aibioCuris to appeal Nasdaq delisting after missing $35,000,000 market value rule
Tickers CRIS
Curis missed Nasdaq's $35 million market value rule and must ask for a hearing by August 28, 2025 to avoid delisting. It says it will ask, and its shares stay listed while a panel decides.
Key facts
- Company
- Curis, Inc. (NASDAQ: CRIS)
- News type
- Listings
- Primary source
- Curis, Inc. 8-K (2025-08-22)
The delisting determination
Curis, Inc. (Nasdaq: CRIS) said in a Form 8-K dated August 22, 2025 that Nasdaq's Listing Qualifications staff had determined to delist its securities from The Nasdaq Capital Market. The determination came on August 21, 2025, after the company failed to regain compliance with the market value of listed securities requirement, Nasdaq Listing Rule 5550(b)(2).
The rule sets a $35,000,000 floor for the market value of listed securities. The staff found that Curis's market value had been below that level for the previous 30 consecutive trading days. The company first received that notice on February 21, 2025, and was given 180 calendar days, until August 20, 2025, to regain compliance. It did not.
The staff's letter says the securities will be delisted unless Curis timely appeals by requesting a hearing before the Nasdaq Hearings Panel by August 28, 2025. The company intends to make that request. A timely request stays the suspension and delisting while the panel decides, and the common stock stays listed and tradable meanwhile. The company says there can be no assurance it will regain compliance and remain listed.
The 8-K does not give the company's market value on any date, the share count, or the reasons it fell short. It does not say what steps, if any, the company took during the 180 days.
The cash position
Curis's annual report, filed March 31, 2025, says the company had $20.0 million of cash and cash equivalents as of December 31, 2024. In March 2025 it completed a registered direct offering and concurrent private placement for net proceeds of approximately $9.0 million. The company said those resources, together with the March offering, would fund existing operations into the fourth quarter of 2025.
The annual report says the company will require substantial additional funding in the immediate term to develop emavusertib through regulatory approval and commercialization. It warns that without funds it would have to delay, reduce or eliminate its emavusertib research and development. It also says that a determination to file for bankruptcy could come before the company exhausts its cash, and that if it dissolved and liquidated, it is unclear what would be left for stockholders.
The 8-K does not mention cash, the fourth-quarter 2025 funding date or any new financing.
The lead program
Emavusertib, also called CA-4948, is an orally available, small-molecule inhibitor of IRAK4, an enzyme the annual report says plays an essential role in toll-like receptor and interleukin-1 receptor signaling. The TakeAim Lymphoma study is a Phase 1/2 open-label, single-arm expansion trial of emavusertib with ibrutinib in relapsed or refractory primary central nervous system lymphoma. The company reports additional clinical data from that study in September 2024 and March 2025, and it expects further data in the fourth quarter of 2025.
The company says the European Commission and the FDA granted emavusertib orphan drug designation for PCNSL, in July and December 2024. In March 2025 it said meetings with the European Committee for Medicinal Products for Human Use and the FDA gave feedback on a possible conditional marketing authorization (CMA) submission. The annual report cites that feedback as saying a single-arm study could support such a submission, that an overall response rate endpoint is supported for a single-arm study, and that 45 patients may be sufficient, assuming compelling and consistent results.
That feedback is conditional and describes no accepted filing.
What the listing does not change
The 8-K does not say when the panel will decide, what evidence Curis will present, or how a delisting would affect the funding the annual report describes.
What comes next
The next dated step is the hearing request, due August 28, 2025. After that, the Nasdaq Hearings Panel sets the process and a decision date. The annual report points to additional emavusertib data in the fourth quarter of 2025.