- Completed Follow-on Public Offering and Secured Debt Facility: In October, Cidara successfully completed a follow-on public offering of 2,752,637 shares of common stock, including the shares issued upon the partial exercise of the underwriters' option to purchase additional shares, at a price to the public of $10.10 per share. Proceeds from the offering were $27.8 million, before deducting underwriting discounts, commissions and offering expenses. Also in October, the company borrowed $10.0 million under a debt facility from Square 1 Bank, a division of Pacific Western Bank. The company may borrow up to an additional $10.0 million under the debt facility, subject to the achievement of certain milestones.
- First Development Candidate Selected from Cloudbreak TM Immunotherapy Discovery Platform: Cidara selected the first development candidate from its proprietary immunotherapy discovery platform, Cloudbreak. Cloudbreak is the first platform of its kind designed specifically to create compounds that direct a patient's immune cells to attack and eliminate bacterial, fungal or viral microbial pathogens. The selected candidate, CD201, is a novel, bispecific antimicrobial immunotherapy being developed for the treatment of multi-drug resistant bacterial infections, including those caused by MCR-1 resistant pathogens.
- Dosed First Patient in Phase 2 Trial of CD101 IV in Candidemia: Cidara initiated its Phase 2 clinical trial of CD101 IV in candidemia, the STRIVE study. STRIVE is a double-blind study comparing the safety and efficacy of CD101 IV to standard-of-care therapy, caspofungin, with an optional step-down to oral fluconazole.
- Cash, cash equivalents and short-term investments totaled $79.3 million as of September 30, 2016. This figure does not include any of the proceeds raised in Cidara's October follow-on offering or from its debt facility. At December 31, 2015, cash, cash equivalents and short-term investments totaled $107.5 million.
- Research and development expenses were $8.7 million and $24.4 million for the three and nine months ended September 30, 2016, respectively, compared to $6.8 million and $15.9 million for the same periods in 2015. The increases were primarily attributable to clinical development activities for our two product candidates, CD101 IV and CD101 topical, as well as preclinical development activities for our Cloudbreak platform.
- General and administrative expenses were $3.6 million and $9.7 million for the three and nine months ended September 30, 2016, respectively, compared to $2.4 million and $6.5 million for the same periods in 2015. The increase resulted primarily from personnel-related costs to support the growth of our operating activities in addition to costs to operate as a public company.
- Net loss for the three months ended September 30, 2016 was $12.2 million, compared to a net loss of $9.2 million for the third quarter of 2015. For the nine months ended September 30, 2016 and 2015, the company reported a net loss of $33.8 million and $22.3 million, respectively.
|Cidara Therapeutics, Inc.|
|Condensed Consolidated Balance Sheets|
|September 30, 2016||December 31, 2015|
|Cash, cash equivalents, and short-term investments||$||79,309||$||107,514|
|Other current assets||1,270||704|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total liabilities and stockholders' equity||$||82,232||$||109,974|
|Cidara Therapeutics, Inc.|
|Condensed Consolidated Statements of Operations|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|(In thousands, except share and per share data)||2016||2015||2016||2015|
|Research and development||$||8,729||$||6,766||$||24,389||$||15,911|
|General and administrative||3,607||2,441||9,694||6,474|
|Total operating expenses||12,336||9,207||34,083||22,385|
|Loss from operations||(12,336||)||(9,207||)||(34,083||)||(22,385||)|
|Other income (expense):|
|Interest income (expense), net||109||33||312||60|
|Total other income (expense)||109||33||312||60|
|Basic and diluted net loss per share||$||(0.88||)||$||(0.67||)||$||(2.44||)||$||(2.59||)|
|Shares used to compute basic and diluted net loss per share||13,910,145||13,674,568||13,863,453||8,636,087|
INVESTOR CONTACT:Robert H. UhlWestwicke Partners, LLCManaging Director(858) firstname.lastname@example.orgMEDIA CONTACT:Mike BeyerSam Brown Inc.(312) email@example.com