Cidara Therapeutics: a novel approach to treating fungal or viral infections
Cidara Therapeutics is a biotechnology company developing long-acting therapeutics for patients facing serious fungal or viral infections. The company’s portfolio is comprised of its lead antifungal candidate, Rezafungin, in addition to antiviral conjugates (AVCs) for the prevention and treatment of influenza and other viral diseases from Cidara’s proprietary Cloudbreak® antiviral platform. Rezafungin is a novel drug candidate from the echinocandin class of antifungals. It is dosed as a once-weekly infusion versus a daily treatment for the current echinocandins. The company is conducting a Phase 3 clinical trial with Rezafungin for the first-line treatment of candidemia and/or invasive candidiasis and a second Phase 3 clinical trial of once-weekly dose for the prevention of invasive fungal disease associated with allogeneic blood and marrow transplantation.
Financials Cidara generated revenues of $12.1 million for full year ended December 31, 2020, compared with $20.9 million for the same period of 2019. Cash, cash equivalents and restricted cash added up to $42.9 million as of December 31, 2020, compared with $60.3 million in 2019. The research and development expenses increased from $46.4 million in 2019 to $68.0 million in 2020, due to higher expenses associated with Rezafungin clinical trials and increased expenses associated with the Cloudbreak antiviral platform and higher personnel costs. Cidara reported a net loss of $21.6 million, as compared to a net loss of $14.0 million in 2019.