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Curis, Inc. (CRIS) Stock Slid on Thursday, Here’s the Reason

Curis, Inc. (CRIS), a biotechnology company, has increased by 5.58% in aftermarket trading session. Consequently, the stock is trading at $3.69 at the time of the writing. On Thursday, CRIS closed the day at $3.50 after plummeting 27.64% during regular trading hours. The plunge came despite the announcement of positive updated data from the phase ½ study of CA-4948.

Positive Data from CRIS Study

On Thursday, CRIS announced the positive updated clinical data from its ongoing Phase 1/2 dose-escalation and expansion study of CA-4948. CA-4948 is the novel and small molecule IRAK-4 inhibitor. It serves as a monotherapy in patients with relapsed or refractory (R/R) acute myeloid leukaemia (AML) or high-risk myelodysplastic syndromes (MDS). The results of the study showed that the attributes of CA-4948’s emerging safety profile may provide an advantage compared to the current standard of care therapies in monotherapy. Also, it could make CA-4948 an attractive candidate for addition to the combination therapy regimes.

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Q3 2021 Operational Results

In early November, CRIS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated total net revenue of $3.03 million during the quarter against $2.74 million for the same quarter of 2020. The total costs and operating expenses for the three months were $13.08 million against $7.45 million for the same three-month period of 2020. The net loss for the period was $11.05 million (or $0.12 per basic and diluted share) against $5.97 million (or $0.11 per basic and diluted share) for the same period of 2020.

Q3 2021 Financial Results

Alongside the operational results, CRIS also released the financial results for the quarter. The company had cash and cash equivalents of $149.82 million on 30th October. The total assets in possession of the company on the said date were $172.08 million, while the total liabilities payable were $69.17 million. On 30th October, the stockholders’ equity stood at $102.9 million.

Future Outlook for CRIS

The last three months have seen CRIS stock decline by more than 50%. The uncertainty associated with the products of the company has resulted in a cautious response from stockholders regarding their investments in the stock. But looking ahead, estimates are depicting an optimistic picture for the stock. Hence, potential investors should keep a close eye on CRIS stock.