LEXINGTON, Mass. – Curis, Inc. (NASDAQ: CRIS), a biotechnology company, announced today its third-quarter financial results and provided a business update, highlighting advancements in its clinical programs, particularly the development of emavusertib. The company reported a net loss of $10.1 million for the quarter ended September 30, 2024, which is an improvement from the $12.2 million loss in the same period last year.
In recent operational highlights, Curis released preliminary efficacy data from its TakeAim Lymphoma study at the 3rd Annual IRAK4 Symposium in Cancer. The data included results from patients who had progressed on BTKi treatment, showing 3 complete responses, 1 unconfirmed complete response, and 2 partial responses, with the duration of response for some exceeding 6 months. These findings have prompted ongoing discussions with regulatory authorities regarding the path to registration for emavusertib in primary central nervous system lymphoma (PCNSL).
Looking ahead, Curis is preparing to present additional clinical data at the American Society of Hematology (ASH) annual meeting in December, with both an oral presentation and a poster session scheduled to discuss the safety, efficacy, and molecular characterization of emavusertib in acute myeloid leukemia and higher-risk myelodysplastic syndrome patients.
Financially, the company completed a funding round in October 2024, raising approximately $10.8 million. Revenue for the quarter was $2.9 million, primarily from royalty revenues from Genentech and Roche's sales of Erivedge®. Research and development expenses decreased slightly to $9.7 million compared to the third quarter of 2023, and general and administrative expenses also saw a reduction. Curis ended the quarter with $31.6 million in cash and cash equivalents and expects these funds to support operations into mid-2025.
The company's CEO, James Dentzer, expressed optimism about the progress of Curis's clinical programs and the potential of emavusertib, particularly given the durable responses observed in salvage-line patients in the R/R PCNSL data.
This report is based on a press release statement from Curis, Inc. and reflects the company's current developments and financial posture as they continue to advance their clinical research and development programs.
In other recent news, biotech firm Curis has been maintaining a positive trajectory with its financial and clinical advancements. The company secured approximately $12.1 million from a stock and warrant sale, which is expected to fund research and development, working capital, and other corporate expenses. Curis also reported a net loss of $11.8 million for the second quarter of 2024 but remains optimistic due to the promising results of their drug, emavusertib.
In terms of analyst ratings, H.C. Wainwright adjusted its outlook for Curis, reducing the price target to $20.00 from the previous $26.00 but maintaining a Buy rating. Similarly, Laidlaw and Jones Trading have also maintained their Buy ratings for Curis.
Curis's drug emavusertib is currently undergoing various phases of clinical trials for different types of cancer. The drug has shown an objective response rate of over 50% in primary central nervous system lymphoma patients when used in combination with ibrutinib. Furthermore, emavusertib has demonstrated objective responses in patients with splicing factor and FLT3 mutations in acute myeloid leukemia.
The company's management anticipates that the new funding will extend Curis's cash runway into mid-2025, an improvement from the previously forecasted first quarter of 2025. With $28.4 million in cash reserves, Curis is actively discussing the drug's development path with regulatory authorities.
InvestingPro Insights
As Curis, Inc. (NASDAQ: CRIS) navigates through its clinical developments and financial challenges, recent data from InvestingPro sheds light on the company's market position and investor sentiment.
The biotechnology firm's market capitalization stands at a modest $32.92 million, reflecting the early-stage nature of its drug development programs. This valuation aligns with the company's reported net loss and ongoing research expenses.
InvestingPro Tips highlight that Curis is currently trading near its 52-week low, with the stock price at just 22.47% of its 52-week high. This pricing trend correlates with the company's financial performance and the inherent risks associated with biotechnology investments.
Despite the promising clinical data for emavusertib, InvestingPro Data shows that Curis's revenue for the last twelve months as of Q2 2024 was $10.16 million, with a concerning revenue growth of -0.44%. This negative growth rate underscores the challenges faced by the company in generating consistent income, which is not uncommon for biotechnology firms heavily invested in research and development.
The gross profit margin for the same period stands at -297.48%, indicating significant costs associated with the company's operations and research activities. This metric aligns with the reported net loss and the company's focus on advancing its clinical programs rather than immediate profitability.
It's worth noting that analysts, according to an InvestingPro Tip, do not anticipate the company to be profitable this year. This expectation is consistent with Curis's current financial trajectory and its investment in long-term drug development.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Curis, providing a deeper understanding of the company's financial health and market position.
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