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BOSTON - Cue Biopharma, Inc. (NASDAQ:CUE), a clinical-stage biotech company with a market capitalization of $47.6 million, announced today its initiation of an underwritten public offering of common stock shares and accompanying warrants. The completion and terms of the offering are contingent on market conditions, and no guarantees have been made regarding its finalization or the specifics of the offering. According to InvestingPro data, the company is currently burning through cash rapidly, making this offering crucial for its operations.
The securities, which include common stock or pre-funded warrants to purchase common stock and accompanying warrants to buy additional shares, are being offered solely by Cue Biopharma. Oppenheimer & Co. Inc. is the sole book-running manager for the offering, with Newbridge Securities Corporation serving as co-manager.
Investors interested in the offering should note that it will only be conducted via a prospectus supplement and an accompanying prospectus, part of a shelf registration statement filed with the Securities and Exchange Commission on May 9, 2023, and declared effective on May 26, 2023. The preliminary prospectus supplement related to the offering will be filed with the SEC and will be accessible on its website.
Cue Biopharma’s proprietary technology, Immuno-STAT™, is designed to harness the immune system’s potential by selectively modulating disease-specific T cells within the patient’s body, aiming to treat cancer and autoimmune diseases without the side effects associated with broad systemic immune modulation.
The announcement contains forward-looking statements regarding the public offering and its anticipated terms, which are subject to risks and uncertainties that could cause actual results to differ materially. These include market conditions, customary closing conditions, and the company’s financial position. Cue Biopharma has a history of operating losses and has expressed concerns about its ability to continue operations beyond the next twelve months without additional financing. InvestingPro data reveals concerning metrics, including negative gross profit margins and a high beta of 2.03, indicating significant stock volatility. For deeper insights into Cue Biopharma’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The information in this article is based on a press release statement from Cue Biopharma, Inc. and does not constitute an offer to sell or a solicitation of an offer to buy these securities. Potential investors are advised to consult the prospectus supplement and accompanying prospectus for detailed information before making any investment decisions.
In other recent news, Cue Biopharma has entered into a significant collaboration with Boehringer Ingelheim to advance its autoimmune disease treatment, CUE-501. Under the agreement, Cue Biopharma will receive an upfront payment of $12 million, with the potential for additional payments totaling approximately $345 million based on research, development, and commercial milestones. The collaboration allows Boehringer Ingelheim exclusive rights to research, develop, and commercialize the licensed products globally. Additionally, Cue Biopharma announced its fourth-quarter financial results for 2024, highlighting a solid cash reserve of $22.5 million and the regaining of global rights for CUE-401. Analysts from JMP Securities have maintained a Market Outperform rating for Cue Biopharma, citing the company’s cash position and platform value. Furthermore, Cue Biopharma has appointed Pasha Sarraf to its board of directors, with Sarraf receiving an option grant to purchase 48,800 shares of the company’s common stock. These developments reflect Cue Biopharma’s strategic efforts to expand its leadership and strengthen its therapeutic pipeline in the biopharmaceutical industry.
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