aibioCuris gets Nasdaq delisting determination over market value rule, plans to appeal
Tickers CRIS
Nasdaq staff said Curis did not regain compliance with the $35,000,000 market value requirement by August 20, 2025. Curis must request a hearing by August 28, 2025; the request keeps its stock listed during the appeal.
Key facts
- Company
- Curis, Inc. (NASDAQ: CRIS)
- News type
- Listings
- Primary source
- CURIS INC Form 8-K filed August 22, 2025 (SEC EDGAR)
Curis, Inc. (Nasdaq: CRIS) said on August 22, 2025 that Nasdaq staff has determined to delist its common stock from The Nasdaq Capital Market, because the company did not regain compliance with a minimum market value requirement. The company says it intends to appeal, which keeps the stock listed while a hearing panel decides. Curis disclosed the determination in a Form 8-K under Item 3.01, the item for a notice that a company has failed a continued listing rule.
How the notice became a delisting
The problem dates to February 21, 2025. On that day Curis received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC that it was not in compliance with Nasdaq Listing Rule 5550(b)(2), which the company calls the MVLS Requirement. The market value of its listed securities had been below $35,000,000 for the previous 30 consecutive trading days. Nasdaq gave Curis 180 calendar days, or until August 20, 2025, to regain compliance.
Curis did not regain compliance. On August 21, 2025, the Staff told the company that its securities would be delisted from The Nasdaq Capital Market, unless it timely appeals the determination by requesting a hearing before the Nasdaq Hearings Panel by August 28, 2025. The 8-K is signed by Chief Financial Officer Diantha Duvall and dated August 22, 2025.
What the appeal does
The company intends to request a hearing before the Panel. According to the filing, that request stays the suspension and delisting of the securities by the Staff while the hearing is pending, so the stock stays listed and tradeable until the Panel decides. The company adds that there can be no assurance it will ultimately regain compliance and remain listed.
The stay pauses the delisting. It does not change the market value shortfall that led to the determination.
Cash and funding
The company's annual report filed March 31, 2025 reported $20.0 million in cash and cash equivalents as of December 31, 2024. In March 2025 it completed a registered direct offering and a concurrent private placement for net proceeds of about $9.0 million. The company said those resources, together with the offering, would fund operations into the fourth quarter of 2025.
The same report says the company has identified conditions and events that raise substantial doubt about its ability to continue as a going concern. It has incurred substantial losses and expects to keep incurring them. It also says it has faced, and expects to keep facing, substantial difficulty raising capital. The report puts the accumulated deficit at $1.2 billion as of December 31, 2024, and says Cantor and JonesTrading act as sales agents under the company's at-the-market program for up to $100.0 million of common stock.
If the company cannot raise enough money, the report says it may have to delay, reduce or eliminate its research and development program for emavusertib. It could also evaluate alternatives that include dissolving and liquidating its assets or seeking protection under the bankruptcy laws, and it says a bankruptcy filing could come before the company runs out of cash.
Royalty arrangement
The report says that for 2024 and 2023, 88% of cash receipts associated with Erivedge reverted to the purchasers under the Oberland Purchase Agreement. The purchasers are a partnership managed by Oberland Capital Management, LLC, and the agent is Lind SA LLC, also managed by Oberland. The 10-K warns that alleged events of default under that agreement could have a material adverse effect on the business, the company's financial condition and its stock price, including its ability to continue as a going concern.
The company's focus
Curis describes itself as a biotechnology company focused on emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4.
What comes next
The hearing request is due by August 28, 2025. The 8-K does not say when the Panel will decide. The company's own cash guidance runs only into the fourth quarter of 2025, so the hearing and the funding question are on roughly the same timeline.