Cidara Therapeutics Inc (CDTX) Reports Q3 2023 Financial Results
Cidara Therapeutics Inc (NASDAQ:CDTX) reported Q3 2023 financial results on November 2, 2023.
Revenue for the quarter totaled $12.7 million, compared to $40.7 million in Q3 2022.
Cash and cash equivalents totaled $48.7 million as of September 30, 2023, compared to $32.7 million as of December 31, 2022.
Net loss for Q3 2023 was $8.2 million, compared to a net income of $15.0 million for the same period in 2022.
On November 2, 2023, Cidara Therapeutics Inc (NASDAQ:CDTX), a biotechnology company focused on developing targeted therapies for serious diseases, reported its financial results for the third quarter ended September 30, 2023. The company also provided an update on its corporate activities and product pipeline.
Corporate Highlights and Financial Results
CDTX reported revenue of $12.7 million for Q3 2023, compared to $40.7 million for the same period in 2022. The revenue for the recent quarter was primarily related to the achievement of milestones and ongoing research and development, clinical supply services provided to Mundipharma, Janssen, and Melinta, and royalty revenue recognized following the commercial launch of REZZAYO in the U.S. on July 31, 2023.
As of September 30, 2023, the company's cash and cash equivalents totaled $48.7 million, compared to $32.7 million as of December 31, 2022. Research and development expenses were $17.3 million for Q3 2023, compared to $20.0 million for the same period in 2022. General and administrative expenses were $3.6 million for Q3 2023, compared to $5.8 million for the same period in 2022.
The net loss for Q3 2023 was $8.2 million, compared to a net income of $15.0 million for the same period in 2022. For the nine months ended September 30, 2023 and 2022, net loss was $17.3 million and $16.4 million, respectively.
Recent Developments and Future Plans
CDTX has made significant advancements in its REZZAYO program and Cloudbreak drug-Fc conjugate (DFC) platform. The company is also planning to file an Investigational New Drug Application (IND) in mid-2024 for CBO421, a potential best-in-class inhibitor of CD73.
CDTX received a positive opinion from the European Medicines Agencys (EMA) Committee for Medicinal Products for Human Use (CHMP) for Rezafungin for the treatment of invasive candidiasis in adults. The company also received an Election to Proceed Notice from Janssen for CD388 for the universal prevention of influenza A and B, which represents a key validation of the significant potential of this clinical program.
CDTX is eligible to potentially receive an additional $685.0 million in development, regulatory, and commercial milestones, plus tiered royalties on worldwide sales under the collaboration agreement with Janssen.
Explore the complete 8-K earnings release (here) from Cidara Therapeutics Inc for further details.
This article first appeared on GuruFocus.
