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LEXINGTON, MA - Curis Inc, a biotechnology company specializing in biological products, has been notified of non-compliance with Nasdaq’s continued listing requirements. On Monday, the company received a warning from the Nasdaq Listing Qualifications Department indicating that the market value of its listed securities had fallen below the minimum threshold of $35 million for 30 consecutive business days. According to InvestingPro data, the company’s market capitalization currently stands at $26.42 million, with its stock trading near its 52-week low after declining nearly 69% over the past year.
According to the notice, Curis Inc has until August 20, 2025, to raise its market value above the $35 million mark for at least 10 consecutive business days to regain compliance. If the company fails to meet this requirement within the 180-day grace period, it risks having its common stock delisted from the Nasdaq Capital Market. The challenge is significant given the company’s current financial position, with InvestingPro analysis showing weak financial health metrics and no profitability over the last twelve months.
The specific rule in question is Nasdaq Listing Rule 5550(b)(2), often referred to as the Minimum Value of Listed Securities (MVLS) Requirement. The company’s stock, trading under the ticker (NASDAQ:CRIS), must achieve the necessary market value to maintain its place on the exchange. With a high volatility measure (Beta of 3.41) and significant price fluctuations, investors seeking detailed analysis can access comprehensive financial metrics and expert insights through the Pro Research Report available on InvestingPro.
Curis Inc’s management has not provided any assurance that it will be able to meet the Nasdaq’s MVLS Requirement within the allotted timeframe. The potential delisting could represent a significant setback for the company, as it would affect the stock’s liquidity and potentially its access to capital markets.
The information regarding the notice of non-compliance is based on a press release statement from Curis Inc, as reported in an 8-K filing with the Securities and Exchange Commission. The company, headquartered in Lexington, MA, is known for its research and development in the field of biological products, excluding diagnostic substances. Curis Inc is incorporated in Delaware and operates under the organization name 03 Life Sciences.
In other recent news, Curis, Inc. announced promising results from its TakeAim Leukemia study, focusing on its drug candidate emavusertib for the treatment of Acute Myeloid Leukemia (AML). The study, which included 21 patients with a specific FLT3 mutation, revealed that out of 19 evaluable patients, 10 achieved objective responses. Notably, 6 of these patients experienced complete remissions, while 4 others showed significant hematological improvements. These encouraging outcomes were observed swiftly, with 7 responses occurring by the first assessment. Curis’s President and CEO, James Dentzer, expressed satisfaction with the results, highlighting the potential of emavusertib’s novel mechanism of action. The broader development program for emavusertib includes additional trials, such as the TakeAim Lymphoma study and a combination therapy trial for AML patients. Emavusertib has also received Orphan Drug Designation in the U.S. for AML and MDS treatment and in Europe for PCNSL treatment. Curis remains focused on advancing through clinical and regulatory phases to bring emavusertib to market, despite acknowledging the inherent risks and uncertainties in drug development.
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