| Other Financing | 0 | 0 | 18K | 473K | 4.36M | 1.85M | 1.93M | 1.79M | 12.5K | 9.01K | 0 | 1K |
| Net Change in Cash | 3.24M | 4.68M | -26.05M | -3.1M | -12.76M | -10.5M | 30.58M | 23.44M | -42.58M | 48.61M | 8.52M | 6.41M |
| Free Cash Flow | -24.61M | -21.86M | -36.4M | -39.96M | -41.98M | -39.75M | -33.09M | -30.84M | -28.27M | -13.4M | -6.48M | -2.41M |
| FCF Margin % | -75.17% | -79.6% | -391.89% | -727.89% | -3371.65% | -266.04% | -1049.01% | -891.85% | -2473.75% | - | - | - |
| FCF Growth % | 29.45% | 39.93% | 8.92% | 4.8% | -5.6% | -20.13% | -7.28% | -9.12% | -110.99% | -106.6% | -168.85% | - |
| FCF per Share | -5.12 | -6.92 | -19.38 | -26.20 | -35.33 | -38.12 | -34.60 | -41.98 | -42.12 | -19.47 | -9.42 | -9.84 |
| FCF Conversion (FCF/Net Income) | 1.26x | 0.82x | 0.89x | 0.79x | 0.79x | 0.88x | 0.73x | 0.84x | 0.68x | 0.52x | 0.78x | 0.86x |
| Interest Paid | 67K | 0 | 669K | 1M | 570K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 412.5K | 825K | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in recent financial filings, CUE's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching 2.11 in 2026Q1, suggesting that non-cash items and working capital swings significantly distort the underlying quality of earnings for this clinical-stage biotechnology firm.
The persistent gap between net income and operating cash flow indicates that the company's reported earnings are heavily influenced by accounting adjustments rather than operational cash generation. Investors should monitor this divergence, as it implies that the company's ability to fund its R&D pipeline remains entirely decoupled from its reported profitability metrics.
Based on the company's historical cash flow statements, free cash flow remains consistently negative, with quarterly outflows often exceeding $9M, which highlights the structural inability of the current licensing-based business model to generate sufficient internal capital to cover the firm's extensive research and development requirements.
The trajectory of free cash flow reflects a company in a perpetual state of capital consumption, with no clear path to self-sustainability under the current operating structure. This trend suggests that the firm will likely remain dependent on external financing until a commercial product or significant milestone event alters the cash flow profile.
According to recent SEC filings, CUE's working capital dynamics are highly erratic, with quarterly changes ranging from a $3.0M inflow to a $6.7M outflow, reflecting the lumpy nature of milestone-driven revenue recognition and the timing of payments associated with clinical trial management and vendor obligations.
The significant fluctuations in working capital suggest that the company's liquidity is highly sensitive to the timing of collaboration-related cash inflows. This volatility complicates cash forecasting and may indicate that the firm's operational cash position is subject to sudden, material shifts based on the achievement of specific technical milestones.
As indicated by the provided financial data, the cash flow statement obscures the true cost of operations by masking significant stock-based compensation and capitalized R&D expenses, which, when adjusted, reveal a more aggressive burn rate than the headline net income figures might otherwise suggest to investors.
The reliance on stock-based compensation as a non-cash expense effectively subsidizes the company's operating deficit, potentially diluting shareholders to preserve cash. Analysts should interpret these adjustments as a necessary component of the firm's survival strategy, as the underlying cash burn remains the primary constraint on the company's long-term viability.
Quick answers to the most common questions about buying CUE stock.
Cue Biopharma, Inc. (CUE) generated $-21.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cue Biopharma, Inc. (CUE) reported negative free cash flow of $21.9M in 2025, indicating capital requirements exceeded cash from operations.
Cue Biopharma, Inc. (CUE) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.