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Curis Reports Second Quarter 2013 Financial Results

Stocks in this article: CRIS

Revenues for the second quarter of 2013 were $5.4 million, as compared to $4.4 million for the same period in 2012. This increase in revenues is primarily the result of an increase in royalties received from Genentech/Roche's net sales of Erivedge during the second quarter of 2013. Royalty revenues recorded on net sales of Erivedge increased to $805,000 for the second quarter of 2013 as compared to $253,000 during the same period in 2012. In addition to the increase in royalty revenue, Curis received a $550,000 milestone payment from the Leukemia and Lymphoma Society (LLS) related to the achievement of certain clinical objectives in its ongoing Phase 1 clinical study of CUDC-907.

Revenues for the six months ended June 30, 2013 were $6.3 million, as compared to $14.7 million for the same period in 2012. The decrease in revenues for the six-month period is primarily related to a non-recurring $10 million milestone payment that the Company received from Genentech upon the U.S. Food and Drug Administration (FDA) approval of Erivedge in the first quarter of 2012.

Operating expenses for the second quarter of 2013 were $6.1 million, as compared to $6.8 million for the same period in 2012.

Costs of royalty revenues, which are comprised of amounts due to third-party university patent licensors in connection with Genentech/Roche's Erivedge net sales, were $40,000 and $13,000 during the second quarters of 2013 and 2012, respectively, representing 5% of Erivedge royalties earned during the periods.

Research and development expenses were $3.2 million for the second quarter of 2013 as compared to $4.5 million for the same period in 2012. Curis incurred $200,000 in research and development expenses during the second quarter of 2013 related to the marketing approval of Erivedge in Australia in May 2013 as compared to $650,000 in research and development expenses during the same period in 2012 related to sublicense fees paid to university licensors in connection with regulatory filings in Australia. Curis also decreased its spending on CUDC-101 and discovery research to $370,000 during the second quarter of 2013 from $2.2 million during the same period in 2012 as the Company continued to focus its capital resources on the development of CUDC-907 and CUDC-427. During the second quarter of 2013, the Company spent $1.2 million on CUDC-427, which was licensed from Genentech in November 2012.

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