Cidara Therapeutics raised $402.5 million through a public offering of 9.1 million shares at $44 each.
Quiver AI Summary
Cidara Therapeutics, Inc. announced the successful completion of an underwritten public offering of 9,147,727 shares of its common stock at a price of $44.00 per share, raising gross proceeds of $402.5 million before costs. This offering included the full exercise of a purchase option by underwriters. The shares were sold under a previously filed shelf registration statement, with J.P. Morgan, Morgan Stanley, Guggenheim Securities, and Cantor serving as joint book-running managers. Cidara is known for its Cloudbreak® platform, which focuses on developing drug-Fc conjugate therapeutics, including its lead candidate CD388 for influenza prevention, which has received Fast Track Designation from the FDA.
Potential Positives
- Cidara Therapeutics successfully closed an underwritten public offering, raising $402.5 million in gross proceeds, enhancing its financial position for ongoing and future projects.
- The offering included the full exercise of the underwriters' option to purchase additional shares, demonstrating strong investor demand.
- Cidara's lead drug candidate, CD388, has received Fast Track Designation from the FDA, highlighting its potential significance in preventing influenza.
- Cidara has made substantial progress in its clinical trials, including the completion of enrollment in the Phase 2b NAVIGATE trial for CD388, indicating development momentum.
Potential Negatives
- The fact that all shares in the public offering were sold by Cidara may indicate a lack of investor confidence, as the company did not retain any interest in the offering.
- The reliance on a public offering for funding could raise concerns about the company's financial stability and ability to secure alternative funding sources in the future.
- Despite raising significant funds, potential dilution of existing shareholders’ equity may be a concern due to the increase in total shares outstanding from the offering.
FAQ
What was the purpose of Cidara's recent public offering?
Cidara's recent public offering aimed to raise capital, generating gross proceeds of $402.5 million for its drug development initiatives.
How much did Cidara raise in its public offering?
Cidara raised $402.5 million in gross proceeds from the offering of 9,147,727 shares of common stock.
Who managed Cidara's public offering?
J.P. Morgan, Morgan Stanley, Guggenheim Securities, and Cantor Fitzgerald acted as joint book-running managers for the public offering.
What is Cidara's lead therapeutic candidate?
Cidara's lead therapeutic candidate is CD388, a long-acting antiviral designed to prevent seasonal and pandemic influenza with a single dose.
What is the Cloudbreak® platform used for?
The Cloudbreak® platform is used to develop drug-Fc conjugate therapeutics, combining small molecules or peptides with human antibody fragments.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CDTX Insider Trading Activity
$CDTX insiders have traded $CDTX stock on the open market 4 times in the past 6 months. Of those trades, 2 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $CDTX stock by insiders over the last 6 months:
- CHRYSA MINEO has made 2 purchases buying 3,320 shares for an estimated $73,895 and 0 sales.
- LESLIE TARI (CHIEF SCIENTIFIC OFFICER) sold 1,773 shares for an estimated $38,939
- SHANE WARD (COO & CLO) sold 1,664 shares for an estimated $36,542
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CDTX Hedge Fund Activity
We have seen 26 institutional investors add shares of $CDTX stock to their portfolio, and 14 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ADAGE CAPITAL PARTNERS GP, L.L.C. added 620,046 shares (+167.6%) to their portfolio in Q1 2025, for an estimated $13,355,790
- VESTAL POINT CAPITAL, LP added 504,542 shares (+inf%) to their portfolio in Q1 2025, for an estimated $10,867,834
- MONASHEE INVESTMENT MANAGEMENT LLC removed 369,099 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $9,921,381
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 299,853 shares (+703.5%) to their portfolio in Q1 2025, for an estimated $6,458,833
- VANGUARD GROUP INC added 292,072 shares (+134.3%) to their portfolio in Q1 2025, for an estimated $6,291,230
- CITADEL ADVISORS LLC added 287,775 shares (+inf%) to their portfolio in Q1 2025, for an estimated $6,198,673
- VR ADVISER, LLC added 285,795 shares (+37.3%) to their portfolio in Q1 2025, for an estimated $6,156,024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$CDTX Analyst Ratings
Wall Street analysts have issued reports on $CDTX in the last several months. We have seen 4 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Guggenheim issued a "Buy" rating on 06/24/2025
- RBC Capital issued a "Outperform" rating on 06/24/2025
- H.C. Wainwright issued a "Buy" rating on 06/23/2025
- Citigroup issued a "Outperform" rating on 03/12/2025
To track analyst ratings and price targets for $CDTX, check out Quiver Quantitative's $CDTX forecast page.
$CDTX Price Targets
Multiple analysts have issued price targets for $CDTX recently. We have seen 3 analysts offer price targets for $CDTX in the last 6 months, with a median target of $50.0.
Here are some recent targets:
- An analyst from Guggenheim set a target price of $68.0 on 06/24/2025
- Roy Buchanan from JMP Securities set a target price of $46.0 on 03/12/2025
Full Release
SAN DIEGO, June 26, 2025 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (“Cidara”) (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) therapeutics, today announced the closing of its underwritten public offering of 9,147,727 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 1,193,181 shares, at a price to the public of $44.00 per share. The gross proceeds to Cidara from the offering, before deducting underwriting discounts and commissions and offering expenses, were $402.5 million. All of the shares in the offering were sold by Cidara.
J.P. Morgan, Morgan Stanley, Guggenheim Securities and Cantor acted as joint book-running managers for the offering.
The offering was made pursuant to a shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 8, 2025, and declared effective by the SEC on May 15, 2025. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected] ; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at [email protected] ; Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-9544, or by email at [email protected] ; or Cantor Fitzgerald & Co. by mail at Attention: Capital Markets, 110 East 59th Street, New York 10022 or by email at [email protected] .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Cidara Therapeutics
Cidara Therapeutics is using its proprietary Cloudbreak® platform to develop novel DFCs comprising targeted small molecules or peptides coupled to a proprietary human antibody fragment. Cidara’s lead DFC candidate, CD388, is a long-acting antiviral designed to achieve universal prevention of seasonal and pandemic influenza with a single dose by directly inhibiting viral proliferation. In June 2023, CD388 was granted Fast Track Designation by the U.S. Food and Drug Administration, and Cidara announced completion of enrollment of its Phase 2b NAVIGATE trial in December 2024. Additional DFCs have been developed for oncology and in July 2024 Cidara received investigational new drug application clearance for CBO421 which is intended to target CD73 in solid tumors. Cidara is headquartered in San Diego, California.
Investor Contact:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
[email protected]
