Cambridge biotech tracker · Lexington
Curis
Listed on Nasdaq as CRIS, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $5.1M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $7.6M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.0 mo
- Under 12 months
- Net loss
- $8.6M
- Q2 '26
- R&D expense
- $6.7M
- 68% of opex
- Raised, last 4 qtrs
- +$23.0M
- net financing cash flow
- Next readout
- Jul 2027
- Phase 1/2 · cash runs out first
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.0 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $2.5M a month.
Management’s own date
Into Q4 2026
Oct–Dec 2026
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Based upon our current operating plan, we believe that our $5.1 million of existing cash and cash equivalents as of June 30, 2026, together with the estimated net proceeds of approximately $4.8 million from the August 2026 Public Offering, should enable us to fund our existing operations into the fourth quarter of 2026.”
Cash against the calendar
What the runway has to reach.
Jul 2027estimated
CA-4948-101: Open-Label, Dose Escalation and Expansion Trial of Emavusertib (CA-4948) in Relapsed or Refractory Primary Central Nervous System Lymphoma (R/R PCNSL)
Relapsed Hematologic Malignancy · Refractory Hematologic Malignancy · Relapsed Primary Central Nervous System Lymphoma
NCT03328078 on ClinicalTrials.govDoes the cash reach it?
Cash runs out first
- Runway
- 2.0 months
- Time to the date
- 8 months
It is about 8 months out. At the current burn the cash runs out roughly 6 months before it. Something has to move first: a raise, a partnership, or the spending plan.
Catalysts ahead
- Jul 2027Phase 1/2CA-4948-101: Open-Label, Dose Escalation and Expansion Trial of Emavusertib (CA-4948) in Relapsed or Refractory Primary Central Nervous System Lymphoma (R/R PCNSL)
- Nov 2027Phase 2A Study of Emavusertib + An Approved Bruton Tyrosine Kinase Inhibitor (BTKi) in Participants With Chronic Lymphocytic Leukemia (CLL) and Other B-cell Malignancies
Pipeline
2 active trials, through phase 2.
Phase 1/2 · 1Phase 2 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash runs out before the next catalyst
The next dated event is a phase 1/2 readout in Jul 2027, about 8 months out. At the current burn the money runs out roughly 6 months earlier, so the financing decision comes before the data does. That is the hardest raise to run, and the reason burn plans get built backwards from the readout date rather than forwards from the budget.
About 2.0 months of runway
Cash and investments of $5.1M at Q2 '26 against an average operating cash burn of $7.6M per quarter over the last four reported quarters runs out around August 2026. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position down $15.8M since Q3 '24
Net financing inflows of $23.0M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 68% of operating expenses
$6.7M of R&D against $9.9M of total operating expenses in Q2 '26, with G&A at $3.2M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $1.28B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $20.9M | −$5.9M | −$10.1M | $9.7M | $3.8M | $2.9M | $1.4M | −$1.5M |
| Q4 '24 · Dec 31, 24 | $20.0M | −$9.3M | −$9.6M | $9.0M | $3.4M | $3.3M | $1.3M | $8.8M |
| Q1 '25 · Mar 31, 25 | $20.3M | −$7.3M | −$10.6M | $8.5M | $4.0M | $2.4M | $1.2M | $7.5M |
| Q2 '25 · Jun 30, 25 | $10.1M | −$8.0M | −$8.6M | $7.5M | $3.5M | $2.7M | $1.1M | −$2.1M |
| Q3 '25 · Sep 30, 25 | $9.1M | −$5.6M | −$7.7M | $6.4M | $3.7M | $3.2M | $924K | $4.5M |
| Q4 '25 · Dec 31, 25 | $5.1M | −$6.4M | $19.4M | $5.8M | $2.9M | $1.1M | −$3.22B | −$119K |
| Q1 '26 · Mar 31, 26 | $15.0M | −$9.0M | −$24.2M | $6.4M | $5.1M | $0 | $575K | $18.9M |
| Q2 '26 · Jun 30, 26 | $5.1M | −$9.6M | −$8.6M | $6.7M | $3.2M | $0 | $569K | −$282K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.