Curis, Inc. (CRIS): Business Model Canvas [Dec-2025 Updated]

You're looking past the press releases to map out exactly how Curis, Inc. is funding its next big oncology breakthrough, and frankly, it's a classic biotech balancing act. The entire model hinges on advancing emavusertib, a novel IRAK4 inhibitor, while the current lifeline is the \$8.3 million in royalty revenue earned from Erivedge sales through the third quarter of 2025. Here's the quick math: they spent \$22.4 million on R&D over those nine months, leaving them with \$9.1 million in cash as of September 30, 2025, which only covers operations into Q1 2026. This Business Model Canvas lays out the precise partnerships, costs, and value propositions Curis, Inc. is using to navigate this critical, high-stakes period; check out the details below to see the full picture.

Curis, Inc. (CRIS) - Canvas Business Model: Key Partnerships

You're looking at the external relationships that fuel Curis, Inc.'s operations, especially the ones bringing in cash flow and advancing the pipeline. These partnerships are critical because, honestly, the company's cash position as of September 30, 2025, was $9.1 million, which they believe supports operations into the first quarter of 2026.

Aurigene Discovery Technologies: Exclusive license for emavusertib (CA-4948) development.

• Curis holds the exclusive license for emavusertib (CA-4948) via a collaboration agreement established in 2015 with Aurigene Discovery Technologies Limited.
• This collaboration also covered the discovery, development, and commercialization of small molecule compounds in immuno-oncology and precision oncology.
• Curis licensed three programs under this collaboration, including emavusertib.

Genentech/Roche: Commercialization and sales of the approved drug Erivedge.

This is the primary revenue driver for Curis, Inc. right now, coming in as royalty payments based on Genentech/Roche's net sales of Erivedge® for advanced basal cell carcinoma. Here's a look at the royalty income reported for 2025:

The royalty rate applicable to Erivedge® net sales ranges from 5% to 7.5% globally. The rate can be decreased by 2% on a country-by-country basis if a competing product targeting the same molecular target is approved.

National Cancer Institute (NCI): Cooperative Research and Development Agreement (CRADA) for emavusertib.

• Curis has a Cooperative Research and Development Agreement (CRADA) in place with the National Cancer Institute (NCI).
• The company notes that there is no guarantee the CRADA with NCI will continue for its full term.

Academic/Clinical Centers: Collaboration on Investigator-Sponsored Trials (ISTs) for pipeline expansion.

Curis actively collaborates with academic institutions to advance emavusertib across multiple indications. The progress is being showcased at major medical meetings:

• Patient enrollment is ongoing for the TakeAim Lymphoma study to support accelerated approval filings in the US and EU for Primary CNS Lymphoma (PCNSL).
• Curis planned to present three posters at the 30th Annual Meeting of the Society for Neuro-Oncology (SNO) from November 19-23, 2025.
• Initial data from the frontline AML triplet study (emavusertib, venetoclax, and azacitidine) was expected to be presented at the 67th American Society of Hematology (ASH) annual meeting in December 2025.
• The protocol for a Phase 2 study of emavusertib + BTKi in Chronic Lymphocytic Leukemia (CLL) patients was filed with the FDA, with patient enrollment anticipated in late Q4 2025 or early Q1 2026.

Finance: draft 13-week cash view by Friday.

Curis, Inc. (CRIS) - Canvas Business Model: Key Activities

You're managing a biotech portfolio, so you know the Key Activities are where the cash burn meets the potential payoff. For Curis, Inc. (CRIS) as of late 2025, this is all about pushing emavusertib through the clinic and managing the associated costs.

Clinical Development

The core activity is advancing emavusertib (CA-4948), the orally available IRAK4 and FLT3 inhibitor, across its key indications. This requires continuous patient enrollment and data generation from multiple ongoing studies. You're tracking the TakeAim Lymphoma study (CA-4948-101) in relapsed/refractory primary central nervous system lymphoma (PCNSL) combined with the BTK inhibitor ibrutinib. Back in Q1 2025, this study showed promising early signals: in the BTKi-naïve cohort, 5 of 6 response-evaluable patients showed tumor reduction, including 1 complete response. For the BTKi-experienced group, 9 of 13 response-evaluable patients had tumor burden reductions. The company is also heavily invested in the TakeAim Leukemia study (CA-4948-102) and the frontline AML triplet study (CA-4948-104) with venetoclax and azacitidine. Initial data from that frontline triplet study was expected at the ASH annual meeting in December 2025. The cash outlay for this critical work is significant, with Research and development expenses hitting $6.4 million for the third quarter of 2025, and cumulative R&D spend reaching $22.4 million for the nine months ended September 30, 2025.

Here's a snapshot of the clinical activity focus:

Regulatory Strategy

The regulatory push centers on securing accelerated approval for emavusertib in PCNSL in both the US and the EU. This activity is directly tied to the enrollment progress in the TakeAim Lymphoma study, as the company continues to enroll patients specifically to support these registration-enabling filings. To help expedite this, emavusertib has secured Orphan Drug Designation from both the U.S. Food and Drug Administration and the European Commission for PCNSL treatment. Honestly, securing that designation is a major win for streamlining the path forward.

Research and Discovery

While emavusertib is the near-term focus, Curis, Inc. must maintain its pipeline optionality through its 2015 collaboration with Aurigene Discovery Technologies Limited. This involves early-stage development of other immuno-oncology compounds. The portfolio includes assets where Curis has the option to license compounds once a development candidate is nominated. The pipeline includes:

• Fimepinostat (HDAC/PI3K) in Clinical Activity.
• CA-170 (VISTA/PDL1) in Clinical Activity.
• CA-327 (TIM3/PDL1) at the Proof of Principle stage.

For each licensed program, Curis is obligated to use commercially reasonable efforts to commercialize at least one product in the U.S., specified EU countries, and Japan.

Intellectual Property Management

This activity is about defending the core asset, emavusertib, which Curis holds an exclusive, royalty-bearing license for from Aurigene. Maintaining and expanding patent protection is crucial for securing future revenue streams, especially given the significant investment in clinical trials. The company is focused on protecting the compound globally, with the license excluding India and Russia. The financial health supporting this activity is tight; cash and cash equivalents stood at $9.1 million as of September 30, 2025, with the company stating this should fund operations into the first quarter of 2026. You defintely need to watch for any capital raises to ensure this critical IP work continues uninterrupted.

Curis, Inc. (CRIS) - Canvas Business Model: Key Resources

You're looking at the core assets Curis, Inc. (CRIS) is relying on to drive value, which, for a biotech firm like this, means clinical assets and the cash to keep them moving. Honestly, it all boils down to that lead candidate and the runway to prove it works.

The most critical tangible resource is the capital base. As of September 30, 2025, Curis, Inc. reported \$9.1 million in cash and cash equivalents. The management team stated that this amount should fund existing operations into the first quarter of 2026. That's the clock you're watching. For context on the balance sheet at that date, the company had approximately 12.7 million shares of common stock outstanding.

Here's a quick look at the recent burn rate to put that runway into perspective:

The primary intangible resource is the drug candidate itself, emavusertib (CA-4948). This is positioned as a lead, first-in-class, orally available small molecule inhibitor targeting both IRAK4 and FLT3. Its development is central to the company's future, being evaluated across several hematologic and oncologic indications.

The intellectual property supporting emavusertib is a foundational asset. This includes patents and the exclusive license rights Curis, Inc. holds for the compound, stemming from a 2015 collaboration with Aurigene Discovery Technologies Limited. This exclusivity is what protects the potential market share if development is successful.

Regulatory advantages also form a key resource block, specifically the designations granted to emavusertib:

• Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for treatment in PCNSL, AML, and MDS.
• Orphan Drug Designation from the European Commission for treatment in PCNSL.

These designations help de-risk the development path by offering market exclusivity incentives upon approval in those specific indications. The company is actively advancing clinical studies to support potential accelerated approval filings in the US and EU for PCNSL.

Curis, Inc. (CRIS) - Canvas Business Model: Value Propositions

The value proposition for Curis, Inc. centers on delivering differentiated, targeted oral therapies for hematologic malignancies where current standards of care fall short.

Novel Mechanism of Action: First-in-class IRAK4 inhibition for hematologic malignancies.

Emavusertib (CA-4948) is positioned as a novel, highly-active IRAK4 inhibitor, which targets a key node in the innate immune system, offering a complementary pathway to existing Bruton's tyrosine kinase (BTK) inhibitors in B-cell malignancies. This mechanism is being explored across Acute Myeloid Leukemia (AML), Primary Central Nervous System Lymphoma (PCNSL), and Chronic Lymphocytic Leukemia (CLL).

The company's financial structure supports this focus, with Research and development expenses for the third quarter of 2025 reported at $6.4 million, a decrease from $9.7 million in the third quarter of 2024, reflecting a capital-efficient approach to advancing the pipeline.

Treatment for Rare Cancers: Targeting relapsed/refractory Primary Central Nervous System Lymphoma (PCNSL).

Curis, Inc. is advancing emavusertib in the TakeAim Lymphoma study for relapsed/refractory PCNSL, enrolling patients in both BTKi-experienced and BTKi-naïve cohorts to support accelerated approval filings in the US and EU. This focus on a rare cancer is supported by Orphan Drug Designation granted by both the FDA and EMA for PCNSL.

The company's financial health, as of September 30, 2025, showed cash and cash equivalents of $9.1 million, intended to support operations into early 2026 while pursuing these high-value regulatory milestones.

Potential for Time-Limited Therapy: Investigating emavusertib combination in Chronic Lymphocytic Leukemia (CLL).

For CLL patients, the combination of emavusertib with a BTK inhibitor is being investigated with the potential to enable time-limited treatment, a paradigm shift from the current requirement for life-long therapy for many patients. The company filed the protocol for a Phase 2 study in CLL, expecting to enroll the first patient in late Q4 2025 or early Q1 2026, with data anticipated at the ASH annual meeting in December 2026.

The overall financial performance in Q3 2025 showed a reduced net loss of $7.7 million compared to a loss of $10.1 million in Q3 2024, indicating improved financial management alongside clinical progress.

Orally Available Therapy: Convenience of an oral small molecule versus IV treatments.

Emavusertib is an orally available, small molecule inhibitor, offering significant convenience over intravenous (IV) treatments. This oral format is a key differentiator for patient compliance and ease of administration, especially in chronic or relapsed/refractory settings.

The company's revenue stream, which supports ongoing development, is primarily royalty revenue from Genentech/Roche's sales of Erivedge®, totaling $3.2 million in Q3 2025.

Here is a quick look at the recent financial performance supporting the ongoing development:

The stock traded around $1.50 following the Q3 2025 earnings release.

The key value drivers for Curis, Inc. as of late 2025 include:

• IRAK4 inhibition as a novel mechanism.
• Orphan Drug Designation in PCNSL.
• Potential for time-limited therapy in CLL.
• Oral small molecule formulation.

Finance: draft 13-week cash view by Friday.

Curis, Inc. (CRIS) - Canvas Business Model: Customer Relationships

You're looking at how Curis, Inc. manages its key external relationships, which are critical for its drug development pipeline and royalty revenue stream. It's a mix of high-touch clinical collaboration, necessary financial transparency, and managing long-term strategic alliances.

Direct Clinical Engagement

Direct engagement centers on the clinical trial sites running studies for emavusertib (CA-4948). This involves close work with investigators to ensure protocol adherence and patient safety across indications like Primary CNS Lymphoma (PCNSL), Chronic Lymphocytic Leukemia (CLL), and Acute Myeloid Leukemia (AML).

• Enrolling patients in the TakeAim Lymphoma study across BTKi-experienced and BTKi-naïve cohorts for accelerated approval filings in the US and EU.
• Filed protocol with the FDA for a Phase 2 study of emavusertib + BTKi in CLL, aiming for first patient enrollment in late Q4 2025 or early Q1 2026.
• Scheduled to present three posters at the 30th Annual Meeting of the Society for Neuro-Oncology (SNO) from November 19-23, 2025: two focused on PCNSL and one on Secondary CNS Lymphoma (SCNSL).
• Initial data from the frontline AML triplet study evaluating emavusertib, venetoclax, and azacitidine expected at the ASH annual meeting in December 2025.

Investor Relations

Keeping the investment community informed is key, especially given the cash position and ongoing development costs. You see this reflected in the cadence of their financial reporting and conference participation. Here are the hard numbers from the latest reporting period.

The company stated its existing cash and cash equivalents should fund operations into the first quarter of 2026. They hosted a conference call on November 6, 2025, to discuss these results.

Partner Management

Curis, Inc. relies heavily on two major external partners for both revenue generation and pipeline advancement. These relationships define significant portions of the company's financial outlook.

Genentech/Roche (Erivedge® Royalties):

• Revenues for the nine months ended September 30, 2025, of $8.3 million, consist of royalty revenues from Genentech/Roche's sales of Erivedge®.
• Curis is eligible to receive up to $115 million in contingent cash payments for Erivedge® development, of which $59 million has been received to date.
• Curis is also entitled to receive up to approximately $70.7 million in milestone payments based on Erivedge® sales.

Aurigene (emavusertib License):

Curis holds the exclusive license to emavusertib (CA-4948) through its 2015 collaboration agreement with Aurigene Discovery Technologies Limited. This partnership is central to the development of their lead oncology candidate.

Finance: draft 13-week cash view by Friday.

Curis, Inc. (CRIS) - Canvas Business Model: Channels

You're looking at how Curis, Inc. gets its pipeline drug data out and how it generates revenue from its partnered asset. It's a mix of clinical site activation and royalty collection, so the numbers reflect activity across both fronts.

Clinical Trial Sites: Primary channel for drug development and patient access to emavusertib.

The channel for emavusertib development relies on activating and managing clinical sites across ongoing studies in PCNSL, CLL, and AML. For the TakeAim Lymphoma study in Primary CNS Lymphoma (PCNSL), enrollment continues in both the BTKi-experienced and BTKi-naïve cohorts to support accelerated approval filings in the US and EU. The company is actively working to activate clinical sites for the new Phase 2 study of emavusertib + BTKi in Chronic Lymphocytic Leukemia (CLL), with first patient dosing expected in late Q4 2025 or early Q1 2026.

The enrollment target for the PCNSL study is to add approximately 30 to 40 additional patients over the next 12 to 18 months to support these submissions. The TakeAim Leukemia study evaluating emavusertib as a monotherapy in AML or MDS is listed as RECRUITING on clinicaltrials.gov.

Here are the key activities related to clinical site engagement and data dissemination channels:

• Enrollment target for PCNSL study: 30 to 40 additional patients.
• CLL study first patient in expected: Late Q4 2025 or early Q1 2026.
• Orphan drug designation granted by FDA and EMA in PCNSL.
• TakeAim Leukemia study (AML/MDS) is currently RECRUITING.

Scientific Presentations: Disseminating clinical data at major conferences like ASH and SNO.

Disseminating data is a critical channel for communicating clinical progress to the scientific and investment communities. Curis, Inc. reported clinical and preclinical data on emavusertib at the 30th Annual Society for Neuro-Oncology (SNO) Meeting on November 19-23, 2025. This included three presentations covering PCNSL and SCNSL data. Furthermore, initial data from the ongoing frontline AML triplet study (emavusertib, venetoclax, and azacitidine) was expected at the ASH annual meeting in December 2025. The company also presented a poster at the 2025 Annual Society of Clinical Oncology (ASCO) meeting.

The SNO 2025 presentations included specific data presentations from investigators at major centers:

Commercial Partner Network: Genentech/Roche's established global sales and distribution for Erivedge.

For Erivedge, which treats advanced basal cell carcinoma, Curis, Inc. acts as a licensor, with Genentech, a member of the Roche Group, handling the entire commercial sales and distribution channel. Curis's revenue from this channel is purely royalty-based on Genentech/Roche's sales. This provides a non-dilutive revenue stream supporting the emavusertib development efforts. The royalty revenue figures for 2025 show the direct financial output from this channel.

Here's the financial snapshot of the royalty revenue stream for the latest reported periods in 2025:

• Q3 2025 Royalty Revenue: $3.2 million.
• Nine Months Ended September 30, 2025 Royalty Revenue: $8.3 million.
• Q2 2025 Royalty Revenue: $2.7 million.
• Six Months Ended June 30, 2025 Royalty Revenue: $5.1 million.

The nine-month revenue of $8.3 million for 2025 is up from $7.6 million for the same period in 2024. That's a nice uptick in the royalty stream, showing the partner's continued commercial activity. Finance: draft 13-week cash view by Friday.

Curis, Inc. (CRIS) - Canvas Business Model: Customer Segments

You're looking at the core groups Curis, Inc. (CRIS) targets to advance its pipeline, especially emavusertib (CA-4948), an orally available, small molecule IRAK4 inhibitor. The numbers here reflect the current operational focus as of late 2025.

Oncology Key Opinion Leaders: Academic and clinical investigators running trials for hematologic cancers

Key Opinion Leaders (KOLs) are essential for driving the clinical evaluation of emavusertib across its target indications. The engagement level is directly tied to the ongoing studies, which are presenting data at major medical meetings.

• Curis, Inc. is set to present data at the 30th Annual Meeting of the Society for Neuro-Oncology (SNO) from November 19-23, 2025, showcasing 3 posters focused on PCNSL and SCNSL.
• Initial data from the frontline AML triplet study is scheduled for presentation at the 67th ASH Annual Meeting in December.
• The company has filed the protocol with the FDA for a Phase 2 study of emavusertib + BTKi in CLL patients, with site activation underway and first patient dosing expected in late Q4 2025 or early Q1 2026.
• The TakeAim Lymphoma study in PCNSL involves investigators like Dr. Christian Grommes at Memorial Sloan Kettering Cancer Center, NY, NY.

Patients with Refractory Cancers: Individuals with relapsed/refractory PCNSL, AML, and high-risk MDS

The primary customer base for the clinical development program consists of patients with limited treatment options. The focus is heavily on hematologic malignancies where emavusertib is being tested in various settings.

Here's a look at the patient populations currently under evaluation for emavusertib:

The company reported a net loss of $7.7 million for the third quarter of 2025, which funds these ongoing patient-centric trials. Cash and cash equivalents stood at $9.1 million as of September 30, 2025, expected to fund operations into early 2026.

Pharmaceutical/Biotech Partners: Companies seeking to license or co-develop novel oncology assets

Partnerships are a critical component, either through in-licensing, out-licensing, or royalty streams. Curis, Inc. has a small team of only 34 employees, making external collaborations vital for commercial reach and capital generation.

Recent activity highlights a strategic shift away from certain legacy assets:

• On November 6, 2025, Curis sold its interest in the Erivedge Business, receiving upfront consideration of $2.5 million and extinguishing future royalty liabilities.
• Prior to this sale, royalty revenues from Genentech/Roche's sales of Erivedge® contributed $3.2 million in the third quarter of 2025.
• For the first nine months of 2025, total revenues, primarily from this royalty stream, were $8.3 million.

The focus remains on advancing emavusertib, which Curis has an exclusive license for through a 2015 collaboration with Aurigene.

Finance: review Q4 2025 capital raise projections by end of January 2026.

Curis, Inc. (CRIS) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Curis, Inc.'s operations as they push emavusertib through late-stage development. For a clinical-stage biotech, the cost structure is almost entirely focused on advancing the pipeline, so the numbers reflect that heavy investment in science.

The primary cost drivers for Curis, Inc. through the first nine months of fiscal 2025 show a clear prioritization of research and development activities. These operating expenses are what you'd expect for a company focused on getting its lead candidate, emavusertib, across the finish line.

Here's a quick look at the major expenditures for the nine months ended September 30, 2025:

The R&D spend of \$22.4 million for the nine months ended September 30, 2025, is the engine room expense. This figure is down from \$29.6 million for the same period in 2024, showing some cost management, but it still represents the largest single outflow of capital. Honestly, this is where the future value of Curis, Inc. is being built.

General and Administrative (G&A) expenses totaled \$11.2 million for the same nine-month period, a reduction from the \$13.4 million reported in the prior year. This decrease was primarily attributable to lower employee-related costs.

Clinical Trial Expenses are embedded within that R&D total, but they are a critical component. These costs cover the patient enrollment and site management for the ongoing TakeAim studies, which are evaluating emavusertib across several indications. Specifically, this includes:

• Costs for the TakeAim Lymphoma study in relapsed/refractory primary central nervous system lymphoma (PCNSL) combining emavusertib with ibrutinib.
• Expenses related to the TakeAim Leukemia study in acute myeloid leukemia (AML) and high-risk myelodysplastic syndrome (hrMDS).
• Costs associated with the frontline AML triplet study evaluating emavusertib with venetoclax and azacitidine.

Regarding Licensing and Royalty Fees, Curis, Inc. maintains an exclusive, royalty-bearing license to emavusertib through its 2015 collaboration with Aurigene Discovery Technologies Limited. While the search results confirm this foundational agreement, they don't break out specific, recurring royalty payments to Aurigene as a distinct line item in the same way as R&D or G&A for the nine-month period. What is clear, however, is the structural shift in their royalty economics: Curis sold a portion of its rights to future royalty payments on Erivedge® to Oberland Capital in July 2025, which impacts their revenue stream but simplifies the liability side of the balance sheet.

To be fair, the cash position as of September 30, 2025, was \$9.1 million, which management believed would fund operations into the first quarter of 2026, underscoring the high burn rate relative to available cash, even with the cost reductions. Finance: draft 13-week cash view by Friday.

Curis, Inc. (CRIS) - Canvas Business Model: Revenue Streams

Royalty Revenue is derived from payments related to Genentech/Roche\'s worldwide commercial sales of Erivedge for advanced basal cell carcinoma. Curis licensed its rights to Genentech, a member of the Roche Group, for commercialization.

The financial performance related to this stream for the period ending September 30, 2025, is detailed below:

The contingent cash payments are tied to Genentech/Roche achieving specified clinical development and regulatory objectives for Erivedge or another small molecule Hedgehog pathway inhibitor under the original agreement, with $59.0 million received to date as of March 27, 2025.

The structure of the revenue stream related to Erivedge underwent a significant change in November 2025. On November 6, 2025, Curis sold its interest in the Erivedge royalty business to TPC Investments Royalty LLC, managed by Oberland. Following this transaction, Curis will no longer receive future royalty revenues from Erivedge.

Future Product Sales represent potential revenue upon regulatory approval and commercialization of Curis\'s proprietary drug candidate, emavusertib, an orally available, small molecule IRAK4 inhibitor.

• Emavusertib is currently being evaluated in the TakeAim Lymphoma Phase 1/2 study (CA-4948-101) for relapsed/refractory primary central nervous system lymphoma (PCNSL).
• The company is advancing clinical studies for emavusertib in chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML).
• The company expects to enroll its first patient in a Phase 2 study of emavusertib combined with a BTK inhibitor in CLL patients in late fourth quarter or early first quarter.

Finance: draft 13-week cash view by Friday.