$CRIS
Curis Inc

2016 Q2 Form 10-Q Financial Statement

#000119312516582810 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $1.680M $1.726M $1.658M
YoY Change -19.35% 4.1% 29.06%
Cost Of Revenue $100.0K $90.00K $24.43M
YoY Change 0.0% -99.63% 34800.0%
Gross Profit $1.590M $1.640M -$22.77M
YoY Change -19.7% -107.2% -1966.39%
Gross Profit Margin 94.64% 95.02% -1373.34%
Selling, General & Admin $3.440M $3.620M $3.530M
YoY Change 0.88% 2.55% 24.73%
% of Gross Profit 216.35% 220.73%
Research & Development $8.822M $6.828M $4.719M
YoY Change 341.1% 44.69% 50.0%
% of Gross Profit 554.84% 416.34%
Depreciation & Amortization $60.00K $30.00K $40.00K
YoY Change 50.0% -25.0% 0.0%
% of Gross Profit 3.77% 1.83%
Operating Expenses $8.822M $6.828M $4.719M
YoY Change 341.1% 44.69% 50.0%
Operating Profit -$10.68M -$8.807M -$31.02M
YoY Change 44.93% -71.61% 552.64%
Interest Expense $729.0K $740.0K $866.9K
YoY Change -13.52% -14.64% -8.84%
% of Operating Profit
Other Income/Expense, Net -$610.0K -$635.0K -$826.7K
YoY Change -19.63% -23.19% 1.98%
Pretax Income -$11.29M -$9.440M -$31.85M
YoY Change 38.87% -70.36% 472.84%
Income Tax
% Of Pretax Income
Net Earnings -$11.29M -$9.441M -$31.85M
YoY Change 38.89% -70.36% 472.4%
Net Earnings / Revenue -672.02% -546.99% -1920.87%
Basic Earnings Per Share
Diluted Earnings Per Share -$436.8K -$365.9K -$1.475M
COMMON SHARES
Basic Shares Outstanding 129.2M shares 129.0M shares 103.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.70M $73.10M $100.0M
YoY Change -37.8% -26.9% 73.01%
Cash & Equivalents $8.643M $14.69M $23.47M
Short-Term Investments $53.00M $58.40M $76.50M
Other Short-Term Assets $1.000M $900.0K $800.0K
YoY Change 25.0% 12.5% 60.0%
Inventory
Prepaid Expenses
Receivables $1.869M $1.747M $1.769M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $64.52M $75.80M $102.6M
YoY Change -36.79% -26.09% 71.93%
LONG-TERM ASSETS
Property, Plant & Equipment $451.0K $383.6K $364.0K
YoY Change 39.58% 5.38% -10.92%
Goodwill $8.982M $8.982M $8.982M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.200M
YoY Change 18.03%
Other Assets $3.000K $2.980K $60.87K
YoY Change -95.14% -95.1% -33.23%
Total Long-Term Assets $9.589M $9.521M $16.76M
YoY Change 0.73% -43.18% 6.62%
TOTAL ASSETS
Total Short-Term Assets $64.52M $75.80M $102.6M
Total Long-Term Assets $9.589M $9.521M $16.76M
Total Assets $74.10M $85.32M $119.3M
YoY Change -33.58% -28.49% 58.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.875M $4.870M $2.782M
YoY Change 62.45% 75.03% 9.33%
Accrued Expenses $2.012M $1.519M $1.365M
YoY Change 10.67% 11.29% 9.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.429M $5.554M $5.584M
YoY Change 12.02% -0.54% 64.61%
Total Short-Term Liabilities $11.32M $11.94M $9.731M
YoY Change 25.04% 22.73% 24.62%
LONG-TERM LIABILITIES
Long-Term Debt $16.54M $17.35M $21.80M
YoY Change -24.1% -20.39% -18.74%
Other Long-Term Liabilities $62.00K $83.73K $168.3K
YoY Change -60.89% -50.26% -13.56%
Total Long-Term Liabilities $16.60M $17.43M $21.96M
YoY Change -24.37% -20.62% -18.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.32M $11.94M $9.731M
Total Long-Term Liabilities $16.60M $17.43M $21.96M
Total Liabilities $27.92M $29.38M $31.69M
YoY Change -9.94% -7.31% -8.99%
SHAREHOLDERS EQUITY
Retained Earnings -$859.3M -$848.0M -$811.4M
YoY Change 4.85% 4.51% 5.87%
Common Stock $906.9M $905.4M $900.5M
YoY Change 0.59% 0.54% 103208.08%
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 $46.19M $55.94M $87.62M
YoY Change
Total Liabilities & Shareholders Equity $74.10M $85.32M $119.3M
YoY Change -33.58% -28.49% 58.31%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$11.29M -$9.441M -$31.85M
YoY Change 38.89% -70.36% 472.4%
Depreciation, Depletion And Amortization $60.00K $30.00K $40.00K
YoY Change 50.0% -25.0% 0.0%
Cash From Operating Activities -$10.85M -$7.990M -$7.760M
YoY Change 59.79% 2.96% 46.14%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K $8.000K $14.96K
YoY Change -46.51%
Acquisitions
YoY Change
Other Investing Activities $5.370M -$9.280M -$40.57M
YoY Change -65.86% -77.13% -1279.36%
Cash From Investing Activities $5.130M -$9.290M -$40.58M
YoY Change -67.39% -77.11% -1279.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $64.60M
YoY Change -100.0% 35703.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.0K -1.120M 64.06M
YoY Change -65.22% -101.75% 35488.89%
NET CHANGE
Cash From Operating Activities -10.85M -7.990M -7.760M
Cash From Investing Activities 5.130M -9.290M -40.58M
Cash From Financing Activities -320.0K -1.120M 64.06M
Net Change In Cash -6.040M -18.40M 15.72M
YoY Change -175.31% -217.05% -1030.18%
FREE CASH FLOW
Cash From Operating Activities -$10.85M -$7.990M -$7.760M
Capital Expenditures -$250.0K $8.000K $14.96K
Free Cash Flow -$10.60M -$7.998M -$7.775M
YoY Change 56.11% 2.87% 46.42%

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<div> <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="4%" align="left"><b>1.</b></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 a biotechnology company seeking to develop and commercialize innovative drug candidates for the treatment of 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&#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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 4(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-4948 as the development candidate from this program. In addition, in October 2015, the Company 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 T-cell immunoglobulin and mucin domain containing protein-3 (TIM-3) pathways, including small molecules that target PD-L1 and TIM-3. The Company has not yet exercised its option to license this third program.</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 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<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> (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 are also recently conducting studies of Erivedge in other diseases including in idiopathic pulmonary fibrosis, or IPF, and myelofibrosis, or MF.</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 proprietary small molecule compounds also include 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.</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&#xA0;States by the 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 risks 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.</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 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. The results of the Company&#x2019;s operations may 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&#x2019;s preclinical studies and clinical trials for its drug candidates; Aurigene&#x2019;s ability to successfully discover and develop preclinical programs under the Company&#x2019;s collaboration with Aurigene, as well as the Company&#x2019;s decision to exclusively license and further develop programs under this collaboration; Roche and Genentech&#x2019;s ability to successfully commercialize Erivedge; positive results in Roche and Genentech&#x2019;s ongoing clinical trials.</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 March&#xA0;31, 2016 should enable it to maintain current and planned operations into 2017. The Company&#x2019;s ability to continue funding its planned operations beyond this period is dependent upon, among other things, its ability to control expenses and its ability to raise additional funds through equity or debt financings, the success of its collaboration with Genentech, including its receipt of additional contingent cash payments under this collaboration, 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 such events 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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