Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Cue Biopharma, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.14
3.46
3.15
14.9
1.25
5.49
9.29
27.5
Research and development
18.9
28.5
27.5
33.5
41.3
38.6
40.8
36.3
37.7
General and administrative
4.33
11.3
12.7
14.7
17.3
16.2
16.7
14.6
16.2
Operating expenses
23.2
39.8
40.2
48.2
58.7
54.5
57.6
50.8
54
Operating income
-23.2
-38.7
-36.8
-45
-43.7
-53.2
-52.1
-41.5
-26.6
Interest expense
0.11
0.1
0.1
0.1
Other non-operating income
0
0.54
0.48
0.46
0.05
0.22
1.42
0.83
0.45
Pre-tax income
-23.2
-38.2
-36.3
-44.6
-43.7
-53
Income tax
0.83
0.41
0.21
0.5
0
0
0.5
Net income
-23.2
-39
-36.7
-44.8
-44.2
-53
-50.7
-40.7
-26.6
EBITDA
-22.8
-37.9
-36
-44
-42.5
-52.3
-51.6
-41.1
-25.6
EPS, basic
-2.16
-1.94
-1.66
-1.56
-1.41
-1.49
-1.11
-0.72
-0.28
EPS, diluted
-2.16
-1.94
-1.66
-1.56
-1.41
-1.49
-1.11
-0.72
-0.28
Shares, basic (weighted)
10.7
20.1
22
28.7
31.3
35.6
45.8
56.3
94.7
Shares, diluted (weighted)
10.7
20.1
22
28.7
31.3
35.6
45.8
56.3
94.7
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
63.5
20.8
44.3
74.9
64.4
51.6
48.5
22.5
27.1
Short-term investments
0
18.4
15.1
10
0
24.7
0
0
Receivables
0.75
1.42
3.14
0.06
1.7
0.95
5.55
Other current assets
1.26
1.35
0.86
1.24
0.95
0.84
0.96
0.81
1.31
Total current assets
65.1
40.6
61
87.5
68.5
77.2
51.5
25.1
37
Property, plant and equipment
1.69
2.78
1.85
2.11
2.11
1.5
0.8
0.47
0.24
Lease right-of-use assets
5.34
6.77
9.81
9.2
6.32
4.37
4.07
Other non-current assets
0.2
0.81
0.67
0.4
0.14
0.13
0.12
0.11
0.09
Total assets
67
45.4
71.6
99.5
83.4
91.3
61.5
32.2
42.2
Accounts payable
1.66
2.04
0.88
2.07
2.59
2.73
3.5
2.82
3.95
Accrued liabilities
1.15
1.79
2.23
2.79
4.62
3.55
4.14
2.91
1.61
Short-term debt
2
4
0.04
Total current liabilities
5.35
6.22
11.7
16.3
12.8
11.5
17.1
13.7
13.5
Long-term debt
0
8.04
4.2
0
Lease liabilities
1.35
2.37
5.12
6.02
3.16
1
2.29
Total liabilities
5.35
11.4
17
20.6
17.9
25.6
24.4
14.7
15.8
Total debt
0
8
4
0
Paid-in capital
94.4
106
163
232
263
316
338
359
395
Retained earnings
-32.8
-71.8
-109
-153
-197
-250
-301
-342
-368
Other comprehensive income
-0.01
-0.01
0.01
0
-0.1
0
0
Shareholders' equity
61.6
34
54.6
78.9
65.5
65.7
37.1
17.5
26.4
Total equity
61.6
34
54.6
78.9
65.5
65.7
37.1
17.5
26.4
Total liabilities and equity
67
45.4
71.6
99.5
83.4
91.3
61.5
32.2
42.2
Shares outstanding
19.5
20.7
26.6
30.4
32.2
47.2
47.2
61.8
3.22
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-23.2
-39
-36.7
-44.8
-44.2
-53
-50.7
-40.7
-26.6
Depreciation and amortization
0.42
0.76
0.81
1.06
1.26
0.92
0.56
0.4
0.96
Stock-based compensation
2.78
7.17
6.52
10.5
11.5
9.5
8.18
6.85
4.74
Change in receivables
-0.75
-0.66
-1.73
3.09
-1.64
0.75
-4.6
Change in payables
0.92
0.38
-1.15
0.74
0.52
0.08
0.77
-0.68
1.13
Cash from operations
-12.1
-26.4
-30.8
-32.5
-38.8
-41.8
-40
-36.3
-21.7
Capital expenditures
-1.03
-1.85
-0.05
-0.6
-0.91
-0.17
0
-0.07
-0.18
Purchases of investments
-39.5
-15.1
-9.95
0
-29.4
0
0
-16.3
Cash from investing
-1.2
-20.4
3.45
4.46
9.11
-24.6
25
0.03
0.08
Debt issued
0
10
0
Stock issued
0.01
0.01
49
56.7
0
22.7
0
10.8
28.3
Share buybacks
-0.09
-0.27
-0.75
-0.2
0
Cash from financing
62
4.18
50.8
58.6
19.2
53.7
11.9
10.2
26.3
Net change in cash
48.7
-42.6
23.4
30.6
-10.5
-12.8
-3.1
-26.1
4.68
Free cash flow
-13.2
-28.3
-30.8
-33.1
-39.8
-42
-40
-36.4
-21.9
Interest paid
0
0.57
1
0.67
0.21
Income taxes paid
0.83
0.41
0
0.5
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.41 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-262.0%
Operating income / revenue.
EBITDA margin
-258.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-435.8%
Net income / revenue.
FCF margin
-133.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-132.9%
Cash from operations / revenue.
Return on equity (ROE)
-7,104.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-534.4%
Net income / average total assets.
R&D / revenue
205.0%
Research and development expense / revenue.
Stock-based pay / revenue
69.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
3.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
195.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
180.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
54.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
51.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-26.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-19.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
31.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-22.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-15.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
68.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
38.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
27.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.25x
Current assets / current liabilities.
Quick ratio
1.07x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.82x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$5.94
Revenue / diluted weighted shares.
FCF per share
-$7.91
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$7.89
Cash from operations / diluted weighted shares.
Book value per share
$0.44
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.06x
Market cap / revenue.
P/B
98.8x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
98.8x
Market cap / tangible book value, when positive.
EV/Sales
5.60x
Enterprise value / revenue.
FCF yield
-22.0%
Free cash flow / market cap.
Earnings yield
-71.9%
Net income / market cap (the inverse of P/E).
What was Cue Biopharma, Inc.'s revenue in fiscal 2025?
Cue Biopharma, Inc. reported revenue of $27.5M for fiscal 2025, 195.7% higher than the year before.
Was Cue Biopharma, Inc. profitable in fiscal 2025?
No. It reported a net loss of $26.6M.
How much free cash flow did Cue Biopharma, Inc. generate in fiscal 2025?
Cash from operations of $21.7M minus capital expenditures of $177.0K left free cash flow of -$21.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.