Cidara Therapeutics, Inc. reported GAAP earnings per share of $1.65 for the second quarter of 2025, significantly better than analyst expectations of a $1.94 loss. The company reported no GAAP revenue, aligning with forecasts due to the wind-down of a key collaboration earlier in the year.
The company's cash and restricted cash surged to $516.9 million as of June 30, 2025, following a $402.5 million equity offering. This strong liquidity position provides a long runway to fund upcoming clinical work for CD388, including the planned Phase 3 study.
Research and development expenses for the Cloudbreak platform increased sharply to $21.5 million for the three months ended June 30, 2025, a 693% increase from the same period in 2024, reflecting accelerated clinical activities. The Phase 2b NAVIGATE trial for CD388 met all primary and secondary endpoints, demonstrating 76.1% protection at the highest dose, and an End of Phase 2 meeting request was submitted to the FDA in June 2025.
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