Cue Biopharma, Inc. (CUE) Income Statement
CUE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCUE revenue and net income
Where CUE's revenue goes
2025Each bar shows an amount and its share of revenue. CUE kept −96.9% of revenue as net income.
CUE profit margins
CUE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +195.7% | +180.5% | +54.2% | — |
| Gross profit | +195.7% | +180.5% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CUE quarterly EPS vs estimates
Cue Biopharma beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 11, 2026 (estimate $-4.04).
CUE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.5M | $9.3M | $5.5M | $1.2M | $14.9M | $3.2M | $3.5M | $1.1M | $0 | $0 |
| Cost of revenue | $3.5M | $2.4M | $38.1M | $1.8M | −$1.8M | $33.5M | $27.5M | $28.5M | $419,568 | $202,085 |
| Gross profit | $27.5M | $9.3M | −$32.6M | $1.2M | $14.9M | −$30.4M | $3.5M | −$27.4M | −$419,568 | −$202,085 |
| Research & development | $37.7M | $36.3M | $40.8M | $38.6M | $41.3M | $33.5M | $27.5M | $28.5M | $18.9M | $5.7M |
| Sales, general & admin | $16.2M | $14.6M | $16.7M | $16.2M | $17.3M | $14.7M | $12.7M | $11.3M | $4.3M | $2.0M |
| Total operating expenses | $54.0M | $50.8M | $19.5M | $54.5M | $58.7M | $14.7M | $40.2M | $39.8M | $23.2M | $7.7M |
| Operating income | −$26.5M | −$41.5M | −$52.1M | −$53.2M | −$43.7M | −$45.0M | −$36.8M | −$38.7M | −$23.2M | −$7.7M |
| Interest income | $807,000 | $1.6M | $2.7M | $928,242 | $45,898 | $463,914 | $418,712 | $376,008 | $35 | $52 |
| Interest expense | $357,000 | $796,000 | $1.2M | $713,815 | $1.7M | $463,914 | $5.6M | $0 | $0 | $0 |
| Income before taxes | −$26.1M | −$40.7M | −$50.7M | −$53.0M | −$43.7M | −$44.6M | −$36.3M | −$38.2M | −$23.2M | −$7.7M |
| Income taxes | $500,000 | −$40.7M | $3.3M | −$214,427 | $495,000 | $206,250 | $412,000 | $825,000 | $0 | $0 |
| Net income | −$26.6M | −$40.7M | −$50.7M | −$53.0M | −$44.2M | −$44.8M | −$36.7M | −$39.0M | −$23.2M | −$7.7M |
| EBITDA | −$24.8M | −$37.5M | −$46.1M | −$50.5M | −$45.5M | −$44.0M | −$31.6M | −$37.9M | −$22.8M | −$7.5M |
| EPS (diluted) | −$9.89 | −$18.76 | −$24.89 | −$33.98 | −$34.75 | −$36.36 | −$39.66 | −$19.91 | −$1.41 | −$11.13 |
| Gross margin | 100.0% | 100.0% | −593.9% | 100.0% | 100.0% | −963.5% | 100.0% | −2,398.2% | — | — |
| Operating margin | −96.6% | −446.9% | −949.9% | −4,275.1% | −292.6% | −1,428.0% | −1,063.3% | −3,386.7% | — | — |
| Net margin | −96.9% | −438.0% | −924.1% | −4,257.8% | −295.6% | −1,419.8% | −1,061.2% | −3,411.5% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.9M | $5.7M | $21.9M | $2.1M | $3.0M | $421,000 | $1.6M | $3.3M | $2.7M | $1.7M | $1.8M | $2.1M |
| Cost of revenue | $36,000 | $77,000 | $3.2M | $79,000 | $100,000 | $0 | $0 | $0 | $9.5M | $849,000 | $13.5M | $9.0M |
| Gross profit | $7.8M | $5.7M | $21.9M | $2.1M | $3.0M | $421,000 | $1.6M | $3.3M | $2.7M | $1.7M | −$11.7M | −$6.9M |
| Research & development | $49.0M | $6.9M | $16.5M | $4.7M | $7.9M | $8.5M | $7.2M | $9.4M | $9.5M | $10.2M | $10.9M | $9.9M |
| Sales, general & admin | $46.6M | $4.2M | $3.5M | $4.9M | $3.7M | $4.2M | $4.0M | $2.9M | $3.5M | $4.2M | $4.6M | $3.6M |
| Total operating expenses | $95.6M | $11.0M | $20.0M | $9.6M | $11.6M | $12.7M | $11.2M | $12.2M | $13.0M | $14.4M | $2.2M | $4.5M |
| Operating income | −$87.7M | −$5.4M | $2.0M | −$7.5M | −$8.6M | −$12.3M | −$9.6M | −$8.8M | −$10.4M | −$12.7M | −$13.8M | −$11.4M |
| Interest income | $157,000 | $179,000 | $158,000 | $222,000 | $198,000 | $170,000 | $290,000 | $343,000 | $427,000 | $562,000 | $905,000 | $700,000 |
| Interest expense | $5,000 | $4,000 | $51,000 | $75,000 | $45,000 | $128,000 | $153,000 | $188,000 | $215,000 | $241,000 | $507,000 | $286,000 |
| Income before taxes | −$153.1M | −$5.2M | $2.1M | −$7.4M | −$8.5M | −$12.3M | −$9.5M | −$8.7M | −$10.2M | −$12.3M | −$13.4M | −$11.0M |
| Income taxes | — | — | $500,000 | — | — | — | — | −$8.7M | — | $805,724 | $807,188 | $700,000 |
| Net income | −$153.1M | −$5.2M | $1.6M | −$7.4M | −$8.5M | −$12.3M | −$9.5M | −$8.7M | −$10.2M | −$12.3M | −$13.4M | −$11.0M |
| EBITDA | −$87.7M | −$4.6M | $3.3M | −$6.8M | −$7.6M | −$11.2M | −$9.2M | −$7.6M | −$9.1M | −$11.3M | −$12.8M | −$9.9M |
| EPS (diluted) | −$13.81 | −$1.08 | $0.01 | −$2.10 | −$2.70 | −$5.10 | −$0.13 | −$5.13 | −$6.00 | −$7.50 | −$0.29 | −$7.20 |
| Gross margin | 99.5% | 100.0% | 100.0% | 96.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | −640.6% | −327.3% |
| Operating margin | −1,113.3% | −94.3% | 8.9% | −351.0% | −292.3% | −2,921.4% | −611.2% | −264.2% | −390.6% | −737.8% | −759.6% | −543.8% |
| Net margin | −1,943.2% | −91.1% | 7.2% | −346.6% | −287.1% | −2,911.4% | −602.5% | −259.6% | −382.7% | −719.1% | −737.7% | −524.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CUE's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CUE financial results
In fiscal year 2025 (ended December 31, 2025), Cue Biopharma reported revenue of $27.5 million, up 195.7% from the year before. It had a net loss of $26.6 million, a net profit margin of −96.9%. Diluted earnings per share came to −$9.89. Over five years revenue grew at an average rate of 54.2% a year.
See the CUE stock overview for the latest quote and news, or the CUE chart for price history and technical indicators.
CUE income statement FAQ
What is Cue Biopharma's annual revenue?
Cue Biopharma reported total revenue of $27.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 195.7% from $9.3 million the previous year.
Is Cue Biopharma profitable?
No. Cue Biopharma reported a net loss of $26.6 million in fiscal 2025, a net profit margin of −96.9%; its operating margin was −96.6%.
What is Cue Biopharma's gross margin?
Cue Biopharma's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Cue Biopharma kept $100 after the direct cost of its products and services.
How much does Cue Biopharma spend on research and development?
Cue Biopharma spent $37.7 million on research and development in fiscal 2025, 137.4% of revenue.
How fast is Cue Biopharma growing?
Revenue grew 54.2% a year on average over the last five fiscal years, from $3.2 million to $27.5 million.
What are Cue Biopharma's earnings per share?
Cue Biopharma earned $-9.89 per diluted share in fiscal 2025, compared with $-18.76 a year earlier.
When will Cue Biopharma report its next earnings?
Cue Biopharma is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Cue Biopharma's fiscal year end?
Cue Biopharma's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.