$CRIS
Curis Inc

2016 Q1 Form 10-K Financial Statement

#000119312516484817 Filed on February 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2014 Q4 2014 Q3
Revenue $1.726M $1.993M $1.765M
YoY Change 4.1% 30.74% -75.5%
Cost Of Revenue $90.00K $90.00K $90.00K
YoY Change -99.63% 28.57% 80.0%
Gross Profit $1.640M $1.900M $1.680M
YoY Change -107.2% 31.03% -76.5%
Gross Profit Margin 95.02% 95.35% 95.19%
Selling, General & Admin $3.620M $3.060M $2.720M
YoY Change 2.55% 2.68% -4.56%
% of Gross Profit 220.73% 161.05% 161.9%
Research & Development $6.828M $3.650M $3.705M
YoY Change 44.69% 23.31% -11.16%
% of Gross Profit 416.34% 192.11% 220.56%
Depreciation & Amortization $30.00K $50.00K $40.00K
YoY Change -25.0% 25.0% 33.33%
% of Gross Profit 1.83% 2.63% 2.38%
Operating Expenses $6.828M $6.710M $3.705M
YoY Change 44.69% 12.96% -11.16%
Operating Profit -$8.807M -$4.811M -$4.753M
YoY Change -71.61% 7.31% -3745.86%
Interest Expense $740.0K -$880.0K $933.9K
YoY Change -14.64% -403.45% -3.18%
% of Operating Profit
Other Income/Expense, Net -$635.0K -$827.1K
YoY Change -23.19% -58.61%
Pretax Income -$9.440M -$5.690M -$5.580M
YoY Change -70.36% 35.48% 198.4%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.441M -$5.689M -$5.580M
YoY Change -70.36% 35.51% 198.75%
Net Earnings / Revenue -546.99% -285.49% -316.18%
Basic Earnings Per Share
Diluted Earnings Per Share -$365.9K -$330.8K -$324.4K
COMMON SHARES
Basic Shares Outstanding 129.0M shares 86.00M shares 86.00M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.10M $49.80M $54.60M
YoY Change -26.9% -14.43% -13.61%
Cash & Equivalents $14.69M $7.747M $7.933M
Short-Term Investments $58.40M $42.00M $46.70M
Other Short-Term Assets $900.0K $500.0K $700.0K
YoY Change 12.5% 0.0% 40.0%
Inventory
Prepaid Expenses
Receivables $1.747M $1.961M $1.839M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $75.80M $52.21M $57.11M
YoY Change -26.09% -13.22% -12.0%
LONG-TERM ASSETS
Property, Plant & Equipment $383.6K $407.7K $407.4K
YoY Change 5.38% -8.51% -12.86%
Goodwill $8.982M $8.982M $8.982M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $800.0K $1.500M
YoY Change -92.52% -61.54%
Other Assets $2.980K $67.54K $77.56K
YoY Change -95.1% -35.08% -33.66%
Total Long-Term Assets $9.521M $10.40M $11.10M
YoY Change -43.18% -49.09% -18.7%
TOTAL ASSETS
Total Short-Term Assets $75.80M $52.21M $57.11M
Total Long-Term Assets $9.521M $10.40M $11.10M
Total Assets $85.32M $62.61M $68.21M
YoY Change -28.49% -22.31% -13.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.870M $2.349M $2.371M
YoY Change 75.03% 15.33% 3.52%
Accrued Expenses $1.519M $2.008M $1.942M
YoY Change 11.29% 5.03% -1.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.554M $5.710M $5.522M
YoY Change -0.54% 118.76% 280.81%
Total Short-Term Liabilities $11.94M $10.07M $9.835M
YoY Change 22.73% 53.49% 72.01%
LONG-TERM LIABILITIES
Long-Term Debt $17.35M $22.59M $23.54M
YoY Change -20.39% -19.17% -19.19%
Other Long-Term Liabilities $83.73K $174.0K $187.4K
YoY Change -50.26% -11.55% -5.3%
Total Long-Term Liabilities $17.43M $22.76M $23.73M
YoY Change -20.62% -19.11% -19.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.94M $10.07M $9.835M
Total Long-Term Liabilities $17.43M $22.76M $23.73M
Total Liabilities $29.38M $32.83M $33.56M
YoY Change -7.31% -7.31% -9.23%
SHAREHOLDERS EQUITY
Retained Earnings -$848.0M -$779.6M -$773.9M
YoY Change 4.51% 2.46% 2.28%
Common Stock $905.4M $810.9M $872.3K
YoY Change 0.54% 93016.24% 2.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.524M $1.524M $1.524M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 1.223M shares 1.223M shares 1.223M shares
Shareholders Equity $55.94M $29.78M $34.65M
YoY Change
Total Liabilities & Shareholders Equity $85.32M $62.61M $68.21M
YoY Change -28.49% -22.31% -13.16%

Cashflow Statement

Concept 2016 Q1 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$9.441M -$5.689M -$5.580M
YoY Change -70.36% 35.51% 198.75%
Depreciation, Depletion And Amortization $30.00K $50.00K $40.00K
YoY Change -25.0% 25.0% 33.33%
Cash From Operating Activities -$7.990M -$4.690M -$2.080M
YoY Change 2.96% -14.88% -870.37%
INVESTING ACTIVITIES
Capital Expenditures $8.000K -$20.00K -$10.00K
YoY Change -46.51% 0.0% -90.0%
Acquisitions
YoY Change
Other Investing Activities -$9.280M $5.280M $690.0K
YoY Change -77.13% -189.34% -111.58%
Cash From Investing Activities -$9.290M $5.250M $680.0K
YoY Change -77.11% -188.53% -111.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.120M -740.0K -820.0K
YoY Change -101.75% -110.21% -108.35%
NET CHANGE
Cash From Operating Activities -7.990M -4.690M -2.080M
Cash From Investing Activities -9.290M 5.250M 680.0K
Cash From Financing Activities -1.120M -740.0K -820.0K
Net Change In Cash -18.40M -180.0K -2.220M
YoY Change -217.05% -95.7% -155.09%
FREE CASH FLOW
Cash From Operating Activities -$7.990M -$4.690M -$2.080M
Capital Expenditures $8.000K -$20.00K -$10.00K
Free Cash Flow -$7.998M -$4.670M -$2.070M
YoY Change 2.87% -14.94% -659.46%

Facts In Submission

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<div> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>(1)</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>OPERATIONS</b></font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">Curis, Inc. is a biotechnology company seeking to develop and commercialize innovative 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.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company conducts its research and development programs both internally and through strategic collaborations. The Company&#x2019;s most advanced drug candidate is CUDC-907, an orally-available, small molecule inhibitor of histone deacetylase, or HDAC, and phosphatidylinositol-3-kinase, or PI3K enzymes, which is being investigated in clinical studies in patients with diffuse large B-cell lymphoma and solid tumors.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">In January 2015, the Company entered into an exclusive collaboration agreement focused on immuno-oncology and selected precision oncology targets with Aurigene Discovery Technologies Limited, or Aurigene (see Note 3(b)). The collaboration is comprised of multiple programs, in which Curis has the option to exclusively license compounds once a development candidate is nominated within each respective program. In October 2015, the Company exercised options to license the first two programs under this collaboration. The first licensed program is focused on the development of orally-available small molecule antagonists of programmed death -1 (PD-1) and V-domain Ig suppressor of T cell activation (VISTA) in the immuno-oncology field. The Company has named CA-170, a PD-L1/VISTA antagonist, as the development candidate from this program. The second licensed program is focused on orally-available small molecule inhibitors of Interleukin-1 receptor-associated kinase 4 (IRAK4) in the precision oncology field and the Company has named CA-4949 as the development candidate from this program. In addition, in October 2015 we selected a third program for potential further development under the collaboration, the second preclinical program within the immuno-oncology field, which is focused on evaluating small molecule antagonists of PD-1 and TIM-3 pathways, including small molecules that target PD-L1 and TIM-3. We have not yet exercised our option to license this third program.</font></p> <p style="MARGIN-BOTTOM: 0px; PADDING-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is also 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<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="VERTICAL-ALIGN: baseline; POSITION: relative; BOTTOM: 0.8ex">&#xAE;</sup></font> (vismodegib), a first-in-class orally-administered small molecule Hedgehog signaling pathway inhibitor, in advanced basal cell carcinoma, or BCC. Roche and Genentech are continuing to develop Erivedge in less severe forms of BCC and have also recently initiated clinical studies of Erivedge in other diseases including in IPF and MF.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s proprietary pipeline also includes CUDC-427, an orally-available, small molecule antagonist of inhibitor of apoptosis, or IAP proteins, and CUDC-305, a Heat Shock Protein 90, or HSP90, inhibitor. The Company currently intends to utilize its available resources for the continued development of CUDC-907 and drug candidates it licenses under the collaboration with Aurigene. As such, the Company is seeking to collaborate with third parties for the further development of CUDC-427 and CUDC-305.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">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 FDA and in overseas markets by similar regulatory authorities.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is subject to risks common to companies in the biotechnology industry as well as risk that are specific to the Company&#x2019;s business, including, but not limited to: the Company&#x2019;s ability to advance and expand its research and development programs; the Company&#x2019;s reliance on Aurigene to successfully discover and preclinically develop drug candidates under the parties&#x2019; collaboration agreement; the Company&#x2019;s reliance on Genentech and Roche to successfully commercialize Erivedge in the approved indication of advanced BCC and to progress its clinical development in indications other than BCC; 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.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;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 receives and makes under its current and potential future collaborations. 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