cdtx-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-36912

CIDARA THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware

46-1537286

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

6310 Nancy Ridge Drive,

Suite 101

San Diego,

92121

(858)

752-6170

(Address of Principal Executive Offices, including Zip Code)

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $0.0001 Per Share

CDTX

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 5, 2025, the registrant had 12,969,823 shares of Common Stock ($0.0001 par value) outstanding.

CIDARA THERAPEUTICS, INC.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION		3
	Item 1. Condensed Consolidated Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2025 and 2024 (unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders ’ Equity (Deficit) for the three months ended March 31, 2025 and 202 4 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	39
	Item 4. Controls and Procedures	39
PART II. OTHER INFORMATION		40
	Item 1. Legal Proceedings	40
	Item 1A. Risk Factors	40
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	74
	Item 3. Defaults Upon Senior Securities	74
	Item 4. Mine Safety Disclosures	74
	Item 5. Other Information	74
	Item 6. Exhibits	76
SIGNATURES		78

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

CIDARA THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets (unaudited)


	March 31, 2025		December 31, 2024
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents	$	168,150	$	189,825
Restricted cash	6,339		6,352
Accounts receivable	1,694		1,694

Prepaid expenses and other current assets	12,665		12,866

Total current assets	188,848		210,737
Property and equipment, net	348		521
Finance lease right-of-use asset, net	—		703
Operating lease right-of-use asset	2,435		2,739
Other assets	96		96

Total assets	$	191,727	$	214,796

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,897	$	3,608
Accrued liabilities	19,833		13,348
Accrued indirect tax liabilities	20,727		26,045
Accrued compensation and benefits	1,915		4,911

Current portion of finance lease liability	—		264
Current portion of operating lease liability	1,437		1,378

Total current liabilities	48,809		49,554

Long-term finance lease liability	—		310
Long-term operating lease liability	1,236		1,624

Total liabilities	50,045		51,488
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at March 31, 2025 and December 31, 2024:
Series A Convertible Voting Preferred Stock, $0.0001 par value; 204,725 shares authorized at March 31, 2025 and December 31, 2024; 240,000 shares issued and 204,725 shares outstanding at March 31, 2025 and December 31, 2024	—		—
Series X Convertible Preferred Stock, $0.0001 par value; 3,818,495 shares authorized at March 31, 2025 and 4,947,759 shares authorized at December 31, 2024; 2,156,713 shares issued and 975,208 shares outstanding at March 31, 2025; 2,156,713 shares issued and 2,104,472 shares outstanding at December 31, 2024	—		—
Common stock, $0.0001 par value; 50,000,000 shares authorized at March 31, 2025 and December 31, 2024; 12,209,150 shares issued and outstanding at March 31, 2025 and 10,946,635 shares issued and outstanding at December 31, 2024	1		1
Additional paid-in capital	776,419		774,565
Accumulated deficit	(634,738)		(611,258)
Total stockholders’ equity	141,682		163,308
Total liabilities and stockholders’ equity	$	191,727	$	214,796

See accompanying notes.

CIDARA THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)


	Three Months Ended March 31,
(In thousands, except share and per share data)	2025		2024
Revenues:
Collaboration revenue	$	—	$	973

Total revenues	—		973
Operating expenses:


Research and development	24,600		5,919
General and administrative	6,179		3,596
Reversal of indirect tax liabilities	(5,510)		—
Total operating expenses	25,269		9,515
Loss from operations	(25,269)		(8,542)
Other income (expense), net:
Other expense, net	(110)		—
Interest income, net	1,899		365
Total other income, net	1,789		365


Net loss from continuing operations	(23,480)		(8,177)
Loss from discontinued operations, net of income taxes	—		(2,149)
Net loss and comprehensive loss	$	(23,480)	$	(10,326)









Basic and diluted net loss per common share from continuing operations	$	(1.66)	$	(1.80)
Basic and diluted net loss per common share from discontinued operations	—		(0.48)
Basic and diluted net loss per common share	$	(1.66)	$	(2.28)

Shares used to compute basic and diluted net loss per common share	14,177,743		4,537,782

See accompanying notes.

CIDARA THERAPEUTICS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three Months Ended March 31,
(In thousands)	2025		2024
Operating activities:
Net loss	$	(23,480)	$	(10,326)
Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation	1,741		795
Non-cash operating lease expense	305		188
Depreciation and amortization	36		36
Gain on disposal of property and equipment	(48)		—
Amortization of costs to obtain a contract with a customer	—		16
Loss on assignment of finance lease	158		—
Amortization of finance lease right-of-use asset	13		20
Non-cash interest expense	7		16

Reversal of indirect tax liabilities	(5,510)		—
Changes in assets and liabilities:
Accounts receivable	—		8,965
Inventory	—		(1,172)
Prepaid expenses, other current assets, and other assets	186		(273)
Accounts payable and accrued liabilities	7,775		(4,851)
Accrued indirect tax liabilities	192		2,578
Accrued compensation and benefits	(2,996)		689
Contract liabilities	—		(3,128)
Operating lease liabilities	(329)		(197)
Net cash used in operating activities	(21,950)		(6,644)

Investing activities:
Purchases of property and equipment	—		(23)
Proceeds from sales of property and equipment	185		—
Net cash provided by (used in) investing activities	185		(23)

Financing activities:



Proceeds from exercise of stock options	127		—
Issuance costs for private placement	—		(4)

Payment of finance lease liabilities	(50)		(50)
Payment for shares withheld to fund payroll taxes	—		(39)
Net cash provided by (used in) financing activities	77		(93)
Net decrease in cash, cash equivalents and restricted cash	(21,688)		(6,760)
Cash, cash equivalents and restricted cash at beginning of period	196,177		35,778
Cash, cash equivalents and restricted cash at end of period	$	174,489	$	29,018

Supplemental disclosure of cash flows:







Non-cash financing activities:


Issuance costs incurred but not yet paid, included in accounts payable and accrued liabilities	$	—	$	105

See accompanying notes.

CIDARA THERAPEUTICS, INC.

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(unaudited)


	Three Months Ended March 31, 2025
	Series A Convertible Voting Preferred Stock			Series X Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Deficit		Total Stockholders’ Equity
(In thousands, except share data)	Shares	Amount		Shares	Amount		Shares	Amount
Balance, December 31, 2024	204,725	$	—	2,104,472	$	—	10,946,635	$	1	$	774,565	$	(611,258)	$	163,308


Issuance of common stock upon conversion of Series X Convertible Preferred Stock	—	—		(1,129,264)	—		564,632	—		—		—		—
Issuance of common stock upon exercise of pre-funded warrants	—	—

SEC Form 10-Q filed by Cidara Therapeutics Inc.