On November 2, 2023 Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of emavusertib, an orally available, small molecule IRAK4 inhibitor for the treatment of hematologic malignancies, reported its business update and financial results for the quarter ended September 30, 2023 (Press release, Curis, NOV 2, 2023, View Source [SID1234636752]).
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"Since the removal of the partial clinical hold, we have re-started patient enrollment in both the Phase 1/2 TakeAim Leukemia monotherapy and TakeAim Lymphoma combination studies and expect to initiate a triplet combination study in AML in the fourth quarter. We also expect to present updated data from the TakeAim Lymphoma combination study at ASH (Free ASH Whitepaper) in December," said James Dentzer, President and CEO of Curis.
Third Quarter 2023 and Recent Operational Highlights
Emavusertib (IRAK4 Inhibitor)
TakeAim Leukemia
Curis is currently enrolling relapsed or refractory (R/R) AML/MDS patients with FLT3 or spliceosome mutation (U2AF1 or SF3B1) who have received < 3 prior lines of treatment. The Company expects additional data from this study in the first half of 2024.
The Company expects to initiate a triplet combination study of emavusertib with azacitidine and venetoclax in the fourth quarter. This Phase 1 study is intended to evaluate emavusertib’s safety, as well as its ability enhance the effectiveness of azacitidine and venetoclax. Initial data from this study is expected in the second half of 2024.
TakeAim Lymphoma
Curis is focusing its lymphoma clinical development efforts on Primary CNS lymphoma (PCNSL), a rare form of extranodal non-Hodgkin lymphoma for which there are limited treatment options. The Company is currently enrolling PCNSL patients in its TakeAim Lymphoma study in which patients are being treated with a combination of emavusertib and ibrutinib. The Company will present updated data from the study at the 65th ASH (Free ASH Whitepaper) Annual Meeting December 9-12, 2023, which will include a PCNSL patient subset.
Upcoming Milestones
Curis expects updated clinical data from the TakeAim Lymphoma combination study with ibrutinib at the ASH (Free ASH Whitepaper) Annual Meeting.
The Company expects updated clinical data from the TakeAim Leukemia monotherapy study in the first half of 2024.
The Company expects initial clinical data from the triplet combination study of emavusertib with azacitidine and venetoclax to treat AML patients in the second half of 2024.
Corporate
In July 2023, Curis completed a registered direct offering with net proceeds of approximately $13.8 million.
On September 28, 2023, the Company effected a 1-for-20 reverse stock split of its common stock.
Third Quarter 2023 Financial Results
For the third quarter of 2023, Curis reported a net loss of $12.2 million or $2.13 per share on both a basic and diluted basis as compared to $13.3 million or $2.83 per share on both a basic and diluted basis, for the same period in 2022. Curis reported a net loss of $35.7 million or $6.96 per share on both a basic and diluted basis, for the nine months ended September 30, 2023 as compared to a net loss of $45.3 million or $9.82 per share on both a basic and diluted basis for the same period in 2022.
Revenues for the third quarters of 2023 and 2022 were both $2.8 million. Revenues for both periods consist of royalty revenues from Genentech and Roche’s sales of Erivedge. Revenues for the nine months ended September 30, 2023 and 2022 were both $7.3 million.
Research and development expenses were $10.4 million for the third quarter of 2023, as compared to $10.8 million for the same period in 2022. The decrease was primarily attributable to lower employee-related costs due to a reduction in headcount, partially offset by increased clinical costs. Research and development expenses were $29.5 million for the nine months ended September 30, 2023, as compared to $34.6 million for the same period in 2022.
General and administrative expenses were $4.8 million for the third quarter of 2023, as compared to $4.6 million for the same period in 2022. The increase was primarily attributable to higher professional, legal, and consulting services costs. General and administrative expenses were $13.8 million for the nine months ended September 30, 2023, as compared to $15.3 million for the same period in 2022.
Other income, net was $0.2 million for the third quarter of 2023, as compared to other expense, net of $0.7 million for the same period in 2022. Other income (expense), net primarily consisted of interest income partially offset by non-cash expense related to the sale of future royalties. Other income, net was $0.4 million for the nine months ended September 30, 2023 compared to other expense, net $2.5 million for the same period in 2022.
Curis’s cash, cash equivalents and investments totaled $68.5 million, and the Company had approximately 5.9 million shares of common stock outstanding. Curis expects its existing cash, cash equivalents and investments to enable its planned operations into 2025.
Conference Call Information
Curis management will host a conference call today, November 2, 2023, at 8:30 a.m. ET, to discuss the business update and these financial results.
To access the live conference call, please dial 1-888-390-0546 from the United States or 1-416-764-8688 from other locations, shortly before 8:30 a.m. ET. The conference call can also be accessed on the Curis website in the Investors section.