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Curis (NASDAQ: CRIS) posts larger Q1 2026 loss and flags funding needs

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Curis, Inc. reported first quarter 2026 results showing a larger net loss as it advances emavusertib across multiple cancer trials. Net loss was $24.2 million, or $1.25 per share, compared with $10.6 million, or $1.25 per share, a year earlier.

The company reported no revenue after selling its Erivedge royalty stream in late 2025, versus $2.4 million in Q1 2025. Research and development expenses fell to $6.4 million, while general and administrative costs rose to $5.1 million, largely from a January 2026 PIPE financing. A new $12.7 million other expense line reflects warrant liability revaluation. Curis ended March 31, 2026 with $15.0 million in cash and cash equivalents and about 40.0 million shares outstanding, and believes existing cash plus potential Series B warrant proceeds could fund operations into the second half of 2027, though it states current cash is insufficient for the next 12 months.

Positive

  • None.

Negative

  • Net loss more than doubled to $24.2 million in Q1 2026 from $10.6 million a year earlier, driven largely by warrant liability revaluation after the January 2026 PIPE financing.
  • Liquidity risk disclosed: Curis states its available cash is not sufficient to support operations for 12 months from the press release date and that continued operations require substantial additional funding.

Insights

Loss widens, revenue disappears after royalty sale, funding risk highlighted.

Curis shifted to zero revenue in Q1 2026 after selling its Erivedge royalties, while net loss more than doubled to $24.2M. Operating expenses were roughly flat, but a new warrant liability from the January 2026 PIPE drove a sharp rise in other expense.

Cash rose to $15.0M at March 31, 2026, helped by January financing, yet management explicitly notes available cash does not cover operations for 12 months from the press release date. The company’s runway guidance into second-half 2027 depends on exercising Series B warrants.

Future progress hinges on emavusertib clinical milestones in PCNSL and CLL and the timing and likelihood of warrant exercises or other capital raises. Subsequent disclosures will clarify how clinical data, regulatory feedback and financing evolve relative to this quarter’s position.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net loss Q1 2026 $24.2M Quarter ended March 31, 2026
Net loss Q1 2025 $10.6M Quarter ended March 31, 2025
Revenue Q1 2026 $0 After Erivedge royalty sale
Revenue Q1 2025 $2.38M Erivedge royalties from Genentech/Roche
R&D expense Q1 2026 $6.4M Quarter ended March 31, 2026
G&A expense Q1 2026 $5.1M Includes January 2026 PIPE costs
Other expense Q1 2026 $12.7M Driven by warrant liability change
Cash and cash equivalents $15.0M As of March 31, 2026
PIPE Financing financial
"expenses associated with the January 2026 PIPE Financing, partially offset by lower employee related costs."
Pipe financing is a way for companies to raise money quickly by selling new shares or bonds directly to investors, often before their stock is publicly traded or in the early stages of a project. It’s similar to a company securing a loan from investors, providing quick capital needed for growth or operations. For investors, it can offer opportunities for early involvement and potentially higher returns, but it may also carry increased risk due to the immediate nature of the deal.
warrant liability financial
"change in fair value of the warrant liability associated with the January 2026 PIPE Financing"
Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.
orphan drug designation regulatory
"Emavusertib has received Orphan Drug Designation from the U.S. Food and Drug Administration"
Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.
primary central nervous system lymphoma medical
"in patients with relapsed/refractory primary central nervous system lymphoma (PCNSL)"
minimal residual disease medical
"including complete remission or undetectable minimal residual disease (MRD)"
Minimal residual disease (MRD) is the tiny number of cancer cells that remain in the body after treatment, often too few to show up on standard scans but detectable with very sensitive tests. For investors, MRD is important because it predicts the risk of relapse and can determine whether a therapy is seen as effective, influences regulatory and reimbursement decisions, and affects the size and timing of a drug’s market opportunity—like spotting the last weeds that can make a garden regrow if not removed.
warrant financial
"three series of warrants (A, B, and C) which can be exercised for up to $20.2 million each"
A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.
Revenue $0 from $2.38M in Q1 2025
Net loss $24.2M vs $10.6M in Q1 2025
R&D expense $6.4M vs $8.5M in Q1 2025
Cash and cash equivalents $15.0M vs $5.1M at December 31, 2025
Guidance

Curis believes cash of $15.0M plus up to $20.2M from potential Series B warrant exercises could fund planned operations into the second half of 2027, but states current cash is insufficient to support operations for 12 months from the press release date.

Understanding 8-K Material Events →
0001108205false00011082052026-05-122026-05-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

_____________________
FORM 8-K

_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): May 12, 2026
Curis, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware000-3034704-3505116
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)
128 Spring Street, Building C - Suite 500, Lexington MA 02421
(Address of Principal Executive Offices) (Zip Code)
(617) 503-6500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:        
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $0.01 per shareCRIS
Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company  ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On May 12, 2026, Curis, Inc. announced its financial results for the three-month periods ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.


Item 9.01. Financial Statements and Exhibits.
Exhibit Number Description
  
99.1 
Press Release dated May 12, 2026
104Cover Page Interactive Data File (embedded within the InLine XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 Curis, Inc.
   
  
Date:May 12, 2026By: 
/S/    JAMES E. DENTZER        
  James E. Dentzer
  President and Chief Executive Officer
  

Exhibit 99.1
image_0.jpg

PRESS RELEASE

Curis Provides First Quarter 2026 Business Update

Management to host conference call today at 4:30 p.m. ET

LEXINGTON, Mass., May 12, 2026 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule IRAK4 and FLT3 inhibitor, today reported its business update and financial results for the quarter ended March 31, 2026.

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 in St 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 in St 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 $80.8 million, including initial gross proceeds of approximately $20.2 million with three series of warrants (A, B, and C) which can be exercised for up to $20.2 million each according to the terms and conditions of the financing agreement. All three series of warrants are exercisable at $0.75 per share, subject to conditions defined in the financing agreement with respect to the Series B warrants, and have the following termination conditions:
•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 $24.2 million, or $1.25 per share on both a basic and diluted basis, as compared to a net loss of $10.6 million, or $1.25 per share on both a basic and diluted basis in 2025.

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 $2.4 million for the quarter ended March 31, 2025, comprising royalty revenues from Genentech and Roche's net sales of Erivedge®.

Research and development expenses were $6.4 million and $8.5 million for the quarters ended March 31, 2026 and 2025, respectively. The decrease was primarily attributable to lower employee related and manufacturing costs.

General and administrative expenses were $5.1 million and $4.0 million for the quarters ended March 31, 2026 and 2025, respectively. The increase was primarily attributable to expenses associated with the January 2026 PIPE Financing, partially offset by lower employee related costs.

Other expense, net was $12.7 million and $0.5 million for the quarters ended March 31, 2026 and 2025, respectively. The increase was attributable to the change in fair value of the warrant liability associated with the January 2026 PIPE Financing, partially offset by no expense related to the sale of future royalties in 2026.

As of March 31, 2026, Curis's cash and cash equivalents totaled $15.0 million, and the Company had approximately 40.0 million shares of common stock outstanding.




Cash Runway Guidance

Curis believes its cash and cash equivalents as of March 31, 2026 of $15.0 million, together with anticipated gross proceeds of up to an additional $20.2 million from the exercise of the January 2026 PIPE Financing Series B Warrants upon the public announcement of dosing the 5th CLL patient in our TakeAim CLL study expected later this year, should enable the Company’s planned operations into the second half of 2027.

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 the United States or (646)-357-8785 from other locations, shortly before 4:30 p.m. ET. The conference call can also be accessed on the Curis website in the Investors section.

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 U.S. Food and Drug Administration for the treatment of PCNSL, AML and MDS and from the European Commission for the treatment of PCNSL. Curis, through its 2015 collaboration with Aurigene Discovery Technologies Limited, has the exclusive license to emavusertib (CA-4948). For more information, visit Curis's website at www.curis.com.

Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning Curis’s cash runway or expectations with respect to the timing or exercise of the January 2026 PIPE Financing Series B Warrants; Curis's expectations with respect to the dosing of the first five patients in the TakeAim CLL study, and the therapeutic potential of emavusertib in combination with zanubrutinib to improve treatment outcomes, achieve complete remissions and/or undetectable MRD, and/or reduce time on treatment for patients with CLL; Curis's expectations with respect to enrollment of BTKi naïve and BTKi experienced populations in the TakeAim Lymphoma study; statements regarding updated PCNSL data and the timing of such data from the TakeAim Lymphoma study, or the use of such data to support regulatory filings for approval of emavusertib in PCNSL, and the therapeutic potential and tolerability of emavusertib in patients with PCNSL. Forward-looking statements may contain the words "believes," "expects," "anticipates," "plans," "intends," "seeks," "estimates," "assumes," "predicts," "projects," "targets," "will," "may," "would," "could," "should," "likelihood", "continue," "potential," "opportunity," "focus," "strategy," "mission," or similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different from those indicated by such forward-looking statements. Curis may experience adverse results, delays and/or failures in its drug development programs and may not be able to successfully advance the development of its drug candidates in the time frames it projects, if at all. Curis's drug candidates may cause unexpected toxicities, fail to demonstrate sufficient safety and efficacy in clinical studies and/or may never achieve the requisite regulatory approvals needed for commercialization. Favorable results seen in preclinical studies and early clinical trials of Curis's drug


candidates may not be replicated in later trials. Curis is dependent on the success of emavusertib and any delays in the development of emavusertib could have a material adverse effect on its business. There can be no guarantee that the collaboration agreement with Aurigene or the CRADA with NCI will continue for their full terms, that Curis or its collaborators will each maintain the financial and other resources necessary to continue financing its portion of the research, development and commercialization costs, or that the parties will successfully discover, develop or commercialize drug candidates under the collaboration. Curis will require substantial additional capital to fund its business. Based on its available cash resources, it does not have sufficient cash on hand to support current operations within the next 12 months from the date of this press release. Curis will require substantial additional funding to fund the development of emavusertib through regulatory approval and commercialization, and to support its continued operations. If it is not able to obtain sufficient funding, it will be forced to delay, reduce in scope or eliminate the development of emavusertib, including related clinical trials and operating expenses, potentially delaying the time to market for, or preventing the marketing of, emavusertib, which could adversely affect its business prospects and its ability to continue operations, and would have a negative impact on its financial condition and its ability to pursue its business strategies. Curis faces substantial competition. Curis and its collaborators face the risk of potential adverse decisions made by the FDA, EMA and other regulatory authorities, investigational review boards, and publication review bodies. Curis may not obtain or maintain necessary patent protection and could become involved in expensive and time-consuming patent litigation and interference proceedings. Unstable market and economic conditions, natural disasters, public health crises, political crises and other events outside of Curis's control, including its ability to regain and maintain its listing on the Nasdaq Capital Market, could significantly disrupt its operations or the operations of third parties on which Curis depends and could adversely impact Curis's operating results and its ability to raise capital. Other important factors that may cause or contribute to actual results being materially different from those indicated by forward-looking statements include the factors set forth under the captions "Risk Factor Summary" and "Risk Factors" in our most recent Form 10-K, and the factors that are discussed in other filings that Curis periodically makes with the Securities and Exchange Commission. In addition, any forward-looking statements represent the views of Curis only as of today and should not be relied upon as representing Curis's views as of any subsequent date. Curis disclaims any intention or obligation to update any of the forward-looking statements after the date of this press release whether as a result of new information, future events or otherwise, except as may be required by law.



For further information:

Investor Relations: IR@curis.com





CURIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)
(In thousands, except share and per share data)

 Three Months Ended
March 31,
 20262025
Revenues, net$— $2,380 
Operating expenses:
Cost of royalties— 14 
Research and development6,449 8,539 
General and administrative5,070 3,984 
Total operating expenses11,519 12,537 
Loss from operations(11,519)(10,157)
Total other expense(12,680)(459)
Net loss$(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, 2026December 31, 2025
ASSETS
Cash and cash equivalents
$15,001$5,061
Restricted cash544544
Prepaid expenses and other assets3,5533,427
Property and equipment, net5462
Operating lease right-of-use asset1,5521,890
Goodwill8,9828,982
Total assets$29,686$19,966
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities$13,745$12,886
Operating lease liability1,3371,618
Warrant liability1,897—
Total liabilities16,97914,504
Total stockholders' equity12,7075,462
Total liabilities and stockholders' equity$29,686$19,966



Source: View Original Filing on SEC EDGAR

FAQ

How did Curis (CRIS) perform financially in Q1 2026?

Curis reported a larger quarterly loss as it transitions away from royalty revenue. Net loss was $24.2 million, or $1.25 per share, compared with $10.6 million, or $1.25 per share, in Q1 2025, reflecting higher other expense.

Why did Curis report no revenue in the first quarter of 2026?

Curis reported no revenue in Q1 2026 because it sold its Erivedge royalty rights to Oberland in Q4 2025. In Q1 2025, the company recorded $2.4 million of revenue from Erivedge royalties, which no longer contribute after the sale.

What was Curis’s cash position and runway outlook as of March 31, 2026?

Curis held $15.0 million in cash and cash equivalents at March 31, 2026. Management believes this, plus up to $20.2 million of potential Series B warrant exercise proceeds, could fund planned operations into the second half of 2027, subject to successful warrant exercises.

How did operating expenses change for Curis in Q1 2026?

Research and development expenses declined to $6.4 million from $8.5 million, mainly from lower employee and manufacturing costs. General and administrative expenses increased to $5.1 million from $4.0 million, largely due to costs associated with the January 2026 PIPE financing.

What caused the large increase in Curis’s other expense in Q1 2026?

Other expense rose to $12.7 million in Q1 2026 from $0.5 million in Q1 2025. The company attributes this primarily to a change in fair value of the warrant liability from the January 2026 PIPE Financing, partly offset by no royalty sale expense in 2026.

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