Cidara (CDTX) director stock options paid out in Merck merger
Rhea-AI Filing Summary
Cidara Therapeutics director Carin Canale-Theakston reported the cash-out of stock options in connection with Cidara’s acquisition by Merck. On January 7, 2026, a Merck subsidiary completed a tender offer for all outstanding Cidara common and Series A preferred shares and then merged into Cidara, which became a wholly owned Merck subsidiary.
Immediately before the merger became effective, each of the director’s outstanding stock options became fully vested and exercisable, then was cancelled at the effective time and converted into the right to receive cash. The cash amount for each option equals the number of common shares subject to the option multiplied by the excess of $221.50 per share over the option’s exercise price. The reported option grants, which had exercise prices ranging from $10.6 to $50.2 and various expiration dates from 2031 to 2035, now show 0 derivative securities owned following these transactions. All exercise prices and share amounts were adjusted for Cidara’s 1-for-20 reverse stock split on April 24, 2024.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (right to buy) | 1,750 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 875 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 1,400 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 2,125 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 2,125 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 16,000 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 11,100 | $0.00 | -- |
Footnotes (1)
- The exercise price and the number of securities reported herein have been adjusted to reflect the 1-for-20 reverse stock split effected by the Issuer on April 24, 2024. Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated November 13, 2025, by and among Cidara Therapeutics, Inc. (the "Issuer"), Merck Sharp & Dohme LLC ("Merck") and Caymus Purchaser, Inc., a wholly owned subsidiary of Merck ("Purchaser"), on January 7, 2026, Purchaser completed a tender offer to acquire (i) all outstanding shares of common stock of the Issuer, par value $0.0001 per share (each, a "Common Share") and (ii) all outstanding shares of Series A Convertible Voting Preferred Stock of the Issuer, par value $0.0001 per share and thereafter merged with and into the Issuer, with the Issuer continuing as the surviving corporation and a wholly owned subsidiary of Merck (the "Merger"). As of immediately prior to and contingent upon the occurrence of the effective time of the Merger, pursuant to the Merger Agreement, each outstanding option became fully vested and exercisable, and to the extent outstanding and unexercised as of immediately before the effective time of the Merger, was cancelled at the effective time of the Merger and converted into the right to receive cash, without interest, subject to any applicable withholding of taxes, in an amount equal to the product of (i) the total number of Common Shares subject to such option immediately prior to the effective time of the Merger multiplied by (ii) the excess of (x) $221.50 per Common Share over (y) the exercise price payable per Common Share under such option.
FAQ
Who is the reporting insider in the Cidara (CDTX) Form 4?
The reporting person is Carin Canale-Theakston, who is identified as a director of Cidara Therapeutics, Inc. and is not listed as an officer or 10% owner.
What happened to Carin Canale-Theakstons Cidara stock options on January 7, 2026?
On January 7, 2026, all of the directors reported Cidara stock options (rights to buy common stock) were reported as disposed of with 0 derivative securities remaining beneficially owned afterward. Under the merger terms, each outstanding option became fully vested and exercisable, then was cancelled at the mergers effective time and converted into a cash payment right.
How were Cidara options treated in the Merck merger described in this Form 4?
The footnotes explain that, pursuant to the Merger Agreement among Cidara, Merck Sharp & Dohme LLC, and Caymus Purchaser, Inc., each outstanding option became fully vested and exercisable immediately prior to the merger. Any option that remained outstanding and unexercised at the effective time was cancelled and converted into the right to receive cash, without interest and subject to tax withholding.
What merger and tender offer involving Cidara Therapeutics are disclosed here?
The filing states that under the Merger Agreement dated November 13, 2025, a Merck subsidiary completed a tender offer on January 7, 2026 to acquire all outstanding Cidara common stock and Series A Convertible Voting Preferred Stock. After the tender offer, the Purchaser merged with and into Cidara, and Cidara continued as the surviving corporation and a wholly owned subsidiary of Merck.