CUE Nasdaq Pharmaceutical Preparations Financials FY2017βFY2025
Cue Biopharma, Inc. had $27.5M of revenue in fiscal 2025, up 195.7% on the year before. Over five years, revenue changed +54.2% a year on average.
Last close Β· Oct 23, 2026
$18.66
1.2%Hi! I read Cue Biopharma, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+195.7%
Yes. Sales grew 195.7% last year.
Does it make a profit?
β96.9%
No. It lost money last year.
Does profit turn into cash?
β79.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Cue Biopharma, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 11, 2026
Wednesday Β· in 16 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 14, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 14, 2026 | Q1 '26 | After the market closes | 10-Q β |
| Mar 16, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 12, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 12, 2025 | Q2 '25 | After the market closes | 8-K β |
| Apr 14, 2025 | Q1 '25 | Time not announced | 8-K β |
| Mar 31, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Cue Biopharma, Inc. had $27.5M of revenue in fiscal 2025, up 195.7% on the year before. Over five years, revenue changed +54.2% a year on average. Its operating margin was β96.7%, up 350.2Β pts: of every 100 in sales, about β97 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Cue Biopharma, Inc. lost $26.6M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$21.9M in fiscal 2025, β79.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Cue Biopharma, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $64.4M | $76.3M | $48.5M | $22.5M | $27.1M |
| Debt incl. finance leases | $0.0M | $8.1M | $4.0M | $0.0M | β |
| Debt / equity | 0.0x | 0.1x | 0.1x | 0.0x | β |
| Interest coverage | β | β488.3x | β521.5x | β415.0x | β265.5x |
| Current ratio | 5.4x | 6.7x | 3.0x | 1.8x | 2.7x |
| Quick ratio | 5.4x | 6.7x | 3.0x | 1.8x | 2.7x |
| Total assets | $83.4M | $91.3M | $61.5M | $32.2M | $42.2M |
| Total liabilities | $17.9M | $25.6M | $24.4M | $14.7M | $15.8M |
| Shareholders' equity | $65.5M | $65.7M | $37.1M | $17.5M | $26.4M |
| Net debt (β = net cash) | β$64.4M | β$68.2M | β$44.5M | β$22.4M | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Cue Biopharma, Inc. passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 3 / 7 | 3 / 7 | 2 / 7 | 2 / 8 | 3 / 8 | 3 / 8 | 4 / 7 |
| Accruals ratio | β16.6% | β22.4% | β10.1% | β14.4% | β5.8% | β12.8% | β14.1% | β9.3% | β13.2% |
| Altman Z'' | 14.02 | β2.79 | β0.50 | 0.65 | β3.02 | β5.45 | β16.40 | β39.70 | β27.27 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | β | $1.1M | $3.5M | $3.2M | $14.9M | $1.2M | $5.5M | $9.3M | $27.5M |
| Net interest income | β | β | β | β | $0.0M | β$0.7M | β$1.2M | β$0.8M | β$0.4M |
| Research and development | $18.9M | $28.5M | $27.5M | $33.5M | $41.3M | $38.6M | $40.8M | $36.3M | $37.7M |
| Operating income | β$23.2M | β$38.7M | β$36.8M | β$45.0M | β$43.7M | β$53.2M | β$52.1M | β$41.5M | β$26.6M |
| Interest expense | β | β | β | β | β | $0.1M | $0.1M | $0.1M | $0.1M |
| Pretax income | β$23.2M | β$38.2M | β$36.3M | β$44.6M | β$43.7M | β$53.0M | β | β | β |
| Income tax | β | $0.8M | $0.4M | $0.2M | $0.5M | $0.0M | β | $0.0M | $0.5M |
| Net income | β$23.2M | β$39.0M | β$36.7M | β$44.8M | β$44.2M | β$53.0M | β$50.7M | β$40.7M | β$26.6M |
| Diluted EPS | β$2.16 | β$1.94 | β$1.66 | β$1.56 | β$1.41 | β$1.49 | β$1.11 | β$0.72 | β$0.28 |
| Diluted shares | 0.01B | 0.02B | 0.02B | 0.03B | 0.03B | 0.04B | 0.05B | 0.06B | 0.09B |
| Cash flow | |||||||||
| Cash from operations | β$12.1M | β$26.4M | β$30.8M | β$32.5M | β$38.8M | β$41.8M | β$40.0M | β$36.3M | β$21.7M |
| Capital expenditure | $1.0M | $1.9M | $0.0M | $0.6M | $0.9M | $0.2M | $0.0M | $0.1M | $0.2M |
| Free cash flow | β$13.2M | β$28.3M | β$30.8M | β$33.1M | β$39.8M | β$42.0M | β$40.0M | β$36.4M | β$21.9M |
| Depreciation and amortization | $0.4M | $0.8M | $0.8M | $1.1M | $1.3M | $0.9M | $0.6M | $0.4M | $1.0M |
| Stock-based compensation | $2.8M | $7.2M | $6.5M | $10.5M | $11.5M | $9.5M | $8.2M | $6.8M | $4.7M |
| Share buybacks | β | β | $0.1M | $0.3M | $0.8M | $0.2M | $0.0M | β | β |
| Dividends and buybacks | β | β | $0.1M | $0.3M | $0.8M | $0.2M | $0.0M | β | β |
| Balance sheet | |||||||||
| Cash and short-term investments | $63.5M | $39.2M | $59.4M | $84.9M | $64.4M | $76.3M | $48.5M | $22.5M | $27.1M |
| Total debt | β | β | β | β | $0.0M | $8.1M | $4.0M | $0.0M | β |
| Current assets | $65.1M | $40.6M | $61.0M | $87.5M | $68.5M | $77.2M | $51.5M | $25.1M | $37.0M |
| Current liabilities | $5.3M | $6.2M | $11.7M | $16.3M | $12.8M | $11.5M | $17.1M | $13.7M | $13.5M |
| Property and equipment, net | $1.7M | $2.8M | $1.8M | $2.1M | $2.1M | $1.5M | $0.8M | $0.5M | $0.2M |
| Total assets | $67.0M | $45.4M | $71.6M | $99.5M | $83.4M | $91.3M | $61.5M | $32.2M | $42.2M |
| Total liabilities | $5.3M | $11.4M | $17.0M | $20.6M | $17.9M | $25.6M | $24.4M | $14.7M | $15.8M |
| Preferred stock | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $61.6M | $34.0M | $54.6M | $78.9M | $65.5M | $65.7M | $37.1M | $17.5M | $26.4M |
| Margins | |||||||||
| Operating margin | β | β3,386.7% | β1,063.2% | β1,428.0% | β292.6% | β4,275.1% | β949.9% | β446.9% | β96.7% |
| EBITDA margin | β | β3,320.2% | β1,039.8% | β1,394.4% | β284.1% | β4,201.0% | β939.8% | β442.6% | β93.2% |
| Net margin | β | β3,411.5% | β1,061.2% | β1,419.8% | β295.6% | β4,257.8% | β924.1% | β438.0% | β96.9% |
| FCF margin | β | β2,473.8% | β891.9% | β1,049.0% | β266.0% | β3,371.6% | β727.9% | β391.9% | β79.6% |
| Net interest share of revenue | β | β | β | β | 0.0% | β57.3% | β22.7% | β8.6% | β1.3% |
| Returns | |||||||||
| Return on capital | β | β | β | β | β3,080.0% | β | β | β | β |
| Return on capital employed | β37.7% | β98.9% | β61.3% | β54.1% | β61.9% | β66.8% | β117.3% | β224.3% | β92.5% |
| Return on equity | β37.7% | β81.6% | β82.9% | β67.1% | β61.2% | β80.8% | β98.7% | β149.0% | β121.1% |
| Return on assets | β34.7% | β69.4% | β62.8% | β52.3% | β48.3% | β60.7% | β66.4% | β86.8% | β71.5% |
| Return on tangible equity | β37.7% | β114.7% | β67.2% | β56.8% | β67.4% | β80.7% | β136.8% | β232.4% | β100.6% |
| Growth | |||||||||
| Revenue growth | β | β | 202.7% | β8.8% | 373.7% | β91.7% | 341.0% | 69.2% | 195.7% |
| Share count change | β | 87.6% | 9.5% | 30.2% | 9.1% | 13.9% | 28.3% | 23.1% | 68.2% |
| Financial health | |||||||||
| Debt / equity | β | β | β | β | 0.0x | 0.1x | 0.1x | 0.0x | β |
| Interest coverage | β | β | β | β | β | β488.3x | β521.5x | β415.0x | β265.5x |
| Current ratio | 12.2x | 6.5x | 5.2x | 5.4x | 5.4x | 6.7x | 3.0x | 1.8x | 2.7x |
| Quick ratio | 12.2x | 6.5x | 5.2x | 5.4x | 5.4x | 6.7x | 3.0x | 1.8x | 2.7x |
| Capital allocation | |||||||||
| Capex / revenue | β | 162.3% | 1.3% | 18.9% | 6.1% | 13.7% | 0.0% | 0.7% | 0.6% |
| Stock comp / revenue | β | 627.8% | 188.6% | 332.3% | 77.1% | 762.7% | 149.0% | 73.7% | 17.3% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | 3.0 | 3.0 | 2.0 | 2.0 | 3.0 | 3.0 | 4.0 |
| Altman Z'' | 14.0 | β2.8 | β0.5 | 0.6 | β3.0 | β5.5 | β16.4 | β39.7 | β27.3 |
| Accruals ratio | β16.6% | β22.4% | β10.1% | β14.4% | β5.8% | β12.8% | β14.1% | β9.3% | β13.2% |
Source: SEC EDGAR XBRL filings (CIK 0001645460). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
