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Curis Reports Fourth Quarter And Year-End 2012 Financial Results

Other income was $2.2 million for the year ended December 31, 2012, as compared to other expense of $2.7 million for the year ended December 31, 2011. Other income was $1.1 million for the fourth quarter of 2012 compared to other expense of $1.5 million for the same period in 2011. These increases are primarily the result of decreases in the fair value of a warrant liability, largely caused by a decline in the market value of the Company's common stock during the full year and fourth quarter of 2012. 

As of December 31, 2012, Curis' cash, cash equivalents, marketable securities and investments totaled $58.7 million and there were approximately 80.0 million shares of common stock outstanding.

2013 Financial Expectations

Curis expects to end 2013 with cash, cash equivalents and investments of $31 to $36 million, excluding potential future milestone payments from existing or new collaborators. This also excludes any royalty revenues in 2013 related to net sales of Erivedge®. Curis is required to pay BioPharma II up to $1 million per quarter of the royalty revenues that it receives from Genentech in 2013 per the terms of the Erivedge royalty-secured debt transaction, but would retain royalty revenues that exceed this amount, if any, for use in funding its operations.

Curis expects that 2013 research and development expenses will be $16 to $20 million and that general and administrative expenses will be $10 to $12 million. These expense expectations include approximately $800,000 and $1.9 million of stock-based compensation expense in research and development and general and administrative expense, respectively.

Potential 2013 Milestones

In 2013, Curis expects to advance its proprietary pipeline of targeted cancer therapeutics and also expects that its partners will advance their programs under development, including the potential for Genentech and Roche to successfully broaden the commercial opportunity for Erivedge.

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