Cidara Theraptcs SEC Filings

Cidara Therapeutics, Inc. (Nasdaq: CDTX) has filed a Rule 424(b)(5) prospectus supplement to offer 7,954,546 newly-issued shares of common stock at $44.00 per share. Gross proceeds are expected to total $350.0 million; after underwriting discounts of $2.64 per share (total $21.0 million) the company anticipates pre-expense net proceeds of $329.0 million.

The underwriting syndicate is led by J.P. Morgan and Morgan Stanley, with Guggenheim Securities and Cantor also acting as joint book-runners. Cidara has granted the underwriters a 30-day option to purchase up to 1,193,181 additional shares at the public price less underwriting discounts. If fully exercised, total gross proceeds would rise to approximately $404.2 million, net proceeds (before expenses) to $378.35 million, and total underwriting fees to $24.15 million.

Use of capital & strategic context
Cidara is a clinical-stage biotechnology company developing drug-Fc conjugate (DFC) antivirals via its proprietary Cloudbreak® platform. Following the April 2024 divestiture of rezafungin, the company’s sole R&D focus is CD388, a long-acting, broad-spectrum neuraminidase inhibitor intended to provide single-dose seasonal and pandemic influenza prophylaxis. The company reacquired worldwide rights to CD388 from Janssen in April 2024 and paid an $85 million upfront fee funded by a $240 million private placement. An additional $105 million private placement was completed in November 2024.

Recent clinical milestone
On June 23, 2025, Cidara announced positive topline data from its 5,041-subject, randomized, double-blind, placebo-controlled Phase 2b NAVIGATE study in healthy adults aged 18-64. A single pre-season dose of CD388 achieved statistically significant prevention efficacy (PE) across all dose cohorts:

• 150 mg: PE = 57.7% (95% CI 21.1-78.9; p = 0.0050)
• 300 mg: PE = 61.3% (95% CI 27.0-81.2; p = 0.0024)
• 450 mg: PE = 76.1% (95% CI 49.3-89.9; p < 0.001)

Key considerations for investors

• The offering will provide substantial capital to advance CD388 into late-stage development and potential commercialization.
• Share issuance will dilute existing shareholders; exact dilution is detailed in the "Dilution" section (S-13) of the prospectus supplement.
• Cidara qualifies as a "smaller reporting company," allowing reduced disclosure requirements.
• Investment risk remains elevated: the company is now effectively a single-asset influenza play and clinical success is not yet validated in Phase 3 or by regulators.

Cidara Therapeutics (NASDAQ: CDTX) announced the suspension and termination of its ATM (At-The-Market) Prospectus dated May 15, 2025, which was established under the Open Market Sale Agreement with Jefferies LLC on May 8, 2025.

Key details of the announcement:

• The company will cease all common stock sales under the current Sales Agreement until a new prospectus or prospectus supplement is filed with the SEC
• The underlying Sales Agreement with Jefferies remains in full force and effect
• The original Sales Agreement was disclosed in the company's Quarterly Report filed on May 8, 2025

This strategic move suggests potential changes in Cidara's capital raising strategy or market conditions. The termination of the ATM Prospectus could indicate the company is considering alternative financing options or adjusting its capital structure.

Cidara Therapeutics, Inc. (Nasdaq: CDTX) has filed a high-impact Form 424B5 prospectus supplement to offer up to $250 million of common stock and pre-funded warrants, with an additional 15% over-allotment option (≈$37.5 million) available to the underwriters J.P. Morgan, Morgan Stanley, Guggenheim Securities and Cantor. Based on the assumed reference price of $21.02 (June 20, 2025 close), the base deal would involve roughly 11.9 million new shares; final pricing will be negotiated. The company is a “smaller reporting company,” allowing scaled disclosure.

Use of proceeds & strategic context. While the final allocation is not yet disclosed, management notes that recent capital events illustrate clear deployment priorities. In April 2024, Cidara reacquired worldwide rights to its lead antiviral CD388 from Janssen by paying an $85 million upfront funded out of a $240 million private placement. Two additional private raises (November 2024: $105 million; April 2024 balance: $155 million) are already being applied to CD388 clinical advancement. The new $250 million raise (plus any over-allotment) would further bolster liquidity for planned Phase 3 trials, manufacturing scale-up and potential regulatory filing costs.

Clinical portfolio. CD388 is a long-acting, multivalent zanamivir-Fc conjugate engineered on the proprietary Cloudbreak platform to deliver season-long protection against all influenza A and B strains, including high-pathogenicity H5N1. Development history includes two Phase 1 studies, one Phase 2a and the large 5,041-subject Phase 2b NAVIGATE trial. On June 23, 2025 the company announced positive topline results: each of three single-dose regimens met the primary prevention-efficacy endpoint over 24 weeks and all secondary endpoints, in healthy adults aged 18-64.

Portfolio focus. Concurrent with the Janssen license, Cidara divested its non-Cloudbreak asset rezafungin to Napp Pharmaceutical Group, streamlining R&D to a single influenza franchise. Management characterises CD388 as a potential best-in-class neuraminidase inhibitor capable of single-dose seasonal or pandemic prophylaxis.

Offering mechanics & risk disclosure. Investors are reminded that the prospectus flags “a high degree of risk,” including clinical, regulatory, manufacturing and dilution risks. Final pricing, commission structure and net proceeds are still blank pending marketing. The underwriters expect closing on or about an unspecified date in 2025.

Cidara Therapeutics (Nasdaq: CDTX) filed an 8-K disclosing positive topline data from its randomized, double-blind, placebo-controlled Phase 2b NAVIGATE study of CD388 for the prevention of seasonal influenza in 18-64-year-old healthy, unvaccinated adults.

The trial’s primary endpoint was met across all three single-dose cohorts, delivering statistically significant prevention efficacy (PE): 57.7% at 150 mg, 61.3% at 300 mg and 76.1% at 450 mg versus a 2.8% infection rate in placebo. All secondary endpoints—including efficacy at ≥37.8 °C and ≥37.2 °C fever thresholds and durability to week 28—also achieved statistical significance. CD388 was well-tolerated; no drug-related serious adverse events or unexpected dose-limiting toxicities were observed, and injection-site reactions were comparable to placebo.

Cidara has requested an End-of-Phase 2 meeting with the FDA to review the data and discuss Phase 3 design and timing. Additional NAVIGATE results will be presented at scientific conferences later in 2025. Management will host a conference call and webcast on 23 June 2025; supporting slides are furnished as Exhibit 99.1.

Cidara Therapeutics, Inc. (Nasdaq: CDTX) filed a Form 8-K detailing the results of its 2025 Annual Meeting held on 18 June 2025.

Shareholders doubled the company’s authorized common stock to 100 million shares by approving a Certificate of Amendment to the Amended & Restated Certificate of Incorporation, effective the same day. This action increases the pool of shares available for future financings, strategic transactions, and employee equity grants but also raises dilution capacity for existing holders.

Investors also expanded the 2024 Equity Incentive Plan by 2.88 million shares, endorsing additional stock-based compensation tools to attract and retain talent. Key plan documents are included as Exhibit 10.1.

Director & governance items: Class I directors Jeffrey Stein, Bonnie Bassler, and Ryan Spencer were re-elected to terms expiring in 2028. Ernst & Young LLP was ratified as auditor for FY-2025. An advisory “say-on-pay” resolution for named executive officer compensation passed with 8.08 million votes in favor versus 2.75 million against.

Voting mechanics: As of the 21 April 2025 record date, 12.55 million common shares and 35,517 Series A preferred shares (2.49 million common equivalent) were entitled to vote. Proposal 2 (share authorization increase) received 13.04 million votes for (≈99.1%), while Proposal 3 (equity plan) passed with 7.79 million votes for (≈72.0%).

Exhibits: 3.1 Certificate of Amendment; 10.1 amended equity plan documents; 104 Inline XBRL cover page file.

Investor takeaway: The filing signals board and shareholder alignment on providing CDTX with significantly greater equity financing flexibility, but it simultaneously heightens potential dilution risk for current shareholders.

RA Capital Management reported insider trading activity at Cidara Therapeutics (CDTX) through a Form 4 filing dated June 28, 2025. The transaction involves the acquisition of stock options by Joshua Resnick, a Partner at RA Capital who serves on Cidara's board of directors.

Key transaction details:

• Acquired 5,079 stock options on June 18, 2025
• Exercise price set at $21.31 per share
• Options expire on June 17, 2035
• Vesting occurs on the earlier of June 18, 2026, or the day before Cidara's 2026 annual meeting

Notable arrangement: The options were granted as pro-rated annual director compensation. While held by Resnick, they benefit RA Capital Healthcare Fund, with any proceeds offsetting advisory fees. Multiple reporting persons include RA Capital Management, RA Capital Healthcare Fund, Peter Kolchinsky, and Rajeev Shah, though they disclaim beneficial ownership except for their pecuniary interests.

Cidara Therapeutics, Inc. (CDTX) – Form 4 insider filing dated 06/18/2025.

Director Ryan Spencer reported the grant of a non-derivative stock option covering 11,100 common shares. The option carries an exercise price of $21.31 and will vest in full on the earlier of (i) 18 June 2026 or (ii) the day prior to the company’s 2026 annual shareholders meeting. The award expires on 17 June 2035. Following the transaction, Mr. Spencer beneficially owns 11,100 derivative securities, all held directly. No common shares were bought or sold in the open market, and no other classes of securities were affected.

The filing is a routine disclosure of an equity incentive granted to a non-employee director and does not indicate any change in the company’s operating or financial outlook.

Cidara Therapeutics (CDTX) director Theodore R. Schroeder received a stock option grant on June 18, 2025. The key details of this insider transaction include:

• Granted 11,100 stock options to purchase common stock
• Exercise price set at $21.31 per share
• Options will vest on the earlier of:
  • June 18, 2026, or
  • Day before the 2026 annual stockholder meeting
• Options expire on June 17, 2035

This grant appears to be part of the company's regular director compensation program. The Form 4 was filed by Shane Ward as attorney-in-fact for Mr. Schroeder, reporting the transaction in compliance with SEC regulations for insider trading disclosure.