Curis (CRIS) Q2 2024 earnings summary

Executive summary

• Emavusertib, an IRAK4 inhibitor, is being developed for hematologic malignancies, with ongoing studies in PCNSL and AML showing promising early clinical data and regulatory progress, including EU Orphan Drug Designation for PCNSL.

• Operations were streamlined in May 2024, reducing workforce by 30% to prioritize emavusertib clinical programs.

• Collaborations continue with Genentech (Erivedge royalties) and Aurigene (oncology programs).

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

• Symposium on IRAK-4 in cancer scheduled for September 2024.

Financial highlights

• Net loss for Q2 2024 was $11.8 million ($2.03/share), compared to $12 million ($2.47/share) in Q2 2023; net loss for the first six months of 2024 was $23.7 million ($4.08/share).

• 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 from $4.2 million.

• Cash, cash equivalents, and investments totaled $28.4 million as of June 30, 2024, with 5.8–5.9 million shares outstanding.

• Total assets were $50.4 million and total liabilities $51.1 million as of June 30, 2024; stockholders' equity was negative $0.7 million.

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.

• If unable to secure funding, may delay or eliminate R&D programs, consider strategic alternatives, or face liquidation.

• Initial safety data from the frontline AML combination study and updated data from ongoing studies are anticipated in late 2024.