Laidlaw Reiterates Buy Rating on Curis (CRIS) with $65 Price Target

Last Friday after the market close, CRIS reported 2Q26 financial results via filing a 10Q. The key takeaway is that two milestone events that took place recently have further strengthened the development of emavusertib in CLL and PCNSL. Near-term, we view emavusertib/zanubrutinib in CLL 5-10-patient data readout in 12/2026 a major clinical data-driven milestone and catalyst for CRIS shares. With further de-risking of emavusertib/ibrutinib in PCNSL development based on the recent interim data report, we expect potential approval as salvage treatment in PCNSL could be the first indication for emavusertib to enter the market. CRIS reported 2Q26 financial results with net losses of ($8.6MM) vs. ($10.6MM) for Laidlaw and ($10.3MM) for the Street. Net loss/share was ($4.02) vs. ($5.52) for Laidlaw and ($8.25) for the Street. CRIS has ~$10.5MM total cash (proforma) and, we expect operational runway into 2027, in our opinion. CRIS recently achieved two major milestones. The first was in late July that emavusertib in CLL Phase I/II (TakeAim CLL) study has dosed the first five patients, an earlier stated goal. This reaffirmed the company’s expectation to report initial CLL data including 5-10 patients in 12/2026, possibly at the ASH meeting.  The second was an emavusertib/ibrutinib combo in PCNSL interim result update indicating the treatment achieved a 26% (10/39) ORR, similar to the prior (5/1/2025) reported ORR of 27% (7/26). This study expects to enroll a total of 45 to 60 patients with estimated completion by 2027. We view the positive interim results further confirm the efficacy of emavusertib/ibrutinib combo in treating PCNSL and continues de-risking this development.  We are reiterating our Buy rating and $65 target price. 

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