Curis Inc. Files Q3 2024 10-Q Report

TL;DR

Curis Inc. 10-Q filed: Q3 2024 financials are in. Check for revenue, cash, and burn rate.

AI Summary

Curis Inc. reported its financial results for the period ending September 30, 2024. The company's filing covers the third quarter and the first nine months of the fiscal year. Specific financial figures for revenue, net income/loss, and cash flow are detailed within the report.

Why It Matters

This 10-Q filing provides investors and stakeholders with a detailed look at Curis Inc.'s financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

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

Key Numbers

• 2024-09-30 — Period End Date (Financial reporting period)
• 2024-11-14 — Filing Date (Date the report was submitted to the SEC)
• 2024 Q3 — Quarter (Specific fiscal quarter covered by the report)

Key Players & Entities

• CURIS INC (company) — Filer
• 0001108205-24-000072 (document_id) — Accession Number
• 20240930 (date) — Conformed Period of Report
• 20241114 (date) — Filed as of Date
• Lexington, MA (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• cris-20240930.htm (10-Q) — 820KB
• curisandaurigeneamendno3to.htm (EX-10.1) — 19KB
• curisandaurigene4thamendto.htm (EX-10.2) — 56KB
• cris-9302024x10qexx311.htm (EX-31.1) — 11KB
• cris-9302024x10qexx312.htm (EX-31.2) — 11KB
• cris-9302024x10qexx321.htm (EX-32.1) — 5KB
• cris-9302024x10qexx322.htm (EX-32.2) — 5KB
• 0001108205-24-000072.txt ( ) — 4904KB
• cris-20240930.xsd (EX-101.SCH) — 36KB
• cris-20240930_cal.xml (EX-101.CAL) — 43KB
• cris-20240930_def.xml (EX-101.DEF) — 164KB
• cris-20240930_lab.xml (EX-101.LAB) — 547KB
• cris-20240930_pre.xml (EX-101.PRE) — 356KB
• cris-20240930_htm.xml (XML) — 509KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Financial Statements

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

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31

Signatures

Signatures 32 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 and cash equivalents will enable us to fund our current and planned operations; our ability to continue as a going concern; our ability to obtain additional financing; our ability to e

—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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 20,854 $ 26,681 Short-term investments — 29,653 Accounts receivable 2,978 2,794 Prepaid expenses and other current assets 3,105 1,780 Total current assets 26,937 60,908 Property and equipment, net 246 434 Restricted cash, long-term 544 544 Operating lease right-of-use asset 3,461 3,056 Other assets 2,303 3,358 Goodwill 8,982 8,982 Total assets $ 42,473 $ 77,282 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 3,818 $ 3,172 Accrued liabilities 8,141 9,040 Current portion of operating lease liability 1,292 1,305 Current portion of liability related to sale of future royalties 8,783 8,504 Total current liabilities 22,034 22,021 Long-term operating lease liability 1,968 1,489 Liability related to sale of future royalties, net 27,206 34,102 Total liabilities 51,208 57,612 Stockholders' equity (deficit): Preferred stock, $ 0.01 par value— 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value— 34,171,875 shares authorized, 6,020,259 shares issued and outstanding at September 30, 2024; 22,781,250 shares authorized, 5,894,085 shares issued and outstanding at December 31, 2023 60 59 Additional paid-in capital 1,221,386 1,215,792 Accumulated deficit ( 1,230,181 ) ( 1,196,410 ) Accumulated other comprehensive income — 229 Total stockholders' equity (deficit) ( 8,735 ) 19,670 Total liabilities and stockholders' equity (deficit) $ 42,473 $ 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 L

View Full Filing

View this 10-Q filing on SEC EDGAR