Cidara Theraptcs Stock Price, News & Analysis

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.