CRIS — Curis, Inc.

Summary of Curis, Inc. Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Net Income: $19.4 million ($1.23 per share) for Q4 2025, compared to a net loss of $9.6 million ($1.25 per share) in Q4 2024. The positive result was primarily due to a one-time non-cash gain of $27.2 million from the sale of Erivedge.
• Annual Net Loss: $7.6 million ($0.58 per share) for the year ended December 31, 2025, a significant improvement from a net loss of $43.4 million ($6.88 per share) in 2024.
• R&D Expenses: $5.8 million for Q4 2025, down from $9.0 million in Q4 2024. Annual R&D expenses were $28.3 million, reduced from $38.6 million in 2024.
• G&A Expenses: $2.9 million for Q4 2025, down from $3.4 million in Q4 2024. Annual G&A expenses were $14.0 million, down from $16.8 million in 2024.
• Cash Position: As of December 31, 2025, Curis had sufficient cash and cash equivalents, bolstered by $20.2 million in gross proceeds from financing in January 2026, to fund operations into 2027.

2. Strategic Updates and Business Highlights

• TakeAim Lymphoma Study: Progressing well in the registrational study for emavusertib in primary CNS lymphoma (PCNSL). The study aims to support accelerated submissions to the FDA and EMA.
• Expansion into CLL: Curis is exploring the potential of emavusertib to enhance treatment outcomes in chronic lymphocytic leukemia (CLL) by combining it with BTK inhibitors to achieve deeper responses.
• AML Triplet Study: Initial data presented at the ASH meeting showed promising results, with five out of eight evaluable patients achieving MRD conversion.

3. Forward Guidance and Outlook

• Curis expects to continue advancing its registrational study in PCNSL and initiate a proof-of-concept study in CLL, with initial data anticipated at the ASH Annual Meeting in December 2026.
• The company is prioritizing resources towards NHL studies, particularly PCNSL, while AML efforts will be analyzed as resources allow.

4. Bad News, Challenges, or Points of Concern

• Revenue Decline: Curis indicated that there will be no meaningful revenue in 2026 following the cessation of cash flows from Erivedge, which could impact investor sentiment.
• Enrollment Challenges: Enrollment for the PCNSL study is slow and may take longer than anticipated, which could delay timelines for regulatory submissions.
• Dependence on Clinical Trials: The company's future revenue and success are heavily reliant on the outcomes of ongoing clinical trials, which carry inherent risks.

5. Notable Q&A Insights

• Trial Prioritization: The management confirmed that NHL (PCNSL) is prioritized over AML due to its potential for registration approval, with a focus on efficient resource allocation.
• Enrollment Updates: While enrollment for the PCNSL study is on track, the process is slow due to the rarity of the patient population.
• Future Revenue Expectations: Analysts were advised to model no meaningful revenue for 2026, as the company has transitioned away from Erivedge revenue streams.

Overall, Curis, Inc. demonstrated significant financial improvement and strategic progress in its clinical studies, although challenges in revenue generation and patient enrollment remain key concerns.