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Cidara Therapeutics, Inc. (CDTX)

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Previous Close2.4300
Open2.3100
Bid2.2500 x 1200
Ask2.2800 x 800
Day's Range2.2200 - 2.4900
52 Week Range1.3000 - 4.4500
Volume1,165,869
Avg. Volume839,822
Market Cap99.739M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-1.8000
Earnings DateFeb 25, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est6.40
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  • Cidara Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2020 Financial Results
    GlobeNewswire

    Cidara Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2020 Financial Results

    SAN DIEGO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections, today reported financial results for the three months and full year ended December 31, 2020 and provided an update on its corporate activities and product pipeline. “We are pleased with our progress across our rezafungin Phase 3 trials and Cloudbreak platforms despite the pandemic-related challenges imposed during the course of 2020. We continue to expect top-line data from the ongoing ReSTORE trial by the end of 2021,” said Jeffrey Stein, Ph.D., President and Chief Executive Officer of Cidara. “In addition, we were thrilled to recently announce the appointment of talented Board members and senior executives to our team, demonstrating the excitement of our early- and late-stage development programs.” Recent Corporate Highlights Named San Diego Metro Area Top Workplace: In November 2020, Cidara was named a Top Workplace by The San Diego Union-Tribune for the fourth consecutive year, ranking among the top 20 small companies.Presented new clinical data for rezafungin at ESICM LIVES 2020: In November 2020, Cidara presented three posters highlighting analyses from the completed Phase 2 STRIVE trial of rezafungin for treatment of candidemia and/or invasive candidiasis at European Society of Intensive Care Medicine (ESICM) LIVES 2020.Presented preclinical data for Cloudbreak influenza AVCs at ESWI Conference: In December 2020, Cidara announced a keynote lecture, oral presentation, and two posters at the 7th European Scientific Working Group on Influenza (ESWI) Influenza Conference.Strengthened management team through key hire: In December 2020, Cidara announced the appointment of biotech industry veteran Christopher Kurtz as Executive Vice President of Technical Operations.Participated in two investor conferences: Cidara recently participated in the Stifel 2020 Virtual Health Conference and the 3rd Annual Evercore ISI HealthCONx Conference.Added two new Board members: In January 2021, internationally-renowned molecular biologist Bonnie Bassler, Ph.D. and seasoned life science executive Carin Canale-Theakston were appointed to Cidara’s Board of Directors. Fourth Quarter and Full Year 2020 Financial Results Revenue totaled $3.7 million and $12.1 million for the three months and full year ended December 31, 2020, compared with $1.8 million and $20.9 million for the same periods of 2019.Cash, cash equivalents and restricted cash totaled $42.9 million as of December 31, 2020, compared with $60.3 million as of December 31, 2019.As of December 31, 2020, Cidara had 44,876,408 shares of common stock outstanding, and 1,044,278 shares of Series X convertible preferred stock outstanding, which are convertible into 10,442,780 shares of common stock.Research and development expenses were $21.1 million and $68.0 million for the three months and full year ended December 31, 2020, respectively, compared to $11.5 million and $46.4 million for the same periods in 2019. The increase in research and development expenses is primarily due to higher expenses associated with Rezafungin clinical trials and increased expense associated with the Cloudbreak antiviral platform and higher personnel costs.General and administrative expenses were $4.1 million and $15.9 million for the three months and full year ended December 31, 2020, respectively, compared to $4.4 million and $16.2 million for the same periods in 2019. The decrease in general and administrative expenses is primarily due to lower commercial planning expenses.Net loss for the three months ended December 31, 2020 was $21.6 million, compared to a net loss of $14.0 million for the fourth quarter of 2019. Net loss for the full year ended December 31, 2020 was $72.1 million, compared to a net loss of $41.1 million for the year ended December 31, 2019. About Cidara TherapeuticsCidara is developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections. The Company’s portfolio is comprised of its lead antifungal candidate, rezafungin, in addition to antiviral conjugates (AVCs) for the prevention and treatment of influenza and other viral diseases from Cidara’s proprietary Cloudbreak® antiviral platform. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com. Forward-Looking StatementsThis release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expect,” “may,” “plan” or “will”. Forward-looking statements in this release include, but are not limited to, statements related to the expected timing of top-line data from Cidara's ongoing ReSTORE trial. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as unanticipated delays in or negative results from Cidara’s clinical trials, impacts of the COVID-19 pandemic on patient enrollment or other obstacles to the development of rezafungin and advancement of Cidara’s other development programs. These and other risks are identified under the caption “Risk Factors” in Cidara’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other filings subsequently made with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. INVESTOR CONTACT:Brian RitchieLifeSci Advisors(212) 915-2578britchie@lifesciadvisors.com MEDIA CONTACT:Karen O’Shea, Ph.D.LifeSci Communications(929) 469-3860koshea@lifescicomms.com CIDARA THERAPEUTICS, INC.Condensed Consolidated Statements of Operations Three months endedDecember 31, Year endedDecember 31,(In thousands, except share and per share data)2020 2019 2020 2019 Revenues:(unaudited) Collaboration revenue$3,729 $1,815 $12,067 $20,915 Total revenues3,729 1,815 12,067 20,915 Operating expenses: Research and development21,129 11,490 68,017 46,401 General and administrative4,148 4,405 15,899 16,238 Total operating expenses25,277 15,895 83,916 62,639 Loss from operations(21,548) (14,080) (71,849) (41,724) Other income (expense): Change in fair value of contingent forward purchase obligation— — — 411 Interest income (expense), net(86) 57 (262) 221 Total other income (expense)(86) 57 (262) 632 Net loss$(21,634) $(14,023) $(72,111) $(41,092) Recognition of beneficial conversion feature— — (2,762) — Net loss attributable to common shareholders$(21,634) $(14,023) $(74,873) $(41,092) Basic and diluted net loss per common share$(0.49) $(0.41) $(1.80) $(1.37) Shares used to compute basic and diluted net loss per common share44,153,016 34,235,516 41,557,350 29,934,809 Condensed Consolidated Balance Sheet Data December 31, 2020 2019(In thousands) Cash, cash equivalents, and restricted cash$42,949 $60,268 Total assets60,424 68,976 Term loan7,023 9,965 Total liabilities49,709 31,141 Total stockholders' equity10,715 37,835

  • UTILITY Therapeutics Joins Antimicrobials Working Group
    PR Newswire

    UTILITY Therapeutics Joins Antimicrobials Working Group

    The Antimicrobials Working Group (AWG) announced today the addition of UTILITY therapeutics Ltd. (UTILITY) to its coalition of companies with the mission to combat drug resistant infections and spur life-saving innovations. This new addition brings AWG's membership to 13 antimicrobial drug companies.

  • Cidara Therapeutics Announces New Data for Rezafungin at the 21st ICHS Symposium
    GlobeNewswire

    Cidara Therapeutics Announces New Data for Rezafungin at the 21st ICHS Symposium

    New analyses from completed Phase 2 STRIVE trial support once-weekly, long-acting rezafungin for the treatment of candidemia and invasive candidiasis in high-risk patient populationsSAN DIEGO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections, today announced data from three posters at the 21st International Immunocompromised Host Society (ICHS) Symposium on Infections in the Immunocompromised Host, which takes place virtually Feb. 17-19, 2021. The presentations highlight new clinical and preclinical data on rezafungin, Cidara’s novel, once-weekly echinocandin in Phase 3 development for the treatment and prevention of serious fungal infections. "We are delighted to present data describing the recent highlights from our antifungal program,” said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara. "We are gathering critical insights into potential patient outcomes through exploratory analyses of the completed Phase 2 STRIVE trial of our novel long-acting echinocandin, rezafungin, for the treatment of candidemia and/or invasive candidiasis. We believe rezafungin has the potential to improve outcomes, particularly in high-risk populations, including immunocompromised and critically ill patients with severe comorbidities.” Three poster presentations report new findings on rezafungin for the treatment and prevention of severe fungal infections. Taylor Sandison, M.D., M.P.H., chief medical officer of Cidara, will also be delivering an oral overview of long-acting rezafungin. Highlights from the published abstracts are as follows: Analysis of outcomes from the completed Phase 2 STRIVE trial of rezafungin for the treatment of candidemia and/or invasive candidiasis based on immunocompromised status demonstrated rezafungin was safe and efficacious in a high-risk, immunocompromised patient population; the overall response rate, investigator-assessed clinical cure and mycological response at Day 14 was 75% (9/12) in high-risk immunocompromised patients treated with rezafungin compared to 66.7% (6/9) in those treated with standard of care (caspofungin).Additional evaluation of patient outcomes from the STRIVE trial based on renal function demonstrated that the safety and efficacy of rezafungin were not adversely affected by renal impairment, a common comorbidity in critically ill patients with invasive fungal infections.Administration of long-term (up to eight weeks of) rezafungin initiated six weeks post-infection with P. murina resulted in robust eradication of Pneumocystis in the lungs in immunosuppressed mice. Presentation details will be accessible on the Publications section of the Cidara website at the conclusion of the conference. About RezafunginRezafungin is a novel once-weekly echinocandin being developed for both the treatment and prevention of serious fungal infections, such as candidemia and invasive candidiasis. The structure and properties of rezafungin are specifically designed to improve upon a clinically validated mechanism intended to enhance its efficacy and safety potential for patients. Cidara is currently conducting a Phase 3 clinical trial with rezafungin for the first-line treatment of candidemia and/or invasive candidiasis (ReSTORE trial) and a second Phase 3 clinical trial of once-weekly rezafungin for the prevention of invasive fungal disease in patients undergoing allogeneic blood and marrow transplantation (ReSPECT trial). About Cidara TherapeuticsCidara is developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections. The Company’s portfolio is comprised of its lead antifungal candidate, rezafungin, in addition to antiviral conjugates (AVCs) for the prevention and treatment of influenza and other viral diseases from Cidara’s proprietary Cloudbreak® antiviral platform. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com. Forward-Looking StatementsThis release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expect,” “may,” “plan” or “will”. Forward-looking statements in this release include, but are not limited to, statements related to the potential for rezafungin to improve patient outcomes in high risk populations. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as unanticipated delays in or negative results from Cidara’s clinical trials, impacts of the COVID-19 pandemic on patient enrollment or other obstacles to the development of rezafungin. These and other risks are identified under the caption “Risk Factors” in Cidara’s most recent Quarterly Report on Form 10-Q and other filings subsequently made with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. INVESTOR CONTACT:Brian RitchieLifeSci Advisors(212) 915-2578britchie@lifesciadvisors.com MEDIA CONTACT:Karen O’Shea, Ph.D.LifeSci Communications(929) 469-3860koshea@lifescicomms.com