Core Viewpoint - Cidara Therapeutics reported its third-quarter financial results and provided updates on its clinical programs, particularly focusing on the CD388 candidate for influenza prevention, while also announcing organizational changes to enhance resource efficiency [1][2][3]. Corporate Highlights - The initiation of the Phase 2b NAVIGATE clinical trial for CD388 marks a significant milestone, aiming to evaluate its efficacy and safety for seasonal influenza prevention [2][3]. - The trial will enroll 5,000 healthy, unvaccinated adults, comparing the rates of influenza between those receiving CD388 and a placebo [3]. - Positive data from previous studies were presented at conferences, indicating CD388's potential for effective prevention with a single dose [3]. - The Scientific Advisory Board was strengthened with four experts in infectious diseases to support the CD388 trial [3]. - A workforce reduction of approximately 30% was implemented to focus on CD388's clinical development, expected to lower capital needs [3]. Financial Results - As of September 30, 2024, cash and cash equivalents were $127.4 million, a significant increase from $35.8 million at the end of 2023 [4][10]. - Revenue for the third quarter was zero, down from $9.2 million in the same period of 2023, primarily due to the termination of the collaboration agreement with Janssen [4]. - Research and development expenses increased to $12.4 million for the third quarter, compared to $10.4 million in 2023, driven by costs associated with the CD388 trial [4]. - The net loss for the third quarter was $16.0 million, compared to a net loss of $9.1 million in the same period of 2023 [4][9]. - Total assets as of September 30, 2024, were $162.3 million, up from $67.0 million at the end of 2023 [10].
Cidara Therapeutics Provides Corporate Update and Reports Third Quarter 2024 Financial Results