Curis (CRIS)
Market Price (6/9/2026): $0.4795 | Market Cap: $9.3 MilSector: Health Care | Industry: Biotechnology
Curis (CRIS)
Market Price (6/9/2026): $0.4795Market Cap: $9.3 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -150% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -136%, 3Y Excs Rtn is -173% | Penny stockMkt Price is 0.5 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -485% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -37%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.5%, Rev Chg QQuarterly Revenue Change % is null Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 49% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -410%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -410% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -237% Key risksCRIS key risks include [1] an immediate and severe cash crunch necessitating substantial and likely dilutive near-term funding, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -150% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -136%, 3Y Excs Rtn is -173% |
| Penny stockMkt Price is 0.5 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -485% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -37%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.5%, Rev Chg QQuarterly Revenue Change % is null |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -410%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -410% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -237% |
| Key risksCRIS key risks include [1] an immediate and severe cash crunch necessitating substantial and likely dilutive near-term funding, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
Curis (CRIS) stock has lost about 60% since 2/28/2026 because of the following key factors:
1. Significant Q1 2026 Earnings Miss and Widened Losses. Curis reported a substantial earnings miss for Q1 2026 on May 11/12, posting an EPS of -$1.25 against analyst expectations ranging from -$0.27 to -$0.408, representing a negative surprise of 206.37% to 362.96%. The net loss for the quarter more than doubled to $24.2 million from $10.6 million in Q1 2025, largely driven by changes in the fair value of warrant liabilities associated with a January 2026 PIPE financing.
2. Zero Revenue and Increased Reliance on Early-Stage Pipeline. For Q1 2026, Curis reported no revenue, a decrease from $2.4 million in Q1 2025, due to the sale of its Erivedge royalty rights in the fourth quarter of 2025. This shift positions the company to be entirely dependent on its lead oncology program, emavusertib, which is currently undergoing Phase 1/2 and Phase 2 clinical trials, thereby increasing its inherent risk profile.
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Curis (CRIS) stock has lost about 60% since 2/28/2026 because of the following key factors:
1. Significant Q1 2026 Earnings Miss and Widened Losses. Curis reported a substantial earnings miss for Q1 2026 on May 11/12, posting an EPS of -$1.25 against analyst expectations ranging from -$0.27 to -$0.408, representing a negative surprise of 206.37% to 362.96%. The net loss for the quarter more than doubled to $24.2 million from $10.6 million in Q1 2025, largely driven by changes in the fair value of warrant liabilities associated with a January 2026 PIPE financing.
2. Zero Revenue and Increased Reliance on Early-Stage Pipeline. For Q1 2026, Curis reported no revenue, a decrease from $2.4 million in Q1 2025, due to the sale of its Erivedge royalty rights in the fourth quarter of 2025. This shift positions the company to be entirely dependent on its lead oncology program, emavusertib, which is currently undergoing Phase 1/2 and Phase 2 clinical trials, thereby increasing its inherent risk profile.
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Stock Movement Drivers
Fundamental Drivers
The -58.8% change in CRIS stock from 2/28/2026 to 6/8/2026 was primarily driven by a -39.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.14 | 0.47 | -58.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 7 | -39.4% |
| P/S Multiple | 1.5 | 1.3 | -16.0% |
| Shares Outstanding (Mil) | 16 | 19 | -19.0% |
| Cumulative Contribution | -58.8% |
Market Drivers
2/28/2026 to 6/8/2026| Return | Correlation | |
|---|---|---|
| CRIS | -58.8% | |
| Market (SPY) | 8.1% | 40.7% |
| Sector (XLV) | -4.3% | 23.0% |
Fundamental Drivers
The -65.7% change in CRIS stock from 11/30/2025 to 6/8/2026 was primarily driven by a -39.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.37 | 0.47 | -65.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 7 | -39.4% |
| P/S Multiple | 1.8 | 1.3 | -30.1% |
| Shares Outstanding (Mil) | 16 | 19 | -19.0% |
| Cumulative Contribution | -65.7% |
Market Drivers
11/30/2025 to 6/8/2026| Return | Correlation | |
|---|---|---|
| CRIS | -65.7% | |
| Market (SPY) | 8.8% | 29.9% |
| Sector (XLV) | -2.4% | 17.0% |
Fundamental Drivers
The -80.9% change in CRIS stock from 5/31/2025 to 6/8/2026 was primarily driven by a -56.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312025 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.46 | 0.47 | -80.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 7 | -36.9% |
| P/S Multiple | 1.9 | 1.3 | -30.9% |
| Shares Outstanding (Mil) | 8 | 19 | -56.1% |
| Cumulative Contribution | -80.9% |
Market Drivers
5/31/2025 to 6/8/2026| Return | Correlation | |
|---|---|---|
| CRIS | -80.9% | |
| Market (SPY) | 26.9% | 27.3% |
| Sector (XLV) | 17.1% | 19.5% |
Fundamental Drivers
The -97.0% change in CRIS stock from 5/31/2023 to 6/8/2026 was primarily driven by a -82.1% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6082026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.54 | 0.47 | -97.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 7 | -32.1% |
| P/S Multiple | 7.2 | 1.3 | -82.1% |
| Shares Outstanding (Mil) | 5 | 19 | -75.1% |
| Cumulative Contribution | -97.0% |
Market Drivers
5/31/2023 to 6/8/2026| Return | Correlation | |
|---|---|---|
| CRIS | -97.0% | |
| Market (SPY) | 83.8% | 15.5% |
| Sector (XLV) | 25.5% | 14.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRIS Return | -42% | -88% | 16% | -76% | -68% | -52% | -100% |
| Peers Return | -30% | -38% | 4% | -1% | 47% | -8% | -41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CRIS Win Rate | 33% | 42% | 33% | 42% | 33% | 33% | |
| Peers Win Rate | 40% | 42% | 42% | 43% | 52% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CRIS Max Drawdown | -73% | -91% | -80% | -82% | -77% | -59% | |
| Peers Max Drawdown | -61% | -74% | -68% | -58% | -54% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SNDX, RIGL, VSTM, KPTI, TGTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/8/2026 (YTD)
How Low Can It Go
| Event | CRIS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -74.2% | -9.5% |
| % Gain to Breakeven | 288.1% | 10.5% |
| Time to Breakeven | 162 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.6% | -6.7% |
| % Gain to Breakeven | 44.1% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.0% | -33.7% |
| % Gain to Breakeven | 127.0% | 50.9% |
| Time to Breakeven | 63 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -67.4% | -19.2% |
| % Gain to Breakeven | 206.4% | 23.8% |
| Time to Breakeven | 105 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.6% | -3.7% |
| % Gain to Breakeven | 50.6% | 3.9% |
| Time to Breakeven | 1337 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -56.2% | -12.2% |
| % Gain to Breakeven | 128.1% | 13.9% |
| Time to Breakeven | 238 days | 62 days |
In The Past
Curis's stock fell -74.2% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 288.1% gain to breakeven.
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| Event | CRIS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -74.2% | -9.5% |
| % Gain to Breakeven | 288.1% | 10.5% |
| Time to Breakeven | 162 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.6% | -6.7% |
| % Gain to Breakeven | 44.1% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.0% | -33.7% |
| % Gain to Breakeven | 127.0% | 50.9% |
| Time to Breakeven | 63 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -67.4% | -19.2% |
| % Gain to Breakeven | 206.4% | 23.8% |
| Time to Breakeven | 105 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.6% | -3.7% |
| % Gain to Breakeven | 50.6% | 3.9% |
| Time to Breakeven | 1337 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -56.2% | -12.2% |
| % Gain to Breakeven | 128.1% | 13.9% |
| Time to Breakeven | 238 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -36.0% | -6.8% |
| % Gain to Breakeven | 56.2% | 7.3% |
| Time to Breakeven | 40 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -41.1% | -0.2% |
| % Gain to Breakeven | 69.8% | 0.2% |
| Time to Breakeven | 448 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.0% | -17.9% |
| % Gain to Breakeven | 53.8% | 21.8% |
| Time to Breakeven | 135 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -61.1% | -15.4% |
| % Gain to Breakeven | 156.9% | 18.2% |
| Time to Breakeven | 274 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -32.0% | -53.4% |
| % Gain to Breakeven | 47.1% | 114.4% |
| Time to Breakeven | 69 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.0% | -8.6% |
| % Gain to Breakeven | 29.8% | 9.5% |
| Time to Breakeven | 137 days | 47 days |
In The Past
Curis's stock fell -74.2% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 288.1% gain to breakeven.
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Limiting losses and compounding gains is essential to preserving wealth.
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About Curis (CRIS)
Curis, Inc., a biotechnology company, engages in the discovery and development of drug candidates for the treatment of human cancers in the United States. Its clinical stage drug candidates include Emavusertib, an oral small molecule drug candidate, which is in a Phase 1/2 clinical trial for the treatment of non-hodgkin lymphomas, and acute myeloid leukemia and myelodysplastic syndromes; and CI-8993, a monoclonal antibody designed to antagonize the V-domain Ig suppressor of T cell activation. The company's pipeline also includes Fimepinostat, an oral dual inhibitor of HDAC and PI3K enzymes for the treatment of patients with MYC-altered diffuse large B-cell lymphoma; CA-170, an oral small molecule drug candidate for treating patients with advanced solid tumors and lymphomas; and CA-327, a pre-investigational new drug stage oncology drug candidate. It has collaboration agreement with F. Hoffmann-La Roche Ltd. and Genentech Inc. for the development and commercialization of Erivedge, an orally-administered small molecule hedgehog signaling pathway inhibitor for the treatment of advanced basal cell carcinoma; and with Aurigene Discovery Technologies Limited for the discovery, development, and commercialization of small molecule compounds in the areas of immuno-oncology and precision oncology. Curis, Inc. was incorporated in 2000 and is headquartered in Lexington, Massachusetts.
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Here are 1-3 brief analogies for Curis, Inc.:
- It's like a smaller, early-stage Genentech (or Roche), focused on discovering and developing new cancer drugs, often in collaboration with larger partners.
- Imagine a smaller, oncology-focused Vertex Pharmaceuticals, a biotech company dedicated to finding and developing innovative treatments for various types of cancer.
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- Emavusertib: An oral small molecule drug candidate in clinical trials for non-hodgkin lymphomas, acute myeloid leukemia, and myelodysplastic syndromes.
- CI-8993: A monoclonal antibody drug candidate designed to antagonize the V-domain Ig suppressor of T cell activation.
- Fimepinostat: An oral dual inhibitor of HDAC and PI3K enzymes for the treatment of MYC-altered diffuse large B-cell lymphoma.
- CA-170: An oral small molecule drug candidate for treating patients with advanced solid tumors and lymphomas.
- CA-327: A pre-investigational new drug stage oncology drug candidate.
- Erivedge: An orally-administered small molecule hedgehog signaling pathway inhibitor for advanced basal cell carcinoma, commercialized in collaboration with F. Hoffmann-La Roche Ltd. and Genentech Inc.
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Curis (CRIS) is a biotechnology company focused on the discovery and development of drug candidates. Its business model primarily involves collaboration agreements and partnerships with larger pharmaceutical companies for the further development and commercialization of its drug candidates.
Based on the provided information, Curis's major customers and partners (from whom they derive revenue through agreements) include:
- F. Hoffmann-La Roche Ltd. (Symbol: RO.SW / ROG.SW) and its subsidiary Genentech Inc. (a private subsidiary of F. Hoffmann-La Roche Ltd.). These companies collaborate with Curis on the development and commercialization of Erivedge.
- Aurigene Discovery Technologies Limited (a private company). Curis has a collaboration agreement with Aurigene for the discovery, development, and commercialization of small molecule compounds in immuno-oncology and precision oncology.
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Curis (CRIS) has a focused executive team with deep experience in drug development. The core executive team as of November 2025 includes James Dentzer as President and Chief Executive Officer, Diantha Duvall as Chief Financial Officer, Ahmed Hamdy as Chief Medical Officer, Robert Martell as Chief Scientific Officer, and Jonathan Zung as Chief Development Officer.James Dentzer, President & CEO
Mr. Dentzer is the Chief Executive Officer and a member of the Board of Directors of Curis, having joined the company in 2016 and appointed CEO in 2018. Before his tenure at Curis, he held senior leadership positions at Dicerna Pharmaceuticals, Amicus Therapeutics, and Biogen. Notably, he served as Chief Financial Officer of Dicerna Pharmaceuticals from December 2013 to December 2015, where he played a key role in successful IPO and follow-on financings. He was also the Chief Financial Officer of Valeritas, Inc. from March 2010 to December 2013, and Amicus Therapeutics, Inc. from October 2006 to October 2009. Additionally, Mr. Dentzer spent six years as Corporate Controller of Biogen Inc. He currently serves on the Board of Directors of Imunon.
Diantha Duvall, Chief Financial Officer
Ms. Duvall became the Chief Financial Officer of Curis in August 2022. Prior to joining Curis, she held the position of CFO at Genocea Biosciences. Her extensive career includes financial leadership roles at prominent pharmaceutical and biotechnology companies such as Biogen, Bioverativ, and Merck, as well as experience with PricewaterhouseCoopers. Ms. Duvall is a certified public accountant.
Ahmed Hamdy, MBBCH, Chief Medical Officer
Dr. Hamdy serves as the Chief Medical Officer at Curis.
Robert Martell, M.D., Ph.D., Chief Scientific Officer
Dr. Martell is the Chief Scientific Officer for Curis.
Jonathan Zung, Ph.D., Chief Development Officer
Dr. Zung holds the title of Chief Development Officer at Curis.
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The key risks to Curis's business are primarily financial, related to clinical development, and ongoing listing compliance.- Financial and Liquidity Risk: Curis faces an immediate and significant financial risk due to its limited cash reserves and ongoing operating losses. The company's cash position provides a short runway, necessitating frequent capital raises, which often result in the dilution of existing shareholders. As a clinical-stage biotechnology company, Curis heavily relies on these capital raises to fund its extensive research and development activities and clinical trials.
- Clinical Development and Regulatory Approval Risk: The success of Curis's drug candidates, particularly its lead candidate emavusertib, is entirely dependent on favorable outcomes from clinical trials and subsequent regulatory approvals. Drug development is a lengthy, costly, and uncertain process. There is a risk that clinical trials may not demonstrate sufficient safety or efficacy, or that regulatory bodies like the FDA may not grant approval. Past events, such as a partial clinical hold in 2022 on an AML study, highlight the potential for unexpected safety issues that can derail development.
- NASDAQ Delisting Risk: Curis has received notices for non-compliance with NASDAQ's minimum market value requirements. This situation creates additional financial pressure and uncertainty, as failing to regain compliance could lead to the delisting of its securities. A delisting could further complicate the company's ability to raise capital and impact investor confidence.
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Curis (CRIS) operates in various oncology markets with its pipeline of drug candidates and a commercialized product.
Emavusertib
Emavusertib, an oral small molecule drug candidate, is in a Phase 1/2 clinical trial for the treatment of non-Hodgkin lymphomas, acute myeloid leukemia, and myelodysplastic syndromes.
- Non-Hodgkin Lymphoma (NHL): The global lymphoma treatment market size was valued at USD 7.41 billion in 2024 and is projected to reach USD 11.97 billion by 2030. North America dominated this market, accounting for 49.0% of the revenue share in 2024. Another estimate places the global non-Hodgkin's lymphoma therapeutics market at USD 10.99 billion in 2025, with a projection to increase to USD 20.94 billion by 2034. The U.S. non-Hodgkin lymphoma therapeutics market alone accounted for USD 3.9 billion in 2023.
- Acute Myeloid Leukemia (AML): The global acute myeloid leukemia market size was USD 2.82 billion in 2025 and is expected to grow to USD 7.65 billion by 2035. North America is projected to hold approximately 40% of this market share by 2035. Another report indicates the global acute myeloid leukemia treatment market size is calculated at USD 3.87 billion in 2025, growing to USD 4.28 billion in 2026, and is projected to reach around USD 10.64 billion by 2035. North America held a 38% share of the global acute myeloid leukemia treatment market in 2025.
- Myelodysplastic Syndromes (MDS): The global myelodysplastic syndrome drugs market size was valued at USD 4.55 billion in 2024 and is anticipated to reach around USD 11.17 billion by 2034. North America's myelodysplastic syndromes drugs market dominated with a revenue share of 36% in 2024. The market in the top 7 major markets (US, EU4, UK, and Japan) for myelodysplastic syndrome reached a value of USD 2.4 billion in 2024 and is expected to reach USD 4.8 billion by 2035. In 2023, the total Myelodysplastic Syndrome Market Size in the US was estimated to be nearly USD 2,000 million.
CI-8993
CI-8993 is a monoclonal antibody designed to antagonize the V-domain Ig suppressor of T cell activation (VISTA). The market for VISTA-targeted therapies is currently in its nascent phases, with no approved agents to date. The first VISTA Inhibitor Drug Approval is expected by 2028.
Fimepinostat
Fimepinostat is an oral dual inhibitor of HDAC and PI3K enzymes for the treatment of patients with MYC-altered diffuse large B-cell lymphoma (DLBCL).
- Diffuse Large B-cell Lymphoma (DLBCL): The global Diffuse Large B-cell Lymphoma market size reached USD 3,907.8 million in 2023 and is expected to reach USD 5,257.7 million by 2034. The DLBCL market across the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan was valued at approximately USD 5 billion in 2024 and is projected to exceed USD 16.5 billion by 2034. The United States dominated this market in 2024, accounting for approximately USD 3.1 billion.
CA-170
CA-170 is an oral small molecule drug candidate for treating patients with advanced solid tumors and lymphomas.
- Advanced Solid Tumors: The global solid tumor cancer treatment market size was estimated at USD 5.37 billion in 2024 and is anticipated to reach around USD 8.76 billion by 2034. North America dominated the solid tumor cancer treatment market. Another source indicates the global solid tumors market size reached a value of US$ 170.3 billion in 2023 and is expected to reach US$ 375.4 billion by 2034. The global solid tumor therapeutics market size reached USD 223.65 billion in 2026 and is forecast to reach USD 326.82 billion by 2031. North America held a 42.03% share in 2025.
- Lymphomas: The global lymphoma treatment market size was valued at USD 7.41 billion in 2024 and is projected to reach USD 11.97 billion by 2030. North America held the largest revenue share of 49.0% in 2024.
CA-327
CA-327 is a pre-investigational new drug (IND) stage oncology drug candidate. As a pre-IND stage product, there is no currently available addressable market size data.
Erivedge
Erivedge, developed in collaboration with F. Hoffmann-La Roche Ltd. and Genentech Inc., is an orally-administered small molecule hedgehog signaling pathway inhibitor for the treatment of advanced basal cell carcinoma.
- Advanced Basal Cell Carcinoma (BCC): The global basal cell carcinoma treatment market size is calculated at USD 3.68 billion in 2025 and is projected to reach around USD 9.97 billion by 2035. North America dominated the global basal cell carcinoma treatment market, holding a 60% share in 2025. The global basal cell carcinoma treatment market size was estimated at USD 2,962.3 million in 2023 and is projected to reach USD 5,927.8 million by 2030. The hedgehog pathway inhibitors market, which includes Erivedge, was valued at US$ 587.32 million in 2024 and is expected to reach US$ 1,208.52 million by 2033, globally. North America currently leads the hedgehog pathway inhibitors market.
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Curis (CRIS), a biotechnology company focused on developing innovative therapeutics for the treatment of cancer, is poised for future revenue growth over the next 2-3 years primarily through the advancement and potential commercialization of its pipeline drug candidates, particularly emavusertib (CA-4948), and through milestone payments from collaboration agreements.
Here are the key expected drivers of future revenue growth:
- Commercialization of Emavusertib for Primary Central Nervous System Lymphoma (PCNSL): Emavusertib is currently being evaluated in the TakeAim Lymphoma Phase 1/2 study for relapsed/refractory PCNSL. Curis is actively enrolling patients in both BTKi-experienced and BTKi-naïve cohorts to support accelerated approval filings in the U.S. and European Union. The drug has received Orphan Drug Designation from both the FDA and EMA for PCNSL, highlighting the unmet medical need and potential for expedited development and review. Successful regulatory approval and subsequent launch in this indication would be a significant new revenue stream.
- Advancement and Potential Commercialization of Emavusertib for Acute Myeloid Leukemia (AML) and Myelodysplastic Syndromes (MDS): Emavusertib is also being investigated in the TakeAim Leukemia Phase 1/2 study as a monotherapy for relapsed/refractory AML and high-risk MDS, and as a frontline combination therapy with venetoclax and azacitidine in AML. Promising data from the AML triplet study was reported in July 2025. Positive outcomes in these trials leading to regulatory approvals could establish emavusertib in broader oncology markets.
- Progression and Potential Commercialization of Emavusertib for Chronic Lymphocytic Leukemia (CLL): Curis is initiating a Phase 2 clinical study of emavusertib in combination with a BTK inhibitor for patients with CLL. Dosing of the first patient is anticipated in late Q4 2025 or early Q1 2026, with initial data expected at the ASH annual meeting in December 2026. Successful development and commercialization in CLL would add another significant indication for emavusertib.
- Milestone Payments from Collaboration Agreements: With the sale of its Erivedge royalty business in November 2025, Curis's future revenue will depend entirely on collaboration agreements and milestone payments from its pipeline development. While specific near-term milestones were not detailed for the Aurigene collaboration in recent reports, the continued advancement of pipeline candidates, including those under existing or future collaboration agreements, could trigger milestone payments upon achieving predefined development, regulatory, or commercialization goals.
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Share Issuance
- In February 2026, Curis initiated a process to offer approximately 107.71 million shares of common stock to provide liquidity to existing shareholders.
- In January 2026, Curis announced a private placement (PIPE financing) to raise up to $80.8 million in gross proceeds, with initial gross proceeds of approximately $20.2 million. This involved the sale of Series B convertible preferred stock and warrants to purchase common stock at an exercise price of $0.75 per share.
- Curis's shares outstanding increased from 5,894,085 as of February 1, 2024, to 8,487,818 as of March 27, 2025, and further to 13 million by Q3 2025.
Inbound Investments
- In January 2026, Curis secured a private placement (PIPE financing) potentially worth up to $80.8 million in gross proceeds, including initial gross proceeds of approximately $20.2 million. The investment came from healthcare-focused institutional investors and company insiders.
- The proceeds from the January 2026 PIPE financing are intended to fund research and development, particularly for emavusertib, and for general corporate expenses and working capital needs, extending the company's cash runway into 2027.
Capital Expenditures
- Curis invested $0 in capital expenditures in Q4 2023.
- The company faces heightened cash burn risks as it accelerates pre-commercial activities.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Curis Earnings Notes | 12/16/2025 | |
| Would You Still Hold Curis Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.73 |
| Mkt Cap | 0.5 |
| Rev LTM | 184 |
| Op Inc LTM | -59 |
| FCF LTM | -44 |
| FCF 3Y Avg | -67 |
| CFO LTM | -44 |
| CFO 3Y Avg | -67 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 64.4% |
| Rev Chg 3Y Avg | 18.6% |
| Rev Chg Q | 16.8% |
| QoQ Delta Rev Chg LTM | 8.5% |
| Op Inc Chg LTM | 32.1% |
| Op Inc Chg 3Y Avg | 12.9% |
| Op Mgn LTM | -79.3% |
| Op Mgn 3Y Avg | -30.5% |
| QoQ Delta Op Mgn LTM | 3.9% |
| CFO/Rev LTM | -83.5% |
| CFO/Rev 3Y Avg | -36.7% |
| FCF/Rev LTM | -83.5% |
| FCF/Rev 3Y Avg | -36.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.5 |
| P/S | 4.4 |
| P/Op Inc | -1.2 |
| P/EBIT | -1.3 |
| P/E | -0.7 |
| P/CFO | -2.8 |
| Total Yield | -35.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -24.2% |
| D/E | 0.2 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.3% |
| 3M Rtn | -14.4% |
| 6M Rtn | -22.9% |
| 12M Rtn | 21.1% |
| 3Y Rtn | -42.5% |
| 1M Excs Rtn | -12.1% |
| 3M Excs Rtn | -23.4% |
| 6M Excs Rtn | -33.3% |
| 12M Excs Rtn | -0.9% |
| 3Y Excs Rtn | -118.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Research and development of innovative drug candidates for the treatment of human cancer | 11 | 10 | 10 | ||
| Contra revenue, net | -0 | -0 | |||
| Other revenue | 0 | 0 | |||
| Royalties | 11 | 11 | |||
| Total | 11 | 10 | 10 | 11 | 11 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Research and development of innovative drug candidates for the treatment of human cancer | -43 | -47 | |||
| Total | -43 | -47 |
Price Behavior
Price Behavior
| Market Price | $0.47 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 08/01/2000 | |
| Distance from 52W High | -83.2% | |
| 50 Days | 200 Days | |
| DMA Price | $0.55 | $1.08 |
| DMA Trend | down | down |
| Distance from DMA | -14.4% | -56.5% |
| 3M | 1YR | |
| Volatility | 94.1% | 81.0% |
| Downside Capture | 449.24 | 287.08 |
| Upside Capture | 5.94 | 15.36 |
| Correlation (SPY) | 38.0% | 27.3% |
CRIS Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.65 | 2.47 | 2.74 | 2.06 | 1.83 | 0.94 |
| Up Beta | 4.03 | 2.84 | 2.53 | 1.82 | 1.61 | 0.60 |
| Down Beta | 4.90 | 3.59 | 3.26 | 2.88 | 3.06 | 1.50 |
| Up Capture | 50% | 104% | 59% | 44% | 15% | 1% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 6 | 16 | 21 | 47 | 91 | 302 |
| Down Capture | 334% | 344% | 370% | 242% | 183% | 110% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 14 | 25 | 40 | 72 | 140 | 414 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRIS | |
|---|---|---|---|---|
| CRIS | -80.3% | 80.9% | -1.66 | - |
| Sector ETF (XLV) | 16.8% | 15.0% | 0.83 | 19.7% |
| Equity (SPY) | 26.2% | 12.1% | 1.63 | 27.9% |
| Gold (GLD) | 28.6% | 26.9% | 0.91 | 15.5% |
| Commodities (DBC) | 37.4% | 19.0% | 1.54 | -0.7% |
| Real Estate (VNQ) | 11.0% | 13.4% | 0.53 | 23.3% |
| Bitcoin (BTCUSD) | -40.1% | 42.4% | -1.09 | 19.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRIS | |
|---|---|---|---|---|
| CRIS | -72.3% | 90.7% | -1.00 | - |
| Sector ETF (XLV) | 6.4% | 14.7% | 0.25 | 16.3% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 19.4% |
| Gold (GLD) | 17.4% | 18.1% | 0.78 | 7.5% |
| Commodities (DBC) | 9.3% | 19.4% | 0.37 | 3.4% |
| Real Estate (VNQ) | 2.6% | 18.8% | 0.04 | 16.0% |
| Bitcoin (BTCUSD) | 10.7% | 54.6% | 0.39 | 9.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRIS | |
|---|---|---|---|---|
| CRIS | -44.5% | 145.3% | 0.00 | - |
| Sector ETF (XLV) | 9.8% | 16.6% | 0.48 | 11.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 10.9% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 3.0% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 5.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 5.8% |
| Bitcoin (BTCUSD) | 62.6% | 66.9% | 1.02 | 1.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | -9.2% | -13.6% | |
| 3/19/2026 | 1.9% | -23.4% | -18.5% |
| 11/6/2025 | -10.3% | -22.6% | -8.9% |
| 8/5/2025 | 4.4% | 1.9% | 7.5% |
| 5/6/2025 | -10.6% | -20.0% | -3.7% |
| 11/14/2024 | 1.3% | -5.9% | -9.2% |
| 8/1/2024 | -9.9% | -19.5% | 0.5% |
| 2/8/2024 | 13.4% | 9.6% | 11.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 9 |
| # Negative | 8 | 11 | 10 |
| Median Positive | 3.6% | 8.6% | 11.8% |
| Median Negative | -9.5% | -13.6% | -13.1% |
| Max Positive | 13.6% | 23.9% | 608.3% |
| Max Negative | -19.7% | -23.4% | -50.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/24/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | 2,028 | ||||||
Prior: Q4 2025 Earnings Reported 3/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | |||||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kaitin, Kenneth I | Direct | Buy | 4012026 | 0.55 | 10,000 | 5,487 | 6,259 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/8/2026