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Curis Reports Second Quarter 2013 Financial Results

Stocks in this article: CRIS

To access the live conference call, please dial (877) 868-1829 from the U.S. or (253) 237-1135 from other locations, shortly before 9:00 a.m. ET. The conference ID number is 18745848. The conference call can also be accessed on the Curis website at www.curis.com in the Investors section. A replay will be available approximately two hours after the completion of the call through 12:00 p.m. ET, Monday, August 12, 2013. To access the replay, please dial (855) 859-2056 from the United States or (404) 537-3406 from other locations and reference conference ID number 18745848.

About Curis, Inc.

Curis is an oncology-focused drug development company seeking to develop novel drug candidates for the treatment of human cancers. Erivedge is the first and only FDA-approved medicine for the treatment of advanced BCC and is being commercialized and developed by Roche and Genentech, a member of the Roche Group, under a collaboration agreement between Curis and Genentech. Curis is also seeking to further the development of its pipeline of proprietary targeted cancer drug candidates, including CUDC-427, a small molecule antagonist of IAP proteins, and CUDC-907, a dual PI3K and HDAC inhibitor. For more information, visit Curis' website at www.curis.com .

Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the Company's clinical development plans and timelines, its expectations regarding growth in Erivedge sales and successful commercialization in additional markets, and the expected benefit of patent issuances.  Forward-looking statements may contain the words "believes," "expects," "anticipates," "plans," "seeks," "estimates," "assumes," "will", "may," "could" or similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different from those indicated by such forward-looking statements. For example, Genentech and Roche may not obtain additional regulatory approvals for Erivedge abroad. Genentech and Roche may experience delays or failures in the manufacture of Erivedge. Erivedge's benefit/risk profile may not be widely accepted by the medical community or third-party payors for the treatment of advanced BCC, in which case revenues from sales of Erivedge could be adversely affected. Regulatory authorities may determine to delay or restrict Genentech's and/or Roche's ability to continue to develop or commercialize Erivedge. Competing drugs may be developed that are superior to Erivedge. Curis faces risks relating to its wholly-owned subsidiary's Erivedge royalty-collateralized loan transaction, including the risk that it may not receive sufficient levels of royalty revenue from sales of Erivedge to satisfy the debt obligation or may otherwise lose its rights to royalties and royalty related payments as a result of a foreclosure of the loan. Curis and its collaborators may experience adverse results, delays and/or failures in their drug development programs. Curis and its collaborators' drug candidates may cause unexpected toxicities, fail to demonstrate sufficient safety and efficacy in clinical trials and/or may never achieve the requisite regulatory approval needed for commercialization. Curis will require substantial additional capital to fund its business and such capital may not be available on reasonable terms, or at all. Curis may not obtain or maintain necessary patent protection and could become involved in expensive and time consuming patent litigation and interference proceedings. Curis faces substantial competition. Unstable market and economic conditions may adversely affect Curis' financial conditions and its ability to access capital to fund the growth of its business. Curis also faces other important risks relating to its business, operations, financial condition and future prospects that are discussed in its Quarterly Report on Form 10-Q for the period ended March 31, 2013 and other filings that it periodically makes with the Securities and Exchange Commission. 

In addition, any forward-looking statements represent the views of Curis only as of today and should not be relied upon as representing Curis' views as of any subsequent date. Curis disclaims any intention or obligation to update any of the forward-looking statements after the date of this press release whether as a result of new information, future events or otherwise.

CURIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
     
  Three months ended Six months ended
  June 30, June 30,
  2013 2012 2013 2012
Revenues:        
Royalties $ 805,312 $ 252,750 $1,469,712 $ 523,372
License Fees 4,000,000 4,000,000 4,000,000  14,000,000
Research and development 599,065 98,824 806,100  184,454
Total revenues: 5,404,377 4,351,574 6,275,812 14,707,826
         
Operating expenses:        
Costs of revenues 40,265 12,637   73,485  126,168
 Research and development 3,166,639 4,500,456  5,795,096  9,742,405
 General and administrative 2,903,669 2,264,586  5,470,791  5,065,663
 Total operating expenses 6,110,573 6,777,679  11,339,372  14,934,236
         
Net loss from operations (706,196) (2,426,105)  (5,063,560)  (226,410)
         
Interest income 36,949 34,994 78,561 53,095
Interest expense (957,742) (1,905,544)
Change in fair value of warrant liability 333,141 (495,341) 634,401 (487,400)
  Other expense, net (587,652) (460,347)   (1,192,582)  (434,305)
  Net loss  $ (1,293,848)  $ (2,886,452)  $ (6,256,142)  $ (660,715)
         
  Basic and diluted net loss per common share  $  (0.02)  $ (0.04)  $ (0.08)  $ (0.01)
  Basic and diluted weighted average common shares outstanding     81,128,475     79,052,517       80,615,412      78,304,441
 
 
CURIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
  June 30, 2013 December 31, 2012
ASSETS    
     
Cash, cash equivalents and investments $ 57,133,947 $ 58,701,423
Investments – restricted 180,364 194,282
Accounts receivable 863,187 908,064
Property and equipment, net 500,891 434,168
Goodwill 8,982,000 8,982,000
Other assets 543,307 548,412
  Total assets   $ 68,203,696   $ 69,768,349
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable, accrued expenses and other liabilities 4,196,565 4,173,747
Debt, net 30,396,713 29,838,925
Warrant liability 853,778 1,488,179
 Total liabilities 35,447,056 35,500,851
     
Total stockholders' equity 32,756,640 34,267,498
     
Total liabilities and stockholders' equity  $ 68,203,696 $ 69,768,349
CONTACT: Mani Mohindru, Ph.D.
         Vice President, Corporate Strategy and Investor Relations
         Curis, Inc.
         617-503-6605
         mmohindru@curis.com
         
         Michael P. Gray
         Chief Business and Chief Financial Officer
         Curis, Inc.
         617-503-6632
         mgray@curis.com

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