Core Insights - Cidara Therapeutics reported a transformational year in 2024, highlighted by the reacquisition of rights to the CD388 program and raising a total of $345 million to support its clinical trials [2][6] - The company completed enrollment for the Phase 2b NAVIGATE trial, which evaluates CD388 for the prevention of seasonal influenza, with results expected in mid-2025 [6][9] - Cidara's financial results showed a significant increase in cash reserves, with cash and equivalents totaling $196.2 million as of December 31, 2024, compared to $35.8 million in 2023 [6][15] Recent Corporate Highlights - Cidara completed the enrollment of 5,000 subjects in the Phase 2b NAVIGATE trial across the U.S. and UK [6] - The company raised $105 million in a private placement led by Venrock Healthcare Capital Partners [6] - Equity research coverage was significantly expanded with new ratings from Guggenheim, Cantor, and RBC [6] Financial Results - Collaboration revenue was reported as zero for Q4 2024, down from $2.8 million in Q4 2023, and $1.3 million for the full year 2024, down from $23.3 million in 2023 [12][9] - Research and development expenses increased to $46.9 million for Q4 2024 and $71.9 million for the full year, compared to $8.0 million and $36.8 million in 2023, primarily due to the CD388 trial [9][12] - The net loss for Q4 2024 was $52.3 million, compared to $3.2 million in Q4 2023, and the full year net loss was $169.8 million, compared to $22.9 million in 2023 [12][9] Balance Sheet Data - As of December 31, 2024, total assets were $214.8 million, significantly up from $67.0 million in 2023 [15] - Total liabilities decreased to $51.5 million from $75.2 million in 2023, while total stockholders' equity improved to $163.3 million from a deficit of $8.2 million [15]
Cidara Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2024 Financial Results