CRIS — Curis, Inc.

Curis Q1 2026 Earnings Call Summary

1. Key Financial Results and Metrics

• Net Loss: $24.2 million ($1.25 per share) for Q1 2026, up from a net loss of $10.6 million ($1.25 per share) in Q1 2025.
• R&D Expenses: Decreased to $6.4 million from $8.5 million year-over-year, primarily due to lower employee-related and manufacturing costs.
• G&A Expenses: Increased to $5.1 million from $4.0 million, mainly due to costs associated with the January 2026 PIPE financing.
• Cash Position: $15 million as of March 31, 2026, with potential additional gross proceeds of $20.2 million from warrant exercises expected later in the year.

2. Strategic Updates and Business Highlights

• TakeAim Lymphoma Study: Progressing well in the study of emavusertib for primary CNS lymphoma (PCNSL), with expectations for accelerated submissions to the FDA and EMA.
• Expansion into CLL: Plans to initiate a proof-of-concept study combining emavusertib with zanubrutinib for chronic lymphocytic leukemia (CLL) patients currently on BTK inhibitors, with initial patient dosing expected by mid-2026.
• Gastroesophageal Cancer Study: Initial data presented at ASCO GI Cancer Symposium showed promising results for emavusertib combined with FOLFOX and anti-PD-1 therapies.

3. Forward Guidance and Outlook

• Anticipate updated clinical data from the TakeAim Lymphoma study in the first half of 2027.
• Expect to dose the first five patients in the CLL study by mid-2026, with initial data expected in December 2026.
• Confident in maintaining operations into the second half of 2027 based on current cash and anticipated proceeds from warrant exercises.

4. Bad News, Challenges, or Points of Concern

• Increased Net Loss: The significant increase in net loss raises concerns about financial sustainability, particularly given the reliance on financing for ongoing operations.
• Enrollment Challenges: The ultra-orphan nature of PCNSL may lead to inconsistent patient enrollment, which could impact timelines for study completion and data reporting.
• Regulatory Risks: The success of the CLL study hinges on meeting regulatory expectations, particularly regarding dosing and safety profiles.

5. Notable Q&A Insights

• Enrollment Updates: Management is optimistic about enrollment in the CLL study, with no specific patient numbers disclosed, but they are on track to meet targets.
• Safety Profile: Discussions with FDA and EMA indicate the need for data on different dosing levels (100 mg vs. 200 mg) to ensure safety and efficacy.
• Differentiation in CLL Treatment: Emavusertib aims to provide a more profound treatment response compared to existing therapies, with a focus on achieving treatment-free remission and addressing resistance issues.
• Commercial Partnerships: Currently, there are no partnerships for the AML program, as the focus remains on advancing clinical studies and generating data.

Overall, Curis is making progress in its clinical studies but faces financial challenges and the inherent risks of developing treatments in niche markets. The upcoming months will be critical for patient enrollment and data generation.