Cue Biopharma restructures, cuts workforce 25%, extends cash runway to mid-2025

Cue Biopharma, Inc.

Reduces workforce by ~25% across R&D and G&A; CEO Daniel Passeri takes 50% salary reduction, execs forgo 2023 bonuses.
Prioritizes autoimmune programs CUE-401 (partnered with Ono) and CUE-501; retains oncology CUE-101/102 Phase 1 data maturation.
Projects FY2025 annual cash burn of ~$30M, an ~25% reduction in operating expenses.
Expects extended cash runway into mid-2025; actively pursuing partnerships for oncology programs.
Restructuring effective July 24, 2024; aims to reduce capital requirements and strengthen operational efficiencies.

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