Here are 1-3 brief analogies for Cidara Therapeutics:

• Vertex Pharmaceuticals, but specializing in developing drugs for life-threatening fungal infections. (Both focus on developing treatments for specific, serious conditions.)
• Like a smaller version of Moderna or BioNTech, using a platform technology to develop preventive treatments for a range of serious infectious diseases. (Highlights the platform approach for prophylactic therapies.)

• Rezzuro (rezafungin): A novel once-weekly echinocandin antifungal approved for the treatment of candidemia and invasive candidiasis in adults.
• Cloudbreak® Antiviral and Antifungal Drug Conjugates: A proprietary platform designed to develop novel drug conjugates aimed at treating and preventing serious fungal and viral infections.

Cidara Therapeutics (CDTX) primarily sells to other companies through licensing, collaboration, and distribution agreements rather than directly to individuals. Its major customers and partners include:

• McKesson Corporation (Symbol: MCK) - A leading U.S. pharmaceutical distributor responsible for the commercialization of REZZAYO™ (rezafungin) in the United States.
• Mundipharma (a private company) - A key collaboration partner for the development and commercialization of rezafungin in regions outside the U.S. and Japan.
• Janssen Pharmaceuticals, Inc. (a subsidiary of Johnson & Johnson, Symbol: JNJ) - A collaboration partner for Cidara's Cloudbreak® antiviral conjugate program.

• Piramal Pharma Ltd. (NSE: PIRAMALPHARMA)
• Sterling Pharma Solutions Limited

Jeffrey Stein, Ph.D., President and Chief Executive Officer

Dr. Stein has served as President, CEO, and Director of Cidara Therapeutics since January 2014. Under his leadership, Cidara developed the antifungal drug Rezzayo from preclinical stage to approval in the US and EU, and advanced CD388, a universal preventative for influenza, through Phase 2a. Prior to joining Cidara, he was the CEO of Trius Therapeutics, Inc. from 2007 until its acquisition by Cubist Pharmaceuticals, Inc. in September 2013. At Trius, he oversaw the development of the antibacterial drug tedizolid, later marketed as Sivextro. Dr. Stein also co-founded and served as Chief Scientific Officer of Quorex Pharmaceuticals from 1999 until its acquisition by Pfizer Pharmaceuticals, Inc. in 2005. From 2005 to 2010, he was a Venture Partner and Kauffman Fellow with Sofinnova Ventures.

Frank Karbe, Chief Financial Officer

Mr. Karbe joined Cidara as Chief Financial Officer, effective February 24, 2025, bringing over 25 years of experience in the healthcare industry as both a banker and a senior executive. Most recently, he was CEO of Better Therapeutics, where he secured the first FDA authorization for a digital therapeutic for Type 2 Diabetes. Before that, he served as President and CFO at Myovant Sciences, where he played a key role in scaling the company, launching two FDA-approved products, raising over $2 billion in capital, and securing a $4 billion partnership with Pfizer. Mr. Karbe also spent over a decade as CFO at Exelixis, a biotechnology company, where he drove its transformation from discovery to commercialization. Earlier in his career, he held the position of Vice President in Goldman Sachs' healthcare investment banking group.

Shane Ward, Chief Operating Officer, Chief Legal Officer and Corporate Secretary

Mr. Ward joined Cidara in 2021 as Chief Legal Officer and was appointed Chief Operating Officer in 2022. He brings over 25 years of biopharmaceutical industry experience in legal, operations, strategy, and finance. In his current role, he is responsible for various corporate functions including Legal, IP, Healthcare Compliance, Technical Operations, Quality, and IT, and he oversees corporate governance as Corporate Secretary. Prior to Cidara, Mr. Ward was Chief Legal and Strategy Officer for Bellicum Pharmaceuticals, a clinical-stage cell therapy company.

Nicole Davarpanah, M.D., J.D., Chief Medical Officer

Dr. Davarpanah serves as the Chief Medical Officer at Cidara Therapeutics. Her background includes expertise as a physician and a legal professional.

Allison Lewis, SPHR, CCP, Senior Vice President, People and Culture

Ms. Lewis possesses over 15 years of diverse Human Resources experience, primarily within the life sciences industry across all stages of development and commercialization. Before joining Cidara, she was part of the Human Resources teams at Cadence Pharmaceuticals and subsequently Mallinckrodt Pharmaceuticals after its acquisition of Cadence in 2014. Her experience also includes HR management roles at PPD, Applied Technology and Management, and IGY.

Cidara Therapeutics (CDTX) faces several key risks, with the most immediate and significant revolving around its announced acquisition. Should this transaction not materialize, the company would revert to its previous challenges, primarily its reliance on a single drug candidate and ongoing financial difficulties.

1. Risk of Acquisition Non-Completion: The most significant immediate risk for Cidara Therapeutics is the potential failure of the announced acquisition by Merck & Co. for $221.50 per share, which is expected to close in the first quarter of 2026. If this transaction, valued at approximately $9.2 billion, does not close as anticipated, Cidara's stock would likely face substantial downward pressure, and the company would once again be exposed to the underlying risks of its business as an independent entity.
2. Heavy Dependence on CD388: Cidara's business model is largely contingent on the successful development, regulatory approval, and commercialization of its lead drug candidate, CD388, a long-acting antiviral for influenza prevention. The company's fate "hinges on CD388's Q1 2026 trial results and post-approval scalability." While CD388 has received Breakthrough Therapy designation from the FDA and shown promising Phase 2b results, regulatory approval is not guaranteed, and any negative data from the ongoing Phase 3 ANCHOR study or delays in its development could significantly impact the company.
3. Financial Deterioration and Lack of Sustained Revenue: Cidara Therapeutics is currently a non-revenue-generating company that has reported significant net losses, including an $83.2 million net loss in Q3 2025 and $23.5 million in Q1 2025. Although the company has secured financing and government funding, these are often tied to specific developmental milestones rather than recurring revenue streams. This continuous spending on research and development without corresponding revenue raises concerns about the company's long-term financial sustainability and its ability to fund operations beyond 2026 if CD388 faces significant setbacks or delays.

Cidara Therapeutics' primary product candidate, CD388, a long-acting antiviral designed for influenza prevention, targets significant addressable markets.

The global influenza vaccine market, which CD388 aims to address, was approximately $8.78 billion in 2023 and is projected to grow to $22.7 billion by 2032. Cidara Therapeutics suggests that CD388 has the potential to capture a meaningful portion of this global seasonal influenza market, which is estimated at approximately $9 billion.

Specifically for the U.S. market, CD388 targets a sizable opportunity of over $5 billion. The company's strategy for CD388 could also potentially reach a market of over 100 million patients in the U.S.

Cidara Therapeutics (CDTX) is primarily focused on the advancement of its proprietary Cloudbreak® platform, with its lead candidate CD388 driving the most significant expected future revenue growth.

Here are 3-5 expected drivers of future revenue growth for Cidara Therapeutics over the next 2-3 years:

1. Advancement and Potential Commercialization of CD388 for Influenza Prevention: Cidara's lead drug candidate, CD388, a long-acting antiviral for universal influenza prevention, is in Phase 3 clinical trials, with enrollment expected to be completed by December 2025. The company aims for a Biologics License Application (BLA) submission in 2027. The expansion of the Phase 3 ANCHOR study to include healthy adults over 65 has more than doubled the potential U.S. patient population for CD388 to over 100 million individuals. Additionally, CD388 has received FDA Breakthrough Therapy designation, which may accelerate its development and regulatory review timelines, positioning it for potential market entry and significant sales in the coming years. Analysts project peak sales for CD388 to reach up to $2.8 billion in the U.S. market.
2. Milestone Payments from Strategic Partnerships for CD388: Cidara has secured substantial funding and partnership agreements that contribute to future revenue. Notably, the company received a BARDA award valued at up to $339 million, with potential for an additional $281 million in option periods, to support the manufacturing and clinical development of CD388. An initial base period of $58 million over 24 months is allocated for onshoring manufacturing and expanding the commercial supply chain. The initiation of the Phase 3 study also triggered a $45 million milestone payment to Johnson & Johnson. Further development and regulatory milestones from existing or new partnerships for CD388 are expected to be significant revenue contributors as the program progresses toward commercialization.
3. Progression and Potential Out-licensing/Partnership Milestones for Other Cloudbreak DFC Pipeline Candidates: Beyond CD388, Cidara is actively developing other drug-Fc conjugate (DFC) candidates utilizing its proprietary Cloudbreak® platform, particularly within oncology. The company has presented preclinical data for oncology programs and had expected to file an Investigational New Drug (IND) Application for CBO421, a potential best-in-class inhibitor of CD73, in mid-2024. While these programs are in earlier stages, successful advancement and demonstration of compelling data could lead to new collaboration agreements, upfront payments, and development milestones, thereby driving future revenue growth for Cidara.

Share Repurchases

• Cidara Therapeutics reported an ongoing share repurchase program, with US$25 million of Class A common stock bought back as of November 2025.

Share Issuance

• In June 2025, Cidara completed an upsized public offering of 9,147,727 shares of common stock at $44.00 per share, raising gross proceeds of $402.5 million, including the full exercise of the underwriters' option to purchase additional shares.
• In November 2024, the company completed a private placement of common stock and pre-funded warrants, generating $105.0 million in gross proceeds.
• In January 2020, Cidara commenced a rights offering aiming to raise approximately $30 million in gross proceeds.

Inbound Investments

• In October 2025, Cidara received an award valued at up to $339.2 million from the Biomedical Advanced Research and Development Authority (BARDA), with a base period funding of $58.1 million over 24 months, to support expanded manufacturing and clinical development of CD388.
• In April 2024, concurrent with a $240 million private placement financing, Cidara reacquired the exclusive global development and commercial rights to CD388 from Janssen Pharmaceuticals, which involved an $85.0 million upfront payment to Janssen.
• Several institutional investors, including Adage Capital Partners, Aberdeen Group plc, Goldman Sachs Group Inc., and Vivo Capital LLC, significantly increased their positions in Cidara Therapeutics in the first and second quarters of 2025 through open market purchases.

Outbound Investments

• In April 2024, Cidara divested all rezafungin assets and related contracts to Napp Pharmaceutical Group Limited, an affiliate of Mundipharma Medical Company. This divestiture was estimated to result in approximately $128.0 million in cost savings over the patent life of rezafungin.

Capital Expenditures

• Acquired in-process research and development (IPR&D) expenses were $84.9 million for the year ended December 31, 2024, primarily related to the upfront payment for re-acquiring the rights to CD388.
• Research and development expenses for the full year ended December 31, 2024, were $71.9 million, driven mainly by the CD388 Phase 2b NAVIGATE study and associated personnel costs.
• A $45.0 million milestone payment to Janssen was triggered in September 2025 with the initiation of the Phase 3 ANCHOR study for CD388.