Cidara Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company recorded no collaboration revenue during this period, a decrease from $973,000 in the same quarter of the previous year. This decline is attributed to the termination of the Janssen Collaboration Agreement, which was replaced by the Janssen License Agreement in April 2024. Operating expenses surged to $25.3 million, up from $9.5 million year-over-year, primarily driven by increased research and development costs associated with the ongoing NAVIGATE study for its lead product candidate, CD388.
The company's net loss for the quarter was $23.5 million, compared to a loss of $10.3 million in the prior year. This loss translates to a basic and diluted net loss per share of $1.66, slightly improved from a loss of $2.28 per share in the same quarter of 2024. The increase in losses is largely due to heightened R&D expenditures, which reached $24.6 million, compared to $5.9 million in the previous year, reflecting the company's intensified focus on advancing its clinical programs.
In terms of strategic developments, Cidara completed a significant asset sale of its rezafungin assets to Napp Pharmaceutical Group in April 2024, marking a strategic shift to concentrate on its Cloudbreak platform and the development of CD388. The company also raised $240 million in gross proceeds from a private placement in April 2024, which was utilized to fund the upfront payment for the Janssen License Agreement. Additionally, Cidara's workforce was reduced by approximately 30% in late 2024 to streamline operations and focus on its core product development.
As of March 31, 2025, Cidara reported cash, cash equivalents, and restricted cash totaling $174.5 million, a decrease from $196.2 million at the end of 2024. The company anticipates that this liquidity will support its operations for at least the next year. However, it also noted that its ability to execute its business plan depends on securing additional funding through various means, including equity offerings and potential collaborations. Looking ahead, Cidara expects to continue incurring losses as it advances its clinical trials, with top-line data from the NAVIGATE study for CD388 anticipated in late June 2025.
About Cidara Therapeutics, Inc.
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