Financial Performance - Revenue was zero for the three months ended September 30, 2024, and $1.3 million for the nine months ended September 30, 2024, compared to $9.2 million and $20.5 million for the same periods in 2023, respectively [3]. - Net loss for the three and nine months ended September 30, 2024, was $16.0 million and $117.5 million, respectively, compared to a net loss of $9.1 million and $19.7 million for the same periods in 2023 [5]. - Total revenues for the three months ended September 30, 2024, were $0, compared to $9,217,000 for the same period in 2023, representing a decrease of 100% [10]. - The net loss for the three months ended September 30, 2024, was $15,985,000, compared to a net loss of $9,107,000 in 2023, indicating a widening of 75.5% [10]. - Basic and diluted net loss per common share from continuing operations was $(2.38) for the three months ended September 30, 2024, compared to $(0.85) in 2023 [10]. - Basic and diluted net loss per common share for the nine months ended September 30, 2024, was $(22.61), compared to $(3.91) in 2023, indicating a significant increase in losses [10]. Expenses - Research and development expenses were $12.4 million for the three months ended September 30, 2024, compared to $10.4 million for the same period in 2023, primarily due to higher expenses associated with the CD388 Phase 2b NAVIGATE study [3]. - Selling, general and administrative (SG&A) expenses were $5.0 million for the three months ended September 30, 2024, compared to $3.3 million for the same period in 2023 [3]. - Total operating expenses for the three months ended September 30, 2024, were $17,394,000, compared to $13,685,000 in 2023, marking an increase of 27.5% [10]. - Research and development expenses increased to $12,429,000 for the three months ended September 30, 2024, up from $10,386,000 in 2023, reflecting a growth of 19.7% [10]. - Acquired in-process research and development expenses were $84.9 million for the nine months ended September 30, 2024, related to an upfront payment of $85.0 million paid to Janssen under the Janssen License Agreement [3]. Cash and Assets - Cash and cash equivalents totaled $127.4 million as of September 30, 2024, compared to $35.8 million as of December 31, 2023 [3]. - Cash and cash equivalents as of September 30, 2024, were $127,386,000, significantly up from $35,778,000 as of December 31, 2023, showing an increase of 255.5% [11]. - Total assets increased to $162,331,000 as of September 30, 2024, compared to $67,030,000 at the end of 2023, representing a growth of 142.5% [11]. - Total liabilities decreased to $46,701,000 as of September 30, 2024, down from $75,240,000 at December 31, 2023, reflecting a reduction of 37.9% [11]. - Total stockholders' equity improved to $115,630,000 as of September 30, 2024, compared to a deficit of $8,210,000 at December 31, 2023 [11]. Clinical Development - Cidara initiated a Phase 2b NAVIGATE trial targeting enrollment of 5,000 healthy, unvaccinated adult subjects for CD388, with subjects being followed for the remainder of the influenza season [1]. - Cidara's lead DFC candidate, CD388, received Fast Track Designation from the FDA in June 2023, and the company announced the initiation of a Phase 2b trial in September 2024 [7]. - Cidara restructured its workforce with an approximate 30% reduction to focus on the clinical development of CD388 [2]. Discontinued Operations - The sale of rezafungin assets to Napp Pharmaceutical Group Limited is classified as discontinued operations, with a net loss from discontinued operations of $0.5 million for the three months ended September 30, 2024 [5].
Cidara Therapeutics(CDTX) - 2024 Q3 - Quarterly Results