GlobeNewswire Inc | Aug 13, 2020 04:49PM EDT

August 13, 2020

SAN DIEGO, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics to transform the standard of care for patients facing serious fungal or viral infections, today reported financial results for the three months ended June30, 2020, and provided an update on its corporate activities and product pipeline.

"We are pleased to have dosed the first patient in our Phase 3 ReSPECT trial, which is evaluating rezafungin for the prevention of invasive fungal disease in patients undergoing allogeneic blood and marrow transplantation (BMT)," said Jeffrey Stein, Ph.D., President and Chief Executive Officer of Cidara. BMT patients often follow complex, poorly tolerated drug regimens and rezafungin has the potential to simplify and significantly transform the treatment approach for both patients and providers. We were also pleased to have been recently added to the Russell 3000 Index, which we believe reflects investors appreciation of Cidaras antifungal and antiviral development portfolio."

Recent Corporate Highlights

-- Dosed first patient in ReSPECT trial: In May, Cidara dosed the first patient in its pivotal Phase 3 ReSPECT trial of rezafungin for the prevention of invasive fungal disease in patients undergoing BMT. -- Added to Russell 3000 Index: In June, Cidara announced that it had been added to the Russell 3000 Index. -- Presented at two investor conferences: In June, Cidara participated in the Cantor Fitzgerald Virtual Symposium, Winning Ways to Treat Infections and COVID-19, and presented at the Raymond James Human Health Innovations Conference.

Second Quarter 2020 Financial Results

-- Cash, cash equivalents and restricted cash totaled$64.1 millionas of June30, 2020, compared with$60.3 millionas of December31, 2019. -- As of June30, 2020, Cidara had 42,019,195 shares of common stock outstanding, and 1,096,519 shares of Series X convertible preferred stock outstanding, which are convertible into 10,965,190 shares of common stock. -- Research and development expenses were$17.6 millionand $30.6 million for the three and six months ended June30, 2020, respectively, compared to$10.7 million and $23.4 millionfor the same periods in 2019. The increase in research and development expenses is primarily due to higher clinical expenses associated with the rezafungin clinical trials and increased spend on our Cloudbreak antiviral platform. -- General and administrative expenses were$4.0 million and $8.1 millionfor the three and six months ended June30, 2020, respectively, compared to$3.5 million and $7.3 millionfor the same periods in 2019. The increase in general and administrative expenses is primarily due to higher consulting expenses and legal expenses associated with securing intellectual property rights. -- Net loss for the three months ended June30, 2020 was$18.3 million, compared to a net loss of$13.5 millionfor the second quarter of 2019. For the six months endedJune 30, 2020and 2019, net loss was$32.8 millionand$30.1 million, respectively.

About Cidara TherapeuticsCidara is developing long-acting therapeutics to improve the standard of care for patients facing serious fungal or viral infections. The Companys portfolio is comprised of breakthrough approaches aimed at transforming existing treatment and prevention paradigms, first with its lead antifungal candidate, rezafungin, in addition toAntiviral Fc-Conjugates (AVCs) targeting influenza and other viral diseases from Cidaras proprietary Cloudbreak antiviral platform. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.

Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as anticipates, expect, may, plan or will. Forward-looking statements in this release include, but are not limited to, statements related to rezafungin's ability to simplify and transform the standard of care for patients facing serious fungal or viral infections, whether rezafungin will simplify and transform the treatment for patients undergoing allogeneic BMT, the ability of our rezafungin and Cloudbreak antiviral programs to address the ongoing COVID-19 pandemic and whether our inclusion in the Russell 3000 index will result in increased visibility to institutional investors.You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the availability of, and participation in, financing opportunities. These and other risks are identified in our filings with theSecurities and Exchange Commission ("SEC"), including without limitation our most recent Quarterly Report on Form 10-Q and other filings subsequently made by Cidara with theSEC. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on managements assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

INVESTOR CONTACT:Brian RitchieLifeSci Advisors(212) 915-2578britchie@lifesciadvisors.com

MEDIA CONTACT:Karen OShea, Ph.D.LifeSci Communications(929) 469-3860koshea@lifescicomms.com

CIDARA THERAPEUTICS, INC.Condensed Consolidated Balance Sheets

June30, 2020 December 31, 2019(In thousands) (unaudited) ASSETS Cash, cash equivalents, and restricted cash $ 64,085 $ 60,268 Other current assets 5,954 5,546 Non-current assets 3,364 3,162 Total assets $ 73,403 $ 68,976 LIABILITIES AND STOCKHOLDERS' EQUITY Total liabilities $ 32,051 $ 31,141 Stockholders' equity 41,352 37,835 Total liabilities and stockholders' equity $ 73,403 $ 68,976

CIDARA THERAPEUTICS, INC.Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended Six Months Ended June 30, June 30,(In thousands, exceptshare and per share 2020 2019 2020 2019data)Revenues: Collaboration revenue $ 3,392 $ ? $ 5,922 $ ? Total revenues 3,392 ? 5,922 ? Operating expenses: Research and 17,634 10,743 30,630 23,412 developmentGeneral and 3,969 3,525 8,064 7,260 administrativeTotal operating 21,603 14,268 38,694 30,672 expensesLoss from operations (18,211 ) (14,268 ) (32,772 ) (30,672 )Other income (expense):Change in fair valueof contingent forward ? 681 ? 411 purchase obligationsInterest (expense) (95 ) 40 (73 ) 153 income, netTotal other (expense) (95 ) 721 (73 ) 564 income, netNet loss and $ (18,306 ) $ (13,547 ) $ (32,845 ) $ (30,108 )comprehensive lossRecognition ofbeneficial conversion ? ? (2,762 ) ? featureNet loss attributableto common $ (18,306 ) $ (13,547 ) $ (35,607 ) $ (30,108 )shareholdersBasic and diluted net $ (0.45 ) $ (0.47 ) $ (0.90 ) $ (1.19 )loss per common share Shares used tocompute basic and 40,965,180 28,590,651 39,410,751 25,248,314 diluted net loss percommon share