Curis(US:CRIS)2022-11-10 00:36Financial Data and Key Metrics Changes - For Q3 2022, Curis reported a net loss of $13.3 million or $0.14 per share, compared to a net loss of $11.1 million or $0.12 per share for the same period in 2021 [18] - Revenues for Q3 2022 were $2.8 million, down from $3 million in Q3 2021 [19] - Operating expenses for Q3 2022 were $15.4 million, an increase from $13.1 million in Q3 2021 [19] - As of September 30, 2022, Curis had cash, cash equivalents, and investments totaling $98.7 million, which is expected to sustain operations into 2025 [23] Business Line Data and Key Metrics Changes - Research and development expenses increased to $10.8 million in Q3 2022 from $8.6 million in Q3 2021, primarily due to increased personnel and consulting costs [20] - General and administrative expenses rose to $4.6 million in Q3 2022 from $4.3 million in Q3 2021 [21] Company Strategy and Development Direction - The company is focusing resources on accelerating the development of emavusertib, leading to a workforce reduction of approximately 30% [7] - Curis plans to prioritize emavusertib over other programs, which will extend the company's cash runway into 2025 [7][16] - The FDA has approved the reopening of enrollment in the TakeAim studies for leukemia and lymphoma, which is a significant strategic move [9][16] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the potential of emavusertib, especially given the lack of approved therapies for relapsed/refractory AML or MDS patients post-treatment with HMA [11] - The management acknowledged the impact of deprioritizing other programs on employees but emphasized the necessity of focusing on emavusertib to ensure financial stability and progress [8][25] Other Important Information - Curis hosted the first annual symposium on IRAK4, which was well attended and highlighted the latest research in cancer biology [9] - The company plans to present new data from the TakeAim Leukemia study at the upcoming American Society of Hematology meeting [10] Q&A Session Summary Question: Impact of headcount reduction on expenses - Management indicated that the impact will be felt across both G&A and R&D, with some effects starting in Q4 2022, but more significant impacts expected over the following two years [24][25] Question: Status of the VISTA program - Management described the VISTA program as being on pause, with no new patient enrollments, while focusing resources on emavusertib [26] Question: Expected ASH data from monotherapy and combo arm - Management confirmed that they will present efficacy data for all 11 additional patients, totaling 24 patients with targeted mutations [34][35] Question: Future discussions with the FDA regarding new patient data - Management outlined the process of engaging with the FDA regarding dose recommendations and the timeline for potential discussions in early to mid-2023 [46][47]