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Cidara Therapeutics, Inc. (CDTX)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 was execution-heavy: enrollment completed for the 5,000‑subject Phase 2b NAVIGATE trial of CD388 and management flagged a potential early efficacy analysis in H1 2025, which could accelerate Phase 3 initiation for the 2025‑26 season .
  • Financially, collaboration revenue was $0.00M vs $2.76M YoY, while net loss widened to $52.3M vs $3.2M YoY as R&D scaled for NAVIGATE; cash ended Q4 at $196.2M, up sharply from $35.8M a year ago, aided by the November $105.0M private placement .
  • The company’s strategic refocus continued: rezafungin was divested and classified as discontinued operations, and expanded research coverage (Guggenheim, Cantor, RBC) increased investor visibility .
  • No Q4 earnings call transcript was available in the filings/press releases reviewed; S&P Global consensus estimates were unavailable due to access limits, so estimate-based beat/miss analysis cannot be provided at this time.

What Went Well and What Went Wrong

What Went Well

  • Completed NAVIGATE Phase 2b enrollment (≥5,000 subjects across U.S./UK) and signaled potential H1 2025 interim efficacy analysis, creating a near-term clinical catalyst: “We look forward to…sharing additional important milestones and inflection points on our clinical programs throughout the year.” — Jeffrey Stein, Ph.D., CEO .
  • Strengthened balance sheet with $105.0M financing in November and ended Q4 with $196.2M cash, supporting Phase 2b/Phase 3 readiness .
  • Expanded equity research coverage (Guggenheim: Buy; Cantor: Overweight; RBC: Outperform), improving market sponsorship for upcoming clinical readouts .

What Went Wrong

  • Collaboration revenue fell to $0.0M in Q4 (vs $2.8M YoY) after termination of the Janssen agreement upon reacquisition of CD388, removing a prior revenue stream .
  • R&D ramped significantly to $46.9M in Q4 (vs $8.0M YoY) and G&A rose to $7.3M (vs $3.4M YoY), driving a net loss of $52.3M for the quarter; full-year net loss was $169.8M, reflecting upfront IPR&D associated with CD388 rights reacquisition .
  • Discontinued operations contribution shrank materially ($0.06M in Q4 vs $4.97M YoY) following rezafungin divestiture, reducing non-core income offsets to operating losses .

Financial Results

Quarterly P&L Comparison (oldest → newest)

Metric ($USD Thousands unless noted)Q2 2024Q3 2024Q4 2024
Collaboration Revenue302 0 0
Total Revenues302 0 0
Research and Development6,657 12,429 46,874
SG&A / G&A4,746 (SG&A) 4,965 (SG&A) 7,308 (G&A)
Total Operating Expenses96,286 17,394 54,182
Loss from Operations(95,984) (17,394) (54,182)
Interest Income, Net1,774 1,859 1,813
Net Loss (Continuing Ops)(94,210) (15,535) (52,369)
Income/(Loss) from Discontinued Ops3,001 (450) 62
Net Loss and Comprehensive Loss(91,209) (15,985) (52,307)
Basic/Diluted Net Loss per Share ($)(19.99) (2.45) (5.37)
Shares Used (basic/diluted)4,563,772 6,530,111 9,727,786

Q4 YoY Comparison (Q4 2023 → Q4 2024)

Metric ($USD Thousands unless noted)Q4 2023Q4 2024
Collaboration Revenue2,756 0
Total Revenues2,756 0
Research and Development8,010 46,874
G&A3,447 7,308
Total Operating Expenses11,457 54,182
Loss from Operations(8,701) (54,182)
Interest Income, Net527 1,813
Net Loss (Continuing Ops)(8,181) (52,369)
Income from Discontinued Ops4,968 62
Net Loss and Comprehensive Loss(3,213) (52,307)
Basic/Diluted Net Loss per Share ($)(0.71) (5.37)
Shares Used (basic/diluted)4,525,245 9,727,786

Balance Sheet KPIs

Metric ($USD Thousands)Jun 30, 2024Sep 30, 2024Dec 31, 2024
Cash, Cash Equivalents & Restricted Cash164,369 127,386 196,177
Total Assets173,357 162,331 214,796
Total Liabilities42,421 46,701 51,488
Total Stockholders’ Equity (Deficit)130,936 115,630 163,308

Continuing vs Discontinued Operations (Quarterly)

Metric ($USD Thousands)Q2 2024Q3 2024Q4 2024
Net Loss from Continuing Operations(102,387) (15,535) (52,369)
Income/(Loss) from Discontinued Operations852 402 464 (FY ref), 62 (Q4)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
NAVIGATE efficacy analysis timingH1 2025Not specified in prior quarter releasesPotential early analysis in H1 2025 Introduced/accelerated
Phase 3 initiation timing (CD388)2025–26 influenza seasonNo prior Phase 3 timeline disclosedPotential initiation during 2025–26 season Introduced
Financial guidance (Revenue, OpEx, EPS)FY/Q1 2025None providedNone providedMaintained (no guidance)

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024 and Q3 2024)Current Period (Q4 2024)Trend
CD388 clinical progressQ2: Phase 2b planning, protocol finalization ; Q3: first subjects dosed in NAVIGATE Enrollment complete (≥5,000 subjects); potential H1 2025 early efficacy analysis Accelerating
Financing/capitalQ2: $240.0M private placement closed ; cash $164.4M at 6/30 Additional $105.0M financing in Nov; cash $196.2M at year-end Strengthened runway
Organizational realignmentQ3: ~30% workforce reduction to focus on CD388 R&D includes ~$1.2M severance/benefits tied to reduction Cost focus implemented
Regulatory/designationsCD388 Fast Track (historical); CBO421 IND clearance (July) No new designations; focus on efficacy timing and Phase 3 path Stable
Portfolio managementRezafungin divested; discontinued ops classification Discontinued ops minimal in Q4 vs prior year Portfolio streamlined
Street coverageNot noted Q2; Q3 investors/data presentations Coverage expanded (Guggenheim, Cantor, RBC) Increasing sponsorship

Management Commentary

  • “2024 was a transformational year for Cidara as we reacquired rights to the CD388 program…raised $240.0 million in April…[and] raised an additional $105.0 million in November…we believe we are well‑positioned to continue advancing CD388 as a potential long‑acting, universal influenza preventative.” — Jeffrey Stein, Ph.D., President & CEO .
  • “Given the severity of the 2024‑25 flu season, we may consider a potential early analysis of efficacy data…in the first half of 2025. This would potentially enable the initiation of a Phase 3 study during the 2025‑26…season.” — Company statement .
  • “We are pleased to welcome Frank [Karbe]…as we advance our long‑acting influenza antiviral drug CD388…We expect that Frank’s extensive experience…will prove invaluable to the strategic vision of Cidara.” — Jeffrey Stein, Ph.D., re: CFO appointment .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available in the documents reviewed; therefore, Q&A themes and clarifications cannot be provided.

Estimates Context

  • Wall Street consensus (S&P Global) for Q4 2024 revenue and EPS was unavailable at time of analysis due to access limits. As a result, estimate-based beat/miss assessments are not included.

Key Takeaways for Investors

  • Near-term catalyst: potential early efficacy read from NAVIGATE in H1 2025 and potential Phase 3 initiation for the 2025‑26 season; monitor timing updates closely .
  • Balance sheet strength supports clinical execution: cash of $196.2M at year-end, bolstered by $105.0M financing, provides runway into key readouts .
  • Operating intensity increased as R&D scaled for Phase 2b; Q4 R&D at $46.9M and G&A at $7.3M drove a $52.3M quarterly net loss, highlighting burn dynamics ahead of efficacy news .
  • Revenue reset post-Janssen termination: collaboration revenue at $0 in Q4; investors should focus on clinical value creation and potential partnership optionality after Phase 2b data .
  • Strategic focus: rezafungin divestiture simplifies the story to CD388/DFC oncology (CBO421), with discontinued ops now a minimal contributor .
  • Street sponsorship increased (Guggenheim, Cantor, RBC coverage), potentially improving liquidity and awareness into catalysts .
  • Risk monitor: absent revenue, execution/clinical outcomes and regulatory timing are primary drivers; watch for severity of flu season impacts on event rates and interim analysis feasibility .