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Financial Report: Curis

Revenues up 23% boosted by Erivedge royalties

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Curis
 
2Q Revenues: $5.4 million (+23%)

2Q Loss: $1.3 million (loss of $2.9 million 2Q12)

YTD Revenues: $6.3 million (earnings were $14.7 million YTD12)

YTD Loss: $6.3 million (loss of $660k YTD12)

Comments: Revenue growth is related to an increase in royalties from Genentech/Roche’s Erivedge sales in the quarter, up to $805,000, as compared to $253,000 during 2Q12. Curis also received a $550,000 milestone payment from the Leukemia and Lymphoma Society (LLS) related to certain clinical objectives for CUDC-907. YTD revenue decline is primarily related to a non-recurring $10 million milestone payment from Genentech for the FDA approval of Erivedge in 1Q12. R&D expenses were $3.2 million in the quarter, down 29%.

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