Curis Provides First Quarter 2026 Business Update
Rhea-AI Summary
Curis (NASDAQ:CRIS) reported first quarter 2026 results and a business update focused on emavusertib (CA-4948).
- Q1 2026 net loss was $24.2M with no revenue after the Erivedge royalty sale.
- R&D expenses fell to $6.4M, while G&A rose to $5.1M.
- Other expense increased to $12.7M, mainly from warrant liability changes tied to the January 2026 PIPE financing.
- Cash and equivalents totaled $15.0M with about 40M shares outstanding.
- The January 2026 PIPE provides up to $80.8M gross proceeds via initial funding and three warrant series at $0.75 per share.
- Curis expects its cash plus potential $20.2M Series B warrant proceeds to fund operations into the second half of 2027.
- Key trials include Phase 1/2 TakeAim Lymphoma in PCNSL and Phase 2 TakeAim CLL with BTK inhibitors, plus early solid tumor data showing manageable toxicity and encouraging preliminary signals.
AI-generated analysis. Not financial advice.
Positive
- January 2026 PIPE financing of up to $80.8M gross proceeds
- R&D expenses decreased to $6.4M from $8.5M year over year
- Cash runway projected into second half of 2027 with potential Series B warrant proceeds
- Ongoing Phase 1/2 TakeAim Lymphoma trial intended to support accelerated approval filings
- TakeAim CLL Phase 2 trial underway with data expected December 2026
- Early gastric and esophageal cancer data showed manageable toxicity and preliminary activity in 16 patients
Negative
- Net loss widened to $24.2M from $10.6M year over year
- No Q1 2026 revenue after sale of Erivedge royalty stream
- Other expense rose to $12.7M due to warrant liability revaluation
- General and administrative expenses increased to $5.1M from $4.0M
- Quarter-end cash balance was $15.0M, relying on future warrant exercises for runway
Market Reaction – CRIS
Following this news, CRIS has declined 9.14%, reflecting a notable negative market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.50. This price movement has removed approximately $2M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
CRIS slipped 1.78% with light volume while several biotech peers such as AKTX (-11.36%), FBLG (-5.71%), and QTTB (-4.07%) also declined. However, no peers appeared in the momentum scanner, and sector momentum was not flagged as a coordinated move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 05 | Earnings call scheduling | Neutral | +8.2% | Announced timing of Q1 2026 financial results and conference call. |
| Mar 19 | Business update | Positive | +1.9% | Reported Q4 2025 results, non-cash gain, PIPE structure, and positive emavusertib data. |
| Mar 12 | Earnings call scheduling | Neutral | -5.9% | Notified investors of upcoming Q4 2025 results and webcast timing. |
| Jan 09 | Private placement closing | Neutral | -2.7% | Closed PIPE financing totaling up to $80.8M in gross proceeds. |
| Jan 07 | Private placement pricing | Neutral | -16.0% | Priced PIPE with Series B preferred and multiple warrant series. |
Recent substantive updates (business updates, financing) have generally produced modest single-digit price moves, while financing-related headlines have sometimes coincided with negative reactions.
Over the past months, Curis has focused updates on emavusertib development and financing. The January 2026 PIPE priced and then closed, enabling up to $80.8M in potential proceeds but coinciding with negative single-day moves around -16% and -3%. The Q4 2025 business update highlighted a $27.2M non-cash gain and encouraging emavusertib data, with a modest +1.89% reaction. Scheduling earnings calls in March and May generated mixed, generally small price responses.
Regulatory & Risk Context
An effective S-3 shelf dated Feb 13, 2026 registers 107,706,700 common shares for resale from the January 2026 financing. Curis receives no proceeds from investor resales but would receive cash upon warrant exercises.
Market Pulse Summary
This announcement combined a deeper look at emavusertib’s hematologic and solid tumor programs with a detailed first-quarter 2026 financial picture. Key points included zero revenue after the Erivedge royalty sale, a higher net loss of $24.2M, and cash of $15.0M plus potential warrant proceeds guiding operations into the second half of 2027. Investors may watch upcoming CLL dosing milestones, updated PCNSL data, and the impact of the January 2026 PIPE structure.
Key Terms
orphan drug designation regulatory
accelerated approval regulatory
phase 1/2 medical
minimal residual disease (MRD) medical
FOLFOX medical
anti-PD1 medical
trastuzumab medical
private placement financial
AI-generated analysis. Not financial advice.
Management to host conference call today at 4:30 p.m. ET
Operational Highlights
TakeAim Lymphoma
- Emavusertib is currently undergoing testing in combination with the Bruton's tyrosine kinase inhibitor (BTKi) ibrutinib in the TakeAim Lymphoma Phase 1/2 open-label, single arm expansion trial in patients with Relapsed or Refractory (R/R) Primary CNS Lymphoma (PCNSL) (CA-4948-101, NCT03328078). Patient enrollment in this study is currently ongoing. As a result of discussions with FDA and EMA, the ongoing phase 1/2 study is intended to support filings for accelerated approval of emavusertib in PCNSL in the US and
Europe . Emavusertib has been granted orphan drug designation by both FDA and EMA in PCNSL.
TakeAim CLL
- Emavusertib is also being tested in the recently initiated open label TakeAim CLL Phase 2 clinical trial of emavusertib in combination with the BTKi zanubrutinib in patients with Chronic Lymphocytic Leukemia (CLL) (CA-4948-203, NCT07271667). The goal of combining emavusertib with a BTKi is to enable a dual blockade of NF-kB, a key driver of disease in CLL and NHL, by inhibiting both the TLR and BCR pathways. The current standard of care is the use of BTK inhibitors, which block the BCR pathway and can deliver high response rates, though typically only partial responses. Previous clinical studies have shown that adding emavusertib, which blocks the TLR pathway, to a BTKi regimen can enable patients with NHL to achieve deeper responses, including complete remission or undetectable minimal residual disease (MRD) and the potential for time-limited treatment, outcomes which represent the potential for a paradigm shift in the management of CLL.
Solid Tumors
- Dr. Patrick Grierson, Siteman Cancer
Center, Washington University inSt Louis , presented a poster with initial clinical data in gastric and esophageal cancer at the ASCO Gastrointestinal Cancers Symposium in January 2026. In this study, patients are treated with emavusertib in combination with FOLFOX and anti-PD1 +/- trastuzumab as first-line therapy for metastatic or unresectable gastroesophageal cancers. The poster titled A phase I trial of emavusertib (CA-4948) in combination with FOLFOX/ PD-1 inhibitor +/- trastuzumab as first-line treatment for untreated unresectable gastric and esophageal cancer showed results for 16 evaluable patients demonstrating a manageable toxicity profile and encouraging preliminary results. - Dr. Patrick Grierson, Siteman Cancer
Center, Washington University inSt Louis will have an abstract titled A phase I trial of emavusertib (CA-4948) in combination with gemcitabine and nab-paclitaxel in metastatic or unresectable pancreatic ductal adenocarcinoma (PDAC) available online at http://asco.org/abstracts on May 21, 2026 at 5:00 PM EDT.
Upcoming Milestones
- Curis expects to announce the dosing of the initial 5 patients in the TakeAim CLL combination study with zanubrutinib by mid-2026, with data expected in December 2026.
- Also, the Company expects updated emavusertib clinical data from the TakeAim Lymphoma combination study with ibrutinib in patients with R/R PCNSL in the first half of 2027.
Corporate
On January 9, 2026, the Company announced the closing of a private placement (the "January 2026 PIPE Financing") with gross proceeds of up to
- Series A warrants terminate on January 8, 2031;
- Series B warrants terminate 30 days after the Company announces dosing of the fifth patient in the Phase 2 clinical trial in CLL, subject to conditions defined in the financing agreement; and
- Series C warrants terminate on July 8, 2027.
First Quarter 2026 Financial Results
For the quarter ended March 31, 2026, Curis reported a net loss of
There were no revenues for the quarter ended March 31, 2026 due to the sale of Erivedge® royalties to Oberland in the fourth quarter of 2025. Revenues, net were
Research and development expenses were
General and administrative expenses were
Other expense, net was
As of March 31, 2026, Curis's cash and cash equivalents totaled
Cash Runway Guidance
Curis believes its cash and cash equivalents as of March 31, 2026 of
Conference Call Information
Curis management will host a conference call today, May 12, 2026, at 4:30 p.m. ET, to discuss the business update and these financial results.
To access the live conference call, please dial (800)-836-8184 from
About Curis, Inc.
Curis is a biotechnology company focused on the development of emavusertib, an orally available, small molecule IRAK4 and FLT3 inhibitor. Emavusertib is currently being evaluated in the TakeAim Lymphoma Phase 1/2 study (CA-4948-101) of emavusertib in combination with the BTK inhibitor, ibrutinib, in patients with relapsed/refractory primary central nervous system lymphoma (PCNSL) and in the TakeAim CLL Phase 2 study (CA-4948-203) of emavusertib in combination with the BTK inhibitor, zanubrutinib, in chronic lymphocytic leukemia (CLL). The Company's monotherapy and combination studies in acute myeloid leukemia (AML) are substantially complete, with additional funding the Company plans to continue development of emavusertib in AML. Emavusertib has received Orphan Drug Designation from the
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the
CURIS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share data) | |||
Three Months Ended March 31, | |||
2026 | 2025 | ||
Revenues, net | $ — | $ 2,380 | |
Operating expenses: | |||
Cost of royalties | — | 14 | |
Research and development | 6,449 | 8,539 | |
General and administrative | 5,070 | 3,984 | |
Total operating expenses | 11,519 | 12,537 | |
Loss from operations | (11,519) | (10,157) | |
Total other expense | (12,680) | (459) | |
Net loss | $ (24,199) | $ (10,616) | |
Net loss per common share (basic and diluted) | $ (1.25) | $ (1.25) | |
Weighted average common shares (basic and diluted) | 19,363,478 | 8,493,886 | |
CURIS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands) | ||||||||||
March 31, 2026 | December 31, 2025 | |||||||||
ASSETS | ||||||||||
Cash and cash equivalents | $ | 15,001 | $ | 5,061 | ||||||
Restricted cash | 544 | 544 | ||||||||
Prepaid expenses and other assets | 3,553 | 3,427 | ||||||||
Property and equipment, net | 54 | 62 | ||||||||
Operating lease right-of-use asset | 1,552 | 1,890 | ||||||||
Goodwill | 8,982 | 8,982 | ||||||||
Total assets | $ | 29,686 | $ | 19,966 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Accounts payable and accrued liabilities | $ | 13,745 | $ | 12,886 | ||||||
Operating lease liability | 1,337 | 1,618 | ||||||||
Warrant liability | 1,897 | — | ||||||||
Total liabilities | 16,979 | 14,504 | ||||||||
Total stockholders' equity | 12,707 | 5,462 | ||||||||
Total liabilities and stockholders' equity | $ | 29,686 | $ | 19,966 | ||||||
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SOURCE Curis, Inc.