Curis Inc (CRIS) Reports Q3 2023 Financial Results: Net Loss Decreases Year-Over-Year
Curis Inc (NASDAQ:CRIS) reported a net loss of $12.2 million for Q3 2023, a decrease compared to $13.3 million for the same period in 2022.
Revenues for Q3 2023 remained steady at $2.8 million, the same as Q3 2022.
The company maintains a strong balance sheet with $68.5 million in cash and investments, providing a cash runway into 2025.
Curis Inc (NASDAQ:CRIS) continues to make progress on the development of emavusertib, a treatment for hematologic malignancies.
On November 2, 2023, Curis Inc (NASDAQ:CRIS), a biotechnology company focused on the development of emavusertib, released its Q3 2023 business update and financial results. The company reported a net loss of $12.2 million for the quarter ended September 30, 2023, a decrease compared to $13.3 million for the same period in 2022. Despite the net loss, the company maintains a strong balance sheet with $68.5 million in cash and investments, providing a cash runway into 2025.
Operational Highlights and Financial Results
Curis Inc (NASDAQ:CRIS) continues to make progress on the development of emavusertib, an orally available, small molecule IRAK4 inhibitor for the treatment of hematologic malignancies. The company has restarted patient enrollment in both the Phase 1/2 TakeAim Leukemia monotherapy and TakeAim Lymphoma combination studies and expects to initiate a triplet combination study in AML in the fourth quarter.
For the third quarter of 2023, Curis reported revenues of $2.8 million, consistent with the same period in 2022. These revenues consist of royalty revenues from Genentech and Roche's sales of Erivedge. Research and development expenses were $10.4 million for the third quarter of 2023, a slight decrease from $10.8 million for the same period in 2022. General and administrative expenses were $4.8 million for the third quarter of 2023, compared to $4.6 million for the same period in 2022.
Financial Position and Future Outlook
As of September 30, 2023, Curis's cash, cash equivalents and investments totaled $68.5 million. The company expects its existing cash, cash equivalents and investments to enable its planned operations into 2025. Despite the net loss reported for Q3 2023, the company's strong financial position and ongoing progress in the development of emavusertib indicate a positive outlook for the future.
Conference Call Information
Curis management hosted a conference call on November 2, 2023, to discuss the business update and these financial results. The conference call can be accessed on the Curis website in the Investors section.
Explore the complete 8-K earnings release (here) from Curis Inc for further details.
This article first appeared on GuruFocus.
