Cue Biopharma, Inc.

Clinical/early-stage biotech — immunotherapy clinical, funded.

Strengths

• Liquidity — current ratio 2.7 (37th)

Risks

• Pre-revenue, deep losses — per metrics
• Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
• Binary clinical & funding risk — per 10-K

Notable findings

• No interest coverageInterest coverage -265.52 (cannot cover interest)
• Going concern• Our recurring losses from operations raise substantial doubt regarding our ability to continue as a going concern
• Cash burnNegative free cash flow (-21.9M)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Chronic dilutionShare count +22%/yr over 3y (dilution, book value/share -78%)
• Net lossNet loss (net margin -96.9%)
• Revenue declineRevenue -74.1% YoY