The company has no revenue stream and is burning ~$11.5M/quarter in operating expenses. With only $15M cash and a $22M market cap, dilution risk is extreme. Monitor for the Series B warrant trigger (5th CLL patient dosing) as a potential near-term catalyst, but the fundamental trajectory is deteriorating.
Price Chart
Executive Summary
Curis reported Q1 2026 results with zero revenue (post-Erivedge sale) and a net loss of $24.2M, significantly worse than the prior year's $10.6M loss. The company's cash runway extends into H2 2027 only if Series B warrants are exercised, and the stock has a $22M market cap with a history of poor post-earnings performance.
Key Financial Metrics
Key Facts
- Zero revenue in Q1 2026 vs $2.4M in Q1 2025 due to sale of Erivedge royalties
- Net loss of $24.2M ($1.25/share) vs $10.6M ($1.25/share) in Q1 2025
- Cash and cash equivalents of $15.0M as of March 31, 2026
- Operating cash burn of $11.5M in Q1 2026 vs $10.2M in Q1 2025
- Warrant liability of $1.9M from January 2026 PIPE financing
- Shares outstanding increased to ~40M from ~12.9M at year-end 2025
- Cash runway guidance extends into H2 2027 only with Series B warrant exercise
- Prior earnings report (Q4 2025) showed net income of $19.4M from a one-time gain on asset sale
Financial Impact
Revenue collapsed to zero; net loss more than doubled to $24.2M; cash burn rate increased
Risk Factors
- Zero revenue going forward after Erivedge royalty sale
- Cash runway only extends to H2 2027 with warrant exercise; without it, runway is much shorter
- Massive dilution: shares outstanding tripled to ~40M from ~12.9M
- No approved products; clinical-stage pipeline with binary outcomes
- Nasdaq listing compliance risk given low market cap and cash position
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001108205-26-000059 |
| Document: cris-20260512.htm | 0001108205-26-000059 |
| Document: 0001108205-26-000059-index-headers.html | 0001108205-26-000059 |
| Document: 0001108205-26-000059-index.html | 0001108205-26-000059 |
| Document: 0001108205-26-000059.txt | 0001108205-26-000059 |
| 8-K Data (Synthetic) | 0001108205-26-000059 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | EFFECT | $1.87 $1.13 | ▲ +39.57% | ▲ +37.83% | $0.8034 (+57.04%) |
Jul 30, 2026 9w ago | 8-K | $5.02 $1.49 | ▼ −70.32% | ▼ −73.31% | $0.8034 (−84.00%) |
Jul 2, 2026 13w ago | 8-K | $0.3466 $4.96 | ▲ +1331.04% | ▲ +1331.46% | $0.8034 (+131.79%) |
May 22, 2026 19w ago | 8-K | $9.80 $6.80 | ▲ +30.61% | ▲ +28.55% | $0.8034 (+91.80%) |
May 12, 2026 20w ago | 8-K | $10.00 $8.60 | ▲ +14.00% | ▲ +13.39% | $0.8034 (+91.97%) |
May 1, 2026 22w ago | 8-K | $11.60 $10.00 | ▲ +13.79% | ▲ +19.58% | $0.8034 (+93.07%) |
Mar 23, 2026 27w ago | EFFECT | $0.7400 $0.6000 | ▼ −18.92% | ▼ −26.34% | $0.8034 (+8.57%) |
US Market Status
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