Cidara Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2019 Financial Results
"2019 was a transformational year for Cidara, as we achieved multiple key corporate and clinical milestones," said
Recent Corporate Highlights
$30 millionin equity: In February 2020, Cidara closed a $30 millionrights offering that was fully backstopped by BVF Partners L.P.and Stonepine Capital, LP.
- Presented preclinical rezafungin data at TCT: In
February 2020, Cidara presented preclinical data supporting rezafungin for the prevention of invasive fungal infections in patients undergoing blood and marrow transplantation at the Transplantation & Cellular Therapy (TCT) Meetings of the American Society for Transplantation & Cellular Therapyand the Center for International Blood & Marrow Transplant Research.
- Highlighted new preclinical data at the 2019 ASH Annual Meeting: In
December 2019, Cidara presented new preclinical data supporting the rezafungin program for the prevention of invasive fungal infections at the 61st American Society of Hematology(ASH) Annual Meeting.
- Presented rezafungin data at the Interdisciplinary Meeting on Anti-Infective Chemotherapy: In
December 2019, Cidara delivered an oral presentation providing an overview of the rezafungin clinical development program for the treatment and prevention of invasive fungal infections at the 39th Interdisciplinary Meeting on Anti-Infective Chemotherapy.
Fourth Quarter and Full Year 2019 Financial Results
- Revenues were
$1.8 millionand $20.9 millionfor the three months and full year ended December 31, 2019, compared to no revenue for the same periods in 2018.
- Cash, cash equivalents, and restricted cash totaled
$60.3 millionat December 31, 2019, compared to $74.6 millionat December 31, 2018. This does not include the $30 millionraised through the rights offering completed in February 2020.
- As of
December 31, 2019, Cidara had 33,838,466 shares of common stock outstanding, 565,231 shares of Series X convertible preferred stock issued and outstanding at December 31, 2019. This does not include 6,639,307 shares of common stock and 531,288 shares of Series X convertible preferred stock issued through the rights offering completed in February 2020.
- Research and development expenses were
$11.5 millionand $46.4 millionfor the three months and full year ended December 31, 2019, compared to $13.0 millionand $49.1 millionfor the same periods in 2018.
- General and administrative expenses were
$4.4 millionand $16.2 millionfor the three months and full year ended December 31, 2019, compared to $3.6 millionand $14.1 millionfor the same periods in 2018.
- Net loss for the three months ended
December 31, 2019, was $14.0 million, compared to a net loss of $12.3 millionfor the fourth quarter of 2018. Net loss for the 12 months ended December 31, 2019, was $41.1 million, compared to a net loss of $59.0 millionfor the year ended December 31, 2018.
Cidara is developing therapeutics to improve the standard of care for patients with severe fungal or viral infections. The Company’s portfolio is comprised of breakthrough approaches aimed at transforming existing treatment and prevention paradigms, first with its lead antifungal candidate, rezafungin, in addition to therapies targeting influenza and other viral diseases from Cidara’s proprietary Cloudbreak® platform. Cidara is headquartered in
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expect,” “may,” “plan” or “will”. Forward-looking statements in this release include, but are not limited to, statements regarding whether achievement of corporate or clinical milestones in 2019 will have a positive impact on our future or be transformational to our business in the future, or whether we will commence enrollment in ReSPECT on time, or at all. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the availability of, and participation in, financing opportunities. These and other risks are identified in our filings with the
Karen O’Shea, Ph.D.
Condensed Consolidated Balance Sheets
|Cash, cash equivalents, and restricted cash||$||60,268||$||74,562|
|Accounts receivable and other current assets||5,546||2,567|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total liabilities and stockholders' equity||$||68,976||$||79,112|
Condensed Consolidated Statements of Operations
|Three months ended
|(In thousands, except share and per share data)||(unaudited)|
|Research and development||11,490||13,046||46,401||49,142|
|General and administrative||4,405||3,552||16,238||14,143|
|Total operating expenses||15,895||16,598||62,639||63,285|
|Loss from operations||(14,080||)||(16,598||)||(41,724||)||(63,285||)|
|Other income (expense):|
|Change in fair value of contingent forward purchase obligation||—||4,075||411||3,851|
|Interest income (expense), net||57||182||221||629|
|Total other income (expense)||57||4,256||632||4,269|
|Recognition of beneficial conversion feature||—||—||—||(10,329||)|
|Net loss attributable to common shareholders||$||(14,023||)||$||(12,342||)||$||(41,092||)||$||(69,345||)|
|Basic and diluted net loss per common share||$||(0.42||)||$||(0.44||)||$||(1.41||)||$||(2.76||)|
|Shares used to compute basic and diluted net loss per common share||33,272,964||27,780,212||29,093,174||25,142,976|
Source: Cidara Therapeutics, Inc.