Curis, Inc.

Curis reported first-quarter 2026 net loss of $24.2 million, or $1.25 per share, versus a net loss of $10.6 million, or $1.25 per share, in the same period of 2025. Research and development expense was $6.4 million, down from $8.5 million year over year, while general and administrative expense was $5.1 million, up from $4.0 million. The higher net loss was mainly driven by a change in fair value of warrant liabilities tied to the January 2026 PIPE financing. Cash and cash equivalents were $15 million at March 31, 2026; Curis said that, together with up to an additional $20.2 million from PIPE Series B warrant exercises upon public announcement of dosing the fifth CLL patient, should fund planned operations into the second half of 2027. Management did not provide revenue, gross margin, or quarterly sales figures.

Jim Dentzer said the quarter was productive and emphasized steady progress in the TakeAim Lymphoma registrational study in primary CNS lymphoma. He framed emavusertib as potentially differentiated in CLL because it could help patients on BTK inhibitors move beyond partial responses toward complete remission or MRD negativity, which could enable time-limited therapy. His tone was upbeat but measured, repeatedly describing enrollment as on track and saying the company is cautiously optimistic.

Diantha Duvall focused on the quarter’s loss, expense trends, and liquidity. She cited a $24.2 million net loss, R&D of $6.4 million, and G&A of $5.1 million, noting that lower employee-related and manufacturing costs reduced R&D while PIPE-related expenses lifted G&A. She also said Curis had $15 million in cash at quarter-end and expects the January PIPE warrant structure could add up to $20.2 million, supporting operations into the second half of 2027.

Analysts pressed for details on CLL enrollment pace, current dosed patient counts, and what early activity would look like; management declined patient-by-patient updates but said site activation and consent are on track. On CLL efficacy, management said the initial goal is to see disease burden continue to decline from the post-plateau state seen on zanubrutinib monotherapy, with longer-term hopes for CR or undetectable MRD. Questions also focused on dose selection and safety under Project Optimus, and management said FDA/EMA want data on both 100 mg and 200 mg, but they do not expect major safety differences. On strategy, management said there is no immediate commercial partnership plan for AML and that the focus is on executing the current programs.