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Curis Reports Third Quarter 2011 Financial Results

For the third quarter of 2011, Curis reported a net loss of $4.2 million, or ($0.05) per share, as compared to a net loss of $1.5 million or ($0.02) per share for the same period in 2010.

Revenues for the third quarter of 2011 were $100,000, as compared to $3.2 million for the same period in 2010. This decrease is primarily the result of $3.0 million in license fee revenue that was recorded during the third quarter of 2010 as a result of a milestone payment that Curis received from Debiopharm in such quarter.

Operating expenses were $5.0 million for the third quarter of each of 2011 and 2010.
  • Research and development spending was $3.0 million for the third quarter of each of 2011 and 2010. While spending was unchanged from the prior year period, spending related to CUDC-907, which was named a development candidate in January 2011, increased as a result of the commitment of increased resources to advance CUDC-907 through IND enabling studies and toward an IND filing. Spending related to the Phase I expansion trial for CUDC-101 decreased as this study neared its conclusion. This decrease was offset by increased spending related to the initiation of a Phase I trial of CUDC-101 in combination with cisplatin and radiation in HPV- locally advanced head and neck cancer patients as well as the Company’s preclinical development work on an oral formulation of CUDC-101. An increase in the overall investment in CUDC-101 and CUDC-907, particularly in terms of Curis employee costs allocated to these programs, resulted in a decrease in spending on Curis’ research-stage programs.
  • General and administrative spending was $1.9 million for the third quarter of 2011 as compared to $2.0 million for the same period in 2010, a decrease of $100,000, or 5%. This decrease was primarily due to decreased consulting and professional fees.

Other income was $600,000 for the third quarter of 2011 compared to $250,000 for the same period in 2010, an increase of $350,000, or 140%. Other income primarily represents the decrease in the fair value of the warrant liability incurred in connection with Curis’ January 2010 registered direct offering.

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