Curis(US:CRIS)2025-11-06 21:09Financial Performance - Curis reported an accumulated deficit of $1.3 billion as of September 30, 2025, with a net loss of $26.9 million for the nine months ended September 30, 2025[115]. - The company expects to generate significant revenues to achieve profitability, but does not anticipate profitability in the foreseeable future[117]. - As of September 30, 2025, the company reported an accumulated deficit of approximately $1.3 billion, indicating significant financial challenges[158]. - Cash used in operating activities decreased to $20.8 million for the nine months ended September 30, 2025, down from $30.3 million in the same period of 2024, reflecting reduced operating expenses[155]. - The company expects to incur substantial operating losses as it continues to develop and commercialize emavusertib, which could impact its financial condition[162]. Cash and Funding - The company has $9.1 million in cash and cash equivalents as of September 30, 2025, which is expected to fund operations into the first quarter of 2026[116]. - The company had cash and cash equivalents of $9.1 million as of September 30, 2025, which is expected to fund operations into the first quarter of 2026[159]. - Cash provided by financing activities was $9.9 million for the nine months ended September 30, 2025, primarily from the March and July 2025 offerings[157]. - The Put/Call Price related to the Oberland Purchase Agreement was approximately $103.8 million as of September 30, 2025, indicating potential future financial obligations[153]. - The company may need to explore strategic alternatives, including partnerships or asset sales, to secure additional funding[160]. Research and Development - Emavusertib is being evaluated in multiple clinical trials, including the TakeAim Lymphoma Phase 1/2 study and the TakeAim Leukemia Phase 1/2 study, with preliminary data provided in December 2023[109][111]. - Research and development expenses are primarily focused on the development of emavusertib, with a need for additional financing to support operations[122]. - The company expects a majority of its research and development expenses for the foreseeable future will be incurred in connection with advancing emavusertib, including clinical and preclinical development costs[139]. - Research and development expenses decreased by $7.2 million, or 24%, in the nine months ended September 30, 2025, primarily due to lower employee-related, clinical, consulting, research, manufacturing, and facility costs[138]. - The successful development and commercialization of emavusertib is highly uncertain, with significant risks and costs associated with regulatory approvals and clinical trials[126]. Clinical Trials and Collaborations - Emavusertib has received Orphan Drug Designation from the FDA for the treatment of PCNSL, AML, and MDS, and from the European Commission for PCNSL[107]. - Curis plans to initiate a new clinical study of emavusertib in combination with a commercially approved BTK inhibitor for frontline CLL, with data expected in Q4 2026[110]. - Curis has entered into a collaboration agreement with Genentech for the commercialization of Erivedge, which is approved for advanced basal cell carcinoma[113]. Revenue and Expenses - Revenues, net increased by $0.2 million, or 8%, in the three months ended September 30, 2025, compared to the same period in 2024, and increased by $0.7 million, or 10%, for the nine months ended September 30, 2025[135]. - Research and development expenses decreased by $3.3 million, or 34%, in the three months ended September 30, 2025, primarily due to lower clinical, employee-related, manufacturing, research, and consulting costs[137]. - General and administrative expenses decreased by $0.1 million, or 3%, in the three months ended September 30, 2025, primarily attributable to lower employee-related costs[140]. - Other income (expense) decreased by $1.3 million, or 269%, in the three months ended September 30, 2025, primarily due to an increase in the expense related to the sale of future royalties[142]. - General and administrative expenses decreased by $2.3 million, or 17%, in the nine months ended September 30, 2025, primarily due to lower employee-related, legal, insurance, and consulting costs[141]. Stock and Share Issuance - The company did not sell any shares of common stock under the 2024 Sales Agreement during the nine months ended September 30, 2025, leaving $98.8 million of shares available for sale[146]. - In March 2025, the company raised approximately $8.8 million from the issuance of 1,974,432 shares of common stock and warrants to purchase up to 10,500,891 additional shares[149]. - In July 2025, the company raised approximately $6.1 million from the issuance of 1,538,460 shares of common stock and warrants to purchase up to 4,615,382 additional shares[150].