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Cue Biopharma cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$29.0M in Q2 2026 · −$50.2M over twelve months

Operating cash flow−$29.0M
Free cash flow−$29.0M

Analysis

In Q2 2026, Cue Biopharma generated −$29.0M of operating cash flow. That is $25.6M less than in Q2 2025 (−$3.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$50.0M; the largest uses were operating cash flow ($50.0M), capital spending ($121K); besides operations, cash came from shares issued ($37.8M), other financing ($2.0M); the cash balance fell by $10.1M.

Operating cash flow was −$29.0M against net income of −$153M. The largest differences: stock-based pay +$23.8M, accrued liabilities +$15.8M, payables +$421K.

Free cash flow

Cue Biopharma: free cash flow by quarterCue Biopharma: free cash flow by quarter−$7.5MQ3 2024−$9.0MQ4 2024−$8.3MQ1 2025−$3.4MQ2 2025−$9.0MQ3 2025−$1.1MQ4 2025−$11.1MQ1 2026−$29.0MQ2 2026
Operating cash flow less capital spending.
Cue Biopharma: operating cash flow against capital spendingCue Biopharma: operating cash flow against capital spendingOperating cash flowCapital spending−$7.5M−$1KQ3 2024−$9.0M$2KQ4 2024−$8.2M$150KQ1 2025−$3.4M$27KQ2 2025−$9.0M$0Q3 2025−$1.1M$0Q4 2025−$10.9M$121KQ1 2026−$29.0M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$29.0M, Capital spending $0.

Capital allocation, year by year

Cue Biopharma: where the cash came from (up) and went (down), by fiscal yearCue Biopharma: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow −$38.8MFY2021: Shares issued $2.6MFY2021: Asset sales $22KFY2021: Capital spending −$913KFY2021: Buybacks −$750K$2.6MFY2021FY2022: Operating cash flow −$41.8MFY2022: Net borrowing $10.0MFY2022: Shares issued $22.7MFY2022: Asset sales $6KFY2022: Capital spending −$171KFY2022: Buybacks −$200K$32.7MFY2022FY2023: Operating cash flow −$40.0MFY2023: Shares issued $473KFY2023: Asset sales $2K$475KFY2023FY2024: Operating cash flow −$36.3MFY2024: Net borrowing $18KFY2024: Shares issued $10.8MFY2024: Asset sales $98KFY2024: Capital spending −$66K$10.9MFY2024FY2025: Operating cash flow −$21.7MFY2025: Shares issued $28.3MFY2025: Asset sales $40KFY2025: Capital spending −$177K$28.3MFY2025
Over these 5 years operating cash flow totalled −$179M; the largest uses were operating cash flow ($179M) and capital spending ($1.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$24.4M
Debtnone
Net cash$24.4M
Cash runway6 months

Cue Biopharma is burning cash: its operations consume cash, a free cash flow of −$50.2M a year at the current rate against $24.4M of cash and investments: a runway of about 6 months before any new financing.

Where the cash came from and went

Cue Biopharma: sources (+) and uses (−) of cash, Q2 2026Cue Biopharma: sources (+) and uses (−) of cash, Q2 2026Other financing$30.0MOperating cash flow−$29.0MCash drawn (+) / kept (−)−$1.0M
Cue Biopharma: sources (+) and uses (−) of cash, TTM to Q2 2026Cue Biopharma: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$50.0MShares issued$37.8MCash drawn (+) / kept (−)$10.1MOther financing$2.0MOther investing$252KCapital spending−$121K

From profit to cash

Cue Biopharma: net income to operating cash flow, Q2 2026Cue Biopharma: net income to operating cash flow, Q2 2026Net income−$153MDepreciation & amortization$36KStock-based pay$23.8MReceivables−$26KPayables$421KAccrued liabilities$15.8MPrepaid and other assets−$233KOperating cash flow−$29.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$29.0M———−$1.0M−$29.0M
Q1 2026−$10.9M−$121K——$10.8M−$11.1M
Q4 2025−$1.1M——$10.2M−$15.4M−$1.1M
Q3 2025−$9.0M———$15.8M−$9.0M
Q2 2025−$3.4M−$27K——−$14.4M−$3.4M
Q1 2025−$8.2M−$150K−$100K—$9.3M−$8.3M
Q4 2024−$9.0M−$2K—−$8K$10.0M−$9.0M
Q3 2024−$7.5M$1K−$100K$10.8M−$2.4M−$7.5M

Cue Biopharma: income statement and cash flow

Cue Biopharma, Q2 2026: revenue $7.9M (+167% year over year). The chart follows the revenue to costs, profit and cash.

Cue Biopharma: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.