Persistent negative free cash flow, including a $9.0M outflow in 2026Q1, underscores a critical reliance on external funding to cover operational costs that consistently exceed the company's limited cash reserves.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -28.95M | -27.2M | -39.56M | -38.43M | -54.34M | -37.62M | -25.74M | -26.2M | -30.07M | -48.35M | -35.81M | -29.89M | -16.81M | -9.54M | -15.19M | -4.56M | -1.63M | -7.59M | -12.44M | -8.59M | -5.98M | -8.14M | -7.33M | -9.76M | -6.92M | -24.88M | -23.59M | -14.77M |
| Operating CF Margin % | - | -288.05% | -362.7% | -383.46% | -534.71% | -353.26% | -237.55% | -261.95% | -288.31% | -488.53% | -475.77% | -379.4% | -170.8% | -63.59% | -89.52% | -30.91% | -10.18% | -88.34% | -148.7% | -52.44% | -40.04% | -135.6% | -147.99% | -88.35% | -37.61% | -2289.61% | -2366.07% | -459.8% |
| Operating CF Growth % | 41.34% | 31.25% | -2.94% | 29.27% | -44.44% | -46.16% | 1.78% | 12.84% | 37.82% | -35.03% | -19.81% | -77.79% | -76.24% | 37.21% | -232.95% | -180.11% | 78.53% | 39% | -44.76% | -43.73% | 26.53% | -11.05% | 24.91% | -41.1% | 72.19% | -5.45% | -59.75% | - |
| Net Income | -21.16M | -7.58M | -43.39M | -47.41M | -56.67M | -45.44M | -29.91M | -32.14M | -32.58M | -53.32M | -60.41M | -58.98M | -18.73M | -12.32M | -16.42M | -9.86M | -4.44M | -9.82M | -12.12M | -6.96M | -8.83M | -14.86M | -13.9M | -11.62M | -82.32M | -81.86M | -350.35M | -12.11M |
| Depreciation & Amortization | 118K | 169K | 187K | 255K | 1.39M | 158K | 144K | 125K | 177K | 235K | 193K | 160.81K | 155.08K | 141.52K | 126.54K | 107.4K | 686.5K | 751.21K | 998.6K | 1.3M | 1.43M | 1.01M | 1.08M | 1.5M | 2.43M | 26.63M | 11.15M | 989.49K |
| Stock-Based Compensation | 2.85M | 4.02M | 5.93M | 6M | 0 | 5.28M | 2.7M | 2.66M | 3.94M | 5.36M | 4.33M | 3.88M | 3.06M | 3M | 3.62M | 1.77M | 1.97M | 1.85M | 2.21M | 3.19B | 3.76B | 1.37B | 1.63B | 1.63B | 2.16B | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.4M | 24K | 0 | 7K | 0 | 0 | -21.55K | -718.54K | -771.39K | -2.26M | 9.78M | -98.11K | -1.85M | -2.21M | -3.19B | -3.76B | -1.37B | -1.63B | -1.63B | -2.16B | 0 | 0 | 0 |
| Other Non-Cash Items | -10.79M | -25.56M | 1.43M | -55K | 7.76M | -26K | 255K | 4.71M | -112K | 91K | 18.2M | 24.17M | -455.2K | 914.01K | 535.01K | -6.86M | -892.37K | 1.86M | 2.4M | 3.66M | 4.02M | 922K | 3.61M | 3.63M | 76.27M | 23.78M | 316.22M | -1.79M |
| Working Capital Changes | 30K | 1.75M | -3.72M | 2.78M | -6.82M | 1M | 1.05M | -1.56M | -1.5M | -723K | 1.88M | 903.59K | -125.35K | -503.94K | -804.72K | 490.61K | 1.14M | -372.51K | -3.71M | -6.5M | -2.72M | 4.78M | 1.89M | -3.27M | -3.3M | 6.58M | -611.21K | -1.86M |
| Change in Receivables | -2.07M | -1.03M | -555K | 181K | 249K | -181K | 201K | -380K | 209K | -614K | -353K | -145.04K | -483.81K | -569.12K | -866K | 50.3K | 423.39K | -408.42K | 123.13K | 1.11B | -272.62M | -1.04B | -1.74B | -1.74B | -72.25M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.87M | -49.92M | -34.74M | -75.47M | -42.15M | -53.72M | -52.83M | -450.47M | -992.47M | 1.96B | -1.2B | -2.35B | 1.84B | 1B | 2.76B | 2.77B | 2.8B | 0 | 0 | 0 |
| Change in Payables | 2.78M | 2.55M | -2.08M | 3.34M | -3.88M | 4.96M | 1M | 60K | -1.87M | -376K | 2.31M | 1.77M | 360.87K | 181.82K | 20.32K | 416.2M | 955.59M | -1.96B | 1.2B | 1.2B | -1.6B | 8.32M | -1.07B | -1.07B | -2.73B | 0 | 0 | 0 |
| Cash from Investing | 2.5M | 2.5M | 29.44M | 37.79M | 33.02M | -47.9M | -49.05M | -4.46M | 21.37M | -3.63M | 30.12M | -6.43M | 16.27M | -13.62M | -23M | 9.78M | -14.89M | 818.34K | 5.32M | -5.92M | 3.42M | 4.71M | -21.63M | 1.64M | -1.07M | 6.43M | 24.64M | 20.27M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -416K | 0 | -677K | -41K | -85K | -188K | -329K | -47.98K | -92.21K | -153.01K | -104.97K | -260.4K | -274.84K | -19.54K | -60.55K | -66.47K | -694.11K | -2.87M | -1.92M | -152.06K | -411.69K | -1.75M | -1.57M | -610.01K |
| CapEx % of Revenue | 0% | - | - | - | 4.09% | - | 6.25% | 0.41% | 0.82% | 1.9% | 4.37% | 0.61% | 0.94% | 1.02% | 0.62% | 1.76% | 1.72% | 0.23% | 0.72% | 0.41% | 4.65% | 47.82% | 38.7% | 1.38% | 2.24% | 160.69% | 157.81% | 18.99% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85K | 188K | 329K | 23.79K | 1.75K | 0 | 0 | 77.07K | 0 | 60.55M | -241.49M | 316.12K | 0 | 1.92B | -1.92B | 0 | 405.49K | 0 | 687.5K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.5M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | -85K | -188K | -329K | 13.88K | 13.88K | 13.92K | 41.63K | 261.09K | 99.16K | -60.55M | 241.49M | -8.16K | -5.85K | -1.92B | 1.92B | 2.07M | -3.84M | 32.56M | 28.05M | -659.92K |
| Cash from Financing | 21.17M | 9.77M | 3.44M | 7.58M | 867K | -4.17M | 188.81M | 23.27M | -5.96M | 64.23M | -1.37M | 61.66M | -1.3M | 20M | 35.82M | 2.08M | 17.07M | 3.89M | -112.49K | 13.08M | -920.94K | 3.06M | 23.91M | 8.93M | -3.37M | 5.12M | 48.62M | -20.49M |
| Debt Issued (Net) | -3.12M | -5.59M | -8.59M | 0 | -4.97M | 0 | 891K | 23.2M | -6.1M | 21.74M | -4.27M | -4.16M | -1.59M | 0 | 30M | 0 | 0 | 0 | -401.21K | -1.57M | -1.23M | 2.09M | 806.82K | -6.82M | -2.55M | 396.73K | -89.05K | -249.14K |
| Equity Issued (Net) | 24.29M | 15.35M | 12.02M | 14.12M | 5.84M | 300K | 193.22M | 68K | 0 | 41.55M | 2.91M | 65.83M | 0 | 16.25M | 879.08K | 288.82K | 14.94M | 3.89M | 288.73K | 14.65M | 312.39K | 974.78K | 22.54M | 15.75M | -825.17K | 4.8M | 48.7M | 968.25K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.89K | -869.38K | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -6.54M | 0 | -4.47M | -5.3M | 0 | 143K | 946K | 0 | 0 | 283.15K | 3.75M | 4.95M | 1.79M | 2.13M | 0 | 0 | 0 | -391 | 0 | 696.44K | 0 | 0 | -83.8K | 0 | -21.21M |
| Net Change in Cash | -5.28M | -14.94M | -6.68M | 6.93M | -20.36M | -89.69M | 114.03M | -8.05M | -14.65M | 12.25M | -7.05M | 25.34M | -1.84M | -3.16M | -2.37M | 7.29M | 551.12K | -2.88M | -7.24M | -1.43M | -3.48M | -369.63K | -5.05M | 813.94K | -12.02M | -13.48M | 49.66M | -14.99M |
| Free Cash Flow | -28.95M | -27.2M | -39.56M | -38.43M | -54.75M | -37.62M | -26.42M | -26.25M | -30.15M | -48.54M | -36.14M | -29.94M | -16.9M | -9.69M | -15.3M | -4.82M | -1.9M | -7.61M | -12.5M | -8.66M | -6.67M | -11.01M | -9.25M | -9.91M | -7.33M | -26.62M | -25.17M | -15.38M |
| FCF Margin % | -409.88% | -288.05% | -362.7% | -383.46% | -538.8% | -353.26% | -243.8% | -262.36% | -289.13% | -490.43% | -480.14% | -380.01% | -171.74% | -64.61% | -90.14% | -32.68% | -11.9% | -88.57% | -149.42% | -52.85% | -44.68% | -183.42% | -186.69% | -89.72% | -39.85% | -2450.3% | -2523.88% | -478.79% |
| FCF Growth % | 13.8% | 31.25% | -2.94% | 29.8% | -45.55% | -42.41% | -0.65% | 12.95% | 37.89% | -34.32% | -20.71% | -77.1% | -74.41% | 36.64% | -217.15% | -153.35% | 74.97% | 39.14% | -44.35% | -29.77% | 39.38% | -19.08% | 6.73% | -35.25% | 72.47% | -5.79% | -63.64% | - |
| FCF per Share | -0.15 | -0.21 | -6.27 | -7.26 | -11.73 | -8.22 | -10.86 | -15.82 | -18.21 | -32.55 | -27.22 | -24.27 | -19.66 | -11.77 | -19.35 | -6.32 | -2.54 | -11.69 | -19.73 | -15.77 | -13.60 | -22.90 | -21.66 | -27.52 | -22.71 | -83.56 | -142.22 | -143.97 |
| FCF Conversion (FCF/Net Income) | 1.37x | 3.59x | 0.91x | 0.81x | 0.96x | 0.83x | 0.86x | 0.82x | 0.92x | 0.91x | 0.59x | 0.51x | 0.90x | 0.77x | 0.93x | 0.46x | 0.37x | 0.77x | 1.03x | 1.23x | 0.68x | 0.55x | 0.53x | 0.84x | 0.08x | 0.30x | 0.07x | 1.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
According to historical financial data, Curis exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating, suggesting that reported earnings are heavily influenced by non-cash items rather than reflecting the underlying reality of the company's ongoing cash consumption.
The frequent divergence between net income and operating cash flow suggests that accounting adjustments are masking the true severity of the company's operational cash requirements. Investors should monitor this gap closely, as it indicates that the company's reported profitability metrics are not indicative of its ability to generate self-sustaining cash flows.
As reported in quarterly filings, Curis has consistently generated negative free cash flow over the last ten quarters, with the most recent period showing a $9.0M outflow, underscoring the company's total reliance on external financing to fund its clinical development pipeline and general operations.
The lack of positive free cash flow suggests that the company's current business model is fundamentally incapable of covering its R&D expenses through existing royalty streams. This trajectory implies that without a significant change in operational efficiency or a major partnership, the company will continue to face severe liquidity pressure.
Based on the provided cash flow statements, Curis has experienced significant volatility in working capital changes, with fluctuations ranging from $1.8M to -$3.3M, which suggests an inconsistent approach to managing payables and receivables in the absence of a robust commercial product revenue base.
This volatility may indicate that the company is attempting to manage its limited cash runway by timing payments to vendors or clinical research organizations. Such practices are often a sign of financial stress and warrant further investigation into the company's ability to maintain stable operational relationships.
As indicated by the cash flow data, stock-based compensation has been a recurring non-cash expense for Curis, often exceeding $1M per quarter, which effectively masks the true economic cost of talent retention while simultaneously diluting existing shareholders to preserve the company's dwindling cash reserves.
While stock-based compensation does not impact immediate cash outflows, it represents a significant hidden cost that investors must account for when evaluating the company's long-term value. The reliance on equity-based incentives suggests that management is prioritizing cash preservation at the expense of long-term shareholder dilution.
Quick answers to the most common questions about buying CRIS stock.
Curis, Inc. (CRIS) generated $-27.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Curis, Inc. (CRIS) reported negative free cash flow of $27.2M in 2025, indicating capital requirements exceeded cash from operations.
Curis, Inc. (CRIS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.