Cidara Therapeutics(CDTX) - 2025 Q2 - Quarterly Report

FORM 10-Q Cover Page Cidara Therapeutics, Inc. filed its Form 10-Q for Q2 2025, classified as a non-accelerated and smaller reporting company - CIDARA THERAPEUTICS, INC. filed its Quarterly Report on Form 10-Q for the period ended June 30, 2025[2] - The registrant is classified as a Non-accelerated filer and a Smaller reporting company[3] - As of August 6, 2025, the registrant had 25,358,051 shares of Common Stock ($0.0001 par value) outstanding[3] Trading Information | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, Par Value $0.0001 Per Share | CDTX | The Nasdaq Stock Market LLC | TABLE OF CONTENTS This section presents the complete organizational structure and content overview of the quarterly report PART I. FINANCIAL INFORMATION This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) This section presents Cidara Therapeutics' unaudited condensed consolidated financial statements and related notes for Q2 2025 Condensed Consolidated Balance Sheets This section presents the company's financial position, detailing assets, liabilities, and equity at June 30, 2025 Condensed Consolidated Balance Sheets (in thousands) | (In thousands) | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | ASSETS | | | | Cash and cash equivalents | $510,575 | $189,825 | | Total current assets | $531,791 | $210,737 | | Total assets | $534,327 | $214,796 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Total current liabilities | $32,318 | $49,554 | | Total liabilities | $33,154 | $51,488 | | Total stockholders' equity | $501,173 | $163,308 | | Total liabilities and stockholders' equity | $534,327 | $214,796 | - Cash and cash equivalents significantly increased from $189.8 million at December 31, 2024, to $510.6 million at June 30, 2025[8] - Total stockholders' equity increased substantially from $163.3 million to $501.2 million, primarily due to financing activities[8] Condensed Consolidated Statements of Operations and Comprehensive Loss This section details the company's revenues, expenses, and net loss for Q2 2025 and 2024 Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $0 | $302 | $0 | $1,275 | | Total operating expenses | $27,384 | $96,286 | $52,653 | $105,801 | | Loss from operations | $(27,384) | $(95,984) | $(52,653) | $(104,526) | | Net loss and comprehensive loss | $(25,718) | $(91,209) | $(49,198) | $(101,535) | | Basic and diluted net loss per common share | $(1.65) | $(19.99) | $(3.31) | $(22.31) | - Collaboration revenue ceased in 2025 due to the termination of the Janssen Collaboration Agreement and the sale of Rezafungin assets[9] - Net loss significantly decreased in 2025 compared to 2024, primarily due to the absence of acquired in-process R&D expenses and a reversal of indirect tax liabilities[9] - Research and development expenses increased substantially in 2025, reflecting the company's focus on the CD388 program[9] Condensed Consolidated Statements of Cash Flows This section presents cash flows from operating, investing, and financing activities for Q2 2025 and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(62,911) | $(110,424) | | Net cash provided by (used in) investing activities | $185 | $(23) | | Net cash provided by financing activities | $383,462 | $239,038 | | Net increase in cash, cash equivalents and restricted cash | $320,736 | $128,591 | | Cash, cash equivalents and restricted cash at end of period | $516,913 | $164,369 | - Net cash used in operating activities decreased from $110.4 million in 2024 to $62.9 million in 2025[12] - Financing activities provided significant cash inflows in both periods, with $383.5 million in 2025 primarily from public offerings, and $239.0 million in 2024 from a private placement[12] Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) This section details changes in convertible preferred stock and stockholders' equity for Q2 2025 Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (in thousands, except share data) | (In thousands, except share data) | Balance at Dec 31, 2024 | Balance at June 30, 2025 | | :-------------------------------- | :---------------------- | :----------------------- | | Common Stock Shares | 10,946,635 | 23,234,839 | | Common Stock Amount | $1 | $2 | | Additional Paid-In Capital | $774,565 | $1,161,627 | | Accumulated Deficit | $(611,258) | $(660,456) | | Total Stockholders' Equity | $163,308 | $501,173 | - Total stockholders' equity increased significantly from $163.3 million at December 31, 2024, to $501.2 million at June 30, 2025, driven by public offerings and at-the-market offerings[14] - Common stock shares outstanding more than doubled, from 10,946,635 to 23,234,839, primarily due to the 2025 Underwritten Public Offering[14] Notes to Condensed Consolidated Financial Statements This section provides detailed explanations of accounting policies, agreements, and financial statement items 1. THE COMPANY AND BASIS OF PRESENTATION This note describes Cidara Therapeutics' business, Cloudbreak platform, CD388 development, and Rezafungin's discontinued operations - Cidara Therapeutics is a biotechnology company utilizing its Cloudbreak platform to develop DFC therapeutics for serious diseases[18] - The company reacquired all rights for its lead product candidate, CD388 (for influenza), from Janssen on April 23, 2024[18] - Positive topline results were announced in June 2025 for the Phase 2b NAVIGATE study of CD388, showing 76.1%, 61.3%, and 57.7% protection from symptomatic influenza for 450mg, 300mg, and 150mg doses, respectively, over 24 weeks compared to placebo[19] - The company sold all Rezafungin assets on April 24, 2024, classifying it as discontinued operations due to a strategic shift[21][22] - A 1-for-20 reverse stock split was effected on April 23, 2024[