Curis (CRIS) director receives Series B preferred and multi-series warrant grants
Rhea-AI Filing Summary
CURIS INC director Marc Rubin reported grants of new preferred stock and warrants linked to common shares. On March 17, 2026, he received 20 shares of Series B Convertible Preferred Stock, which automatically convert into 26,667 shares of common stock for no additional payment at 5 p.m. Eastern Time on March 20, 2026, subject to stated beneficial ownership limits.
He was also granted Series A, Series B and Series C warrants, each for 26,667 common shares at an exercise price of $0.75 per share. The Series A and Series C warrants became immediately exercisable upon receipt of required stockholder approval and a certificate of amendment filing, while the Series B warrants are exercisable on similar conditions but have a termination date tied to dosing milestones in a Phase 2 clinical trial and may have their exercise price reset and term extended based on the stock price at that milestone.
Positive
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Negative
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Insights
Director received structured equity grants, not open‑market purchases or sales.
Director Marc Rubin acquired a package of preferred stock and warrants that can translate into common shares over time. The grants include 20 Series B preferred shares automatically converting into 26,667 common shares and three warrant series each covering 26,667 shares at $0.75.
These are compensation-type awards (code A) rather than discretionary market trades, so they mainly increase his potential equity exposure. The Series B warrants’ term and pricing are linked to a Phase 2 emavusertib trial milestone, tying part of the upside to clinical progress and the stock price at that dosing event.
Overall, this looks like routine incentive structuring for a director, using preferred stock and milestone-based warrants instead of simple restricted stock. Future company filings may show how much of this derivative exposure he ultimately exercises as milestones are reached.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Series B Convertible Preferred Stock | 20 | $0.00 | -- |
| Grant/Award | Series A Warrant (right to buy) | 26,667 | $0.00 | -- |
| Grant/Award | Series B Warrant (right to buy) | 26,667 | $0.00 | -- |
| Grant/Award | Series C Warrant (right to buy) | 26,667 | $0.00 | -- |
Footnotes (1)
- Each share of Series B Convertible Non-Redeemable Preferred Stock ("Series B Preferred Stock") automatically converts into 1,333.33 shares of Common Stock for no additional consideration at 5 p.m. Eastern Time on March 20, 2026, subject to the terms of the Certificate of Designations, Preferences and Rights of Series B Convertible Non-Redeemable Preferred Stock of Curis, Inc. (the "Certificate of Designations") and subject to the applicable Beneficial Ownership Limitations (as defined in the Certificate of Designations). Each share of Series B Preferred Stock was sold together with a Series A Warrant to purchase 1,333.33 shares of Common Stock, a Series B Warrant to purchase 1,333.33 shares of Common Stock and a Series C Warrant to purchase 1,333.33 shares of Common Stock (collectively, a "Security"). The Securities were sold at a purchase price of $1,000.00 per Security to the Reporting Person. Each Series A Warrant became immediately exercisable following the receipt of Requisite Stockholder Approval and the Certificate of Amendment Filing (each as defined in the Series A Warrant) on March 17, 2026. The Series B Warrants became immediately exercisable following the receipt of Requisite Stockholder Approval and the Certificate of Amendment Filing (each as defined in the Series B Warrant) and will terminate upon the 30th calendar day following date on which the Company publicly announces that the fifth patient has been dosed in the Company's Phase 2 clinical trial of emavusertib in combination with an approved Bruton Tyrosine Kinase Inhibitor in chronic lymphocytic leukemia ("Initial Termination Date"). If the closing sale price of the Company's Common Stock at the Initial Termination Date is below $0.75 (the "Exercise Price"), such Exercise Price will be reset to the closing sale price of the Company's Common Stock on the Initial Termination Date (provided that the Exercise Price will not be reduced to less than 50% of the initial Exercise Price) and the Initial Termination Date will be extended an additional 30 days. The Series C Warrants became immediately exercisable following the receipt of Requisite Stockholder Approval and the Certificate of Amendment Filing on March 17, 2026.
