CURIS, INC. FORM 10-K
CURIS, INC. FORM 10-K
Curis, Inc. filed its annual report for the fiscal year ended December 31, 2024. The company reported a net loss of $43.1 million, or $5.14 per share, compared to a net loss of $34.4 million, or $4.43 per share, in the prior year. Revenue increased to $12.3 million, up from $6.4 million in the prior year, primarily due to the recognition of revenue from the company’s collaboration with Aurigene Discovery Technologies Limited. The company’s cash and cash equivalents decreased to $44.4 million as of December 31, 2024, compared to $63.4 million as of December 31, 2023. The company’s management’s discussion and analysis of financial condition and results of operations provides a detailed review of the company’s financial performance and outlook.
Overview
Curis, Inc. is a biotechnology company focused on developing emavusertib, an oral drug that inhibits a protein called IRAK4. IRAK4 plays a key role in certain signaling pathways that are often dysregulated in cancer patients, particularly those with B-cell leukemias and lymphomas.
Emavusertib is currently being tested in two Phase 1⁄2 clinical trials - the TakeAim Lymphoma study in patients with relapsed or refractory non-Hodgkin’s lymphoma, and the TakeAim Leukemia study in patients with acute myeloid leukemia (AML) and high-risk myelodysplastic syndromes. The company has also initiated a Phase 1 study evaluating emavusertib in combination with the drugs azacitidine and venetoclax in AML patients.
In addition to its own drug development efforts, Curis has a collaboration agreement with Genentech/Roche for the commercialization of Erivedge, a drug approved for advanced basal cell carcinoma. Curis receives royalties on Erivedge sales, which have provided an important source of revenue.
Financial Performance
Curis reported total revenues of $10.9 million in 2024, a 9% increase from $10.0 million in 2023. This revenue was primarily comprised of royalties on Erivedge sales by Genentech and Roche.
Research and development expenses decreased slightly by 2% to $38.6 million in 2024, down from $39.5 million in 2023. The decrease was mainly due to lower clinical and consulting costs, partially offset by higher manufacturing expenses.
General and administrative expenses decreased by 10% to $16.8 million in 2024, compared to $18.6 million in 2023. This reduction was driven by lower spending on consulting, legal, facilities, insurance, and employee-related costs.
Curis reported a net loss of $43.4 million in 2024, an 8% improvement from the $47.4 million net loss in 2023. The company used $39.6 million in cash for operations in 2024, up slightly from $38.4 million in 2023.
Table: Financial Highlights
| Metric | 2024 | 2023 | % Change |
|---|---|---|---|
| Revenues, net | $10,908,000 | $10,023,000 | +9% |
| Research and Development Expenses | $38,562,000 | $39,496,000 | -2% |
| General and Administrative Expenses | $16,790,000 | $18,647,000 | -10% |
| Net Loss | $(43,389,000) | $(47,413,000) | -8% |
| Cash Used in Operations | $(39,600,000) | $(38,400,000) | +3% |
Strengths and Weaknesses
Strengths:
- Promising clinical data for emavusertib in hematological malignancies, including monotherapy activity in AML and combination activity with BTK inhibitors in non-Hodgkin’s lymphoma
- Productive regulatory discussions with the FDA and European authorities on potential accelerated approval pathways for emavusertib in primary central nervous system lymphoma (PCNSL)
- Ongoing royalty revenue stream from Erivedge sales providing some financial support
Weaknesses:
- Significant accumulated losses of over $1.2 billion and continued cash burn, raising substantial doubt about the company’s ability to continue as a going concern
- Heavy reliance on external financing to fund operations, with limited cash runway beyond the fourth quarter of 2025
- Uncertainty around the company’s ability to successfully develop and commercialize emavusertib, which is its sole clinical-stage drug candidate
Outlook
Curis faces significant challenges in the near-term as it seeks to advance emavusertib through late-stage clinical development and regulatory approval. The company’s current cash and cash equivalents, even with the recent $9 million financing, are only expected to fund operations into the fourth quarter of 2025.
To continue its research and development program, the company will need to raise substantial additional capital, either through equity financings, collaborations, or other strategic transactions. However, there is no guarantee that the company will be able to secure the necessary funding on favorable terms, or at all.
The success of emavusertib will be critical to Curis’ future. Positive results from the ongoing TakeAim Lymphoma and TakeAim Leukemia studies, as well as the newly initiated AML triplet study, could support regulatory filings and help the company attract additional investment. However, any delays or setbacks in the clinical development of emavusertib would further jeopardize the company’s financial position and long-term viability.
Overall, Curis is at a pivotal point, with the potential for emavusertib to provide a path forward, but significant uncertainty around the company’s ability to fund its operations and successfully develop and commercialize the drug. Investors and the broader biotech community will be closely watching Curis’ progress in the coming years as it navigates these challenges.
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