SCHEDULE 13G/A: Bleichroeder Entities Reaffirm Significant Passive Stake in Cue Biopharma, Inc. with 9.99% Ownership

Bleichroeder LP, Bleichroeder Holdings LLC, and Andrew Gundlach have filed an amended Schedule 13G, confirming their continued beneficial ownership of 9.99% of Cue Biopharma, Inc.'s common stock as of March 19, 2025.

Summary

• Bleichroeder LP, Bleichroeder Holdings LLC, and Andrew Gundlach collectively reported beneficial ownership of 6,127,662 shares of Cue Biopharma, Inc. common stock.
• This ownership represents 9.99% of the outstanding class of securities.
• The percentage is calculated based on 60,207,717 shares reported by Cue Biopharma, Inc. as outstanding, plus 1,130,422 shares of Common Stock underlying warrants held by the Reporting Persons.
• The filing is an Amendment No. 2 to Schedule 13G, indicating a passive investment intent.
• If certain warrant exercise limits (4.99% and 9.99%) were not in place, Bleichroeder would be deemed to beneficially own 14.7% of the outstanding shares, totaling 9,517,884 shares (4,997,240 common shares, 306,278 shares from 4.99% limited warrants, 1,250,000 shares from 9.99% limited warrants, and 2,964,366 shares from 9.99% limited pre-funded warrants).

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing disclosing beneficial ownership. It does not contain information that would inherently indicate a positive or negative operational or financial outcome for the issuer, but confirms a significant investor's continued stake.

Positives

• The continued significant beneficial ownership by Bleichroeder entities, including an investment adviser, may signal ongoing confidence in Cue Biopharma, Inc. from a notable institutional investor.

Risks

• The document does not explicitly detail risks for Cue Biopharma, Inc.; it is a disclosure of beneficial ownership.

Future Outlook

The document is a beneficial ownership disclosure and does not contain any forward-looking statements or guidance regarding Cue Biopharma, Inc.'s future performance or strategic direction.

Management Comments

• Andrew Gundlach, Chairman and CEO of Bleichroeder LP and Bleichroeder Holdings LLC, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing indicates a significant passive investment by Bleichroeder entities in Cue Biopharma, Inc., a company operating in the biotechnology sector. Such disclosures are common for institutional investors maintaining substantial, non-controlling stakes in publicly traded companies within their investment portfolios.

Comparison to Industry Standards

• This Schedule 13G/A filing is a standard regulatory disclosure for passive investors holding 5% or more of a company's stock, aligning with SEC requirements for transparency in ownership stakes.
• The reported 9.99% stake is a substantial minority interest, typical for institutional investors seeking exposure to a company without pursuing active control or management influence, which would necessitate a Schedule 13D filing.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive ownership stake by Bleichroeder entities, which may be viewed as a vote of confidence by a large investor.

Next Steps

• The reporting persons will be responsible for timely filing of subsequent amendments to this Schedule 13G as required by SEC regulations.

Key Dates

Keywords

Cue Biopharma, Bleichroeder, Schedule 13G, beneficial ownership, common stock, investment adviser, biotechnology, pharmaceuticals, institutional investment