Cidara Therapeutics, Inc. - CDTX STOCK NEWS

Cidara Therapeutics (Nasdaq: CDTX), a biotechnology company specializing in drug-Fc conjugate (DFC) immunotherapies, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. The company's President and CEO, Jeffrey Stein, Ph.D., will present on Monday, September 9, 2024, at 7:00 am ET.

The presentation will be available via webcast and can be accessed through a provided link. Additionally, an on-demand replay will be accessible in the investors section of Cidara's website for 90 days following the event. This conference appearance provides an opportunity for Cidara to showcase its Cloudbreak® platform and its efforts in developing innovative therapies for serious diseases.

Cidara Therapeutics (Nasdaq: CDTX) has appointed Jim Beitel as its new Chief Business Officer (CBO). This strategic move comes as Cidara focuses on advancing its Cloudbreak DFC pipeline, which offers numerous partnering and licensing opportunities. Beitel brings over 20 years of experience in life science corporate development, including strategy, business development, and commercialization.

Beitel's appointment is expected to enhance Cidara's business development efforts, particularly as the company prepares for the Phase 2b trial of CD388, its universal influenza preventative, set to begin this fall. His track record includes successful partnering activities that have generated over $4 billion in upfront payments and collaboration revenues, and contributed to raising over $1 billion in equity financings.

Cidara Therapeutics (Nasdaq: CDTX) reported its Q2 2024 financial results and provided a corporate update. Key highlights include:

1. Reacquired global rights to CD388, an influenza prevention drug candidate, from J&J.

2. Closed a $240 million private placement led by RA Capital Management.

3. Divested rezafungin to Mundipharma, estimating $128 million in cost savings.

4. Received IND clearance for CBO421.

5. Q2 revenue was $0.3 million, down from $5.1 million in Q2 2023.

6. Cash and equivalents totaled $164.4 million as of June 30, 2024.

7. Net loss for Q2 2024 was $91.2 million, compared to $13.6 million in Q2 2023.

8. Phase 2b study for CD388 set to start in fall 2024 with 5,000 subjects.

Cidara Therapeutics announced the granting of a non-qualified stock option award and restricted stock units (RSUs) to new employee Corrina Pavetto. The award consists of 10,275 shares of common stock under the 2020 Inducement Incentive Plan. The stock option's exercise price is set at $11.94, equal to the closing price on the grant date, June 28, 2024. The options vest over four years, with 25% of shares vesting after one year, followed by equal monthly installments. RSUs also vest annually over four years. The grant complies with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new employees.

Cidara Therapeutics (Nasdaq: CDTX) announced it will present preclinical data on CD388 at the ASM Microbe 2024 conference, from June 13-17, 2024, in Atlanta, Georgia. CD388 is a novel Drug-Fc Conjugate (DFC) being developed for influenza prevention, using Cidara's proprietary Cloudbreak® platform. The presentation, led by Dr. Voon Ong, will focus on comparing different allometric scaling approaches to project human pharmacokinetics (PK) of CD388. The session, titled 'AAR07 Saturday Antimicrobial Pharmacokinetics and Pharmacodynamics,' will take place on June 15, 2024, from 10:00 AM to 5:00 PM ET at the Exhibit Hall, poster board number AAR-SATURDAY-494.

Cidara Therapeutics (CDTX) announced its Q1 2024 financial results and corporate updates. The company reacquired the global rights to CD388, a universal influenza preventative, from Janssen, and sold its rezafungin program to Mundipharma, aiming to save around $128 million in costs. Cidara raised $240 million through a private placement, led by RA Capital Management. Q1 2024 revenue was $8.5 million, down from $26.1 million in Q1 2023. The company reported a net loss of $10.3 million, compared to a net income of $3.0 million in Q1 2023. R&D expenses decreased to $11.6 million, while SG&A expenses increased to $6.0 million. Cidara conducted a 1-for-20 reverse stock split in April 2024.

Cidara Therapeutics (Nasdaq: CDTX) announced it has regained compliance with Nasdaq's continued listing rules as of May 14, 2024. The company received confirmation from the Nasdaq Listing Qualifications Department. However, the Nasdaq Hearing Panel has imposed a discretionary monitor until May 14, 2025. During this period, any failure to maintain compliance will result in a delist determination letter and a subsequent hearing to address the issue.

Cidara Therapeutics announced data presentations at ESCMID 2024 on CD388, highlighting Phase 1 and Phase 2a clinical data. The Phase 2a study showed CD388 was well-tolerated with significant antiviral effects in healthy volunteers challenged with influenza. The Phase 1 study demonstrated an extended half-life of 6-8 weeks, indicating potential for seasonal influenza prevention.

Cidara Therapeutics reacquires global development and commercial rights to CD388 and announces a private placement financing of $240 million. The financing, led by RA Capital Management, aims to fund the Phase 2b clinical trial of CD388, an antiviral drug for influenza A and B. The company plans to develop CD388 as a universal preventative against seasonal and pandemic influenza. Johnson & Johnson has transferred exclusive rights to CD388 back to Cidara in exchange for an $85 million upfront payment and potential milestone payments. The private placement will support the development of CD388 through Phase 2b and beyond, with a focus on providing long-acting, universal protection against all forms of influenza. The company is set to host a business strategy update conference call and webcast to discuss the recent developments.