2019 Q1 Form 10-K Financial Statement

#000110820519000004 Filed on March 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018
Revenue $1.767M $2.755M $10.43M
YoY Change -28.4% -15.54% 5.35%
Cost Of Revenue $110.0K $150.0K $560.0K
YoY Change -15.38% -11.76% 12.0%
Gross Profit $1.660M $2.610M $9.870M
YoY Change -29.06% -15.81% 5.0%
Gross Profit Margin 93.94% 94.74% 94.65%
Selling, General & Admin $3.140M $3.040M $14.79M
YoY Change -21.11% -8.16% 5.12%
% of Gross Profit 189.16% 116.48% 149.85%
Research & Development $4.074M $4.710M $24.41M
YoY Change -50.71% -31.94% -45.86%
% of Gross Profit 245.42% 180.46% 247.35%
Depreciation & Amortization $40.00K $40.00K $180.0K
YoY Change -20.0% -33.33% -25.0%
% of Gross Profit 2.41% 1.53% 1.82%
Operating Expenses $4.074M $7.750M $24.41M
YoY Change -50.71% -24.17% -45.86%
Operating Profit -$5.558M -$5.148M -$29.33M
YoY Change -43.9% -27.77% -41.05%
Interest Expense $791.0K -$790.0K $3.926M
YoY Change -22.83% -12.22% -1.01%
% of Operating Profit
Other Income/Expense, Net -$4.326M $0.00 -$3.242M
YoY Change 415.61% -8.86%
Pretax Income -$9.880M -$5.940M -$32.58M
YoY Change -8.09% -26.03% -38.9%
Income Tax
% Of Pretax Income
Net Earnings -$9.884M -$5.941M -$32.58M
YoY Change -8.03% -26.0% -38.9%
Net Earnings / Revenue -559.37% -215.64% -312.38%
Basic Earnings Per Share
Diluted Earnings Per Share -$298.0K -$179.3K -$983.7K
COMMON SHARES
Basic Shares Outstanding 33.15M shares 33.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.80M $24.30M $24.30M
YoY Change -11.75% -59.63% -59.63%
Cash & Equivalents $42.77M $23.60M $23.60M
Short-Term Investments $0.00 $600.0K $600.0K
Other Short-Term Assets $900.0K $800.0K $800.0K
YoY Change 0.0% -20.0% -20.0%
Inventory
Prepaid Expenses
Receivables $1.786M $2.864M $2.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $45.42M $27.96M $28.00M
YoY Change -12.41% -56.51% -56.45%
LONG-TERM ASSETS
Property, Plant & Equipment $226.0K $267.0K $300.0K
YoY Change -42.05% -27.05% -25.0%
Goodwill $8.982M $8.982M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000K $2.000K $200.0K
YoY Change 0.0% -33.33% 0.0%
Total Long-Term Assets $10.03M $9.404M $9.400M
YoY Change 5.3% -1.05% -1.05%
TOTAL ASSETS
Total Short-Term Assets $45.42M $27.96M $28.00M
Total Long-Term Assets $10.03M $9.404M $9.400M
Total Assets $55.45M $37.37M $37.40M
YoY Change -9.66% -49.37% -49.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.333M $2.909M $2.900M
YoY Change -54.42% -46.36% -46.3%
Accrued Expenses $1.420M $3.457M $3.500M
YoY Change -28.39% 23.77% 25.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $6.884M $6.900M
YoY Change -100.0% 16.96% 16.95%
Total Short-Term Liabilities $4.631M $13.25M $13.30M
YoY Change -67.82% -6.04% -5.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $28.60M $28.60M
YoY Change -100.0% -19.82% -19.89%
Other Long-Term Liabilities $0.00 $11.00K $0.00
YoY Change -100.0% -67.65%
Total Long-Term Liabilities $0.00 $28.61M $28.60M
YoY Change -100.0% -19.86% -19.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.631M $13.25M $13.30M
Total Long-Term Liabilities $0.00 $28.61M $28.60M
Total Liabilities $69.18M $41.86M $41.90M
YoY Change 47.46% -15.95% -15.86%
SHAREHOLDERS EQUITY
Retained Earnings -$994.7M -$984.8M
YoY Change 3.29% 3.42%
Common Stock $981.0M $980.3M
YoY Change 0.36% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity -$13.73M -$4.496M -$4.500M
YoY Change
Total Liabilities & Shareholders Equity $55.45M $37.37M $37.40M
YoY Change -9.66% -49.37% -49.32%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$9.884M -$5.941M -$32.58M
YoY Change -8.03% -26.0% -38.9%
Depreciation, Depletion And Amortization $40.00K $40.00K $180.0K
YoY Change -20.0% -33.33% -25.0%
Cash From Operating Activities -$7.233M -$4.940M -$30.07M
YoY Change -27.41% -34.22% -37.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $85.00K
YoY Change -100.0% -100.0% -54.79%
Acquisitions
YoY Change
Other Investing Activities $600.0K $4.650M $21.46M
YoY Change -135.29% -283.79% -723.84%
Cash From Investing Activities $600.0K $4.650M $21.37M
YoY Change -133.84% -280.93% -688.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $25.76M -1.640M -$5.961M
YoY Change -1519.45% 11.56% -109.28%
NET CHANGE
Cash From Operating Activities -$7.233M -4.940M -$30.07M
Cash From Investing Activities $600.0K 4.650M $21.37M
Cash From Financing Activities $25.76M -1.640M -$5.961M
Net Change In Cash $19.13M -1.930M -$14.65M
YoY Change -241.16% -83.29% -219.61%
FREE CASH FLOW
Cash From Operating Activities -$7.233M -$4.940M -$30.07M
Capital Expenditures $0.00 $0.00 $85.00K
Free Cash Flow -$7.233M -$4.940M -$30.15M
YoY Change -27.97% -33.87% -37.89%

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3500000 USD
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P3Y6M
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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0 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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0 USD
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0 USD
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14066000 USD
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14785000 USD
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9000000 USD
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8982000 USD
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9000000 USD
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8982000 USD
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0 USD
CY2018 us-gaap Goodwill Impairment Loss
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0 USD
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-376000 USD
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-1873000 USD
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-209000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-267000 USD
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614000 USD
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-162000 USD
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3966000 USD
CY2018 us-gaap Interest Expense
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3926000 USD
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3942000 USD
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3919000 USD
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193000 USD
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165000 USD
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513000 USD
CY2018 us-gaap Investment Income Interest
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684000 USD
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700000 USD
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900000 USD
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49805000 USD
CY2018Q4 us-gaap Liabilities
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41861000 USD
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73798000 USD
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37365000 USD
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14102000 USD
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13250000 USD
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0 USD
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5886000 USD
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6884000 USD
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35669000 USD
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28600000 USD
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21944000 USD
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634000 USD
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64235000 USD
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-5961000 USD
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-3630000 USD
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21374000 USD
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-48355000 USD
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-30065000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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-30100000 USD
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-14090000 USD
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-15457000 USD
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CY2017 us-gaap Net Income Loss
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-5941000 USD
CY2018 us-gaap Net Income Loss
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-32600000 USD
CY2018 us-gaap Net Income Loss
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1 segment
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1 segment
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-15053000 USD
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-13109000 USD
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-14471000 USD
CY2017Q4 us-gaap Operating Income Loss
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CY2017 us-gaap Operating Income Loss
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-49760000 USD
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-9908000 USD
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-7860000 USD
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-6417000 USD
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-5148000 USD
CY2018 us-gaap Operating Income Loss
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-29333000 USD
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1170000 USD
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1002000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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168000 USD
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265000 USD
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285000 USD
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3000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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2000 USD
CY2017 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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2000 USD
CY2018 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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2000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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2000 USD
CY2017 us-gaap Other Income
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CY2018 us-gaap Other Income
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0 USD
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34000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
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11000 USD
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-3557000 USD
CY2018 us-gaap Other Nonoperating Income Expense
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-3242000 USD
CY2017 us-gaap Payments Of Debt Issuance Costs
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192000 USD
CY2018 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2017 us-gaap Payments To Acquire Marketable Securities
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51121000 USD
CY2018 us-gaap Payments To Acquire Marketable Securities
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26741000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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188000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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85000 USD
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989000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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827000 USD
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41546000 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2017 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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1138000 USD
CY2018 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
143000 USD
CY2017 us-gaap Proceeds From Long Term Lines Of Credit
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45000000 USD
CY2018 us-gaap Proceeds From Long Term Lines Of Credit
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0 USD
CY2017 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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47679000 USD
CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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48200000 USD
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2275000 USD
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2292000 USD
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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2131000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2061000 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
2444000 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3262000 USD
CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9898000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2468000 USD
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400000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
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366000 USD
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267000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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300000 USD
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4954000 USD
CY2018 us-gaap Repayments Of Debt
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6104000 USD
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18303000 USD
CY2018 us-gaap Repayments Of Long Term Lines Of Credit
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0 USD
CY2017 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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45096000 USD
CY2018 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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24413000 USD
CY2017Q4 us-gaap Restricted Investments
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200000 USD
CY2018Q4 us-gaap Restricted Investments
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200000 USD
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153000 USD
CY2018Q4 us-gaap Restricted Investments Noncurrent
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153000 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
2358000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2847000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2755000 USD
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10428000 USD
CY2017 us-gaap Royalty Expense
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500000 USD
CY2017 us-gaap Royalty Expense
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496000 USD
CY2018 us-gaap Royalty Expense
RoyaltyExpense
563000 USD
CY2018 us-gaap Royalty Expense
RoyaltyExpense
600000 USD
CY2018 us-gaap Severance Costs1
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300000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
5359000 USD
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
3940000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
92000 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.35
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.64
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.73
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.63
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.66
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.021
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.03
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.02
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.025
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1776293 shares
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11.90
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1000000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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0 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1565060 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.91
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2072596 shares
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1.43
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.46
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0.00 USD
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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3714394 shares
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12.08
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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7.68
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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0.00 USD
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8.23
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
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2.56
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0.00 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y6M7D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M17D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y0M22D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3600000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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4700000 USD
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0 shares
CY2017 us-gaap Stock Issued During Period Value Other
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1171000 USD
CY2018 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
143000 USD
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0 USD
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0 USD
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
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3000000 USD
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3000000 USD
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0.2
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1500000 USD
CY2018 us-gaap Treasury Stock Retired Cost Method Amount
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244569 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
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us-gaap Treasury Stock Shares Acquired
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244569.2 shares
CY2017 us-gaap Treasury Stock Shares Acquired
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244569 shares
CY2018Q1 us-gaap Treasury Stock Shares Acquired
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244569 shares
CY2018Q1 us-gaap Treasury Stock Shares Retired
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244569 shares
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1524000 USD
CY2018Q4 us-gaap Treasury Stock Value
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0 USD
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900000 USD
us-gaap Treasury Stock Value Acquired Cost Method
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1500000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
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1500000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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1500000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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6300000 USD
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28402355 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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28757341 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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29302839 shares
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32801650 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29826693 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33053702 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33135391 shares
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33121666 shares
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33118393 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:4px;padding-top:16px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CONCENTRATION OF RISK</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, short- and long-term investments. The Company invests directly in commercial paper of financial institutions and corporations with A-/Aa3 or better long-term ratings and A-1/P-1 short term debt ratings and U.S. Treasury securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company&#8217;s credit risk related to investments is reduced as a result of the Company&#8217;s policy to limit the amount invested in any one issue.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> represents amounts due from collaborators, primarily for royalties earned on sales of Erivedge by Genentech and Roche.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company relies on third parties to supply certain raw materials necessary to produce its drug candidates, including fimepinostat, CA-4948, and CA-170, for preclinical studies and clinical trials. There are a small number of suppliers for certain raw materials that the Company uses to manufacture its drug candidates.&#160;</font></div><div style="line-height:120%;padding-left:4px;padding-top:16px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
CY2018 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Curis, Inc. is a biotechnology company focused on the development of first-in-class and innovative therapeutics for the treatment of cancer. As used throughout these consolidated financial statements, the term &#8220;the Company&#8221; refers to the business of Curis, Inc. and its wholly-owned subsidiaries, except where the context otherwise requires, and the term &#8220;Curis&#8221; refers to Curis, Inc.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company conducts its research and development programs both internally and through strategic collaborations. The Company&#8217;s clinical stage drug candidates are fimepinostat, CA-4948, and CA-170:</font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fimepinostat is currently being explored in clinical studies in patients with MYC-altered diffuse large B-cell lymphoma (DLBCL) and solid tumors and has been granted Orphan Drug Designation and Fast Track Designation for the treatment of DLBCL by the U.S. Food and Drug Administration, or FDA in April 2015 and May 2018, respectively. The Company is planning a combination study with venetoclax in DLBCL patients with alterations in both MYC and the BCL2 gene, also referred to as double-hit lymphoma, with planned enrollment commencing in the first half of 2019. The Company expects to report initial clinical data from this combination study in the second half of 2019. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CA-4948 is being tested in a dose escalating clinical trial in patients with non-Hodgkin lymphomas, including those with myeloid differentiation primary response 88, or MYD88, alterations. The Company expects to report initial clinical data from this study in mid-year 2019. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CA-170 is currently undergoing testing in a clinical study in patients with advanced solid tumors and lymphomas. The Company has amended the current protocol for the study to include mesothelioma patients. The Company announced in January 2019 that it had begun enrollment of these patients and expects to report initial clinical data from this study with respect to mesothelioma in the second half of 2019. </font></div></td></tr></table><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s pipeline also includes CA-327, which is a pre-Investigational New Drug ( &#8220;IND&#8221;) stage oncology drug candidate. The Company is party to a collaboration with F. Hoffmann-La Roche Ltd, or Roche, and Genentech Inc., or Genentech, a member of the Roche Group, under which Roche and Genentech are commercializing Erivedge, a first-in-class orally-administered small molecule Hedgehog signaling pathway inhibitor. Erivedge (vismodegib) is approved for the treatment of advanced basal cell carcinoma, or BCC.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">January 2015</font><font style="font-family:inherit;font-size:10pt;">, and as amended in </font><font style="font-family:inherit;font-size:10pt;">September 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company entered into a collaboration, option and license agreement focused on immuno-oncology and selected precision oncology targets with Aurigene Discovery Technologies Limited, or "Aurigene".</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The collaboration with Aurigene is comprised of multiple programs, and the Company has the option to exclusively license each program, including data, intellectual property and compounds associated therewith, once a development candidate is nominated within such program. In </font><font style="font-family:inherit;font-size:10pt;">October 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company exercised options to license </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> programs under this collaboration. The first licensed program is in the immuno-oncology field and the Company has named CA-170, an orally-available small molecule antagonist of two immune checkpoints, V-domain Ig suppressor of T-cell activation (VISTA) and programmed death ligand-1 (PDL1), as the development candidate from this program. The second licensed program is in the precision oncology field and the Company has named CA-4948, an orally-available small molecule inhibitor of Interleukin-1 receptor-associated kinase 4 (IRAK4) as the development candidate. In </font><font style="font-family:inherit;font-size:10pt;">October 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company exercised its option to license a third program in the collaboration, and designated CA-327, a distinct orally available small molecule antagonist of two immune checkpoints PDL1 and T-cell immunoglobulin and mucin domain containing protein-3 (TIM3) as the development candidate from this program. In </font><font style="font-family:inherit;font-size:10pt;">March 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company exercised its option to license a fourth program, which is an immuno-oncology program. </font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in a single reportable segment, which is the research and development of innovative cancer therapeutics. The Company expects that any products that are successfully developed and commercialized would be used in the healthcare industry and would be regulated in the United States by the FDA and in overseas markets by similar regulatory authorities.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is subject to risks common to companies in the biotechnology industry as well as risks that are specific to the Company&#8217;s business, including, but not limited to: the Company&#8217;s ability to advance and expand its research and development programs; the Company&#8217;s reliance on Aurigene to successfully discover and preclinically develop drug candidates under the parties&#8217; collaboration agreement; the Company&#8217;s reliance on Roche and Genentech to successfully commercialize Erivedge in the approved indication of advanced BCC and to progress its clinical development in indications other than BCC; the Company&#8217;s ability to obtain adequate financing to fund its operations; the ability of the Company and its wholly-owned subsidiary, Curis Royalty, LLC, or Curis Royalty, to satisfy the terms of the royalty interest purchase agreement, or the Oberland Purchase Agreement, with TPC Investments I LP and TPC Investments II LP, referred to as the Purchasers, each of which is a Delaware limited partnership managed by Oberland Capital Management, LLC, and Lind SA LLC, referred to as the Agent, a Delaware limited liability company managed by Oberland Capital Management, LLC, as collateral agent for the Purchasers; the Company&#8217;s ability to obtain and maintain necessary intellectual property protection; development by the Company&#8217;s competitors of new or better technological innovations; the Company's dependence on key personnel; the Company&#8217;s ability to comply with regulatory requirements; the Company's ability to obtain and maintain applicable regulatory approvals and commercialize any approved product candidates, and the Company&#8217;s ability to execute on its overall business strategies.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s future operating results will largely depend on the progress of drug candidates currently in its development pipeline and the magnitude of payments that it may receive and make under its current and potential future collaborations. The results of the Company&#8217;s operations have varied and will likely continue to vary significantly from year to year and quarter to quarter and depend on a number of factors, including, but not limited to: the timing, outcome and cost of the Company&#8217;s preclinical studies and clinical trials for its drug candidates; Aurigene&#8217;s ability to successfully discover and develop preclinical programs under the Company&#8217;s collaboration with Aurigene, as well as the Company&#8217;s decision to exclusively license and further develop programs under this collaboration; Roche and Genentech&#8217;s ability to successfully commercialize Erivedge; and positive results in Roche and Genentech&#8217;s ongoing clinical trials.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has incurred losses and negative cash flows from operations since its inception. As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had an accumulated deficit of approximately </font><font style="font-family:inherit;font-size:10pt;">$984.8</font><font style="font-family:inherit;font-size:10pt;"> million, incurred a loss of </font><font style="font-family:inherit;font-size:10pt;">$32.6</font><font style="font-family:inherit;font-size:10pt;"> million and used </font><font style="font-family:inherit;font-size:10pt;">$30.1</font><font style="font-family:inherit;font-size:10pt;"> million of cash in operations. The Company expects to continue to generate operating losses in the foreseeable future. The Company anticipates that its </font><font style="font-family:inherit;font-size:10pt;">$24.3</font><font style="font-family:inherit;font-size:10pt;"> million of existing cash, cash equivalents and investments at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> plus the net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$27.5</font><font style="font-family:inherit;font-size:10pt;"> million from the upfront consideration it received in connection with entering into the Oberland Purchase Agreement, will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, for at least the next twelve months from the issuance date of the financial statements. The Company will need to raise additional capital or incur indebtedness to continue to fund its operations in the future. The Company&#8217;s ability to raise additional funds will depend, among other factors, on financial, economic and market conditions, many of which are outside of its control and it may be unable to raise financing when needed, or on terms favorable to the Company.&#160;If necessary funds are not available, the Company may have to delay, reduce the scope of, or eliminate some of its development programs, potentially delaying the time to market for or preventing the marketing of any of its product candidates.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reverse Stock Split</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">May&#160;29, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company effected a </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;">-for-</font><font style="font-family:inherit;font-size:10pt;">5</font><font style="font-family:inherit;font-size:10pt;"> reverse stock split of its common stock. All references to shares of common stock outstanding, average number of shares outstanding and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split on a retroactive basis (see Note 11).</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">USE OF ESTIMATES</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company&#8217;s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and disclosure of revenue, expenses and certain assets and liabilities at the balance sheet date. Such estimates include revenue recognition, including estimates of the performance obligations under the Company&#8217;s collaboration agreements; the estimated repayment term of the Company&#8217;s debt and related short- and long-term classification; the collectability of receivables; the carrying value of property and equipment and intangible assets; the assumptions used in the Company&#8217;s valuation of stock-based compensation and the value of certain investments and liabilities. Actual results may differ from such estimates.</font></div></div>

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