Cue Biopharma announced a partnership with Singapore‑based ImmunoScape that provides a $15 million upfront payment—$10 million in the fourth quarter of 2025 and $5 million in November 2026—alongside a 40 % equity stake in ImmunoScape. The agreement also grants Cue high‑single‑digit royalties on net sales of any products that arise from the collaboration.
The collaboration centers on a Seed‑and‑Boost strategy that combines ImmunoScape’s tumor‑specific T‑cell receptor (TCR) therapies with Cue’s Immuno‑STAT T‑cell engagers from the CUE‑100 series. The “seed” component delivers a minimal dose of engineered T cells, while the “boost” component—Cue’s IL‑2‑containing Immuno‑STAT molecules—selectively expands and activates the patient’s own tumor‑reactive T cells. This approach is designed to improve efficacy, durability, and safety while simplifying manufacturing and scaling.
Cue’s financials underscore the strategic importance of the deal. The company’s cash burn has accelerated, with a negative EBITDA of $39.08 million over the last twelve months, yet its revenue grew to $9.3 million in FY 2024 from $5.5 million in FY 2023, largely driven by the Ono Pharmaceutical collaboration. The upfront payment and equity stake provide a non‑dilutive capital infusion that extends Cue’s runway and supports continued investment in its autoimmune and oncology pipelines. The equity stake also offers potential upside if ImmunoScape’s TCR platform advances to commercial stages.
ImmunoScape, founded in 2016, has raised $39 million across four funding rounds, with its latest Series B in September 2022 for $14 million. The partnership aligns with ImmunoScape’s focus on solid‑tumor TCR therapies and positions Cue’s Immuno‑STAT platform as a complementary “boost” that could accelerate the development of next‑generation cell therapies. The equity stake gives Cue exposure to ImmunoScape’s future growth while maintaining a strategic partnership that leverages both companies’ strengths.
The CUE‑100 series has shown clinical activity across several metastatic cancers. CUE‑101 is in a Phase 1 trial for HPV16+ recurrent/metastatic head and neck cancer, and CUE‑102 is being evaluated in a Phase 1 study for WT1+ cancers. By integrating these agents with ImmunoScape’s TCRs, the collaboration aims to overcome current limitations of solid‑tumor cell therapies, potentially delivering more effective and safer treatments.
Usman Azam, Cue’s president and CEO, said the collaboration “represents a significant development for treating solid tumors with immunotherapy and creating potential value for our shareholders.” He added that the partnership allows Cue to focus on its autoimmune programs while advancing the Immuno‑STAT platform for oncology. The deal also echoes the scientific breakthroughs recognized by the 2025 Nobel Prize in Physiology or Medicine, which highlighted immune‑regulation discoveries that align with Cue’s technology foundation.
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