Curis(CRIS)2025-05-06 12:04Financial Position - Curis, Inc. reported an accumulated deficit of $1.3 billion as of March 31, 2025, with a net loss of $10.6 million for the three months ended March 31, 2025[109]. - The company has $20.3 million in cash and cash equivalents as of March 31, 2025, which is expected to fund operations into the fourth quarter of 2025[110]. - Cash used in operating activities decreased by $6.0 million to $7.3 million for the three months ended March 31, 2025, compared to $13.2 million in the same period in 2024[142]. - Cash provided by financing activities was $7.5 million for the three months ended March 31, 2025, primarily due to proceeds from the March 2025 Offerings[144]. - Cash and cash equivalents as of March 31, 2025, were $20.3 million, excluding restricted cash[133]. - The company has an accumulated deficit of approximately $1.3 billion as of March 31, 2025[145]. - The Put/Call Price related to the Oberland Purchase Agreement was approximately $108.2 million as of March 31, 2025[141]. - The company may face substantial difficulty in raising capital, which could adversely affect its business prospects and financial condition[147]. - The ability to raise additional funds will depend on financial, economic, and market conditions, many of which are outside the company's control[147]. - The company’s failure to achieve profitability could depress the market price of its common stock and impair its ability to raise capital[149]. Research and Development - Emavusertib (CA-4948) is being evaluated in multiple Phase 1/2 studies, including the TakeAim Lymphoma and TakeAim Leukemia studies, with preliminary clinical data provided in December 2023[103][104]. - Emavusertib has received Orphan Drug Designation from the FDA for the treatment of PCNSL, AML, and MDS, and from the European Commission for PCNSL[101]. - Research and development expenses primarily consist of costs incurred to develop emavusertib, including clinical trial costs and personnel expenses[115][117]. - The ongoing clinical trials for emavusertib are critical for the company's future operating results and depend on favorable data generation[112]. - The company expects substantial increases in research and development expenses as it advances emavusertib and other drug candidates[129]. - The company anticipates incurring substantial operating losses while developing and commercializing emavusertib[149]. - Future capital requirements may be affected by unanticipated costs in research and development, regulatory approvals, and commercialization activities[150]. - If sufficient funding is not obtained, the company may need to delay or eliminate its research and development programs[147]. Revenue and Expenses - Revenues increased by $0.3 million, or 14%, to $2.38 million for the three months ended March 31, 2025, compared to $2.08 million in the same period in 2024[125]. - Research and development expenses decreased by $1.1 million, or 11%, to $8.54 million for the three months ended March 31, 2025, primarily due to lower employee-related costs[128]. - General and administrative expenses decreased by $0.9 million, or 19%, to $3.98 million for the three months ended March 31, 2025, mainly due to reductions in employee-related and professional costs[130]. - Net loss for the three months ended March 31, 2025, was $10.62 million, a decrease of 11% from a net loss of $11.88 million in the same period in 2024[125]. - The company does not expect to generate revenues from direct product sales for several years, relying instead on royalty payments from Genentech's sales of Erivedge[114]. Strategic Partnerships and Collaborations - The company has entered into a collaboration agreement with Genentech for the commercialization of Erivedge, which is approved for advanced basal cell carcinoma[107]. - Curis Royalty received proceeds of $65.0 million from the Oberland Purchase Agreement, which involves the sale of future royalty rights[113]. - The company may explore strategic alternatives, including partnerships or asset divestitures, but there is no assurance of success[147].