CRIS

Curis is no longer a royalty business — it's a single-asset clinical bet running out of money. The FY2025 numbers look deceptively improved (net loss narrowed 83% to -$7.58M), but the MD&A makes clear this is an accounting illusion: the improvement came almost entirely from a $27.19M one-time 'gain on release of liability related to sale of future royalties,' not operations. The real cash story is brutal — operating cash flow was -$27.2M, against just $5.06M of cash on hand (down 74.7% YoY). That is roughly two months of runway at the FY2025 burn rate, and the 371% jump in share count shows shareholders have already been heavily diluted just to keep the lights on. Current liabilities ($14.1M) exceed current assets ($6.92M), a classic going-concern setup.

Worse, the company sold Erivedge in Q4 2025, and the filing states plainly: 'Following the sale of Erivedge, we are no longer entitled to royalties on net sales of Erivedge.' That $9.44M revenue line — the only revenue Curis has — is disappearing going forward, so the headline P/S of 1.5x is meaningless; you are effectively paying for a pre-revenue biotech. Everything now rides on emavusertib (CA-4948), an IRAK4/FLT3 inhibitor in early combination studies (TakeAim Lymphoma Phase 1/2 in R/R PCNSL, and a just-initiated Phase 2 in CLL). Management has already narrowed focus to these programs and shelved AML for lack of funding — 'with additional funding, we plan to continue development' — an explicit admission of capital starvation.