Curis(CRIS) - 2024 Q3 - Quarterly Results

Financial Performance - Curis reported a net loss of $10.1 million or$1.70 per share for Q3 2024, compared to a net loss of $12.2 million or$2.13 per share in Q3 2023, reflecting a 17.9% improvement in loss per share [5]. - Revenues for Q3 2024 were $2.9 million, slightly up from$2.8 million in Q3 2023, with total revenues for the nine months ended September 30, 2024, at $7.6 million compared to$7.3 million in the same period of 2023 [6]. Expenses - Research and development expenses decreased to $9.7 million in Q3 2024 from$10.4 million in Q3 2023, primarily due to lower consulting and employee-related costs [7]. - General and administrative expenses were $3.8 million in Q3 2024, down from$4.8 million in Q3 2023, attributed to reduced legal and employee-related costs [8]. Capital and Funding - Curis completed a registered direct offering and private placement in October 2024, generating net proceeds of approximately $10.8 million [4]. - Curis expects its cash and cash equivalents of$31.6 million will support its operations into mid-2025 [10]. Clinical Development - The company is engaged in discussions with regulatory authorities regarding the registrational path for emavusertib in primary central nervous system lymphoma (PCNSL) [2]. - Preliminary efficacy data for emavusertib showed 3 complete responses and 1 unconfirmed complete response in 10 patients who had progressed on BTK inhibitor treatment, with a duration of response exceeding 6 months for 3 patients [2]. - The company will present additional clinical data at the upcoming ASH annual meeting in December 2024, highlighting its ongoing research efforts [3]. Assets and Liabilities - Total assets decreased to $42.5 million as of September 30, 2024, from$77.3 million at the end of the previous year [17]. - Total liabilities decreased from $57,612 million to$51,208 million, a reduction of approximately 11.5% [18]. - Total stockholders' equity shifted from $19,670 million to a deficit of$8,735 million, indicating a significant decline [18]. - Total liabilities and stockholders' equity combined decreased from $77,282 million to$42,473 million, reflecting a drop of about 45% [18]. - Accounts payable and accrued liabilities slightly decreased from $12,212 million to$11,959 million, a reduction of about 2.1% [18]. - Operating lease liability increased from $2,794 million to$3,260 million, an increase of approximately 16.6% [18]. - Liability related to the sale of future royalties decreased from $42,606 million to$35,989 million, a decline of about 15.7% [18].