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Cue Health

Healthtech/diagnosticsUSA
New to Unitard
💀 Dead / Bankrupt
Peak $2.3 BillionToday
~-99%
from peak
  1. 🦄
    Became a unicorn
    2020
  2. 📈
    Peak valuation
    $2.3 Billion ’21
  3. 💔
    Became a Unitard
    May 2024
  4. 💸
    Last valuation
    Wiped out
Capital raised
$600M
Total raised
$118K/day
Raised per day

Total raised averaged per day over approximately 13.9 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: MobiHealthNews/IPO filings
Current status
Chapter 7 liquidation (May 2024)

The rise & fall

7 moments · 2010–2024

The key moments, with employee sentiment along the way.

2010
Founded in San Diego
The idea: shrink lab-grade molecular testing into a device that fits on a kitchen counter.
MobiHealthNews
2020
COVID makes it a unicorn
Its rapid molecular COVID-19 test lands a ~$481M Defense Department contract, and investor money floods in behind it.
Reuters
Sep 2021
The peak: a $2.3B COVID-test IPO$2.3B
Cue lists on Nasdaq at the top of the home-testing boom — with essentially one product.
SEC filing
2022–23
The world stops testing
Pandemic demand fades and revenue collapses; there is no second product to fall back on.
SEC filing
From the inside · Glassdoor reviews, 2022–24
Employees watched the unraveling for months: Glassdoor reviews counted layoff rounds roughly every six months, leaving staff on eggshells, and kept pointing at the same fatal gap — essentially one product, no post-pandemic pipeline, and cash the company couldn't turn into revenue.
2024
The FDA warning lands
A warning letter hits the only product Cue ever shipped; the end follows within weeks.
FDA
May 2024
Chapter 7 — joins the Unitard Club 💔
Liquidation values the once-$2.3B testmaker at a few million dollars — roughly 99% gone.
SEC filing
$2.28Bof peak value erased · 14 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Cue Health sold molecular COVID-19 tests for home and point-of-care use, reaching a ~$2.3B market cap at its September 2021 IPO. As pandemic demand faded and an FDA warning letter hit its tests, revenue collapsed, and in May 2024 the company filed for Chapter 7 liquidation worth a few million dollars.

Source: SEC filings; IPO Sept 2021

Where they went

  • Ayub Khattak
    Co-Founder & CEO (2010-2024)
    Chief Executive Officer at Stormlight Inc.
    LinkedIn ↗
  • Clint Sever
    co-founder & chief product officer
    Co-Founder, COO at Stormlight Inc
    LinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (31)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

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