Cidara Therapeutics, Inc. reported a net loss of $169.8 million for the year ended December 31, 2024, a significant increase from the $22.9 million net loss in 2023. Collaboration revenue decreased substantially to $1.3 million in 2024 compared to $23.3 million in 2023, primarily due to the termination of the Janssen Collaboration Agreement in April 2024. The company's research and development expenses increased to $71.9 million in 2024 from $36.8 million in 2023, largely driven by the CD388 Phase 2b NAVIGATE study and increased personnel costs. General and administrative expenses also rose to $20.6 million in 2024 from $13.6 million in 2023.
Significant changes during the fiscal year included the reacquisition of all rights to develop and commercialize CD388 from Janssen in April 2024 for an upfront payment of $85 million. This reacquisition was funded by a $240 million private placement of Series A Convertible Voting Preferred Stock. The company also divested its rezafungin assets to Napp Pharmaceutical Group Limited for $29.3 million in revenue, resulting in the classification of rezafungin as discontinued operations. A subsequent private placement in November 2024 raised an additional $105 million in gross proceeds.
Operational developments included the initiation of the CD388 Phase 2b NAVIGATE study in September 2024, which reached full enrollment of at least 5,000 subjects by December 2024 across sites in the U.S. and the U.K. Topline data from this study is expected in the third quarter of 2025, with a potential early analysis possible in the first half of 2025. The company also received IND clearance for its lead oncology DFC candidate, CBO421, in July 2024, but does not plan to initiate clinical trials for any oncology candidates at this time. As of February 27, 2025, Cidara employed 38 people, with 20 engaged in research and development.
The company's financial statements included a material weakness in internal control over financial reporting related to indirect tax liabilities, which management stated was remediated by December 31, 2024. The company's cash, cash equivalents, and restricted cash totaled $196.2 million as of December 31, 2024. Cidara anticipates continued operating losses for the foreseeable future and plans to fund its operations through a combination of cash on hand, equity offerings, debt financing, and potential collaborations. The company does not anticipate paying dividends on its common stock.
About Cidara Therapeutics, Inc.
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