Curis (CRIS) Q1 2026 earnings summary

Executive summary

• Emavusertib is advancing in multiple clinical trials for PCNSL, CLL, and solid tumors, with ongoing enrollment and new data expected in late 2026 and early 2027, supported by orphan drug designations from FDA and EMA.

• Initiated proof-of-concept TakeAim CLL study, aiming to improve outcomes by combining emavusertib with BTK inhibitors for deeper responses and potential treatment-free remission.

• Presented encouraging early clinical data in gastric and esophageal cancer at ASCO GI Cancers Symposium, showing manageable toxicity and promising efficacy.

• Completed sale of Erivedge royalty rights in November 2025; no further royalty revenue expected.

• Announced substantial doubt about ability to continue as a going concern due to limited cash runway and ongoing losses.

Financial highlights

• Net loss of $24.2 million ($1.25/share) for Q1 2026, compared to $10.6 million ($1.25/share) in Q1 2025, mainly due to warrant liability changes and increased other expenses.

• No revenue recognized in Q1 2026 following the sale of Erivedge; Q1 2025 revenue was $2.4 million.

• R&D expenses decreased to $6.4 million from $8.5 million year-over-year, attributed to lower employee and manufacturing costs.

• G&A expenses increased to $5.1 million from $4.0 million, primarily due to PIPE financing costs.

• Cash and equivalents of $15 million as of March 31, 2026, up from $5.1 million at year-end 2025, with up to $20.2 million additional proceeds expected from PIPE warrant exercises.

Outlook and guidance

• Cash and equivalents projected to fund operations into the second half of 2027, contingent on PIPE warrant exercises; current cash is not expected to fund operations beyond 12 months from the filing date without additional capital.

• Updated emavusertib clinical data from the TakeAim Lymphoma study expected in the first half of 2027; initial data from the TakeAim CLL study expected by December 2026.

• May seek strategic alternatives, including partnerships, asset sales, or company sale if unable to secure funding.