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, a significant improvement from a net loss of $9.6 million ($1.25 per share) in Q4 2024. The increase was largely due to a one-time non-cash gain of $27.2 million from the sale of Erivedge.
• Annual Performance: For the year ending December 31, 2025, Curis reported a net loss of $7.6 million ($0.58 per share), down from a net loss of $43.4 million ($6.88 per share) in 2024.
• Expenses: R&D expenses decreased to $5.8 million in Q4 2025 from $9.0 million in Q4 2024, and annual R&D expenses were $28.3 million, down from $38.6 million in 2024. General and administrative expenses also saw a decline.
• Cash Position: As of December 31, 2025, Curis had sufficient cash and equivalents, bolstered by $20.2 million in gross proceeds from a January 2026 financing, expected to support operations into 2027.

2. Strategic Updates and Business Highlights:

• Curis is advancing its TakeAim Lymphoma study for emavusertib in primary CNS lymphoma (PCNSL), with expectations for accelerated submissions to the FDA and EMA.
• The company is also exploring the potential of emavusertib in chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML), with ongoing studies aimed at improving treatment outcomes.
• Initial data from the AML triplet study showed promising results, with five out of eight patients achieving MRD conversion.

3. Forward Guidance and Outlook:

• Curis anticipates significant progress in 2026, focusing on the registrational study for PCNSL and the initiation of a proof-of-concept study in CLL.
• The company expects to provide initial data from the CLL study at the ASH Annual Meeting in December 2026.
• Management has indicated that the bulk of resources will be allocated to NHL studies, particularly PCNSL, while CLL will receive a smaller share of spending initially.

4. Bad News, Challenges, or Points of Concern:

• The company has indicated that it will not generate meaningful revenue in 2026, following the end of revenue from Erivedge in November 2025.
• Enrollment in the PCNSL study is slow, with challenges in patient recruitment due to the rarity of the condition, leading to a potentially extended timeline for full enrollment and data reporting.
• The reliance on non-cash gains for net income raises concerns about the sustainability of financial performance moving forward.

5. Notable Q&A Insights:

• Management confirmed that NHL studies, particularly PCNSL, are prioritized over AML due to their potential for registration approval.
• There was a cautious approach to discussing enrollment figures for the PCNSL study, emphasizing the difficulty in patient recruitment.
• Analysts inquired about the expected data from the CLL study at ASH, with management indicating that while they hope to have meaningful data, they are still in the early stages of patient enrollment and execution.

Overall, Curis, Inc. demonstrated a strong financial turnaround in Q4 2025, with strategic focus on advancing its clinical studies while facing challenges related to revenue generation and patient enrollment.