2014 Q3 Form 10-Q Financial Statement

#000119312514300506 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $1.765M $4.801M $5.404M
YoY Change -75.5% -11.16% 24.19%
Cost Of Revenue $90.00K $90.00K $40.00K
YoY Change 80.0% 125.0% 300.0%
Gross Profit $1.680M $4.710M $5.360M
YoY Change -76.5% -12.13% 23.5%
Gross Profit Margin 95.19% 98.1% 99.18%
Selling, General & Admin $2.720M $2.930M $2.900M
YoY Change -4.56% 1.03% 28.32%
% of Gross Profit 161.9% 62.21% 54.1%
Research & Development $3.705M $3.329M $3.167M
YoY Change -11.16% 5.13% -29.64%
% of Gross Profit 220.56% 70.68% 59.08%
Depreciation & Amortization $40.00K $30.00K $40.00K
YoY Change 33.33% -25.0% 33.33%
% of Gross Profit 2.38% 0.64% 0.75%
Operating Expenses $3.705M $3.329M $3.167M
YoY Change -11.16% 5.13% -29.64%
Operating Profit -$4.753M -$1.545M -$706.2K
YoY Change -3745.86% 118.75% -70.89%
Interest Expense $933.9K $949.7K $957.7K
YoY Change -3.18% -0.84% -308.2%
% of Operating Profit
Other Income/Expense, Net -$827.1K -$351.0K -$587.7K
YoY Change -58.61% -40.27% 27.65%
Pretax Income -$5.580M -$1.900M -$1.290M
YoY Change 198.4% 47.29% -55.36%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.580M -$1.896M -$1.294M
YoY Change 198.75% 46.52% -55.18%
Net Earnings / Revenue -316.18% -39.48% -23.94%
Basic Earnings Per Share
Diluted Earnings Per Share -$324.4K -$110.5K -$79.48K
COMMON SHARES
Basic Shares Outstanding 86.00M shares 85.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.60M $55.80M $57.10M
YoY Change -13.61% -2.28% 27.74%
Cash & Equivalents $7.933M $10.16M $9.743M
Short-Term Investments $46.70M $45.60M $47.40M
Other Short-Term Assets $700.0K $400.0K $400.0K
YoY Change 40.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables $1.839M $4.843M $863.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $57.11M $60.99M $58.42M
YoY Change -12.0% 4.39% 28.69%
LONG-TERM ASSETS
Property, Plant & Equipment $407.4K $439.4K $500.9K
YoY Change -12.86% -12.28% 25.22%
Goodwill $8.982M $8.982M $8.982M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.500M $3.300M $0.00
YoY Change -61.54%
Other Assets $77.56K $78.31K $129.8K
YoY Change -33.66% -39.66% -35.11%
Total Long-Term Assets $11.10M $12.91M $9.779M
YoY Change -18.7% 32.01% 1.87%
TOTAL ASSETS
Total Short-Term Assets $57.11M $60.99M $58.42M
Total Long-Term Assets $11.10M $12.91M $9.779M
Total Assets $68.21M $73.90M $68.20M
YoY Change -13.16% 8.35% 24.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.371M $2.849M $2.578M
YoY Change 3.52% 10.51% 7.43%
Accrued Expenses $1.942M $1.510M $1.419M
YoY Change -1.77% 6.37% 29.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.522M $5.499M $1.368M
YoY Change 280.81% 302.06%
Total Short-Term Liabilities $9.835M $9.925M $5.365M
YoY Change 72.01% 85.0% 53.29%
LONG-TERM LIABILITIES
Long-Term Debt $23.54M $24.37M $29.03M
YoY Change -19.19% -16.04%
Other Long-Term Liabilities $187.4K $191.1K $199.1K
YoY Change -5.3% -4.03% -95.58%
Total Long-Term Liabilities $23.73M $24.56M $29.23M
YoY Change -19.1% -15.96% 549.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.835M $9.925M $5.365M
Total Long-Term Liabilities $23.73M $24.56M $29.23M
Total Liabilities $33.56M $34.49M $35.45M
YoY Change -9.23% -2.7% 343.09%
SHAREHOLDERS EQUITY
Retained Earnings -$773.9M -$768.3M -$754.8M
YoY Change 2.28% 1.79%
Common Stock $872.3K $872.3K $829.1K
YoY Change 2.2% 5.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.524M $1.524M $1.524M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.223M shares 1.223M shares 1.223M shares
Shareholders Equity $34.65M $39.41M $32.76M
YoY Change
Total Liabilities & Shareholders Equity $68.21M $73.90M $68.20M
YoY Change -13.16% 8.35% 24.01%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$5.580M -$1.896M -$1.294M
YoY Change 198.75% 46.52% -55.18%
Depreciation, Depletion And Amortization $40.00K $30.00K $40.00K
YoY Change 33.33% -25.0% 33.33%
Cash From Operating Activities -$2.080M -$4.730M $30.00K
YoY Change -870.37% -15866.67% -102.42%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$60.00K $0.00
YoY Change -90.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $690.0K $6.960M -$2.890M
YoY Change -111.58% -340.83% 29.6%
Cash From Investing Activities $680.0K $6.900M -$2.890M
YoY Change -111.22% -338.75% 27.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -820.0K 80.00K 2.890M
YoY Change -108.35% -97.23% 224.72%
NET CHANGE
Cash From Operating Activities -2.080M -4.730M 30.00K
Cash From Investing Activities 680.0K 6.900M -2.890M
Cash From Financing Activities -820.0K 80.00K 2.890M
Net Change In Cash -2.220M 2.250M 30.00K
YoY Change -155.09% 7400.0% -101.15%
FREE CASH FLOW
Cash From Operating Activities -$2.080M -$4.730M $30.00K
Capital Expenditures -$10.00K -$60.00K $0.00
Free Cash Flow -$2.070M -$4.670M $30.00K
YoY Change -659.46% -15666.67% -102.46%

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dei Trading Symbol
TradingSymbol
CRIS
dei Entity Registrant Name
EntityRegistrantName
CURIS INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001108205
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <!-- xbrl,n --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left"><b>1.</b></td> <td style="FONT-SIZE: 8pt" valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b><u>Nature of Business</u></b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Curis, Inc. is an oncology-focused company seeking to develop novel drug candidates for the treatment of human cancers. As used throughout these consolidated financial statements, the term &#x201C;the Company&#x201D; refers to the business of Curis, Inc. and its wholly owned subsidiaries, except where the context otherwise requires, and the term &#x201C;Curis&#x201D; refers to Curis, Inc.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company conducts its research and development programs both internally and through strategic collaborations. The Company is leveraging its experience in targeting signaling pathways in seeking to develop drug candidates including CUDC-907, a dual histone deacetylase, or HDAC and phosphoinositide-3 kinase, or PI3K, inhibitor, and CUDC-427, a small molecule antagonist of the inhibitor of apoptosis, or IAP, proteins. Erivedge<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup>, the first and only approved medicine for the treatment of advanced basal cell carcinoma, or BCC, is being commercialized by F. Hoffmann-La Roche Ltd., or Roche, and Genentech Inc., or Genentech, a member of the Roche Group, under a collaboration agreement between Curis and Genentech. The Company&#x2019;s licensee Debiopharm is conducting the clinical development of the heat shock protein 90, or HSP90, inhibitor, Debio 0932.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 health care industry and would be regulated in the United States by the Food and Drug Administration, or FDA, and in overseas markets by similar regulatory authorities.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company is subject to risks common to companies in the biotechnology industry as well as risk factors that are specific to the Company&#x2019;s business, including, but not limited to: the Company&#x2019;s reliance on Genentech and Roche to successfully commercialize Erivedge in the approved indication of advanced BCC and to progress it&#x2019;s clinical development in indications other than BCC; the Company&#x2019;s ability to advance and expand its research and development programs; the Company&#x2019;s ability to obtain adequate financing to fund its operations; the ability of the Company&#x2019;s wholly owned subsidiary, Curis Royalty, LLC, or Curis Royalty, to satisfy the terms of its loan agreement with BioPharma Secured Debt Fund II Sub, S.&#xE0; r.l., a Luxembourg limited liability company managed by Pharmakon Advisors, or BioPharma-II; the Company&#x2019;s ability to obtain and maintain necessary intellectual property protection; development by the Company&#x2019;s competitors of new or better technological innovations; dependence on key personnel; the Company&#x2019;s ability to comply with regulatory requirements; and the Company&#x2019;s ability to execute on its overall business strategies.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company&#x2019;s future operating results will largely depend on the magnitude of payments from its current and potential future corporate collaborators and the progress of drug candidates currently in its development pipeline. The results of the Company&#x2019;s operations will vary significantly from year to year and quarter to quarter and depend on a number of factors, including, but not limited to: Roche and Genentech&#x2019;s ability to successfully commercialize Erivedge; positive results in Genentech&#x2019;s ongoing clinical trials; the timing, outcome and cost of the Company&#x2019;s preclinical studies and clinical trials for its drug candidates; and the Company&#x2019;s ability to successfully enter into one or more material licenses or collaboration agreements for its proprietary drug candidates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company anticipates that existing cash, cash equivalents and investments at June&#xA0;30, 2014 should enable it to maintain current and planned operations into 2016. The Company&#x2019;s ability to continue funding its planned operations beyond this period is dependent upon, among other things, the success of its collaborations with Genentech, Debiopharm and the Leukemia&#xA0;&amp; Lymphoma Society, or LLS, including its receipt of additional contingent cash payments under these collaborations; its ability to control expenses and its ability to raise additional funds through equity or debt financings, new collaborations or other sources of financing. The Company may not be able to successfully raise additional funds or enter into or continue any corporate collaborations and the timing, amount and likelihood of the Company receiving payments under such collaborations is highly uncertain. If the Company is unable to obtain adequate financing, the Company may be required to reduce or delay spending on its research and/or development programs.</p> </div>
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