Cue Biopharma Inc. released its first quarter 2025 financial results, reporting a decrease in collaboration revenue to $0.4 million from $1.7 million in the same period in 2024. The decrease is attributed to the termination of the agreement with Ono Pharmaceutical in March 2025. The company recorded a net loss of $12.257 million, slightly narrowing from the $12.347 million loss reported in the first quarter of 2024. Research and development expenses decreased to $8.5 million from $10.2 million, driven primarily by reductions in clinical trial costs and employee compensation, including stock-based compensation. General and administrative expenses remained consistent at $4.2 million for both periods. Significant business updates include the announcement of a strategic collaboration and license agreement with Boehringer Ingelheim for CUE-501, which includes an upfront payment of $12 million and potential milestone payments totaling approximately $345 million. Additionally, Cue Biopharma successfully raised around $20 million in a follow-on capital raise and regained worldwide rights for its lead autoimmune program, CUE-401. A virtual event is scheduled for May 15, 2025, featuring key opinion leaders in the field of Immunology, to discuss new preclinical data for CUE-401 and provide updates on the CUE-100 series clinical oncology programs. The event will be available in the News + Publications section of the company's website.