Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 11, 2026
Cue Biopharma, Inc. (CUE)
A forensic read on Cue Biopharma, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-27.3
Distress distance
Watch
Earnings quality
4
Forensic signals
-1.3
P / E (ttm)
-100.6%
ROE
$269M
Market cap
0.00%
Dividend yield
195.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cue Biopharma, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -27.3, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1325.9%
FY2025
Return on invested capital.Return on invested capital is -1325.9% in the latest fiscal year.
+43.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +107% over the last 2 years to FY2025 (+43.9%/yr). The count is growing — 45.8M shares in FY2023, 94.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~43.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~52%.
17% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 17% of revenue in FY2025 — about $0.05 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 43.9% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
74d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 37 to 74 days FY2024→FY2025 (receivables +487% vs revenue +196%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 113 → 37 → 74 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Net Margin-96.9%
Debt / Equity0.00x
Free Cash Flow-$21.9M
Latest Revenue$27.5M
Return on Equity-100.6%
Revenue CAGR (2yr)+123.7%
Revenue Growth YoY+195.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cue Biopharma, Inc.'s actual 10-K/10-Q/8-K filings?