Cue Biopharma announced the pricing of an underwritten public offering of 35,714,286 shares of its common stock (or pre-funded warrants to purchase shares of common stock in lieu thereof) and accompanying common stock warrants to purchase an aggregate of 17,857,143 shares of common stock. Each share of common stock (or pre-funded warrant to purchase shares of common stock in lieu thereof) and accompanying common stock warrant are being sold together at a combined public offering price of USD 0.28 (or USD 0.279, in the case of pre-funded warrants to purchase shares of common stock).

The aggregate gross proceeds of the offering are expected to be approximately USD 10 million, before deducting underwriting discounts and commissions and other offering expenses. Each common stock warrant will have an exercise price of USD 0.30 per share, will be exercisable immediately and will expire five years from the date of issuance. The offering is expected to close on or about 22 December, 2025, subject to satisfaction of customary closing conditions.

In addition, Cue Biopharma has granted the underwriters an option for a period of 30 days to purchase up to an additional 5,357,140 shares of its common stock and/or warrants to purchase up to 2,678,570 shares of common stock at the public offering price, less underwriting discounts and commissions. All of the securities are being offered by Cue Biopharma.