Cidara Therapeutics 2024 Q2 Earnings Net Loss Widens by 569.5%

Cidara Therapeutics (CDTX) reported its fiscal 2024 Q2 earnings on August 8, 2025. The company significantly underperformed with a sharp decline in revenue and a substantially wider net loss. The results fell well below expectations, with no guidance provided, as the firm continues to focus on clinical development.

Revenue
Cidara Therapeutics reported a total revenue of $302,000 for the second quarter of 2024, representing a 94.1% decline compared to $5.09 million in the same period in 2023. The drop was driven entirely by a reduction in collaboration revenue, which stood at $302,000, the sole contributor to the company’s total revenue in this quarter. The absence of other revenue streams highlights the firm's continued reliance on research partnerships rather than product-based income.

Earnings/Net Income
Cidara Therapeutics’s losses expanded significantly, with a net loss of $-91.21 million in 2024 Q2, a 569.5% increase from the $-13.62 million loss in 2023 Q2. On a per-share basis, the loss widened to $19.99 from $3.02, indicating a substantial deterioration in the company’s profitability. The sharp increase in losses underscores the ongoing financial pressures associated with its research and development activities. The performance in this quarter reflects a negative outcome for earnings.

Price Action
The stock price of Cidara Therapeutics showed mixed performance across different time frames. It rose 7.28% during the latest trading day, but dipped 1.43% over the most recent full trading week. However, the stock surged 21.66% month-to-date, indicating a strong rebound in investor sentiment despite the poor earnings.

Post-Earnings Price Action Review
A historical trading strategy of purchasing Cidara Therapeutics shares following a revenue increase quarter-over-quarter and holding for 30 days has yielded impressive returns over the past three years, delivering a 198.49% total return. This outperformed the benchmark by 150.58%, showcasing the potential for capitalizing on positive earnings surprises. The strategy also demonstrated strong risk-adjusted returns, with a maximum drawdown of 0.00% and a Sharpe ratio of 0.41, indicating solid risk management and consistent performance amid market fluctuations.

CEO Commentary
Dr. John A. Trybulski, CEO of Cidara Therapeutics, emphasized the company’s dedication to advancing its pipeline of antifungal therapies in response to the critical unmet medical needs in the treatment of invasive fungal infections. He highlighted the importance of strategic clinical development and regulatory engagement as key drivers for long-term growth. Despite the ongoing challenges related to operational and R&D expenses, the CEO expressed cautious optimism about the company’s ability to deliver value through its pipeline and reiterated a commitment to disciplined capital allocation and a patient-centric approach to innovation.

Guidance
Cidara Therapeutics did not provide explicit quantitative forward-looking guidance during the 2024 Q2 earnings call, consistent with its position as a development-stage company with no currently marketed products. The CEO reaffirmed the company’s strategic focus on achieving clinical and regulatory milestones, without disclosing specific targets for revenue, EPS, or CAPEX.

Additional News
In Nigeria, the Punch newspaper reported significant news events, with a particular focus on political and social developments. Among these, the tension in Gbagi Market, where Oyo State replaced low-cost stalls with more expensive modern shops, has sparked public concern over rising operational costs for small vendors. Additionally, there were reports of desperate butchers inflating meat with air to defraud customers, highlighting ongoing challenges in consumer protection. Political activity also remained intense, as leaders like Obi and Bauchi Governor sought a united opposition ahead of the 2027 elections, while INEC pushed for legal backing to implement voting rights for inmates. These developments reflect the dynamic and often challenging environment within Nigeria’s political and economic landscape.