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.
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Insights
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option (right to buy) | 450 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 550 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 550 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 550 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 875 | $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) | 20,500 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 11,100 | $0.00 | -- |
| Disposition | Common Stock | 150 | $221.50 | $33K |
Footnotes (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] [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] [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. 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. 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. 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
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.
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.
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.