MeritValue

CURIS INC

CRISdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

CURIS INC earns about -138% on equity, and has bought back 86% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10.6M1$10.2M2$10M3$10.9M4$9.44M4
Net income−$45.4M5−$56.7M6−$47.4M7−$43.4M8−$7.58M8
Operating cash flow−$37.6M9−$54.3M10−$38.4M11−$39.6M12−$27.2M12
Capital expenditure$013$416,00014$014——
Free cash flow (derived)−$37.6M9−$54.8M10−$38.4M11——
Total debt$015—$8.5M16$7.56M17$017
Cash & equivalents$40M18$19.7M19$26.7M20$20M21$5.06M21
Diluted shares91.6M4.7M5.3M6.3M13.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$4.15
your share of equity
Profit it earned you last year
−$5.76
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $4.15 of net worth that earned you −$5.76 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-138% avg · 5y
FY21 -50%FY22 -122%FY23 -241%FY24 —FY25 -139%

It earned an average -138% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−86% shares · 5y

Share count is down 86% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001108205-23-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001108205-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001108205-25-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001108205-26-000043 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001108205-23-000023 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001108205-24-000010 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001108205-25-000031 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001108205-26-000043 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001108205-23-000023 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001108205-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001108205-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001108205-26-000043 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001108205-23-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001108205-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001108205-22-000002 (LongTermDebtCurrent)
  16. 10-K · period ending 2023-12-31 · accession 0001108205-25-000031 (LongTermDebtCurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001108205-26-000043 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001108205-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001108205-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001108205-25-000031 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001108205-26-000043 (CashAndCashEquivalentsAtCarryingValue)