Cidara Therapeutics Reports Financial Developments and Strategic Focus on CD388

Cidara Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no collaboration revenue during the quarter, a decrease from $302,000 in the same period last year. For the six months ending June 30, 2025, total revenues also fell to zero from $1.275 million in the prior year, primarily due to the termination of the Janssen Collaboration Agreement in April 2024. The company’s net loss from continuing operations was $25.7 million for the quarter, a notable improvement from a loss of $94.2 million in the same quarter of 2024. For the six-month period, the net loss was $49.2 million, down from $102.4 million year-over-year.

The financial performance reflects a strategic shift following the sale of the company's rezafungin assets to Napp Pharmaceutical Group in April 2024, which has been classified as discontinued operations. This divestiture has allowed Cidara to focus its resources on the development of its lead product candidate, CD388, an antiviral designed for influenza prevention. The company reported a significant increase in research and development expenses, which rose to $24.8 million for the quarter and $49.4 million for the six months, compared to $6.7 million and $12.6 million, respectively, in the prior year. This increase is attributed to the ongoing NAVIGATE study and preparations for a planned Phase 3 trial for CD388.

Cidara's cash position improved significantly, with cash, cash equivalents, and restricted cash totaling $516.9 million as of June 30, 2025, compared to $164.4 million at the end of the previous year. This increase was bolstered by net proceeds of approximately $376.9 million from a public offering completed in June 2025, alongside other financing activities. The company anticipates that its current cash reserves will be sufficient to fund operations through the completion of the Phase 3 study for CD388, which is expected to begin in the spring of 2026.

Operationally, Cidara has made strides in its clinical development, announcing positive topline results from its Phase 2b NAVIGATE study, which demonstrated significant efficacy in preventing seasonal influenza. The study met its primary endpoint, showing a prevention efficacy of 76.1% for the highest dose group. The company is now in discussions with the FDA regarding the design of the upcoming Phase 3 study, which is a critical step toward potential commercialization.

Looking ahead, Cidara remains focused on advancing CD388 while managing its financial resources prudently. The company acknowledges the ongoing challenges in the macroeconomic environment, including inflation and geopolitical tensions, which could impact its operations. However, it is committed to executing its business plan and achieving its clinical development milestones, with the expectation of generating future revenues from successful product commercialization.