Curis(US:CRIS)2023-11-02 18:32Financial Data and Key Metrics Changes - For the third quarter of 2023, the company reported revenues of $2.8 million, consistent with the same period in 2022, primarily from royalty revenues related to Erivedge [21] - The net loss for the third quarter of 2023 was $12.2 million, or $2.13 per share, compared to a net loss of $13.3 million, or $2.83 per share, for the same period in 2022 [50] - Cash, cash equivalents, and investments totaled $68.5 million as of September 30, 2023, with approximately 5.9 million shares of common stock outstanding [5] Business Line Data and Key Metrics Changes - Research and development expenses for the third quarter of 2023 were $10.4 million, a slight decrease from $10.8 million in the same period in 2022, attributed to lower employee-related costs [45] - General and administrative expenses increased to $4.8 million for the third quarter of 2023 from $4.6 million in the same period in 2022, primarily due to higher professional, legal, and consulting services costs [61] Market Data and Key Metrics Changes - The company is focusing on the TakeAim Leukemia and TakeAim Lymphoma studies, with new patient enrollment having restarted in July 2023 [3][43] - The company anticipates initial data from the TakeAim Leukemia study in the first half of 2024, while updates from the TakeAim Lymphoma study are expected at the upcoming ASH Annual Meeting [48] Company Strategy and Development Direction - The company aims to advance emavusertib as a monotherapy, doublet therapy with ibrutinib, and triplet therapy with azacitidine and venetoclax, with data expected over the next four quarters [44] - The focus on primary CNS lymphoma is due to its status as an orphan indication, which requires fewer patients for regulatory approval [52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of emavusertib to improve complete response rates in patients with relapsed or refractory AML and highlighted the unmet need in the market [24][63] - The company expects to maintain its operations into 2025 with its current cash position [22] Other Important Information - Other income for the third quarter of 2023 was $0.2 million, compared to other expenses of $0.7 million in the same period in 2022, indicating a significant improvement [38] Q&A Session Summary Question: Can you provide context on the ASH abstract? - Management indicated that the leukemia study is a 2024 story, while the ASH presentation will focus on lymphoma data [7][8] Question: What are the expectations for the triplet study? - The triplet study will evaluate both safety and efficacy, with the hope of converting MRD-positive patients to MRD-negative status [20] Question: What is the current status of the VERONA study? - Management is awaiting results from the VERONA study to determine the path forward for MDS treatment [55] Question: What are the benchmarks for FLT3 and spliceosome patients? - The company aims to improve upon the current CR rates of 12% for FLT3 inhibitors and hopes for any positive response in spliceosome patients [67]