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Cidara Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2024 Financial Results
CDTXCidara Therapeutics(CDTX) GlobeNewswire·2025-03-06 21:35

Core Insights - Cidara Therapeutics reported a transformational year in 2024, highlighted by the reacquisition of rights to the CD388 program and raising a total of 345milliontosupportitsclinicaltrials[2][6]−ThecompanycompletedenrollmentforthePhase2bNAVIGATEtrial,whichevaluatesCD388forthepreventionofseasonalinfluenza,withresultsexpectedinmid−2025[6][9]−Cidara′sfinancialresultsshowedasignificantincreaseincashreserves,withcashandequivalentstotaling345 million to support its clinical trials [2][6] - The company completed enrollment for the Phase 2b NAVIGATE trial, which evaluates CD388 for the prevention of seasonal influenza, with results expected in mid-2025 [6][9] - Cidara's financial results showed a significant increase in cash reserves, with cash and equivalents totaling 196.2 million as of December 31, 2024, compared to 35.8millionin2023[6][15]RecentCorporateHighlights−Cidaracompletedtheenrollmentof5,000subjectsinthePhase2bNAVIGATEtrialacrosstheU.S.andUK[6]−Thecompanyraised35.8 million in 2023 [6][15] Recent Corporate Highlights - Cidara completed the enrollment of 5,000 subjects in the Phase 2b NAVIGATE trial across the U.S. and UK [6] - The company raised 105 million in a private placement led by Venrock Healthcare Capital Partners [6] - Equity research coverage was significantly expanded with new ratings from Guggenheim, Cantor, and RBC [6] Financial Results - Collaboration revenue was reported as zero for Q4 2024, down from 2.8millioninQ42023,and2.8 million in Q4 2023, and 1.3 million for the full year 2024, down from 23.3millionin2023[12][9]−Researchanddevelopmentexpensesincreasedto23.3 million in 2023 [12][9] - Research and development expenses increased to 46.9 million for Q4 2024 and 71.9millionforthefullyear,comparedto71.9 million for the full year, compared to 8.0 million and 36.8millionin2023,primarilyduetotheCD388trial[9][12]−ThenetlossforQ42024was36.8 million in 2023, primarily due to the CD388 trial [9][12] - The net loss for Q4 2024 was 52.3 million, compared to 3.2millioninQ42023,andthefullyearnetlosswas3.2 million in Q4 2023, and the full year net loss was 169.8 million, compared to 22.9millionin2023[12][9]BalanceSheetData−AsofDecember31,2024,totalassetswere22.9 million in 2023 [12][9] Balance Sheet Data - As of December 31, 2024, total assets were 214.8 million, significantly up from 67.0millionin2023[15]−Totalliabilitiesdecreasedto67.0 million in 2023 [15] - Total liabilities decreased to 51.5 million from 75.2millionin2023,whiletotalstockholders′equityimprovedto75.2 million in 2023, while total stockholders' equity improved to 163.3 million from a deficit of $8.2 million [15]