This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Curis Reports Second Quarter 2013 Financial Results

Stocks in this article: CRIS

General and administrative expenses were $2.9 million for the second quarter of 2013 as compared to $2.3 million for the same period in 2012. The increase was primarily due to increased expenses for personnel, legal services and professional services. 

Operating expenses for the six months ended June 30, 2013 were $11.3 million, as compared to $14.9 million for the same period in 2012. Research and development expenses were $5.8 million for the six months ended June 30, 2013 as compared to $9.7 million for the same period in 2012. General and administrative expenses were $5.5 million for the six months ended June 30, 2013 as compared to $5.1 million for the same period in 2012.

Other expense was $588,000 for the second quarter of 2013 as compared to $460,000 for the same period in 2012. The increase in other expense is primarily the result of $958,000 in interest expense and amortization of debt issuance costs related to the debt transaction between BioPharma II and Curis Royalty, a wholly-owned subsidiary of the Company. Interest expense was partially offset by $333,000 in other income recorded as a result of a decrease in the fair value of a warrant liability during the second quarter of 2013. Other expense during the prior year period primarily represents the change in the fair value of this warrant liability. Other expense was $1.2 million for the six months ended June 30, 2013 as compared to $434,000 for the same period in 2012. 

As of June 30, 2013, Curis' cash, cash equivalents, marketable securities and investments totaled $57.1 million and there were approximately 81.7 million shares of common stock outstanding.

In December 2012, Curis Royalty entered into a debt transaction with BioPharma II pursuant to which BioPharma II loaned Curis Royalty $30 million at an annual interest rate of 12.25%. The loan is secured with the Erivedge royalty and royalty-related payments that arise under the collaboration agreement with Genentech, all of which payment rights were transferred and assigned to Curis Royalty by Curis at the time of the loan transaction. In addition, pursuant to the terms of the loan, certain of the royalty and royalty-related payments received by Curis Royalty are used to pay down the loan, subject to specified caps. For 2013, Curis Royalty is required to pay BioPharma II up to $1 million per quarter of the royalty revenues that it receives from Genentech/Roche. The loan constitutes an obligation of Curis Royalty and is intended to be non-recourse to the Company. 

3 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs