Curis, Inc.

What they do

Curis is focused on emavusertib, an orally available small molecule inhibitor of IRAK4 and FLT3, licensed exclusively from Aurigene through a 2015 collaboration. The drug is in a Phase 1/2 combination study with ibrutinib in relapsed/refractory primary CNS lymphoma (TakeAim Lymphoma) and a Phase 2 combination study with zanubrutinib in chronic lymphocytic leukemia (TakeAim CLL). Monotherapy and combination studies in AML are substantially complete. Emavusertib holds Orphan Drug Designation from the FDA for PCNSL, AML and MDS, and from the European Commission for PCNSL.

Revenue drivers

• Erivedge royalty (divested) — The 10-Q states there were no revenues for the quarter ended March 31, 2026, due to the sale of Erivedge royalties to Oberland in the fourth quarter of 2025. Revenues, net were $2.4 million for the quarter ended March 31, 2025.
• Emavusertib (CA-4948) — No approved product and no product revenue. Emavusertib is in clinical development in PCNSL and CLL, with AML studies substantially complete; any future revenue depends on approval and commercialization.
• License and collaboration arrangements — The company states it may seek funding through collaborations or other strategic transactions, but the excerpts do not disclose any current collaboration revenue.

Recent performance

Q1 2026 revenue was zero, versus $2.4 million in Q1 2025, because Erivedge royalties were sold to Oberland in Q4 2025. The Q1 2026 net loss was $24.2 million, or $1.25 per share, compared with a $10.6 million net loss, or $1.25 per share, in Q1 2025. Annual revenue declined from $10.9 million in 2024 to $9.4 million in 2025, while the net loss narrowed from $43.4 million to $7.6 million. Recent quarterly revenue fell from $3.2 million in Q3 2025 to $1.1 million in Q4 2025, then to zero in both Q1 and Q2 2026.

Strategy

In January 2026, Curis announced it is focusing operations on the TakeAim Lymphoma Phase 1/2 study of emavusertib plus ibrutinib in R/R PCNSL and the TakeAim CLL Phase 2 study of emavusertib plus zanubrutinib. The company states that, with additional funding, it plans to continue development of emavusertib in AML. As a result of discussions with FDA and EMA, the ongoing Phase 1/2 PCNSL study is intended to support filings for accelerated approval in the US and Europe. The January 2026 PIPE Financing raised initial gross proceeds of approximately $20.2 million, with three series of warrants exercisable at $0.75 per share that could provide up to an additional $60.6 million.

Risks

• Going concern — The 10-K states that Curis concluded it does not have sufficient cash on hand to support current operations beyond the next 12 months from the filing date.
• Need for additional capital — The company states it will require substantial additional funding and has faced and expects to continue to face substantial difficulties raising capital.
• Listing-rule failures — 8-K filings on 2026-05-01 and 2026-07-30 reported delisting notices or listing-rule failures, and the company effected a 1-for-20 reverse stock split.
• Clinical and regulatory dependence — No product is approved; future value depends on emavusertib, which is in Phase 1/2 in PCNSL and Phase 2 in CLL, and the company has stated that insufficient funds could force it to delay, reduce or eliminate development.

Outlook

Curis expects to announce dosing of the initial five patients in the TakeAim CLL combination study by mid-2026, with data expected in December 2026. Updated emavusertib clinical data from the TakeAim Lymphoma combination study in R/R PCNSL is expected in the first half of 2027. The company also plans to continue AML development if additional funding is obtained. The 10-K states that without sufficient capital it may need to delay, reduce or eliminate development or evaluate alternatives including liquidation or bankruptcy.