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Biotech / Medical : momo-T/FIF -- Ignore unavailable to you. Want to Upgrade?

To: Galirayo who wrote (3520)	11/9/2005 8:06:42 PM
From: keokalani'nui	Read Replies (3) \| Respond to of 12215

If this does much of anything to CRIS stock, I'd be a buyer. I do like the BCC program. Curis Announces Delay in Filing Form 10-Q for Third Quarter of Fiscal 2005 Wednesday November 9, 7:07 pm ET - Curis Files Form 12b-25 with the SEC - CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 9, 2005--Curis, Inc. (NASDAQ: CRIS - News), a therapeutic drug development company, today announced that the filing of its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2005 will be delayed beyond the Securities and Exchange Commission's filing deadline of November 9, 2005. As a result, Curis is also delaying the announcement of its third quarter 2005 earnings results and related conference call that were originally scheduled for November 9, 2005 and November 10, 2005, respectively. The Company has filed a Form 12b-25 - Notification of Late Filing with the Securities and Exchange Commission in connection with the delay in filing its Quarterly Report on Form 10-Q. As discussed in the Form 12b-25, the full text of which may be found on the SEC's EDGAR site at www.sec.gov, the Company has recently concluded that it made accounting errors in prior periods because: (1) it prematurely recorded accounts receivable within the assets section of its Balance Sheet as well as an offsetting amount to its deferred revenues within the liabilities section of its Balance Sheet in connection with a collaboration agreement executed in 2003; and (2) it used the contractually negotiated price rather than the closing market price to calculate the value of common shares sold in connection with two of its collaboration agreements. The Company's financial statements to be included in the Quarterly Report on Form 10-Q are not complete because, although the Company has worked diligently to complete its assessment of the materiality of these errors, the Company has not yet determined whether it is required to restate its financial statements for certain prior periods or correct these errors with a cumulative adjustment in the Quarterly Report on Form 10-Q. The first error occurred when the Company mistakenly treated two $2 million annual maintenance payments payable under its June 2003 Genentech collaboration as Accounts Receivable. The Company has determined that there were contingencies relating to its receipt of each payment and, therefore, these amounts should not have been reflected in its Balance Sheet until the cash payments were received. As a result of the error, the Company's Balance Sheet reflected excess Accounts Receivable in the amount of $4 million in Q3 2003. As the contingencies expired, the receivable balances were paid and the overstatement of Accounts Receivable declined to $2 million in Q2 2004 and to $0 at year-end 2004. By the end of 2004, therefore, this error had corrected itself and the Company's balance sheet was correct with respect to these contingent payments. The Company's Balance Sheet also reflected excess Deferred Revenue during those periods in like amounts. This error had no effect on the Company's Statement of Operations. The errors did not impact cash, cash flow, revenue or income in any period.