Revenue remains highly unpredictable due to a milestone-dependent model, with operating margins frequently deep in negative territory, such as the -94.3% margin reported in 2026Q1.
| Sales/Revenue | 32.73M | 27.47M | 9.29M | 5.49M | 1.25M | 14.94M | 3.15M | 3.46M | 1.14M | 0 | 0 | 0 |
| Revenue Growth % | 309.6% | 195.75% | 69.16% | 340.96% | -91.67% | 373.68% | -8.79% | 202.67% | - | - | - | - |
| Cost of Goods Sold | 79K | 0 | 0 | 38.1M | 0 | -1.78M | 33.55M | 27.49M | 28.54M | 419.57K | 202.09K | 44.81K |
| COGS % of Revenue | - | - | - | 693.93% | - | -11.9% | 1063.48% | 794.82% | 2498.16% | - | - | - |
| Gross Profit | 32.65M | 27.47M | 9.29M | -32.61M | 1.25M | 16.72M | -30.39M | -24.03M | -27.4M | -419.57K | -202.09K | -44.81K |
| Gross Margin % | 99.76% | 100% | 100% | -593.93% | 100% | 111.9% | -963.48% | -694.82% | -2398.16% | - | - | - |
| Gross Profit Growth % | - | 195.75% | 128.48% | -2719.04% | -92.55% | 155.01% | -26.48% | 12.31% | -6430.87% | -107.62% | -350.93% | - |
| Operating Expenses | 52.24M | 53.99M | 50.79M | 19.54M | 54.47M | 60.43M | 14.65M | 12.74M | 39.84M | 23.23M | 7.66M | 1.93M |
| OpEx % of Revenue | - | 196.56% | 546.86% | 355.96% | 4375.1% | 404.46% | 464.48% | 368.39% | 3486.71% | - | - | - |
| Selling, General & Admin | 16.21M | 16.24M | 14.59M | 16.68M | 16.17M | 17.31M | 14.65M | 12.74M | 11.3M | 4.33M | 1.97M | 425.08K |
| SG&A % of Revenue | - | 59.14% | 157.05% | 303.83% | 1298.71% | 115.83% | 464.48% | 368.39% | 988.55% | - | - | - |
| Research & Development | 36.02M | 37.74M | 36.3M | 40.8M | 38.58M | 41.35M | 33.55M | 27.49M | 28.54M | 18.9M | 5.69M | 1.5M |
| R&D % of Revenue | - | 137.42% | 390.82% | 743.21% | 3098.63% | 276.73% | 1063.48% | 794.82% | 2498.16% | - | - | - |
| Other Operating Expenses | 4K | 0 | -93K | -37.94M | -277K | 1.78M | -33.55M | -27.49M | 165.34K | 0 | 0 | 0 |
| Operating Income | -19.58M | -26.52M | -41.5M | -52.15M | -53.23M | -43.71M | -45.04M | -36.77M | -38.7M | -23.23M | -7.66M | -1.93M |
| Operating Margin % | -59.83% | -96.56% | -446.86% | -949.89% | -4275.1% | -292.56% | -1427.96% | -1063.21% | -3386.71% | - | - | - |
| Operating Income Growth % | - | 36.09% | 20.42% | 2.02% | -21.76% | 2.95% | -22.5% | 4.98% | -66.55% | -203.38% | -297.07% | - |
| EBITDA | -16.57M | -23.04M | -39.15M | -48.71M | -51.42M | -45.49M | -43.99M | -35.96M | -37.94M | -22.81M | -7.46M | -1.88M |
| EBITDA Margin % | -50.64% | -83.89% | -421.56% | -887.3% | -4130.04% | -304.46% | -1394.44% | -1039.76% | -3320.19% | - | - | - |
| EBITDA Growth % | 56.85% | 41.15% | 19.63% | 5.26% | -13.03% | -3.42% | -22.32% | 5.21% | -66.28% | -205.98% | -295.78% | - |
| D&A (Non-Cash Add-back) | 3.01M | 3.48M | 2.35M | 3.44M | 1.81M | -1.78M | 1.06M | 810.78K | 760.01K | 419.57K | 202.09K | 44.81K |
| EBIT | -18.85M | -25.75M | -39.88M | -49.49M | -52.3M | -43.67M | -45.04M | -36.77M | -38.7M | -23.23M | -7.66M | -1.93M |
| Net Interest Income | 582K | 450K | 826K | 1.42M | 215K | 45.9K | 463.91K | 482.79K | 376.01K | 0 | 0 | 0 |
| Interest Income | 757K | 807K | 1.62M | 2.66M | 928.24K | 45.9K | 463.91K | 419K | 376.01K | 35 | 52 | 0 |
| Interest Expense | 175K | 357K | 796K | 1.25M | 713.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 561K | 419K | 826K | 1.42M | 215K | 45.9K | 463.91K | 482.79K | 541.35K | 35 | 52 | 0 |
| Pretax Income | -19.02M | -26.1M | -40.67M | -50.73M | -53.01M | -43.67M | -44.58M | -36.29M | -38.16M | -23.23M | -7.66M | -1.93M |
| Pretax Margin % | -58.12% | -95.03% | -437.97% | -924.1% | -4257.83% | -292.25% | -1413.26% | -1049.25% | -3339.33% | - | - | - |
| Income Tax | 500K | 500K | 0 | 0 | 0 | 495K | 206.25K | 412.5K | 825K | 0 | 0 | 0 |
| Effective Tax Rate % | -2.63% | -1.92% | 0% | 0% | 0% | -1.13% | -0.46% | -1.14% | -2.16% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -59.65% | -96.85% | -437.97% | -924.1% | -4257.83% | -295.56% | -1419.79% | -1061.18% | -3411.53% | - | - | - |
| Net Income Growth % | 51.89% | 34.6% | 19.83% | 4.3% | -20.04% | 1.39% | -22.03% | 5.85% | -67.77% | -203.38% | -297.06% | - |
| Net Income (Continuing) | -19.52M | -26.6M | -40.67M | -50.73M | -53.01M | -44.16M | -44.78M | -36.7M | -38.98M | -23.23M | -7.66M | -1.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.06 | -8.40 | -21.60 | -33.30 | -44.70 | -42.30 | -46.80 | -49.80 | -58.20 | -33.90 | -11.10 | -7.80 |
| EPS Growth % | 72.5% | 61.11% | 35.14% | 25.5% | -5.67% | 9.62% | 6.02% | 14.43% | -71.68% | -205.41% | -42.31% | - |
| EPS (Basic) | - | -8.40 | -21.60 | -33.30 | -44.70 | -42.30 | -46.80 | -49.80 | -58.20 | -33.90 | -11.10 | -7.80 |
| Diluted Shares Outstanding | 4.81M | 3.16M | 1.88M | 1.53M | 1.19M | 1.04M | 956.29K | 734.73K | 671.13K | 688.02K | 688.02K | 245.09K |
| Basic Shares Outstanding | 4.81M | 3.16M | 1.88M | 1.53M | 1.19M | 1.04M | 956.29K | 734.73K | 671.13K | 688.02K | 688.02K | 245.09K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
According to reported financial statements, CUE's revenue trajectory remains highly volatile, characterized by sporadic milestone payments rather than consistent commercial growth, as evidenced by the significant quarterly fluctuations ranging from $0.4M to $21.9M over the last ten quarters, reflecting the inherent unpredictability of its current licensing-based business model.
The revenue profile is entirely dependent on the achievement of technical milestones within collaboration agreements, which precludes any assessment of organic product demand. Investors should interpret these inflows as non-recurring events that do not signal a sustainable path toward commercial-stage revenue generation.
Based on the company's historical income statements, R&D expenditure remains the dominant cost driver, consistently consuming the majority of capital and resulting in a persistent operating deficit, with quarterly R&D spending frequently exceeding $7M, underscoring the high-burn nature of the firm's current clinical-stage development strategy.
The cost structure is heavily skewed toward clinical trial execution, leaving little room for operational flexibility. This reliance on high R&D spending suggests that any delay in clinical milestones will continue to exert significant downward pressure on the company's overall financial health.
As indicated by the provided financial data, CUE lacks meaningful operating leverage, as the company's operating income remains deeply negative in most periods, with the exception of a singular anomalous quarter in 2025Q4, highlighting the firm's inability to scale its operations without proportional increases in development costs.
The absence of a commercial product means that SG&A and R&D expenses do not benefit from economies of scale. Consequently, the company's operating margin appears tethered to the intensity of its clinical pipeline, rather than any inherent efficiency in its administrative or operational overhead.
Financial analysis suggests that the company's reliance on milestone-based revenue creates a precarious liquidity profile, as the $27.1M cash position reported in recent filings appears insufficient to sustain the current burn rate for an extended period without necessitating further dilutive equity financing to fund ongoing operations.
Short-term revenue spikes, such as the $21.9M recognized in 2025Q4, may mask the underlying structural cash burn that characterizes the company's day-to-day operations. Investors should monitor the potential for future capital raises, as the current financial trajectory suggests that the company remains highly vulnerable to market sentiment.
Quick answers to the most common questions about buying CUE stock.
For fiscal year 2025, Cue Biopharma, Inc. (CUE) reported total revenue of $27.5M.
Cue Biopharma, Inc. (CUE) reported a net loss of $26.6M for the fiscal year ending 2025.
Cue Biopharma, Inc. (CUE) reported an operating income of $-26.5M, resulting in an operating profit margin of -96.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Cue Biopharma, Inc. (CUE) generated $27.5M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.