{"url_path":"/sec/cris/10-q/2026/item-1","section_key":"item-1","section_title":"Item 1 UNAUDITED FINANCIAL STATEMENTS","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1108205/0001108205-26-000061-index.html","accession_number":"0001108205-26-000061","cik":"0001108205","ticker":"CRIS","issuer_name":"CURIS INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1108205/0001108205-26-000061-index.html","primary_entity_key":"0001108205","primary_entity_name":"CURIS INC"},"word_count":8321,"has_tables":true,"body_markdown":"Item 1.    UNAUDITED FINANCIAL STATEMENTS\n\nCURIS, INC.\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n(In thousands, except share and per share data)\n\n(Unaudited)\n\nMarch 31, 2026December 31, 2025\n\nASSETS\n\nCurrent assets:\n\nCash and cash equivalents$15,001 $5,061 \n\nPrepaid expenses and other current assets1,610 1,854 \n\nTotal current assets16,611 6,915 \n\nProperty and equipment, net54 62 \n\nRestricted cash, long-term544 544 \n\nOperating lease right-of-use asset1,552 1,890 \n\nOther assets1,943 1,573 \n\nGoodwill8,982 8,982 \n\nTotal assets$29,686 $19,966 \n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\nCurrent liabilities:\n\nAccounts payable$6,742 $5,612 \n\nAccrued liabilities7,003 7,274 \n\nCurrent portion of operating lease liability1,229 1,190 \n\nTotal current liabilities14,974 14,076 \n\nLong-term operating lease liability108 428 \n\nWarrant liability1,897 — \n\nTotal liabilities16,979 14,504 \n\nStockholders’ equity:\n\nPreferred stock, $0.01 par value—5,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025\n— — \n\nCommon stock, $0.01 par value—283,757,150 shares authorized, 39,978,693 shares issued and outstanding at March 31, 2026; 68,343,750 shares authorized, 12,928,853 shares issued and outstanding at December 31, 2025\n400 129 \n\nAdditional paid-in capital1,283,887 1,252,714 \n\nAccumulated deficit(1,271,580)(1,247,381)\n\nTotal stockholders’ equity12,707 5,462 \n\nTotal liabilities and stockholders’ equity$29,686 $19,966 \n\nThe accompanying notes are an integral part of these Condensed Consolidated Financial Statements.    \n\n5\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nCURIS, INC.\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS\n\n(In thousands, except share and per share data)\n\n(Unaudited)\n\n Three Months Ended March 31,\n\n 20262025\n\nRevenues, net$— $2,380 \n\nOperating expenses:\n\nCost of royalties— 14 \n\nResearch and development6,449 8,539 \n\nGeneral and administrative5,070 3,984 \n\nTotal operating expenses11,519 12,537 \n\nLoss from operations(11,519)(10,157)\n\nOther expense:\n\nInterest income77 93 \n\nExpense related to the sale of future royalties— (552)\n\nChange in fair value of warrant liabilities(12,757)— \n\nTotal other expense(12,680)(459)\n\nNet loss$(24,199)$(10,616)\n\nNet loss per common share (basic and diluted)$(1.25)$(1.25)\n\nWeighted average common shares (basic and diluted)19,363,478 8,493,886 \n\nNet loss and comprehensive loss$(24,199)$(10,616)\n\n    \n\nThe accompanying notes are an integral part of these Condensed Consolidated Financial Statements.\n\n6\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nCURIS, INC.\n\nCondensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)\n\n(In thousands, except share data)\n\n(Unaudited)\n\nConvertible Preferred StockCommon StockAdditional Paid-in CapitalAccumulated DeficitTotal Stockholders’ Equity\n\nSharesAmountSharesAmount\n\nDecember 31, 2025— $— 12,928,853 $129 $1,252,714 $(1,247,381)$5,462 \n\nStock-based compensation— — — — 575 — 575 \n\nIssuance of convertible preferred stock in connection with January 2026 PIPE Financing, net of issuance costs20,195 2,261 — — — — — \n\nConversion of convertible preferred stock to common stock and pre-funded warrants upon shareholder approval (20,195)(2,261)26,243,754 262 1,999 — 2,261 \n\nReclassification of Series A Common Warrants liability to equity— — — — 16,705 — 16,705 \n\nReclassification of Series C Common Warrants liability to equity— — — — 11,894 — 11,894 \n\nIssuance of common stock under employee benefit plans, net of shares received to settle minimum tax obligation for vesting of restricted stock units— — 42,086 1 — — 1 \n\nExercise of prefunded warrants— — 764,000 8 — — 8 \n\nNet loss— — — — — (24,199)(24,199)\n\nMarch 31, 2026— $— 39,978,693$400 $1,283,887 $(1,271,580)$12,707 \n\nCommon StockAdditional Paid-in CapitalAccumulated DeficitTotal Stockholders’ Equity (Deficit)\n\nSharesAmount\n\nDecember 31, 20248,487,818 $85 $1,233,716 $(1,239,799)$(5,998)\n\nStock-based compensation— — 1,164 — 1,164 \n\nIssuance of common stock in connection with March 2025 Offerings, net of issuance costs1,974,432 20 2,202 — 2,222 \n\nIssuance of pre-funded warrants in connection with March 2025 Offerings, net of issuance costs— — 2,447 — 2,447 \n\nIssuance of common warrants in connection with March 2025 Offerings, net of issuance costs— — 4,174 — 4,174 \n\nNet loss— — — (10,616)(10,616)\n\nMarch 31, 202510,462,250 $105 $1,243,703 $(1,250,415)$(6,607)\n\nThe accompanying notes are an integral part of these Condensed Consolidated Financial Statements.\n\n7\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nCURIS, INC.\n\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(In thousands)\n\n(Unaudited)\n\n Three Months Ended March 31,\n\n 20262025\n\nCash flows from operating activities:\n\nNet loss$(24,199)$(10,616)\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\nDepreciation and amortization8 59 \n\nNon-cash lease expense338 306 \n\nStock-based compensation expense575 1,164 \n\nNon-cash activity related to the sale of future royalties— 1 \n\nIssuance costs associated with warrant liabilities1,406 — \n\nChange in fair value of warrant liabilities12,757 — \n\nChanges in operating assets and liabilities:\n\nAccounts receivable— 1,034 \n\nPrepaid expenses and other assets(126)825 \n\nAccounts payable and accrued liabilities521 290 \n\nOperating lease liability(281)(315)\n\nTotal adjustments15,198 3,364 \n\nNet cash used in operating activities(9,001)(7,252)\n\nCash flows from investing activities:\n\nNet cash provided by investing activities— — \n\nCash flows from financing activities:\n\nProceeds from issuance of common stock, preferred stock, pre-funded warrants, and common warrants, net of issuance costs18,941 10,000 \n\nPayment of liability of future royalties, net of imputed interest— (2,463)\n\nNet cash provided by financing activities18,941 7,537 \n\nNet increase in cash and cash equivalents and restricted cash9,940 285 \n\nCash and cash equivalents and restricted cash, beginning of period5,605 20,541 \n\nCash and cash equivalents and restricted cash, end of period$15,545 $20,826 \n\nSupplemental cash flow data:\n\nReclassification of January 2026 Series A Common Warrants and January 2026 Series C Common Warrants liability to equity$28,599 $— \n\nConversion of preferred stock to common stock and pre-funded warrants upon shareholder approval, net of issuance costs$2,261 $— \n\nIssuance costs in accounts payable and accrued expenses$338 $1,157 \n\nCash paid for interest$— $453 \n\nReconciliation of cash, cash equivalents and restricted cash:\n\nCash and cash equivalents$15,001 $20,282 \n\nRestricted cash, long-term544 544 \n\nTotal cash, cash equivalents and restricted cash shown in the statement of cash flows$15,545 $20,826 \n\n    \n\nThe accompanying notes are an integral part of these Condensed Consolidated Financial Statements.\n\n8\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nCURIS, INC.\n\nNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS\n\n(Unaudited)\n\n(In thousands, except share and per share data)\n\n1.     Nature of Business\n\nCuris, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4, and FMS-like tyrosine kinase 3, or FLT3. Throughout these Condensed Consolidated Financial Statements, Curis, Inc. and its wholly owned subsidiary are collectively referred to as the “Company” or “Curis”.\n\nThe Company is party to an exclusive collaboration agreement with Aurigene Discovery Technologies Limited (“Aurigene”) for the discovery, development and commercialization of small molecule compounds in the areas of immuno-oncology and precision oncology, including emavusertib.\n\nThe Company is subject to risks common to companies in the biotechnology industry as well as risks that are specific to the Company’s business, including, but not limited to: the Company’s ability to obtain adequate financing to fund its operations; the Company’s ability to continue as a going concern; the Company’s ability to maintain compliance with Nasdaq's continued listing requirements; the Company’s ability to advance and expand its research and development program for emavusertib; the Company’s ability to establish strategic collaborations; the Company’s reliance on third parties to conduct clinical trials of emavusertib; the Company’s ability to execute on its overall business strategies; the Company’s ability to obtain and maintain necessary intellectual property protection; development by the Company’s competitors of new or better technological innovations; the Company’s ability to comply with regulatory requirements; and the Company’s ability to obtain and maintain applicable regulatory approvals and commercialize any approved drug candidates.\n\nThe Company’s future operating results will largely depend on the progress of emavusertib and the magnitude of payments that it may receive and make under its current and potential future collaborations. The results of the Company’s operations have varied and will likely continue to vary significantly from year to year and quarter to quarter and depend on a number of factors, including, but not limited to the timing, outcome and cost of the Company’s preclinical studies and clinical trials for its drug candidate.\n\nThe Company will require substantial funds in the immediate term to maintain its research and development program and support operations. The Company has incurred losses and cash outflows from operations since its inception. The Company had an accumulated deficit of $1.3 billion as of March 31, 2026, and incurred a net loss of $24.2 million and used $9.0 million of cash in operations for the three months ended March 31, 2026. The Company expects to continue to generate operating losses in the foreseeable future.\n\nIn accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has concluded there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Condensed Consolidated Financial Statements are issued. Based on the Company's $15.0 million of existing cash and cash equivalents at March 31, 2026, recurring losses and cash outflows from operations since inception, an expectation of continuing losses and cash outflows from operations for the foreseeable future and the need to raise substantial additional capital to finance the Company's future operations, the Company concluded it does not have sufficient cash on hand to to fund current operations for a period of 12 months from the date of filing this Quarterly Report on Form 10-Q. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.\n\nThe Company plans to seek additional funding through a number of potential avenues, including private or public equity financings, exercise of outstanding warrants, collaborations, or other strategic transactions. The Company has faced and expects to continue to face substantial difficulties in raising capital. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. The Company’s ability to raise additional funds will depend on, among other factors, financial, economic and market conditions, as well as maintaining the Company's listing on Nasdaq, many of which are outside of its control, and it may be unable to raise financing when needed, or on terms favorable to the Company. If necessary funds are not available, the Company will have to delay, reduce the scope of, or eliminate its development of emavusertib, potentially delaying the time to market for or preventing the marketing of emavusertib, which would have a material adverse effect on the Company’s operations and future prospects. If the Company is unable to obtain sufficient capital, the Company would be unable to fund its operations and may be required to evaluate alternatives, which could include dissolving and liquidating its assets or seeking protection under the bankruptcy laws, and a determination to file for bankruptcy could occur at a time that is earlier than when the Company would\n\n9\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\notherwise exhaust its cash resources. If the Company decides to dissolve and liquidate its assets or to seek protection under the bankruptcy laws, it is unclear to what extent the Company would be able to pay its obligations, and, accordingly, it is further unclear whether and to what extent any resources would be available for distributions to stockholders.\n\n2.     Summary of Significant Accounting Policies\n\n(a)Basis of Presentation and Principles of Consolidation\n\nThe accompanying Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These statements, however, are condensed and do not include all disclosures required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on March 24, 2026.\n\nIn the opinion of the management of the Company, the unaudited Condensed Consolidated Financial Statements contain all adjustments (all of which were considered normal and recurring) necessary for a fair statement of the Company’s financial position at March 31, 2026; the results of operations for the three-month periods ended March 31, 2026 and 2025; stockholders' equity for the three-month periods ended March 31, 2026 and 2025; and the cash flows for the three-month periods ended March 31, 2026 and 2025. The Condensed Consolidated Balance Sheet at December 31, 2025 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.\n\nThe Company’s Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. In accordance with FASB ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has concluded there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Condensed Consolidated Financial Statements are issued. The Condensed Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n(b)Use of Estimates and Assumptions\n\nThe preparation of the Company’s Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosure of expenses and certain assets and liabilities at the balance sheet date. Actual results may differ from such estimates. These interim results are not necessarily indicative of results to be expected for a full year or subsequent interim periods.\n\n(c)New Accounting Pronouncements\n\nIssued, Not Yet Adopted\n\nIn November 2024, the FASB issued ASU-2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. The ASU requires additional disclosures of the nature of the expenses included in the income statement, including disaggregation of the expense captions presented on the Consolidated Statements of Operations into specific categories. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the Condensed Consolidated Financial Statement disclosures.\n\n3.     Fair Value of Financial Instruments\n\nThe Company applies the provisions of FASB Codification 820, Fair Value Measurements (“ASC 820”) for its financial assets and liabilities that are re-measured and reported at fair value each reporting period and the non-financial assets and liabilities that are re-measured and reported at fair value on a non-recurring basis. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. Financial assets and liabilities are categorized within the valuation hierarchy based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows:\n\n10\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nLevel 1Quoted prices in active markets for identical assets or liabilities.\n\nLevel 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.\n\nLevel 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.\n\nIn accordance with the fair value hierarchy, the following tables show the fair value as of March 31, 2026 and December 31, 2025 of those financial assets and liabilities that are measured at fair value on a recurring basis, according to the valuation techniques the Company used to determine their fair value.\n\n(in thousands)Quoted Prices in\nActive Markets\n(Level 1)Other Observable\nInputs (Level 2)Unobservable\nInputs (Level 3)Fair Value\n\nAs of March 31, 2026:\n\nAssets:\n\nCash equivalents:\n\nMoney market funds$13,947 $— $— $13,947 \n\nTotal assets at fair value$13,947 $— $— $13,947 \n\nLiabilities:\n\nWarrant liability$— $— $1,897 $1,897 \n\nTotal liabilities at fair value$— $— $1,897 $1,897 \n\n    \n\nThe Company concluded that the January 2026 Series A Common Warrants, January 2026 Series B Common Warrants, and January 2026 Series C Common Warrants issued in connection with the January 2026 PIPE Financing were required to be initially classified as liabilities and the January 2026 Series B Common Warrants were classified as liabilities as of the reporting date. The Company recorded the fair value of these warrants upon issuance using the Black-Scholes valuation model and revalues the warrants at each reporting date with any changes in fair value recorded to the Condensed Consolidated Statement of Operations. See Note 7, \"Stockholders' Equity\", for further discussion on the warrant liability.\n\n(in thousands)Quoted Prices in\nActive Markets\n(Level 1)Other Observable\nInputs (Level 2)Unobservable\nInputs (Level 3)Fair Value\n\nAs of December 31, 2025:\n\nCash equivalents:\n\nMoney market funds$4,006 $— $— $4,006 \n\nTotal$4,006 $— $— $4,006 \n\n4.     Accrued Liabilities\n\nAccrued liabilities consisted of the following:\n\n(in thousands)March 31, 2026December 31, 2025\n\nEmployee related$1,352 $1,623 \n\nResearch and development4,675 4,706 \n\nProfessional and legal884 932 \n\nOther92 13 \n\nTotal$7,003 $7,274 \n\n    \n\n5.     Lease\n\nThe Company has a single lease for real estate, including laboratory and office space, and certain equipment, in Lexington, Massachusetts which commenced on May 1, 2020. The lease will expire on April 30, 2027.\n\n11\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nAs of March 31, 2026, the Company had an operating lease liability of $1.3 million and related right-of-use asset of $1.6 million related to its operating lease. As of December 31, 2025, the Company had an operating lease liability of $1.6 million and related right-of-use asset of $1.9 million related to its operating lease.\n\nThe Company recorded lease cost of $0.4 million for each of the three months ended March 31, 2026 and 2025. The Company paid $0.3 million and $0.4 million in rent during the three months ended March 31, 2026 and 2025, respectively. The discount rate associated with the Company’s right-of-use asset is 10%.\n\n6.     Research and Development Collaborations\n\n(a)Aurigene\n\nThe Company is party to an exclusive collaboration agreement with Aurigene for the discovery, development and commercialization of small molecule compounds in the areas of immuno-oncology and selected precision oncology targets. Under the collaboration agreement, Aurigene granted the Company an option to obtain exclusive, royalty-bearing licenses to relevant Aurigene technology to develop, manufacture and commercialize products containing certain of such compounds anywhere in the world, except for India and Russia, which are territories retained by Aurigene. Additionally, Aurigene retains the rights to develop and commercialize CA-170 worldwide, and the Company is entitled to receive royalty payments on potential future sales of CA-170 at percentage rates ranging from the high single digits up to 10%, subject to specified reductions.\n\nAs of March 31, 2026, the Company has licensed the following programs under the collaboration:\n\n1.IRAK4 Program - a precision oncology program of small molecule inhibitors of IRAK4. The development candidate is emavusertib.\n\n2.PD1/TIM3 Program - an immuno-oncology program of small molecule antagonists of PD1 and TIM3 immune checkpoint pathways. The development candidate is CA-327.\n\n3.An immuno-oncology program.\n\nFor each of the IRAK4, PD1/TIM3, and the immuno-oncology program, the Company is obligated to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize at least one product in each of the U.S., specified countries in the European Union and Japan. Aurigene is obligated to use commercially reasonable efforts to perform its obligations under the development plan for its licensed programs.\n\nFor each of the IRAK4, PD1/TIM3, and the immuno-oncology program, the Company has remaining unpaid or unwaived payment obligations of $42.5 million per program, related to regulatory approval and commercial sales milestones, plus specified additional payments for approvals for additional indications, if any.\n\n(b)Genentech\n\nIn June 2003, the Company licensed its proprietary Hedgehog pathway antagonist technologies to Genentech for human therapeutic use. Erivedge is being commercialized by Genentech in the U.S. and by Genentech’s parent company, Roche, outside of the U.S. for the treatment of advanced BCC.\n\nIn November 2025, the Company sold Erivedge to TPC Investments Royalty LLC, a limited liability company managed by Oberland Capital Management, LLC. Following the sale of Erivedge, the Company is no longer entitled to revenues under the Genentech License Agreement.\n\nPursuant to the collaboration agreement, the Company was entitled to a royalty on net sales of Erivedge that ranged from 5% to 7.5%. The royalty rate applicable to Erivedge was decreased by 2% on a country-by-country basis in certain specified circumstances. The Company recognized $2.4 million in royalty revenues under the Genentech collaboration during the three months ended March 31, 2025. Cost of royalties comprised payments to university licensors and was not material for the three months ended March 31, 2025. Prior to the sale of Erivedge, a significant portion of royalty revenues received from Genentech on net sales of Erivedge was paid to Oberland pursuant to the Oberland Purchase Agreement.\n\n12\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\n7.     Stockholders' Equity\n\n(a)Charter Amendment\n\nIn March 2026, the Company's stockholders approved an increase to the number of authorized shares of its common stock from 68,343,750 shares to 283,757,150 shares.\n\n(b)Sales Agreement with Cantor Fitzgerald & Co. and JonesTrading Institutional Services LLC\n\nIn February 2024, the Company entered into an amended and restated sales agreement with Cantor Fitzgerald & Co. (“Cantor”) and JonesTrading Institutional Services LLC (“JonesTrading”) (the “2024 Sales Agreement”). Pursuant to the 2024 Sales Agreement, the Company can sell from time to time up to $100.0 million shares of the Company’s common stock through an “at-the-market offering” program under which Cantor and JonesTrading act as sales agents. The aggregate compensation payable to each of Cantor and JonesTrading is 3% of the gross proceeds from sales of the common stock sold by Cantor or JonesTrading, as applicable.\n\nThe Company did not sell any shares of common stock under the 2024 Sales Agreement during both the three months ended March 31, 2026 and 2025. As of March 31, 2026, $98.8 million of shares of common stock remained available for sale under the 2024 Sales Agreement. On July 1, 2025, the Company notified Cantor and JonesTrading that it terminated the prospectus, dated April 12, 2024, related to the 2024 Sales Agreement. On August 8, 2025, the Company filed a new prospectus relating to the shares of common stock to be issued and sold pursuant to the 2024 Sales Agreement. As long as the Company’s public float is under $75.0 million, it is restricted from selling shares of its common stock under its shelf registration statement on Form S-3, including those sold under the 2024 Sales Agreement to an amount, in aggregate, that is no more than one-third of the Company’s public float during the 12 month period immediately prior to, and including, any such sale.\n\n(c)October 2024 Offerings\n\nIn October 2024, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold: (i) in a registered direct offering, 2,398,414 shares of the Company's common stock and (ii) in a concurrent private placement, warrants to purchase up to an aggregate of 2,398,414 shares of the Company's common stock (the “October 2024 Common Warrants”), at an exercise price of $4.92 per share. The registered direct offering and concurrent private placement are collectively referred to as the “October 2024 Offerings”. The October 2024 Common Warrants were exercisable immediately upon closing on October 30, 2024 and will expire five years following the issuance date. The combined purchase price for one share of common stock and the associated October 2024 Common Warrant was $5.045. The net proceeds to the Company from the October 2024 Offerings were approximately $10.8 million, excluding the proceeds from any exercise of the October 2024 Common Warrants.\n\nThe Company concluded the October 2024 Common Warrants meet the equity scope exception under ASC 815-40. The total net proceeds were allocated to the common stock and the October 2024 Common Warrants based on the relative fair value. The relative fair value of the common stock and October 2024 Common Warrants were $6.0 million and $4.8 million, respectively.\n\n(d)March 2025 Offerings\n\nIn March 2025, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold: (i) in a registered direct offering, 1,974,432 shares of the Company’s common stock and (ii) in a concurrent private placement, (a) in lieu of shares to certain investors, pre-funded warrants to purchase up to an aggregate of 2,184,009 shares of common stock (the “March 2025 Pre-Funded Warrants”), at an exercise price of $0.01 per share, and (b) warrants to purchase up to an aggregate of 8,316,882 shares of common stock (the “March 2025 Common Warrants”), at an exercise price of $2.41 per share. The March 2025 Pre-Funded Warrants and the March 2025 Common Warrants are collectively referred to as “March 2025 Warrants”. The registered direct offering and concurrent private placement are collectively referred to as the “March 2025 Offerings”. Each March 2025 Pre-Funded Warrant was exercisable immediately upon issuance and continuing through and including the date the March 2025 Pre-Funded Warrant is exercised in full. Each March 2025 Common Warrant was exercisable beginning on the effective date of stockholder approval of the issuance of the shares of common stock upon exercise of the March 2025 Common Warrants, which occurred on May 20, 2025, and has a term of five years from the date of issuance. The combined purchase price for one share of the Company's common stock and the associated March 2025 Common Warrant was $2.41. The combined purchase price for one March 2025 Pre-Funded Warrant and the associated March 2025 Common Warrant was $2.40. The net proceeds to the Company from the March 2025 Offerings were approximately $8.8 million, excluding the proceeds from any exercise of the March 2025 Warrants.\n\n13\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nThe Company concluded that both the March 2025 Pre-Funded Warrants and the March 2025 Common Warrants meet the equity scope exception under ASC 815-40. The total net proceeds were allocated to common stock, March 2025 Pre-Funded Warrants, and March 2025 Common Warrants based on their relative fair values. The relative fair value of the common stock, March 2025 Pre-Funded Warrants, and March 2025 Common Warrants were $2.2 million, $2.4 million, and $4.2 million, respectively.\n\nDuring the three months ended March 31, 2026, 764,000 shares of common stock were issued upon the exercise of March 2025 Pre-Funded Warrants.\n\n(e)July 2025 Offerings\n\nIn July 2025, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold: (i) in a registered direct offering, 1,538,460 shares of the Company's common stock and (ii) in a concurrent private placement, (a) in lieu of shares to certain investors, pre-funded warrants to purchase up to an aggregate of 1,538,461 shares of common stock (the “July 2025 Pre-Funded Warrants”), at an exercise price of $0.01 per share, and (b) warrants to purchase up to an aggregate of 3,076,921 shares of common stock (the “July 2025 Common Warrants”), at an exercise price of $2.15 per share. The July 2025 Pre-Funded Warrants and the July 2025 Common Warrants are collectively referred to as “July 2025 Warrants”. The registered direct offering and concurrent private placement are collectively referred to as the “July 2025 Offerings”. Each July 2025 Pre-Funded Warrant was exercisable immediately upon issuance and continuing through and including the date the July 2025 Pre-Funded Warrant is exercised in full. Each July 2025 Common Warrant was exercisable immediately upon issuance and has a term of five years from the date of issuance. The combined purchase price for one share of the Company's common stock and the associated July 2025 Common Warrant was $2.275. The combined purchase price for one July 2025 Pre-Funded Warrant and the associated July 2025 Common Warrant was $2.265. The net proceeds to the Company from the July 2025 Offerings were approximately $6.1 million, excluding the proceeds from any exercise of the July 2025 Warrants.\n\nThe Company concluded that both the July 2025 Pre-Funded Warrants and the July 2025 Common Warrants meet the equity scope exception under ASC 815-40. The total net proceeds were allocated to common stock, July 2025 Pre-Funded Warrants, and July 2025 Common Warrants based on their relative fair values. The relative fair value of the common stock, July 2025 Pre-Funded Warrants, and July 2025 Common Warrants were $1.8 million, $1.8 million, and $2.5 million, respectively.\n\n(f)January 2026 PIPE Financing\n\nIn January 2026, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold: an aggregate of (i) 20,195 shares of its Series B convertible non-redeemable preferred stock, par value $0.01 per share (the “January 2026 Series B Preferred Stock”), (ii) Series A warrants (the “January 2026 Series A Common Warrants”) to purchase 26,926,675 shares of the Company’s common stock (or, in certain circumstances, pre-funded warrants to purchase shares of Common Stock (the “January 2026 Pre-Funded Warrants”), (iii) Series B warrants (the “January 2026 Series B Common Warrants”) to purchase 26,926,675 shares of common stock (or, in certain circumstances, January 2026 Pre-Funded Warrants) and (iv) Series C warrants to purchase 26,926,675 shares of common stock (or, in certain circumstances, January 2026 Pre-Funded Warrants) (the “January 2026 Series C Common Warrants” and, together with the January 2026 Series A Common Warrants and the January 2026 Series B Common Warrants, the “January 2026 Warrants”) in a private placement (the “January 2026 PIPE Financing”). Each share of January 2026 Series B Preferred Stock was sold together with a January 2026 Series A Common Warrant to purchase 1,333.33 shares of common stock, a January 2026 Series B Common Warrant to purchase 1,333.33 shares of common stock and a January 2026 Series C Common Warrant to purchase 1,333.33 shares of common stock (collectively, a “Security”). The Securities were sold at a purchase price of $1,000.00 per Security. The January 2026 Warrants each have an exercise price of $0.75 per share, subject to conditions defined in the financing agreement as described below with respect to the January 2026 Series B Common Warrants, and have the following termination conditions:\n\n•Series A Common Warrants terminate on January 8, 2031;\n\n•Series B Common Warrants terminate 30 days after the Company announces dosing of the fifth patient in the Phase 2 clinical trial in CLL, subject to conditions defined in the financing agreement, as described below; and\n\n•Series C Common Warrants terminate on July 8, 2027.\n\nOn March 17, 2026, Curis stockholders approved (i) an increase in the number of authorized shares of common stock and (ii) the issuance of shares of common stock upon the conversion of the January 2026 Series B Preferred Stock and upon the exercise of the January 2026 Common Warrants in accordance with the listing rules of the Nasdaq Stock Market. On March 20, 2026 each outstanding share of Series B Preferred Stock was automatically converted into 1,333.33 shares of common stock\n\n14\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\n(the “Automatic Conversion”), subject to the terms of the Certificate of Designations and subject to the applicable Beneficial Ownership Limitations (as defined below). The “Beneficial Ownership Limitations” prohibit the conversion of shares of January 2026 Series B Preferred Stock into common stock in the Automatic Conversion to the extent that, after giving effect to the Automatic Conversion, a purchaser would beneficially own more than a percentage specified by each such purchaser (initially, 4.99%, 9.99% or 19.99%) of the total number of shares of common stock outstanding immediately after giving effect to such conversion. Instead, with respect to any shares of January 2026 Series B Preferred Stock that were not converted in the Automatic Conversion (the “Unconverted Preferred”), the Company issued such purchaser a January 2026 Pre-Funded Warrant exercisable for the number of shares of its common stock equal to the common stock issuable upon conversion of the Unconverted Preferred, subject to the terms and conditions of the Pre-Funded Warrant. The Company issued 26,243,754 shares of common stock and 682,921 January 2026 Pre-Funded Warrants as a result of the Automatic Conversion.\n\nThe Company received initial gross proceeds from the offering of $20.2 million, before deducting approximately $1.6 million in aggregate issuance costs related to the offering, which consisted of placement agent fees and offering expenses payable by the Company for net proceeds of approximately $18.6 million, excluding the proceeds from any exercise of the January 2026 Warrants.\n\nThe Company determined the classification of each warrant based on the guidance in ASC 480 and ASC 815. At the January 2026 issuance date, the Company concluded that the January 2026 Warrants are required to be initially classified as liabilities as the Company did not have sufficient authorized and unissued shares to settle the warrants, which precludes equity classification under ASC 815-40. In addition, the January 2026 Series B Common Warrants did not meet the equity scope exception under ASC 815-40 due to the exercise price reset feature described below. The January 2026 Series B Preferred Stock was classified as mezzanine equity.\n\nThe Company estimated the fair value of each instrument on the date of issuance as follows: $8.2 million for the Series A Common Warrants, $3.7 million for the Series B Common Warrants, and $5.9 million for the Series C Common Warrants, with the remaining $2.5 million of gross proceeds assigned to the Series B Preferred Stock. In estimating the fair values of the January 2026 Warrants at issuance, the Company assumed that it was more likely than not, or 51% probable, that the Company’s stockholders would approve both an increase in the number of authorized shares of common stock and the issuance of shares of common stock upon the exercise of the January 2026 Warrants in accordance with Nasdaq Listing Rules 5635(c) and (d). The Company assigned the issuance costs to the financial instruments in a manner consistent with the proceeds. The Company expensed approximately $1.4 million in issuance costs for the common stock warrants that are classified as liabilities during the three months ended March 31, 2026. The Company recorded approximately $0.2 million in issuance costs as a reduction to additional paid in capital on the Condensed Consolidated Balance Sheets for the Series B Preferred Stock that was classified as mezzanine equity.\n\nFollowing stockholder approval of the increase in authorized shares on March 17, 2026, the Company reassessed the classification of the warrants and concluded the January 2026 Series A Common Warrants and January 2026 Series C Common Warrants met the equity scope exception under ASC 815-40. The Company estimated the fair value of the January 2026 Series A Common Warrants and the January 2026 Series C Common Warrants as of the reclassification date to be $16.7 million and $11.9 million, respectively, and recognized a loss of $14.5 million related to the change in fair value of the January 2026 Series A Common Warrants and the January 2026 Series C Common Warrants between the date that the warrants were issued and the date that the warrants were reclassified to equity as a component of other expense, net within the Condensed Consolidated Statements of Operations.\n\nThe January 2026 Series B Common Warrants will terminate upon the 30th calendar day following the date on which the Company publicly announces that the fifth patient has been dosed in the Company’s Phase 2 clinical trial of emavusertib in combination with an approved Bruton Tyrosine Kinase Inhibitor in chronic lymphocytic leukemia (the “Initial Termination Date”). If the closing sale price of the Company’s common stock at the Initial Termination Date is below the exercise price of $0.75 per share, such exercise price will be reset to the closing sale price of the Company’s common stock on the Initial Termination Date (provided that the exercise price will not be reduced to less than 50% of the initial exercise price) and the Initial Termination Date will be extended an additional 30 days. The January 2026 Series B Common Warrants did not meet the equity scope exception due to the exercise price reset feature and will continue to be liability-classified until the warrants are exercised or expire. During the three months ended March 31, 2026, the Company recognized a gain of $1.8 million, related to the change in fair value of the January 2026 Series B Common Warrants, which is recorded as a component of other expense, net on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2026.\n\nThe Company concluded the January 2026 Pre-Funded Warrants issued in connection with the Automatic Conversion were classified as equity. The $2.5 million originally assigned to the Series B Preferred Stock was allocated to the common stock and January 2026 Pre-Funded Warrants as follows: $2.4 million to the common stock and $0.1 million to the January 2026 Pre-Funded Warrants.\n\n15\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nThe Company calculated the fair value of the October 2024 Common Warrants, March 2025 Common Warrants, July 2025 Common Warrants, and January 2026 Common Warrants using the Black-Scholes option pricing model with the following weighted average inputs:\n\nJanuary 2026 Series B Common Warrants\n\nas of March 31, 2026\nJanuary 2026 Series A and C Common Warrants\nas of March 17, 2026 (reclassification date)January 2026 Series A, B, and C Common Warrants\nas of January 8, 2026 (issuance date)July 2025 Common Warrants\nas of July 3, 2025 (issuance date)March 2025 Common Warrants\nas of March 31, 2025 (issuance date)October 2024 Common Warrants\nas of October 28, 2024 (issuance date)\n\nStock price$0.45$0.89$0.84$2.15$2.41$4.92\n\nExercise price$0.57$0.75$0.74$2.15$2.41$4.92\n\nExpected term (years)0.202.662.354.051.814.78\n\nRisk-free interest rate3.2%3.7%3.6%3.9%4.1%4.1%\n\nExpected volatility71%100%94%109%105%117%\n\nExpected dividend yieldNoneNoneNoneNoneNoneNone\n\nThe following table summarizes the changes in the fair value of warrant liabilities, which were classified as Level 3 within fair value hierarchy:\n\nJanuary 2026 Series A Common WarrantsJanuary 2026 Series B Common WarrantsJanuary 2026 Series C Common WarrantsTotal Level 3 Financial Liabilities\n\nBalance, as of December 31, 2025$— $— $— $— \n\nInitial fair value of warrant liabilities8,169 3,652 5,918 17,739 \n\nChange in fair value of warrant liability8,536 (1,755)5,976 12,757 \n\nReclassification of warrant liabilities to equity(16,705)— (11,894)(28,599)\n\nBalance, as of March 31, 2026$— $1,897 $— $1,897 \n\n(g)Common Stock Exchange\n\nIn April 2026, the Company exchanged with a shareholder 1,000,000 shares of the Company’s common stock, par value $0.01 per share for pre-funded warrants to purchase 1,000,000 shares of the Company common stock.\n\n8.     Stock Plans and Stock-Based Compensation\n\nAs of March 31, 2026, the Company had three stockholder-approved, stock-based compensation plans: (i) the 2026 Incentive Plan (“2026 Plan”), (ii) the Fifth Amended and Restated 2010 Stock Incentive Plan, as amended (“2010 Plan”), and (iii) the Amended and Restated 2010 Employee Stock Purchase Plan (“ESPP”). New employees are generally issued options as an inducement equity award under Nasdaq Listing Rule 5635(c)(4) outside of the 2010 Plan (“Inducement Awards”).\n\n16\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\n2026 Stock Incentive Plan\n\nIn March 2026, the Company’s stockholders approved the Company’s 2026 Plan under which awards may be made for up to a number of shares of common stock equal to the sum of: (i) 6,407,374 shares of common stock; (ii) such additional number of shares of common stock (up to 3,474,867 shares) as is equal to the number of shares of Common Stock reserved for issuance under the 2010 Stock Incentive Plan (“2010 Plan”) that remain available for grant under the 2010 Plan immediately prior to the date that the 2026 Plan is approved by the Company’s stockholders (the “Effective Date”), or March 17, 2026, and the number of shares of common stock subject to awards granted under the 2010 Plan and the number of shares subject to awards granted under the inducement grant exception under Nasdaq Stock Market Rule 5635(c)(4) (“Inducement Awards”), in each case, that are outstanding as of the Effective Date and which awards expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right, and subject to the terms of the 2026 Plan; and (iii) an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2027 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2036, equal to the lesser of (i) 5% of the sum of (a) the number of outstanding shares of common stock on such date, (b) the number of shares of common stock issuable upon conversion of any outstanding shares of convertible preferred stock of the Company (without giving effect to any restrictions or limitations on conversion) on such date, (c) the number of shares of common stock issuable upon the exercise of pre-funded warrants (without giving effect to any restrictions or limitations on conversion) issued by the Company as of such date, and (d) the number of shares subject to outstanding awards granted under the 2010 Plan, the 2026 Plan or as Inducement Awards as of such date and (ii) an amount determined by the board of directors. Awards in the form of incentive stock options may be granted with respect to a maximum 25,000,000 shares of common stock under the 2026 Plan.\n\nThe 2026 Plan permits the granting of incentive and non-qualified stock options and stock awards to employees, officers, directors, and consultants of the Company and its subsidiary at prices determined by the Company’s board of directors. As of March 31, 2026, the Company has not granted options or stock awards under the 2026 Plan. As of March 31, 2026, 7,409,891 shares remained available for grant under the 2026 Plan.\n\nThe Fifth Amended and Restated 2010 Stock Incentive Plan, as amended\n\nThe 2010 Plan permits the granting of incentive and non-qualified stock options and stock awards to employees, officers, directors, and consultants of the Company and its subsidiary at prices determined by the Company’s board of directors. The Company can issue up to 3,356,600 shares of its common stock pursuant to awards granted under the 2010 Plan. Options vest and become exercisable based on a schedule determined by the board of directors and expire up to ten years from the date of grant. The 2010 Plan uses a “fungible share” concept under which each share of stock subject to awards granted as options and stock appreciation rights (“SARs”) will cause one share per share under the award to be removed from the available share pool, while each share of stock subject to awards granted as restricted stock, restricted stock units, other stock-based awards or performance awards where the price charged for the award is less than 100% of the fair market value of the Company’s common stock will cause 1.3 shares per share under the award to be removed from the available share pool.\n\nFollowing approval of the 2026 Plan, no additional awards will be made under the 2010 Plan, although all outstanding awards under the 2010 Plan will remain in effect. During the three months ended March 31, 2026, and prior to the approval of the 2026 Plan, no options or stock awards were granted under the 2010 Plan.\n\nInducement Awards\n\nThe Company grants Inducement Awards to certain new employees. These options generally vest as to 25% of the shares underlying the option on the first anniversary of the grant date, and as to an additional 6.25% of the shares underlying the option on each successive quarter thereafter. These options are granted at an exercise price that equals the closing market price of the Company’s common stock on the grant date. During the three months ended March 31, 2026, no Inducement Awards were granted.\n\n17\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nStock Options\n\nA summary of stock option activity under the 2026 Plan, 2010 Plan, and Inducement Awards are summarized as follows:\n\nNumber of\nSharesWeighted\nAverage\nExercise\nPrice per\nShareWeighted\nAverage\nRemaining Contractual LifeAggregate Intrinsic Value\n\nOutstanding, December 31, 20252,429,064 $16.59 7.80$— \n\nGranted— — \n\nExercised— — \n\nCanceled/Forfeited(101,599)37.64 \n\nOutstanding, March 31, 2026\n2,327,465 $15.67 7.40$— \n\nExercisable at March 31, 2026\n1,164,823 $28.71 6.02$— \n\nVested and unvested expected to vest at March 31, 2026\n2,327,465 $15.67 7.40$— \n\nThe weighted average grant date fair value of the stock options granted during the three months ended March 31, 2025 was $2.67 and was calculated using the following estimated assumptions under the Black-Scholes option pricing model:\n\nThree Months Ended March 31,\n\n 2025\n\nExpected term (years) 6.0\n\nRisk free interest rate\n4.4%\n\nExpected volatility\n113%\n\nExpected dividendsNone\n\nAs of March 31, 2026, there was $3.3 million of unrecognized compensation cost related to unvested employee stock option awards outstanding, which is expected to be recognized as expense over a weighted average period of 2.3 years. There were no employee stock options exercised during each of the three months ended March 31, 2026 and 2025.\n\nRestricted Stock Awards\n\nThere were no restricted stock awards outstanding as of March 31, 2026 and no restricted stock awards vested during each of the three months ended March 31, 2026 and 2025.\n\nRestricted Stock Units\n\nThe following table presents a summary of RSUs under the 2010 Plan as of March 31, 2026:\n\nNumber of SharesWeighted Average Grant Date Fair Value\n\nUnvested, December 31, 2025257,400 $3.13 \n\nAwarded— — \n\nVested(64,350)3.13 \n\nForfeited(44,700)3.13 \n\nUnvested, March 31, 2026\n148,350 $3.13 \n\nAs of March 31, 2026, there was $0.4 million of unrecognized compensation costs related to RSUs, which are expected to be recognized as expense over a remaining weighted average period of 2.8 years. The fair value of RSUs that vested during the three months ended March 31, 2026 was $0.1 million.\n\n18\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\nAmended and Restated 2010 Employee Stock Purchase Plan\n\nThe Company has reserved 500,000 shares of common stock for issuance under the ESPP. Eligible employees may purchase shares of the Company’s common stock at 85% of the lower closing market price of the common stock at the beginning of the enrollment period or ending date of the purchase period within a two-year enrollment period, as defined. The Company has four six-month purchase periods per each two-year enrollment period. If, within any one of the four purchase periods in an enrollment period, the purchase period ending stock price is lower than the stock price at the beginning of the enrollment period, the two-year enrollment resets at the new lower stock price. No shares were issued under the ESPP during the three months ended March 31, 2026 and 2025. As of March 31, 2026, there were 357,814 shares available for future purchase under the ESPP.\n\nStock-Based Compensation Expense\n\nFor the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense to the following line items in its costs and expenses section of the Condensed Consolidated Statements of Operations and Comprehensive Loss:\n\n Three Months Ended March 31,\n\n(in thousands)20262025\n\nResearch and development$229 $592 \n\nGeneral and administrative346 572 \n\nTotal stock-based compensation expense$575 $1,164 \n\n9.     Loss Per Common Share\n\nBasic and diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is the same as basic net loss per common share for the three months ended March 31, 2026 and 2025, because the effect of adjusting the weighted average number of common shares outstanding during the period for the potential dilutive effect of common stock equivalents would be antidilutive due to the Company’s net loss position for these periods. The 515,754 shares of common stock underlying the outstanding March 2025 Pre-Funded Warrants, the 1,538,461 shares of common stock underlying the outstanding July 2025 Pre-Funded Warrants, and the 682,921 shares of common stock underlying the outstanding January 2026 Pre-Funded Warrants have been included in the weighted-average number of shares of common stock used to calculate net loss per share, basic and diluted, attributable to common stockholders because the shares may be issued for little or no consideration, they are fully vested, and the March 2025 Pre-Funded Warrants, the July 2025 Pre-Funded Warrants, and the January 2026 Pre-Funded Warrants are immediately exercisable upon their issuance date.\n\nThe following common stock equivalents were excluded from the calculation of diluted net loss per share applicable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:\n\n As of March 31, 2026:\n\n 20262025\n\nAnti-dilutive common stock equivalents:\n\nOctober 2024 Common Warrants2,398,4142,398,414 \n\nMarch 2025 Common Warrants8,316,8828,316,882 \n\nJuly 2025 Common Warrants3,076,921— \n\nJanuary 2026 Series A Common Warrants26,926,675— \n\nJanuary 2026 Series B Common Warrants26,926,675— \n\nJanuary 2026 Series C Common Warrants26,926,675— \n\nStock options outstanding2,327,4651,595,263\n\nUnvested RSAs— 40,137\n\nUnvested RSUs148,350330,500 \n\nTotal anti-dilutive common stock equivalents97,048,05712,681,196\n\n19\n\n[Table of Contents](#i2621f2261d0947219f20d80a82cf8e90_7)\n\n10.     Segment Information\n\nThe Company has determined that it operates in a single reportable segment, which is the research and development of innovative drug candidates for the treatment of human cancer. Resources are allocated and performance is assessed by the Company's President and Chief Executive Officer, whom the Company has determined to be its Chief Operating Decision Maker (CODM).\n\nThe CODM considers actual operating results on an annual basis or as needed on a consolidated basis, including consolidated net loss, when making decisions about allocating capital and personnel to the segment in the annual budgeting and forecasting process, which includes comparison of budget to actual and current period to prior period variances. The CODM assesses performance for the operating segment and decides, in part, how to allocate resources based on net loss that also is reported on the Condensed Consolidated Statement of Operations as net loss. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets. The Company’s long-lived assets are located in the United States.\n\nIn addition to the significant categories included within net loss presented on the Company's Condensed Consolidated Statement of Operations, the following table is representative of the significant expense categories for the three months ended March 31, 2026 and 2025, including a reconciliation to Net loss:\n\nThree Months Ended March 31,\n\n20262025\n\nRevenues, net$— $2,380 \n\nDirect research and development3,652 4,997 \n\nResearch and development employee related2,499 3,130 \n\nGeneral and administrative employee related1,767 1,884 \n\nProfessional, legal, and consulting2,616 1,263 \n\nChange in fair value of warrant liability12,757 — \n\nOther segment items (1)\n908 1,722 \n\nNet loss$24,199 $10,616 \n\n(1) Other segment items for the three months ended March 31, 2026 include facility related costs, insurance costs, and interest income. Other segment items for the three months ended March 31, 2025 include cost of royalties, facility related costs, insurance costs, expense related to the sale of future royalties, and interest income."}