2024 Q2 Form 10-Q Financial Statement

#000110820524000033 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $2.546M $2.086M $2.297M
YoY Change 15.89% -9.19% 11.67%
Cost Of Revenue $12.00K $47.00K $24.00K
YoY Change -83.78% 95.83% -70.73%
Gross Profit $2.534M $2.039M $2.273M
YoY Change 19.36% -10.29% 15.09%
Gross Profit Margin 99.53% 97.75% 98.96%
Selling, General & Admin $4.792M $4.891M $4.760M
YoY Change 12.78% 2.75% -16.09%
% of Gross Profit 189.11% 239.87% 209.41%
Research & Development $10.25M $9.617M $9.140M
YoY Change 2.42% 5.22% -20.07%
% of Gross Profit 404.66% 471.65% 402.11%
Depreciation & Amortization $62.00K $64.00K $64.00K
YoY Change -3.13% 0.0% 77.78%
% of Gross Profit 2.45% 3.14% 2.82%
Operating Expenses $10.25M $9.617M $9.140M
YoY Change 2.42% 5.22% -20.07%
Operating Profit -$12.51M -$12.47M -$11.63M
YoY Change 3.08% 7.24% -23.17%
Interest Expense $701.0K $515.0K $652.0K
YoY Change -13.99% -21.01% 715.0%
% of Operating Profit
Other Income/Expense, Net $709.0K $593.0K $68.00K
YoY Change 300.56% 772.06% -106.97%
Pretax Income -$11.80M -$11.88M -$11.56M
YoY Change -1.32% 2.74% -28.25%
Income Tax
% Of Pretax Income
Net Earnings -$11.80M -$11.90M -$11.60M
YoY Change -1.32% 2.59% -27.99%
Net Earnings / Revenue -463.59% -570.47% -505.01%
Basic Earnings Per Share -$2.03 -$2.05 -$0.12
Diluted Earnings Per Share -$2.03 -$2.05 -$0.12
COMMON SHARES
Basic Shares Outstanding 5.894M shares 5.894M shares 96.62M shares
Diluted Shares Outstanding 5.818M shares 5.784M shares 96.61M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.36M $40.72M $71.76M
YoY Change -55.33% -43.25% -40.52%
Cash & Equivalents $9.996M $29.96M $31.70M
Short-Term Investments $18.36M $10.76M $40.06M
Other Short-Term Assets $3.618M $3.192M $3.937M
YoY Change 82.91% -18.92% 14.92%
Inventory
Prepaid Expenses
Receivables $2.546M $2.154M $2.314M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $34.52M $46.07M $78.01M
YoY Change -49.12% -40.95% -38.16%
LONG-TERM ASSETS
Property, Plant & Equipment $308.0K $370.0K $625.0K
YoY Change -45.1% -40.8% 30.48%
Goodwill $8.982M $8.982M $8.982M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.303M $3.358M $2.216M
YoY Change -9.29% 51.53% 205.23%
Total Long-Term Assets $15.89M $15.96M $16.53M
YoY Change -3.45% -3.48% 13.25%
TOTAL ASSETS
Total Short-Term Assets $34.52M $46.07M $78.01M
Total Long-Term Assets $15.89M $15.96M $16.53M
Total Assets $50.41M $62.02M $94.54M
YoY Change -40.2% -34.4% -32.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.449M $3.628M $2.642M
YoY Change -8.82% 37.32% -38.29%
Accrued Expenses $6.741M $6.326M $4.246M
YoY Change 16.71% 48.99% -7.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.37M $11.30M $8.069M
YoY Change 100.02% 40.08% -16.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.74M $41.26M $49.89M
YoY Change -34.42% -17.29% -9.42%
Total Long-Term Liabilities $31.74M $41.26M $49.89M
YoY Change -34.42% -17.29% -9.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.37M $11.30M $8.069M
Total Long-Term Liabilities $31.74M $41.26M $49.89M
Total Liabilities $51.11M $52.56M $57.95M
YoY Change -12.01% -9.3% -10.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.200B -$1.200B
YoY Change 0.0% 0.0% 9.09%
Common Stock $1.219B $1.217B $1.197B
YoY Change 1.72% 1.69% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$694.0K $9.462M $36.59M
YoY Change
Total Liabilities & Shareholders Equity $50.41M $62.02M $94.54M
YoY Change -40.2% -34.4% -32.82%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.80M -$11.90M -$11.60M
YoY Change -1.32% 2.59% -27.99%
Depreciation, Depletion And Amortization $62.00K $64.00K $64.00K
YoY Change -3.13% 0.0% 77.78%
Cash From Operating Activities -$11.14M -$13.20M -$12.20M
YoY Change 41.52% 8.2% -27.38%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$7.361M $18.91M $26.24M
YoY Change 133.39% -27.93% -954.26%
Cash From Investing Activities -$7.361M $18.91M $26.24M
YoY Change 133.39% -27.93% -951.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.464M -$2.406M -$2.006M
YoY Change 71.83% 19.94% 21.72%
NET CHANGE
Cash From Operating Activities -11.14M -$13.20M -$12.20M
Cash From Investing Activities -7.361M $18.91M $26.24M
Cash From Financing Activities -1.464M -$2.406M -$2.006M
Net Change In Cash -19.96M $3.275M $12.04M
YoY Change 68.1% -72.79% -155.87%
FREE CASH FLOW
Cash From Operating Activities -$11.14M -$13.20M -$12.20M
Capital Expenditures $0.00
Free Cash Flow -$12.20M
YoY Change -27.43%

Facts In Submission

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Nature of Business</span><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. Throughout these Condensed Consolidated Financial Statements, Curis, Inc. and its wholly owned subsidiaries are collectively referred to as the “Company” or “Curis”.</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is party to a collaboration agreement with Genentech Inc. (“Genentech”), a member of the Roche Group, under which Genentech and F. Hoffmann-La Roche Ltd (“Roche”) are commercializing Erivedge® (vismodegib), a first-in-class orally administered small molecule Hedgehog signaling pathway antagonist. Erivedge is approved for the treatment of advanced basal cell carcinoma (“BCC”).</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is party to an exclusive collaboration agreement with Aurigene Discovery Technologies Limited (“Aurigene”) for the discovery, development and commercialization of small molecule compounds in the areas of immuno-oncology and precision oncology, including emavusertib.</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks common to companies in the biotechnology industry as well as risks that are specific to the Company’s business, including, but not limited to: the Company’s ability to obtain adequate financing to fund its operations; the Company’s ability to continue as a going concern; the Company’s ability to advance and expand its research and development program for emavusertib; the Company’s ability to execute on its overall business strategies; the Company’s ability to obtain and maintain necessary intellectual property protection; development by the Company’s competitors of new or better technological innovations; the Company’s ability to comply with regulatory requirements; the Company’s ability to obtain and maintain applicable regulatory approvals and commercialize any approved drug candidates; and the ability of the Company and its wholly owned subsidiary, Curis Royalty, LLC (“Curis Royalty”), to satisfy the terms of the royalty interest purchase agreement (the “Oberland Purchase Agreement”) with entities managed by Oberland Capital Management, LLC (the “Purchasers”), and Lind SA LLC (the “Agent”), as collateral agent for the Purchasers.</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s future operating results will largely depend on the progress of emavusertib and the magnitude of payments that it may receive and make under its current and potential future collaborations. The results of the Company’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’s preclinical studies and clinical trials for its drug candidate.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company will require substantial funds to maintain its research and development programs and support operations. The Company has incurred losses and cash outflows from operations since its inception. The Company had an accumulated deficit of $1.2 billion as of March 31, 2024, and incurred a net loss of $11.9 million and used $13.2 million of cash in operations for the three months ended March 31, 2024. The Company expects to continue to generate operating losses in the foreseeable future. </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has concluded there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Condensed Consolidated Financial Statements are issued. Based on the Company's $40.7 million of existing cash, cash equivalents and investments at March 31, 2024, recurring losses and cash outflows from operations since inception, an expectation of continuing losses and cash outflows from operations for the foreseeable future and the need to raise additional capital to finance the Company's future operations, the Company concluded it does not have sufficient cash on hand to support current operations within the next 12 months from the date of filing this Quarterly Report on Form 10-Q. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company plans to seek additional funding through a number of potential avenues, including private or public equity financings, collaborations, or other strategic transactions as needed. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. The Company’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. If necessary funds are not available, the Company will have to delay, reduce the scope of, or eliminate its development of emavusertib, potentially delaying the time to market for or preventing the marketing of emavusertib, which may have a material adverse effect on the Company’s operations and future prospects.</span></div>
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CY2019Q1 cris Royalty Purchase Agreement Interest Rate
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CY2019Q1 cris Royalty Purchase Agreement Transaction Fees And Closing Costs
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