Curis (CRIS) Q2 2024 earnings summary

Executive summary

• Emavusertib is being developed for relapsed/refractory PCNSL and AML, with promising early clinical data and ongoing studies in both indications.

• Orphan Drug Designation was granted for emavusertib in PCNSL by the European Commission and for AML and MDS by the FDA, supporting regulatory progress and market exclusivity.

• The company streamlined operations in May 2024, reducing workforce by 30% to prioritize emavusertib clinical programs.

• Collaborations with Genentech (Erivedge royalties) and Aurigene continue, with Erivedge royalties as the main revenue source.

• Accumulated deficit reached $1.2 billion as of June 30, 2024.

Financial highlights

• Net loss for Q2 2024 was $11.8 million ($2.03/share), slightly improved from $12 million ($2.47/share) in Q2 2023.

• Revenues for Q2 2024 were $2.5 million, up from $2.2 million in Q2 2023, mainly from Erivedge royalties.

• R&D expenses for Q2 2024 were $10.3 million, up from $10 million in Q2 2023, mainly due to severance costs.

• G&A expenses rose to $4.8 million in Q2 2024 from $4.2 million, also due to severance.

• Cash, cash equivalents, and investments totaled $28.4 million as of June 30, 2024.

Outlook and guidance

• Existing cash and investments are expected to fund operations into Q1 2025, but are not sufficient for 12 months from the filing date.

• Additional funding is required to continue emavusertib development and support ongoing operations.

• Initial data from the PCNSL study (15-20 patients) and further AML data are anticipated by year-end, with a more comprehensive data readout at ASH.