Curis(US:CRIS)2019-05-14 21:33Financial Data and Key Metrics Changes - For Q1 2019, the company reported a net loss of $9.9 million or $0.30 per share, compared to a net loss of $10.7 million or $0.33 per share in Q1 2018 [18] - Revenues were $1.8 million in Q1 2019, down from $2.5 million in Q1 2018, primarily from royalty revenues related to Erivedge [19] - Operating expenses decreased to $7.3 million in Q1 2019 from $12.4 million in Q1 2018 [19] Business Line Data and Key Metrics Changes - Research and development expenses were $4.1 million in Q1 2019, down from $8.3 million in Q1 2018, attributed to reduced clinical and manufacturing costs [20] - General and administrative expenses decreased to $3.1 million in Q1 2019 from $4 million in Q1 2018, driven by lower personnel and legal costs [21] Market Data and Key Metrics Changes - The company completed a revenue-sharing partnership with Oberland Capital, raising more cash than its market cap, which significantly impacted its financial position [16][24] - As of March 31, 2019, cash, cash equivalents, and investments totaled $42.8 million, with approximately 33.2 million shares of common stock outstanding [23] Company Strategy and Development Direction - The company is focused on advancing its pipeline of three first-in-class therapeutics, including fimepinostat, CA-4948, and CA-170, with ongoing clinical trials [7][10][12] - The strategic partnership with Oberland Capital is seen as transformational, providing sufficient cash to fund all three programs to their value-creating catalysts [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in reducing cash burn by 27% while increasing clinical data output, achieving a cash burn of $7.3 million in Q1 2019 [14][15] - The company is on track to report initial data from all three studies in 2019, indicating strong clinical execution [15] Other Important Information - The company reported a significant increase in other expenses to $4.3 million in Q1 2019, primarily due to a loss on debt extinguishment [22] - The transaction with Oberland Capital involved selling a portion of future Erivedge royalty revenue for up to $135.7 million, with $65 million received upfront [24] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with closing remarks from the CEO thanking the team and partners for their contributions [28][30]