Cidara Therapeutics 2024 Q2 Earnings Deepened Losses Amid Strong Clinical Progress

Cidara Therapeutics (CDTX) reported its fiscal 2024 Q2 earnings on Aug 07th, 2025. The company posted significantly deeper losses year-over-year, with no earnings guidance provided. Despite the financial setbacks, Cidara achieved key clinical milestones and secured substantial capital to advance its pipeline.

Revenue
Cidara Therapeutics's total revenue plummeted by 94.1% to $302,000 in 2024 Q2, compared to $5.09 million in 2023 Q2. Collaboration revenue, which previously accounted for nearly all of the company’s income, dropped to zero for the three and six months ended June 30, 2025, following the termination of its collaboration agreement with Janssen in April 2024. The absence of collaboration revenue reflects the restructuring of its partnership and the shift in strategic focus.

Earnings/Net Income
The company's losses widened significantly, with a net loss of $-91.21 million in 2024 Q2, representing a 569.5% increase from the $-13.62 million loss in the same period the previous year. On a per-share basis, the loss widened to $19.99 from $3.02, a 561.9% increase in negative earnings, highlighting the financial challenges posed by its R&D investments and the absence of collaboration revenue.

Price Action
The stock price of Cidara Therapeutics has edged down 1.56% during the latest trading day and 2.50% during the most recent full trading week. However, it has surged 22.36% month-to-date, reflecting investor optimism around its clinical progress and capital raise.

Post Earnings Price Action Review
The strategy of buying Cidara Therapeutics (CDTX) shares after a revenue raise quarter-over-quarter on the financial report released date and holding for 30 days delivered impressive returns over the past three years. The strategy achieved a total return of 268.88%, significantly outperforming the benchmark return of 51.69%. The excess return was 217.19%, indicating that the strategy's focus on CDUX's post-revenue raise performance was highly beneficial. The strategy's CAGR was 55.51%, reflecting consistent growth over the period. While the strategy had a maximum drawdown of 0.00%, it exhibited a relatively high volatility of 110.96% and a Sharpe ratio of 0.50, suggesting that while the strategy minimized losses, it took on considerable risk for the potential rewards.

CEO Commentary
Jeffrey Stein, Ph.D., President and Chief Executive Officer of Cidara, highlighted the compelling Phase 2b NAVIGATE trial results for CD388 and the successful $402.5 million public offering as foundational to the company’s position of strength to advance its Phase 3 plan. He emphasized the potential of CD388 as a non-vaccine solution for universal influenza protection, particularly for immunocompromised and high-risk patients. The CEO outlined a clear regulatory path, including the submission of an End-of-Phase 2 meeting request to the FDA and plans to initiate Phase 3 trials by spring 2026. The leadership tone is optimistic, reflecting confidence in the clinical data and strategic positioning.

Guidance
Cidara does not provide traditional financial guidance but reported $516.9 million in cash and equivalents as of June 30, 2025, which supports the Phase 3 development program and removes near-term financing risk. The company anticipates continued R&D investment in support of its clinical strategy.

Additional News
Cidara Therapeutics announced several key corporate updates within three weeks of its Q2 2024 earnings. The company submitted a request for an End-of-Phase 2 meeting with the FDA to discuss its proposed Phase 3 trial design for CD388, a long-acting antiviral for universal influenza prevention. Additionally, Cidara completed an upsized public offering, raising $402.5 million in gross proceeds, significantly strengthening its balance sheet for future clinical development. In June 2025, the company was added to the Russell 2000® and Russell 3000® Indexes, increasing its visibility in the institutional investment community. Cidara also hosted a virtual R&D Day in May 2025, featuring industry experts to discuss CD388’s potential as a universal flu preventative.