Curis raises $8.5M in private placement to fund CLL trial

Curis, Inc. (CRIS) entered into a Securities Purchase Agreement on October 16, 2026, to sell 16,666,680 shares of common stock or pre-funded warrants, along with accompanying common warrants. The effective combined price for the offering is $0.51 per share, with gross proceeds expected to reach approximately $8.5 million before deducting placement agents' fees and other expenses.

The company intends to use the net proceeds to fund research and development activities, as well as working capital and general corporate purposes. Management expects these funds to be sufficient to support operations through the initial data release for its Chronic Lymphocytic Leukemia (CLL) program in December 2026. This data will come from a study involving 5 to 10 patients.

The offering is scheduled to close on or about October 19, 2026, subject to market conditions and customary closing conditions. A.G.P./Alliance Global Partners served as the lead placement agent, while Laidlaw & Company (UK) Ltd. acted as co-placement agent.

The securities issued in this transaction include common warrants with an exercise price of $0.60 per share. These warrants will become exercisable six months after issuance and will expire five and a half years from the issuance date, specifically on April 19, 2032. Additionally, the company is issuing pre-funded warrants with an exercise price of $0.01 per share, which are exercisable immediately until they are exercised in full.

The purchase agreement includes customary representations, warranties, covenants, and indemnification obligations. The agreement also outlines specific beneficial ownership limitations for warrant holders. Purchasers may elect a limit of either 4.99% or 9.99% of the company's outstanding common stock at the time of exercise. This limit can be increased by the purchaser upon 61 days' notice, provided it does not exceed 19.99% of the outstanding shares.

In certain fundamental transactions, such as a merger or the sale of substantially all assets, warrant holders may be entitled to receive securities or cash equivalent to what they would have received had they exercised their warrants immediately prior to the transaction. Under specific circumstances involving a fundamental transaction, holders of common warrants may also have the right to require the company or a successor entity to repurchase the warrants at a value determined using a Black-Scholes option pricing formula.