Curis (CUS1) Q1 2026 Earnings Report

The call conveyed meaningful clinical progress and clear near‑term milestones — notably advancement of a registrational PCNSL study with the potential for accelerated submissions, initiation and early milestones for a CLL proof‑of‑concept study, encouraging early collaborator data in gastroesophageal cancer, and collaborative/regulatory engagement. Offsetting these positives are a sizable increase in reported net loss (driven by warrant fair‑value changes), higher G&A tied to financing, a cash runway that depends in part on a milestone contingent warrant exercise, and expected enrollment variability in ultra‑orphan indications. On balance, the clinical and regulatory momentum and near‑term data/milestone visibility materially outweigh the financial and enrollment risks described.

The company provided specific operational and financial guidance: clinically, Curis expects to dose the initial five patients in the TakeAim CLL zanubrutinib combination study by mid‑2026 with initial data expected in December 2026, will evaluate 100 mg and 200 mg emavusertib (having dosed up to 500 mg historically) to satisfy Project Optimus, and plans to provide updated emavusertib/ibrutinib TakeAim Lymphoma (r/r PCNSL) data — and a substantial enrollment update toward potential full enrollment — in the first half of 2027; separately, a gastric/esophageal cohort presented 16 evaluable patients showing a manageable toxicity profile and encouraging preliminary results. Financially, Q1 2026 net loss was $24.2 million ($1.25 per share) versus a $10.6 million loss ($1.25 per share) in Q1 2025 (R&D $6.4M vs $8.5M year‑over‑year; G&A $5.1M vs $4.0M), and Curis had $15.0 million cash and cash equivalents as of March 31, 2026 plus anticipated gross proceeds of up to $20.2 million from exercise of January 2026 Series B PIPE warrants contingent on public announcement of dosing the fifth CLL patient — amounts the company says should fund planned operations into the second half of 2027.