Sole Bookrunner on Cue BioPharma's Public Offering

Cue Biopharma, Inc. (Nasdaq: CUE) (“Cue”), a clinical-stage biopharmaceutical company developing a novel class of therapeutic biologics to selectively engage and modulate disease-specific T cells for the treatment of cancer and autoimmune disease, today announced the pricing of an underwritten public offering of (i) 13,530,780 shares of its common stock and accompanying common stock warrants to purchase an aggregate of 3,382,695 shares of common stock and, (ii) to certain investors in lieu of common stock, pre-funded warrants to purchase 11,469,216 shares of common stock and accompanying common stock warrants to purchase an aggregate of 2,867,304 shares of common stock. Each share of common stock and accompanying common stock warrant are being sold together at a combined public offering price of $0.79, and each pre-funded warrant and accompanying common stock warrant are being sold together at a combined public offering price of $0.789. Each common stock warrant will have an exercise price of $0.79 per share, will be exercisable immediately and will expire five years from the date of issuance.

Concurrent with the offering, Cue announced a strategic research collaboration and license agreement with Boehringer Ingelheim to develop and commercialize CUE-501, a differentiated B cell depletion therapy for autoimmune diseases. Pursuant to the terms of the collaboration, Cue is entitled to receive an up-front payment of $12 million as well as research support payments. In addition, Cue is also eligible to earn up to an aggregate of approximately $345 million in research, development and commercial milestone-based payments, beginning with two preclinical development milestones as well as royalty payments on net sales.