Cidara Therapeutics (CDTX) director equity cashed out in Merck buyout

Rhea-AI Filing Summary

Cidara Therapeutics director Daniel D. Burgess reported the disposition of his remaining equity in the company on January 7, 2026, in connection with the completion of Merck’s acquisition of Cidara. A total of 150 shares of common stock, held indirectly through his spouse, were disposed of at $221.50 per share, leaving no common shares reported as beneficially owned.

The filing also shows that multiple stock options covering various amounts of Cidara common shares were fully vested and then canceled at the merger effective time, with each option converted into a cash payment equal to its intrinsic value based on the $221.50 per share merger consideration. All option positions are reported at 0 following these transactions. The share and option figures reflect a 1‑for‑20 reverse stock split effected on April 24, 2024.

Insights

Equity compensation analyst

Director’s Cidara equity is cashed out as Merck closes its acquisition.

This Form 4 shows Daniel D. Burgess, a director of Cidara Therapeutics, exiting his position as the company becomes a wholly owned subsidiary of Merck Sharp & Dohme LLC. The footnotes explain that Merck’s subsidiary completed a tender offer and merger on January 7, 2026, taking Cidara private.

Common stockholders receive $221.50 per share in cash, and holders of Series A preferred receive $15,505.00 per share, both without interest and subject to tax withholding. Burgess’s indirectly held 150 common shares are reported as disposed of at the common share merger price, leaving no reported common stock ownership.

Each outstanding stock option became fully vested immediately prior to the merger, then was canceled and converted into a cash right equal to the intrinsic value: the number of shares under the option multiplied by the excess of $221.50 over the option’s exercise price. All listed option grants show 0 derivative securities remaining afterward. The figures and exercise prices are adjusted for a April 24, 2024 1‑for‑20 reverse stock split.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BURGESS DANIEL D

(Last) (First) (Middle)

C/O CIDARA THERAPEUTICS, INC.

6310 NANCY RIDGE DRIVE SUITE 101

(Street)

SAN DIEGO CA 92121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cidara Therapeutics, Inc. [ CDTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/07/2026		D(1)(2)(3)		150(4)	D	$221.5	0	I	By spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$204.4(5)	01/07/2026		D			450(5)	(6)	06/21/2026	Common Stock	450	(6)	0	D
Stock Option (right to buy)	$138(5)	01/07/2026		D			550(5)	(6)	06/21/2027	Common Stock	550	(6)	0	D
Stock Option (right to buy)	$106(5)	01/07/2026		D			550(5)	(6)	06/12/2028	Common Stock	550	(6)	0	D
Stock Option (right to buy)	$32(5)	01/07/2026		D			550(5)	(6)	06/16/2029	Common Stock	550	(6)	0	D
Stock Option (right to buy)	$79.4(5)	01/07/2026		D			875(5)	(6)	06/24/2030	Common Stock	875	(6)	0	D
Stock Option (right to buy)	$38.4(5)	01/07/2026		D			875(5)	(6)	06/22/2031	Common Stock	875	(6)	0	D
Stock Option (right to buy)	$10.6(5)	01/07/2026		D			1,400(5)	(6)	06/21/2032	Common Stock	1,400	(6)	0	D
Stock Option (right to buy)	$23.4(5)	01/07/2026		D			2,125(5)	(6)	06/21/2033	Common Stock	2,125	(6)	0	D
Stock Option (right to buy)	$12.64	01/07/2026		D			2,125	(6)	07/17/2034	Common Stock	2,125	(6)	0	D
Stock Option (right to buy)	$22.81	01/07/2026		D			20,500	(6)	12/16/2034	Common Stock	20,500	(6)	0	D
Stock Option (right to buy)	$21.31	01/07/2026		D			11,100	(6)	06/17/2035	Common Stock	11,100	(6)	0	D

Explanation of Responses:

1. 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 (each, a "Series A 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"). [continues to Footnote 2]

2. [continues from Footnote 1] Pursuant to the terms of the Merger Agreement, Common Shares and Series A Shares were tendered and disposed of at the Offer Acceptance Time (as defined in the Merger Agreement) in exchange for the right to receive (i) $221.50 per Common Share (the "Common Share Merger Consideration"), in cash, without interest, subject to any applicable withholding of taxes, and (ii) $15,505.00 per Series A Share (the "Series A Merger Consideration"), in cash, without interest, subject to any applicable withholding of taxes. [continues to Footnote 3]

3. [continues from Footnote 2] At the effective time of the Merger, each issued and outstanding Common Share and Series A Share (other than Common Shares (a) held by the Issuer (or in the Issuer's treasury), Merck, Purchaser, any other direct or indirect wholly owned subsidiary of Merck or the Issuer, or by stockholders of the Issuer who have properly exercised and perfected their statutory rights of appraisal, or (b) irrevocably accepted for purchase in the tender offer) was automatically canceled and converted into the right to receive the Common Share Merger Consideration and the Series A Merger Consideration, respectively, without interest and subject to any applicable withholding of taxes.

4. 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.

5. 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.

6. 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.

Remarks:

	/s/ Shane Ward, Attorney-in-Fact	01/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Cidara Therapeutics (CDTX) director Daniel Burgess report in this Form 4?

He reported that all of his reported Cidara equity was disposed of on January 7, 2026 in connection with Merck’s acquisition. This includes 150 shares of common stock, held indirectly by his spouse, and multiple stock option awards, all of which now show 0 securities beneficially owned after the transactions.

What cash consideration did Cidara common and Series A shareholders receive in the Merck transaction?

According to the footnotes, each Cidara common share was exchanged for $221.50 in cash, and each Series A Convertible Voting Preferred Share was exchanged for $15,505.00 in cash, in each case without interest and subject to applicable tax withholding.

How were Daniel Burgess’s Cidara stock options treated in the merger with Merck?

Immediately prior to the effective time of the merger, each outstanding option became fully vested and exercisable. At the effective time, any unexercised options were canceled and converted into a right to receive cash equal to the number of shares subject to the option multiplied by the excess of $221.50 per share over the option’s exercise price.

Why do the share and option numbers in the Cidara (CDTX) Form 4 look adjusted?

A footnote states that the number of securities, and the exercise prices of the options, were adjusted to reflect a 1‑for‑20 reverse stock split that Cidara effected on April 24, 2024. This means prior grant and share amounts were scaled to the post‑split share count.

What happened to Cidara Therapeutics after the transactions reported in this Form 4?

The footnotes explain that a Merck subsidiary completed a tender offer for all outstanding Cidara common and Series A preferred shares and then merged with Cidara, with Cidara continuing as the surviving corporation and a wholly owned subsidiary of Merck.

How many Cidara common shares did Daniel Burgess hold after January 7, 2026?

The Form 4 reports that following the January 7, 2026 merger-related disposition of 150 common shares (held indirectly by his spouse), the amount of common stock beneficially owned is 0 shares.