Boston-based Cue Biopharma, Inc. (Nasdaq: CUE) announced a USD 30 million PIPE financing on April 30, 2026, with proceeds directed toward advancing its clinical pipeline, including the acquisition and development of Ascendant-221, as well as working capital and general corporate purposes. The transaction is structured as a securities purchase agreement with certain accredited investors and was expected to close on or about May 4, 2026, subject to customary closing conditions. Newbridge Securities Corporation acted as placement agent for the transaction.
Under the terms of the PIPE financing, Cue Biopharma agreed to sell pre-funded warrants to purchase an aggregate of up to 2,727,272 shares of common stock, accompanied by common stock warrants to purchase an aggregate of up to 1,363,636 shares of common stock, at an effective price of USD 11.00 per pre-funded warrant and accompanying warrant. The exercise price of the accompanying warrants is USD 11.00 per share. The pre-funded warrants are exercisable following receipt of stockholder approval at an upcoming special meeting and carry no expiration date. The accompanying warrants become exercisable upon the same stockholder approval condition and expire on the fifth anniversary of the closing. The investors were identified collectively as certain accredited investors; individual identities were not disclosed in the press release. No insider participation was referenced in the available source materials.
Company overview and pipeline
Cue Biopharma is a clinical-stage biopharmaceutical company headquartered in Boston, Massachusetts, developing therapeutic biologics designed to selectively engage and modulate disease-relevant T cells. The company’s pipeline is now focused primarily on autoimmune and inflammatory diseases, following a strategic shift away from oncology toward immune modulation.
Its lead autoimmune platform is based on Immuno-STAT, a biologics platform designed to selectively target and modulate disease-specific T cells in vivo without broad immune suppression. The lead autoimmune candidate, CUE-401, is designed to expand and induce stable FOXP3+ regulatory T cells (Tregs), including both natural Tregs and induced Tregs, which are central to immune tolerance and homeostasis. Cue has reported preclinical evidence that CUE-401 can expand FOXP3+ natural Tregs and induce FOXP3+ induced Tregs across multiple disease models.
Cue also has an anti-IgE antibody program targeting allergic diseases, as well as partnered programs outside its core autoimmune focus. In oncology, CUE-102, a WT1-pHLA-IL-2-Fc fusion protein, remains in an investigator-sponsored Phase I study in recurrent glioblastoma at Brigham and Women’s Hospital and Dana-Farber Cancer Institute.