Duvall Diantha 4

What Happened

• Diantha Duvall, Chief Financial Officer of Curis, Inc. (CRIS), acquired derivative securities on March 17, 2026. The Form 4 shows acquisition of 50 Securities (recorded as 50 Series B Convertible Non‑Redeemable Preferred shares and three derivative entries of 66,666 each representing the Series A, B and C warrants).
• Each “Security” was sold to the reporting person at $1,000 per Security, so the purchase price was $1,000 x 50 = $50,000. The entries are derivative instruments: the Series B Preferred automatically converts into common stock (1,333.33 common shares per preferred share), and each warrant covers 1,333.33 common shares. If all convert/exercise, the instruments would represent roughly 266,664 common shares in aggregate (approx. 66,666 common shares from the preferred + ~66,666 from each of the three warrants).

Key Details

• Transaction date: March 17, 2026. Form filed: March 18, 2026 (timely).
• Price paid: $1,000 per Security; total reported cash outlay = $50,000.
• Instrument counts reported: 50 (Series B Preferred) and 66,666 each (Series A Warrants, Series B Warrants, Series C Warrants) — these 66,666 figures reflect the common‑share equivalents (1,333.33 per instrument × 50).
• Shares owned after transaction: Not specified in the data provided on the Form 4.
• Notable footnotes/highlights from the filing:
  • Series B Preferred automatically converts into common at 5:00 p.m. ET on March 20, 2026 (subject to the Certificate of Designations and beneficial‑ownership limits).
  • Each Security was sold to the reporting person at $1,000 (per Security).
  • Series A and Series C warrants became immediately exercisable on March 17, 2026.
  • Series B warrants are exercisable but have special termination and potential exercise‑price reset mechanics tied to a clinical trial milestone (see filing); exercise price cannot be reduced to less than 50% of the initial price.
• Filing status: No late filing flag noted.

Context

• These were acquisitions of convertible preferred stock and attached warrants (derivative securities), not open‑market purchases of common shares. The preferred will automatically convert to common on March 20 (subject to limits), and two warrant series are immediately exercisable while the Series B warrant contains milestone/expiration conditions. Such derivative/grant transactions can quickly increase potential common share exposure if converted or exercised, but they are not the same as an outright purchase of common stock.