Cue Biopharma, Inc. Liquidation Value

Cue Biopharma, Inc. (CUE) is a clinical-stage therapeutics company with a period end of March 31, 2026. The TAG_CONTEXT list is empty — no XBRL tags were emitted in a form readable by the analysis pipeline for this filing. All quantitative data referenced below is drawn from the filing narrative and financial statement tables embedded in the filing body.

Under a liquidation lens as of March 31, 2026, recovery to equity is materially negative. The company's only near-liquid asset of consequence is $16.4 million in cash and cash equivalents (100% recovery). The filing discloses a $5.0 million accounts receivable from IMSCP (due before the first anniversary of the November 2025 agreement) and $0.4 million AR from BI — both contractual receivables from operating agreements, recoverable at approximately 90-95% in liquidation. No inventory, no material PP&E, and no goodwill are indicated. Intangible assets (patents, licensed IP) carry zero liquidation value per the lens definition. The company holds a 40% equity stake in IMSCP — an illiquid, private-company equity interest with no ascribed XBRL value and no reliable liquidation value; the filing does not separately disclose a carrying value for this investment.

On the liability side, operating lease liabilities total $3.4 million ($1.6 million current, $1.9 million long-term), with total undiscounted future lease payments of $3.8 million through April 2028. These obligations do not extinguish on windup. Accrued liabilities include a $5.3 million short-term R&D contract liability related to the BI agreement that was drawn down to zero by March 31, 2026 per the filing. A $1.0 million payable related to the IMSCP license fee was paid in Q1 2026. No long-term debt remains — the SVB loan was fully repaid during 2025.

Subsequent to the period end, CUE received a $7.5 million milestone payment from BI (April 2026) and $27.6 million net proceeds from a May 2026 private placement. These cash inflows are not on the March 31, 2026 balance sheet. A $15.0 million upfront payment obligation to Ascendant Health Sciences (for the CUE-221 license signed April 30, 2026) also falls outside the balance sheet date but represents a material post-period cash outflow commitment. The company explicitly discloses substantial doubt about its ability to continue as a going concern, with runway estimated only into Q1 2027 even after incorporating the post-period inflows.

The MFFAIS-computed CLV of $7.2 million and LLV/OLV of $12.7 million reflect a thin positive recovery scenario driven almost entirely by cash and near-liquid receivables, with lease obligations and accrued liabilities consuming the margin. Equity recovery is at best marginally positive at the balance sheet date, and negative if the $15.0 million Ascendant upfront payment (a post-period committed outflow) is treated as a constructive liability. Filing discusses the IMSCP equity stake, the Ascendant upfront commitment, and the post-period BI milestone and private placement proceeds in MD&A, but none of these are separately XBRL-tagged in the TAG_CONTEXT provided.