Cue Biopharma Books $153M Loss as Ascendant Warrant Accounting Dominates Q2
Cue Biopharma reported a Q2 2026 net loss of $153.1 million — versus $8.5 million in the year-ago quarter — driven almost entirely by accounting charges tied to its April 30 license of anti-IgE antibody Ascendant-221. The single largest item was a $90.0 million loss on the issuance of liability-classified warrants to Ascendant Health Sciences, partially offset by a $24.5 million mark-to-market gain on the same instruments. A further $19.7 million of non-cash stock-based compensation and roughly $23 million in transaction and leadership-transition costs pushed G&A to $46.6 million for the quarter. Cash stood at $17.4 million at June 30 before a $50 million private placement, led by Cormorant Asset Management and Columbia Threadneedle, closed on July 13.