Curis Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Curis Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and business operations.</b>

AI Summary

CURIS INC (CRIS) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Curis Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Biological Products (No Diagnostic Substances). The filing was made on May 7, 2024. The company's headquarters are located in Lexington, MA.

Why It Matters

For investors and stakeholders tracking CURIS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data and operational updates for Curis Inc. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the biotechnology sector.

Risk Assessment

Risk Level: low — CURIS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would inherently increase risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Curis Inc.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 0001108205-24-000033 — Accession Number (ACCESSION NUMBER)

Key Players & Entities

• CURIS INC (company) — FILER
• Lexington, MA (location) — BUSINESS ADDRESS
• 2836 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 0001108205-24-000033 (filing_id) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240507 (date) — FILED AS OF DATE

FAQ

Industry Context

Curis Inc. operates in the Biotechnology sector, specifically focusing on Biological Products (No Diagnostic Substances). This sector is characterized by research and development of novel therapies.

Regulatory Implications

The filing is a standard 10-Q, which is a mandatory quarterly report for public companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and cash flow.
2. Review the Management's Discussion and Analysis for insights into operational performance and strategic initiatives.
3. Identify any new risk factors or updates to existing ones disclosed in the report.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report for fiscal year 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 per share CRIS Nasdaq Capital Market

Filing Documents

• cris-20240331.htm (10-Q) — 656KB
• cris-3312024x10qexx311.htm (EX-31.1) — 11KB
• cris-3312024x10qexx312.htm (EX-31.2) — 11KB
• cris-3312024x10qexx321.htm (EX-32.1) — 5KB
• cris-3312024x10qexx322.htm (EX-32.2) — 5KB
• 0001108205-24-000033.txt (&nbsp;) — 4212KB
• cris-20240331.xsd (EX-101.SCH) — 34KB
• cris-20240331_cal.xml (EX-101.CAL) — 41KB
• cris-20240331_def.xml (EX-101.DEF) — 134KB
• cris-20240331_lab.xml (EX-101.LAB) — 489KB
• cris-20240331_pre.xml (EX-101.PRE) — 317KB
• cris-20240331_htm.xml (XML) — 447KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements 6 Condensed Consolidated Balance Sheets as of March 31 , 202 4 and December 31, 202 3 6 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 3 1 , 202 4 and 202 3 7 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 3 1 , 202 4 and 202 3 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements and Industry Data This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements other than statements of historical fact contained in this Report are statements that could be deemed forward-looking statements, including without limitation any statements with respect to the plans, strategies and objectives of management for future operations; statements concerning product research, development and commercialization plans, timelines and anticipated results; statements of expectation or belief; statements with respect to clinical trials and studies; statements with respect to royalties and milestones; statements with respect to the therapeutic potential of drug candidates; expectations of revenue, expenses, earnings or losses from operations, or other financial results; and statements of assumptions underlying any of the foregoing. Without limiting the foregoing, the words "anticipate(s)", "believe(s)", "focus(es)", "could", "estimate(s)", "expect(s)", "intend(s)", "may", "plan(s)", "seek(s)", "will", "strategy", "mission", "potential", "should", "would" and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of future preclinical studies and clinical trials, and our research and development program for emavusertib; our estimates of the period in which we anticipate that existing cash, cash equivalents, and investments will enable us to fund our current and planned operations; our ability to continue as a going concern; our ability to obtain additional financing; ou

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

UNAUDITED FINANCIAL STATEMENTS

Item 1. UNAUDITED FINANCIAL STATEMENTS CURIS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 29,956 $ 26,681 Short-term investments 10,764 29,653 Accounts receivable 2,154 2,794 Prepaid expenses and other current assets 3,192 1,780 Total current assets 46,066 60,908 Property and equipment, net 370 434 Restricted cash, long-term 544 544 Operating lease right-of-use asset 2,704 3,056 Other assets 3,358 3,358 Goodwill 8,982 8,982 Total assets $ 62,024 $ 77,282 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,628 $ 3,172 Accrued liabilities 6,326 9,040 Current portion of operating lease liability 1,349 1,305 Total current liabilities 11,303 13,517 Long-term operating lease liability 1,137 1,489 Liability related to the sale of future royalties, net 40,122 42,606 Total liabilities 52,562 57,612 Stockholders' equity: Preferred stock, $ 0.01 par value— 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value— 22,781,250 shares authorized, 5,894,085 shares issued and outstanding at March 31, 2024 and December 31, 2023 59 59 Additional paid-in capital 1,217,351 1,215,792 Accumulated deficit ( 1,208,286 ) ( 1,196,410 ) Accumulated other comprehensive gain 338 229 Total stockholders' equity 9,462 19,670 Total liabilities and stockholders' equity $ 62,024 $ 77,282 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 6 Table of Contents CURIS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues, net $ 2,086 $ 2,297 Operating expenses: Cost of royalties 47 24 Researc

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