Curis Inc. Files 10-Q for Q2 2024

TL;DR

Curis Inc. 10-Q filed. Q2 2024 financials out.

AI Summary

Curis Inc. filed its 10-Q for the period ending June 30, 2024. The company, located in Lexington, MA, is in the biological products sector. Key financial data and reporting periods are detailed within the filing, including information for the second quarter of 2024 and the first six months of the year.

Why It Matters

This filing provides investors with an update on Curis Inc.'s financial performance and position as of the end of the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a biotechnology company, Curis Inc. operates in a high-risk, high-reward industry with significant regulatory and market uncertainties.

Key Numbers

• 2024 Q2 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 2024-01-01 to 2024-06-30 — Fiscal Year to Date (Covers the first six months of the fiscal year 2024.)

Key Players & Entities

• Curis Inc. (company) — Filer of the 10-Q
• Lexington, MA (location) — Business and mailing address
• 20240630 (date) — Conformed period of report
• 20240801 (date) — Filed as of date

FAQ

Key Financial Figures

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

Filing Documents

• cris-20240630.htm (10-Q) — 785KB
• 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
• 0001108205-24-000062.txt ( ) — 4696KB
• cris-20240630.xsd (EX-101.SCH) — 36KB
• cris-20240630_cal.xml (EX-101.CAL) — 43KB
• cris-20240630_def.xml (EX-101.DEF) — 145KB
• cris-20240630_lab.xml (EX-101.LAB) — 529KB
• cris-20240630_pre.xml (EX-101.PRE) — 342KB
• cris-20240630_htm.xml (XML) — 517KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements 6 Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30 , 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30 , 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 11

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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 9,996 $ 26,681 Short-term investments 18,364 29,653 Accounts receivable 2,546 2,794 Prepaid expenses and other current assets 3,618 1,780 Total current assets 34,524 60,908 Property and equipment, net 308 434 Restricted cash, long-term 544 544 Operating lease right-of-use asset 3,752 3,056 Other assets 2,303 3,358 Goodwill 8,982 8,982 Total assets $ 50,413 $ 77,282 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 2,449 $ 3,172 Accrued liabilities 6,741 9,040 Current portion of operating lease liability 1,249 1,305 Current portion of liability related to sale of future royalties 8,927 8,504 Total current liabilities 19,366 22,021 Long-term operating lease liability 2,309 1,489 Liability related to sale of future royalties, net 29,432 34,102 Total liabilities 51,107 57,612 Stockholders' equity (deficit): Preferred stock, $ 0.01 par value— 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value— 34,171,875 shares authorized, 5,904,278 shares issued and outstanding at June 30, 2024; 22,781,250 shares authorized, 5,894,085 shares issued and outstanding at December 31, 2023 59 59 Additional paid-in capital 1,219,294 1,215,792 Accumulated deficit ( 1,220,089 ) ( 1,196,410 ) Accumulated other comprehensive income 42 229 Total stockholders' equity (deficit) ( 694 ) 19,670 Total liabilities and stockholders' equity (deficit) $ 50,413 $ 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 tho

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