Curis, Inc., a biotechnology company focused on developing emavusertib (CA-4948), an IRAK4 inhibitor, reported its financial results for the third quarter and nine months ended September 30, 2024. The company continues to face significant challenges, including substantial losses and a critical need for additional capital to support its drug development programs.

For the three months ended September 30, 2024, Curis generated revenues of $2.9 million, a 3% increase from $2.8 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $7.6 million, up from $7.3 million year-over-year. The increase in revenue is primarily attributed to royalty payments from Genentech related to the sales of Erivedge, although the company does not expect to generate revenues from direct product sales for several years.

Despite the revenue growth, Curis reported a net loss of $10.1 million for the third quarter of 2024, a 17% improvement compared to a net loss of $12.2 million in the same quarter of 2023. For the nine-month period, the net loss was $33.8 million, down from $35.7 million in the prior year, reflecting a 5% decrease. The company’s total operating expenses for the third quarter were $13.5 million, a decrease from $15.2 million in the same quarter of 2023, driven by reduced general and administrative costs.

As of September 30, 2024, Curis had cash and cash equivalents of $20.9 million, down from $26.7 million at the end of 2023. The company’s total assets decreased to $42.5 million from $77.3 million at the end of the previous fiscal year, while total stockholders’ equity turned negative, showing a deficit of $8.7 million compared to a positive equity of $19.7 million at the end of 2023.

Curis has identified substantial doubt about its ability to continue as a going concern, primarily due to ongoing operating losses and the need for significant additional capital. The company is heavily reliant on the success of emavusertib, which is currently in clinical trials, including the TakeAim Leukemia and TakeAim Lymphoma studies. The company has never obtained marketing approval for any drug candidate, and the path to commercialization remains uncertain.

In terms of strategic developments, Curis has engaged in collaborations, including a partnership with Genentech for Erivedge and an exclusive collaboration with Aurigene Discovery Technologies. However, the company faces potential delays in drug development due to insufficient funds, which could adversely affect its operations and future prospects. The company plans to seek additional funding through various means, including equity financings and strategic transactions, to support its ongoing research and development efforts.