Curis(US:CRIS)2020-03-19 23:33Financial Data and Key Metrics Changes - For the year ended December 31, 2019, the company reported a net loss of $32.1 million or $0.97 per share, compared to a net loss of $32.6 million or $0.98 per share in 2018 [25] - In Q4 2019, the net loss was $8.6 million or $0.26 per share, compared to a net loss of $5.9 million or $0.18 per share in Q4 2018 [26] - Revenues for the year were $10 million, down from $10.4 million in 2018, with Q4 revenues at $3.3 million compared to $2.8 million in Q4 2018 [27] Business Line Data and Key Metrics Changes - R&D expenses for the year were $22.3 million, down from $24.4 million in 2018, primarily due to lower employee-related expenses [30] - Operating expenses for the year were $34.4 million, a decrease from $39.8 million in 2018, while Q4 operating expenses increased to $10.6 million from $7.9 million in Q4 2018 [28] Market Data and Key Metrics Changes - The company is focusing on the AML/MDS market, which is smaller but presents a unique regulatory opportunity due to specific spliceosome mutations leading to IRAK4 overexpression [38][41] - The non-Hodgkin's lymphoma market is identified as a large commercial opportunity, with a potential market size of $5 billion [37] Company Strategy and Development Direction - The company plans to advance its clinical programs for CA-4948 and CI-8993, with a focus on partnerships and collaborations to support long-term growth [54] - A collaboration agreement with Aurigene was amended to support a large Phase 2b/3 study of CA-170, while a new option and license agreement with ImmuNext was established for CI-8993 [19][22] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the COVID-19 pandemic but emphasized the importance of medical innovation and the company's commitment to advancing targeted cancer therapies [6][7] - The company expects to provide updated safety and efficacy data from ongoing studies later in the year, indicating a proactive approach to clinical development [12][14] Other Important Information - The company entered into a $30 million common stock purchase agreement with Aspire Capital to extend its cash runway, with an initial investment of $3 million [35] - As of December 31, 2019, the company had cash and equivalents totaling $20.5 million, expected to sustain operations into the second half of 2020 [34] Q&A Session Summary Question: Is the mutation in AML or MDS a driver mutation? - Management confirmed that the long-form IRAK4 is a driver mutation in AML/MDS and that they will target this for regulatory approval [41] Question: Any updates on Erivedge and its use in IPF? - Management indicated that Roche is no longer pursuing Erivedge in the IPF space, but they acknowledged past interest [49] Question: What non-dilutive measures are being considered to support share price? - Management highlighted the financial flexibility provided by the Aspire transaction and plans to utilize it for ongoing trials [50]