Cidara Therapeutics, Inc. has announced plans to commence an underwritten public offering to issue and sell $250.0 million of shares of its common stock. The offering will be made pursuant to a shelf registration statement on Form S-3 that was declared effective by the U.S. Securities and Exchange Commission on May 15, 2025.
J.P. Morgan, Morgan Stanley, Guggenheim Securities, and Cantor are acting as joint book-running managers for the proposed offering. Cidara expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the public offering.
Cidara Therapeutics is utilizing its proprietary Cloudbreak® platform to develop novel Drug-FC Conjugates (DFCs) comprising targeted small molecules or peptides coupled to a proprietary human antibody fragment. The company'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 the company announced completion of enrollment of its Phase 2b Navigate trial in December 2024. Additionally, the company has developed additional DFCs for oncology, and in July 2024, it received investigational new drug application clearance for CBO421, intended to target CD73 in solid tumors.
Cidara Therapeutics is headquartered in San Diego, California.
The press release also includes information regarding where to obtain the preliminary prospectus supplement and accompanying prospectus relating to the proposed offering. It's important to note that 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. The market has reacted to these announcements by moving the company's shares 5.32% to a price of $49.33. If you want to know more, read the company's complete 8-K report here.
