Curis (CRIS) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 net income of $19.4 million ($1.23/share), reversing a prior net loss, due to a $27.2 million non-cash gain from the sale of Erivedge royalties.

• Full-year 2025 net loss narrowed to $7.6 million ($0.58/share), improved from $43.4 million ($6.88/share) in 2024, reflecting lower R&D and G&A expenses.

• Advanced clinical programs for emavusertib in PCNSL, CLL, SCNSL, and AML, with promising early efficacy and MRD conversion data.

• Prioritized resource allocation to PCNSL and CLL studies, with AML as a secondary focus as resources allow.

Financial highlights

• Q4 2025 revenues were $1.1 million, down from $3.3 million in Q4 2024, due to the sale of Erivedge royalty rights.

• Q4 2025 R&D expenses were $5.8 million, down from $9 million in Q4 2024; full-year R&D expenses were $28.3 million, down from $38.6 million in 2024.

• Q4 2025 G&A expenses were $2.9 million, down from $3.4 million in Q4 2024; full-year G&A expenses were $14 million, down from $16.8 million in 2024.

• Recognized a $27.2 million non-cash gain in Q4 2025 from the release of liability related to the sale of future royalties.

• Cash and cash equivalents were $5.1 million as of December 31, 2025, with 12.9 million shares outstanding.

Outlook and guidance

• Cash and equivalents, plus PIPE financing proceeds, expected to fund operations into the second half of 2027, assuming exercise of Series B warrants.

• No meaningful revenue expected in 2026 and beyond until product approval, following the sale of Erivedge royalty rights.

• Initial CLL study data anticipated at the ASH annual meeting in December 2026.

• PCNSL study enrollment on track, with full enrollment expected in 12–18 months and potential filing in 2027.

• Ongoing enrollment in TakeAim Lymphoma and CLL studies, with regulatory filings for accelerated approval in PCNSL targeted in the US and Europe.