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SAN DIEGO - Cidara Therapeutics, Inc. (NASDAQ:CDTX) reported a wider fourth-quarter loss on Wednesday, as the biotechnology company ramped up spending on its influenza drug candidate CD388. Shares of Cidara fell 1.9% in after-hours trading following the earnings release.
The company reported a fourth-quarter net loss of $52.3 million, or -$5.37 per share, compared to a loss of $3.2 million in the same period last year. The increased loss was primarily due to higher research and development expenses, which rose to $46.9 million from $8.0 million a year ago, driven by costs associated with the Phase 2b NAVIGATE trial for CD388.
Cidara did not report any collaboration revenue for the fourth quarter, down from $2.8 million in the year-ago period. The company ended 2024 with $196.2 million in cash and equivalents, bolstered by recent financing activities.
"2024 was a transformational year for Cidara as we reacquired rights to the CD388 program, our long-acting, universal influenza drug, and raised $240.0 million in April to conduct the 5,000 subject Phase 2b NAVIGATE trial," said Jeffrey Stein, Ph.D., president and CEO of Cidara.
The company completed enrollment for the NAVIGATE trial in December, evaluating CD388 for the prevention of seasonal influenza. Given the severity of the current flu season, Cidara may consider an early analysis of efficacy data in the first half of 2025, potentially enabling the initiation of a Phase 3 study during the 2025-26 Northern Hemisphere influenza season.
Cidara also raised an additional $105.0 million in a private placement in November, led by new investor Venrock Healthcare Capital Partners (WA:CPAP), to support ongoing development efforts.
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