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Cue Biopharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports collaboration revenue of $3.3 million for the quarter, an increase from $2.1 million in the same quarter the previous year, primarily due to the Ono Collaboration and Option Agreement.
General and administrative expenses decreased to $2.9 million from $3.6 million in the same quarter of the previous year, attributed to a reduction in employee compensation.
Research and development expenses were $9.4 million, slightly down from $9.9 million in the previous year, due to lower clinical trial costs.
The company recorded a gain of $0.1 million from the sale of lab equipment during the quarter.
Interest income for the quarter was $0.3 million, down from $0.7 million in the previous year, due to lower interest earned on cash equivalents.
Interest expense decreased to $0.2 million from $0.3 million, related to borrowings under the Loan Agreement with Silicon Valley Bank (FCNCA-2.18%), now a division of First-Citizens Bank & Trust Company.
Net loss for the quarter was $8.7 million, compared to $11.0 million in the previous year.
As of September 30, 2024, Cue Biopharma had cash and cash equivalents totaling $32.4 million.
The company anticipates its existing cash resources will fund operations into the fourth quarter of 2025, but acknowledges the need to raise additional capital to continue operations beyond that period.
Cue Biopharma continues to focus on its autoimmune programs, including CUE-401 and CUE-501, while seeking third-party support for its oncology programs, CUE-101 and CUE-102.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cue Biopharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.