LEXINGTON, Mass. - Curis, Inc. (NASDAQ: CRIS), a biotechnology company specializing in cancer treatments, has shared encouraging results from its clinical trials of emavusertib, an IRAK4 inhibitor, at the 65th American Society of Hematology Annual Meeting and Exposition (ASH). The company announced that in an ongoing study, 3 out of 5 patients with primary central nervous system lymphoma (PCNSL) who had previously failed BTK inhibitor therapy achieved complete response (CR) when treated with emavusertib.
The company is also expanding clinical sites for its TakeAim Lymphoma and TakeAim Leukemia studies across the United States and Europe. In the TakeAim Leukemia study, 2 out of 3 patients with relapsed/refractory (R/R) acute myeloid leukemia (AML) with a FLT3 mutation achieved CR, and the third patient reached a Morphological Leukemia Free State (MLFS) after receiving fewer than 3 prior lines of treatment.
Curis also reported a net loss for the fourth quarter ended December 31, 2023, at $11.7 million, or $2.03 per share, compared to a net loss of $11.3 million, or $2.35 per share, for the same period in the previous year. The company's revenues for the year were $10.0 million, mainly from royalty revenues related to Genentech and Roche (LON:0QQ6)'s sales of Erivedge®. Research and development expenses decreased due to lower employee-related costs following a reduction in headcount.
As of December 31, 2023, Curis's cash, cash equivalents, and investments totaled $56.3 million. The company expects that its existing funds will allow it to continue operations into 2025, ensuring the ongoing development of emavusertib.
Curis management is hosting a conference call today at 8:30 a.m. ET to discuss these updates and financial results.
Emavusertib is being tested in various studies, including as a monotherapy for R/R AML and high-risk myelodysplastic syndrome (hrMDS) and in combination therapies for PCNSL and AML. The company has received Orphan Drug Designation from the U.S. Food and Drug Administration for emavusertib in these indications.
This article is based on a press release statement from Curis, Inc.
InvestingPro Insights
As Curis, Inc. (NASDAQ: CRIS) continues to make strides in the development of emavusertib and its application in treating various cancers, the company's financial health and market performance remain key factors for investors. With recent clinical successes, it's essential to consider Curis's financial metrics and analyst insights to understand the company's potential fully.
InvestingPro data shows that Curis has a market capitalization of $62.65 million, indicating its size within the biotech sector. Despite the company's promising clinical trial results, it reported a net loss and negative gross profit margins in the last twelve months as of Q3 2023, with a gross profit margin of -325.7%. This underscores the challenges Curis faces in achieving profitability in the near term.
Furthermore, the company's stock price has experienced significant volatility, as evidenced by a 3-month price total return of 69.41%, contrasted with a 1-month price total return of -22.32%. This volatility can be a critical consideration for investors looking for stability in their portfolios.
Two InvestingPro Tips that are particularly relevant to Curis are:
- The company holds more cash than debt on its balance sheet, which is a positive sign of financial stability and may provide some reassurance to investors about the company's ability to fund its operations.
- Analysts have revised their earnings estimates upwards for the upcoming period, suggesting that there may be optimism about the company's future financial performance based on recent developments.
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The financial metrics and analyst insights provided by InvestingPro can help investors make more informed decisions about their investments in Curis, Inc., especially in the context of the company's promising but costly clinical developments.
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