LEXINGTON, Mass. – Curis, Inc. (NASDAQ: CRIS), a biotechnology company, today announced its first-quarter financial results for 2024 and outlined its upcoming milestones, including the release of clinical data from its ongoing studies.
The company is set to provide a topline update on May 14, 2024, for its TakeAim Leukemia study, which evaluates emavusertib monotherapy in patients with relapsed or refractory Acute Myeloid Leukemia (AML).
Curis reported a net loss of $11.9 million, or $2.05 per share, for the first quarter ended March 31, 2024, a slight increase from the $11.6 million loss, or $2.39 per share, during the same period in 2023. Revenues were slightly down at $2.1 million compared to $2.3 million in the prior year, primarily consisting of royalty revenues from Genentech/Roche's sales of Erivedge®.
Research and development expenses rose to $9.6 million, up from $9.1 million in the first quarter of 2023, mainly due to higher employee-related costs. General and administrative expenses were marginally higher at $4.9 million. The company also reported an increase in other income, netting $0.6 million for the quarter due to a decrease in non-cash expense related to the sale of future royalties.
Curis's cash reserves, which include cash, cash equivalents, and investments, totaled $40.7 million as of March 31, 2024. The company believes these resources will fund its planned operations into 2025.
The biotech firm is preparing for several presentations at the upcoming American Society of Clinical Oncology (ASCO) and European Hematology Association (EHA) conferences. These will include updates on the TakeAim Leukemia and Lymphoma studies and initial data from a frontline triplet combination study of emavusertib with azacitidine and venetoclax in AML patients.
Curis management hosted a conference call to discuss these updates and financial results. The call's details were made available for those interested in the company's progress.
This report is based on a press release statement from Curis, Inc. and provides a summary of the company's financial status and upcoming clinical data announcements.
InvestingPro Insights
Curis, Inc. (NASDAQ: CRIS) has drawn attention with its recent financial results and clinical study updates. To provide a deeper understanding of the company's financial health and stock performance, here are some key insights based on real-time data from InvestingPro:
InvestingPro Data:
- Market Cap (Adjusted): $95.31M
- P/E Ratio (Adjusted) as of the last twelve months ending Q4 2023: -2.01
- Price, Previous Close: $16.36
InvestingPro Tips:
- Curis has been noted to operate with a moderate level of debt, which is crucial for investors to monitor in the context of its financial sustainability.
- The stock has experienced a significant return over the last three months, with a 72.2% price total return, reflecting a strong market performance in the short term.
Investors and analysts following Curis should be aware that while the company has shown a robust short-term return, it is not expected to be profitable this year, and it suffers from weak gross profit margins. These factors could be essential when considering the long-term prospects of the company.
For those looking to delve further into Curis's financials and stock performance, InvestingPro offers additional insights. There are currently 8 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/CRIS. To enrich your investment strategy with these tips, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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