Full Press Release Details
Cidara Provides Corporate Update and Reports
Fourth Quarter and Full Year 2017 Financial Results
SAN DIEGO, February 27, 2018 - Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing novel anti-infectives including immunotherapies, today reported financial results for the three months and full year ended December 31, 2017, and provided an update on its corporate activities and product pipeline.
"I am pleased to share Cidara's progress during the fourth quarter of 2017 and subsequently. Our accomplishments included the completion of enrollment in our STRIVE Phase 2 clinical trial of rezafungin in candidemia and invasive candidiasis, a successful financing and continued outreach to the medical and scientific communities," said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara. "In the near term we are focused on the topline data read-out from the STRIVE study, which we expect by the end of the first quarter."
Fourth Quarter 2017 and Subsequent Highlights
Fourth Quarter and Full Year 2017 Financial Results
About Cidara Therapeutics
Cidara is a clinical-stage biotechnology company focused on developing new anti-infectives that have the potential to transform the standard of care and save or improve patients' lives. The company is currently advancing its novel echinocandin antifungal, rezafungin acetate, formerly called CD101 IV, through Phase 2 and developing its antibody-drug conjugates for the treatment of multi-drug resistant Gram-negative bacterial infections. Rezafungin has improved pharmacokinetics compared to existing echinocandins and has the potential for expanded utility across patient settings. Rezafungin is the only once-weekly product candidate in development for the treatment and prevention of life-threatening invasive fungal infections. Cidara is developing its antibody-drug conjugates as part of its novel Cloudbreak platform, the first immunotherapy discovery platform designed specifically to create compounds that directly kill pathogens and also direct a patient's immune cells to attack and eliminate bacterial, fungal or viral pathogens. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, the effectiveness, safety, and other attributes of rezafungin and other potential product candidates, including the potential for these compounds to successfully
treat or prevent infections, including those caused by resistant pathogens, and augment treatment and prophylaxis strategies in the future, and the potential for rezafungin to have advantages over the current standard of care in the treatment or prevention of invasive fungal infections, as well as statements regarding the timing of the read-out of STRIVE clinical data. Risks that contribute to the uncertain nature of the forward-looking statements include: the success and timing of Cidara's preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; changes in Cidara's plans to develop and commercialize its product candidates; Cidara's ability to obtain additional financing; Cidara's ability to obtain and maintain intellectual property protection for its product candidates; and the loss of key scientific or management personnel. These and other risks and uncertainties are described more fully in Cidara's Form 10-Q most recently filed with the United States Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Cidara undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Cidara Therapeutics, Inc.
Condensed Consolidated Balance Sheets
| December 31, | |||||||
| 2017 | 2016 | ||||||
| (In thousands) | |||||||
| ASSETS | |||||||
| Cash, cash equivalents, and short-term investments | $ | 75,314 | $ | 104,619 | |||
| Other current assets | 2,356 | 779 | |||||
| Non-current assets | 1,365 | 1,564 | |||||
| Total assets | $ | 79,035 | $ | 106,962 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Total liabilities | $ | 19,291 | $ | 18,783 | |||
| Stockholders' equity | 59,744 | 88,179 | |||||
| Total liabilities and stockholders' equity | $ | 79,035 | $ | 106,962 |
Cidara Therapeutics, Inc.
Condensed Consolidated Statements of Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| (In thousands, except share and per share data) | (unaudited) | (unaudited) | |||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 10,230 | $ | 11,310 | $ | 42,823 | $ | 35,699 | |||||||
| General and administrative | 3,229 | 3,043 | 12,898 | 12,737 | |||||||||||
| Total operating expenses | 13,459 | 14,353 | 55,721 | 48,436 | |||||||||||
| Loss from operations | (13,459 | ) | (14,353 | ) | (55,721 | ) | (48,436 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income (expense), net | 31 | (41 | ) | (7 | ) | 271 | |||||||||
| Total other income (expense) | 31 | (41 | ) | (7 | ) | 271 | |||||||||
| Net loss | $ | (13,428 | ) | $ | (14,394 | ) | $ | (55,728 | ) | $ | (48,165 | ) | |||
| Basic and diluted net loss per share | $ | (0.69 | ) | $ | (0.88 | ) | $ | (3.18 | ) | $ | (3.32 | ) | |||
| Shares used to compute basic and diluted net loss per share | 19,489,375 | 16,352,046 | 17,500,853 | 14,488,987 |
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