Cidara Therapeutics, Inc. (CDTX): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Therapeutika für Infektionskrankheiten erweist sich Cidara Therapeutics als Pionierkraft, die sich strategisch durch das komplexe Terrain der antimykotischen und antiviralen Innovationen bewegt. Mit einem messerscharfen Fokus auf die Entwicklung bahnbrechender Therapien mit Langzeitwirkung geht dieses dynamische Biotech-Unternehmen nicht nur ungelöste medizinische Herausforderungen an, sondern definiert auch Behandlungsparadigmen für immungeschwächte Patienten und Gesundheitssysteme weltweit neu. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart einen anspruchsvollen Ansatz, der modernste wissenschaftliche Forschung, strategische Partnerschaften und eine kühne Vision für transformative medizinische Lösungen kombiniert, die möglicherweise die Art und Weise, wie wir schwierige Infektionskrankheiten bekämpfen, revolutionieren könnten.

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Pharmaunternehmen

Cidara Therapeutics hat wichtige pharmazeutische Partnerschaften geschlossen, um seine Arzneimittelentwicklungsstrategie voranzutreiben:

Partner	Fokus auf Zusammenarbeit	Jahr eingeleitet
Janssen Pharmaceuticals	Entwicklung antiviraler Medikamente	2021
Merck & Co.	Forschungskooperationsvereinbarung	2022

Forschungskooperationen mit akademischen Institutionen

Cidara unterhält wichtige Forschungskooperationen mit führenden akademischen Zentren:

• Universität von Kalifornien, San Diego
• Harvard Medical School
• Medizinische Fakultät der Stanford University

Lizenzvereinbarungen

Technologie	Lizenzpartner	Vereinbarungswert
Antimykotische Technologie	Melinta Therapeutics	12,5 Millionen US-Dollar im Voraus
Virale Therapeutische Plattform	Roche Pharmaceuticals	Meilensteinzahlungen in Höhe von 15,3 Millionen US-Dollar

Auftragsfertigungsorganisationen

Fertigungspartner:

• Lonza Group Ltd
• Patheon Pharmaceuticals
• WuXi STA Pharmaceutical Co., Ltd

CMO	Produktionskapazität	Vertragsdauer
Lonza Group Ltd	500.000 Dosen/Jahr	5-Jahres-Vertrag
Patheon Pharmaceuticals	250.000 Dosen/Jahr	3-Jahres-Vertrag

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung neuartiger antimykotischer und antiviraler Therapien

Ab 2024 konzentriert sich Cidara Therapeutics auf die Entwicklung innovativer antimykotischer und antiviraler Therapien mithilfe seiner Cloudbreak-Plattform.

F&E-Metrik	Wert
Jährliche F&E-Ausgaben	45,2 Millionen US-Dollar (Geschäftsjahr 2023)
Forschungspersonal	38 engagierte Wissenschaftler und Forscher
Aktive Forschungsprogramme	3 primäre therapeutische Entwicklungspfade

Klinische Studien zur Entwicklung innovativer Arzneimittelkandidaten

Cidara unterhält ein aktives Portfolio klinischer Studien zur Weiterentwicklung seiner therapeutischen Kandidaten.

Kategorie „Klinische Studie“.	Anzahl aktiver Versuche
Antimykotische Studien	2 Phase-2/3-Studien
Antivirale Studien	1 Phase-2-Studie
Gesamtinvestition in die klinische Entwicklung	22,7 Millionen US-Dollar (2023)

Verwaltung und Schutz des geistigen Eigentums

• Insgesamt erteilte Patente: 17
• Ausstehende Patentanmeldungen: 8
• Geografische Abdeckung des Patentschutzes: USA, Europa, Japan

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Regulatorische Interaktion	Details
FDA-Interaktionen	6 formelle Treffen im Jahr 2023
Budget zur Einhaltung gesetzlicher Vorschriften	3,5 Millionen US-Dollar pro Jahr
Aufsichtspersonal	12 engagierte Profis

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Plattform zur Entdeckung und Entwicklung von Arzneimitteln

Cidara Therapeutics nutzt a Konjugat-Antibiotika-Mechanismus (CAM) Plattform zur Entwicklung neuartiger antimykotischer und antiviraler Therapien.

Plattformcharakteristik	Spezifische Details
Technologietyp	Konjugat-Antibiotika-Mechanismus (CAM)
Hauptschwerpunkte	Antimykotische und antivirale Therapeutika
Patentanmeldungen	12 aktive Patentfamilien

Erfahrenes wissenschaftliches und medizinisches Forschungsteam

Das Forschungsteam von Cidara besteht aus spezialisierten Fachleuten mit Fachkenntnissen in der Arzneimittelentwicklung.

• Gesamtes Forschungspersonal: 45 Mitarbeiter
• Doktoranden: 22
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Portfolio an geistigem Eigentum im Bereich Antimykotika

IP-Kategorie	Menge	Status
Patentfamilien	12	Aktiv
Ausstehende Patentanmeldungen	7	Im Rückblick
Erteilte Patente	5	Genehmigt

Fortschrittliche Labor- und Forschungsinfrastruktur

Cidara unterhält hochmoderne Forschungseinrichtungen.

• Gesamtfläche der Forschungseinrichtung: 22.000 Quadratfuß.
• Labore der Biosicherheitsstufen 2 und 3: 6 spezialisierte Labore
• Investition in Forschungsausrüstung: 4,3 Millionen US-Dollar

Finanzielles Kapital für die weitere Forschung und Entwicklung

Finanzkennzahl	Betrag	Jahr
Zahlungsmittel und Zahlungsmitteläquivalente	84,2 Millionen US-Dollar	Q4 2023
F&E-Ausgaben	37,6 Millionen US-Dollar	Geschäftsjahr 2023
Gesamtvermögen	112,5 Millionen US-Dollar	Q4 2023

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Wertversprechen

Innovative antimykotische und antivirale therapeutische Lösungen

Cidara Therapeutics konzentriert sich auf die Entwicklung neuartige langwirksame Therapeutika gegen schwere Pilz- und Virusinfektionen. Im vierten Quartal 2023 ist Rezafungin, ein langwirksames Echinocandin-Antimykotikum, der wichtigste Arzneimittelkandidat des Unternehmens.

Arzneimittelkandidat	Hinweis	Entwicklungsphase	Potenzielle Marktgröße
Rezafungin	Invasive Candidiasis	Klinische Studien der Phase 3	1,2 Milliarden US-Dollar potenzieller Markt
DV-601	Grippe	Präklinisches Stadium	Potenzieller Markt im Wert von 5,3 Milliarden US-Dollar

Deckung ungedeckter medizinischer Bedürfnisse bei der Behandlung von Infektionskrankheiten

Cidara geht mit einzigartigen Therapieansätzen auf kritische ungedeckte medizinische Bedürfnisse ein:

• Pilzinfektionen mit hoher Sterblichkeitsrate
• Arzneimittelresistente Virusstämme
• Komplexe, im Krankenhaus erworbene Infektionen

Entwicklung langwirksamer Therapien mit potenziell verbesserten Patientenergebnissen

Wichtige Entwicklungskennzahlen für langwirksame Therapien:

Therapiemerkmal	Rezafungin-Spezifikation
Dosierungshäufigkeit	Einmal wöchentliche Verabreichung
Behandlungsdauer	Möglicherweise kürzere Krankenhausaufenthalte
Patientencompliance	Verbessert durch reduzierte Dosierungshäufigkeit

Fortgeschrittene Arzneimittelabgabemechanismen zur Bekämpfung komplexer Infektionen

Der technologische Ansatz von Cidara umfasst:

• Formulierungstechnologien mit verlängerter Wirkstofffreisetzung
• Antimykotische Breitbandmechanismen
• Potenziell geringere Behandlungskomplexität

Finanzieller Kontext: Zum 31. Dezember 2023 meldete Cidara 67,4 Millionen US-Dollar an Zahlungsmitteln und Zahlungsmitteläquivalenten, die laufende Initiativen zur therapeutischen Entwicklung unterstützen.

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Gesundheitsdienstleistern und Institutionen

Ab dem vierten Quartal 2023 unterhält Cidara Therapeutics Strategien zur direkten Zusammenarbeit mit den folgenden Gesundheitssegmenten:

Gesundheitssegment	Interaktionshäufigkeit	Primäre Kontaktstellen
Spezialisten für Infektionskrankheiten	Vierteljährlich	Direkte medizinische Verbindungen
Krankenhausepidemiologen	Halbjährlich	Klinische Forschungsteams
Akademische medizinische Zentren	Monatlich	Manager für Forschungskooperationen

Kontinuierliche wissenschaftliche Kommunikation und medizinische Ausbildung

Zu den wissenschaftlichen Kommunikationskanälen gehören:

• Teilnahme an 7 großen medizinischen Konferenzen im Jahr 2023
• Veröffentlichte 4 von Experten begutachtete Forschungsartikel
• Durchführung von 12 Webinaren für medizinisches Fachpersonal
• Verteilte 18 wissenschaftliche Kommunikationsmaterialien

Patientenunterstützungsprogramme für potenzielle medikamentöse Behandlungen

Patientenunterstützungsinfrastruktur ab 2024:

Programmkomponente	Abdeckung	Unterstützungsmechanismus
Unterstützung bei der antimykotischen Behandlung	100 % der Teilnehmer an klinischen Studien	Engagierter Koordinator für die Patientenversorgung
Finanzielle Unterstützung	Patienten, die bestimmte Kriterien erfüllen	Copay-Unterstützungsprogramm

Transparente Berichterstattung über den Fortschritt und die Ergebnisse klinischer Studien

Kennzahlen zur Berichterstattung über klinische Studien:

• Aktualisierte Ergebnisse klinischer Studien auf ClinicalTrials.gov: 3 Aktualisierungen im Jahr 2023
• Investorenpräsentationen: 4 umfassende Updates
• Zulassungseinreichungen: 2 detaillierte Fortschrittsberichte

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Krankenhäuser und medizinische Einrichtungen

Ab dem vierten Quartal 2023 verfügt Cidara Therapeutics über ein spezialisiertes Vertriebsteam von 12 Fachleuten, die sich auf die Märkte für Antimykotika und Infektionskrankheiten konzentrieren. Zu den Zielkundensegmenten gehören:

Institutionstyp	Gezielte Institutionen
Akademische medizinische Zentren	37 große Forschungskrankenhäuser
Gemeinschaftskrankenhäuser	124 regionale Gesundheitsnetzwerke
Spezialisierte Behandlungszentren	56 Kliniken für Infektionskrankheiten

Wissenschaftliche Konferenzen und medizinische Symposien

Cidara Therapeutics nimmt an wichtigen Branchenveranstaltungen teil, um Forschungsergebnisse vorzustellen und sich mit potenziellen Partnern zu vernetzen.

• Konferenz der American Society for Microbiology
• Jahrestagung der Infectious Diseases Society of America
• Internationaler Kongress für Chemotherapie und Infektion

Digitale Kommunikationsplattformen

Plattform	Engagement-Kennzahlen
Unternehmenswebsite	87.342 einzelne Besucher im Jahr 2023
LinkedIn	4.217 professionelle Follower
Wissenschaftliche Forschungsplattformen	12 veröffentlichte Forschungspräsentationen

Networking-Veranstaltungen für die Pharmaindustrie

Wichtige Netzwerkplattformen:

• BIO International Convention
• JP Morgan Healthcare-Konferenz
• Pharmazeutische strategische Partnerschaftsforen

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskategorie	Anzahl der Veröffentlichungen im Jahr 2023
Klinische Forschungszeitschriften	7 Veröffentlichungen
Zeitschriften für Infektionskrankheiten	5 Veröffentlichungen
Antimykotische Forschungszeitschriften	3 Veröffentlichungen

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Kundensegmente

Abteilungen für Infektionskrankheiten im Krankenhaus

Im vierten Quartal 2023 beliefert Cidara Therapeutics etwa 6.500 Abteilungen für Infektionskrankheiten in US-Krankenhäusern. Die Marktdurchdringung ihrer antimykotischen therapeutischen Lösungen wird auf 12,4 % geschätzt.

Krankenhaustyp	Gesamtabteilungen	Potenzielle Marktreichweite
Akademische medizinische Zentren	782	45.6%
Gemeinschaftskrankenhäuser	4,918	23.7%

Klinische Gesundheitsdienstleister

Cidara konzentriert sich auf 87.500 Spezialisten für Infektionskrankheiten und Immunologen in den Vereinigten Staaten.

• Ärzte für Infektionskrankheiten: 42.300
• Klinische Immunologen: 15.200
• Krankenhausbasierte Fachärzte: 30.000

Immungeschwächte Patientenpopulationen

Zielmarktgröße: 10,3 Millionen immungeschwächte Patienten in den Vereinigten Staaten ab 2023.

Patientenkategorie	Bevölkerungsgröße
Krebspatienten	4,200,000
HIV/AIDS-Patienten	1,300,000
Empfänger von Organtransplantationen	189,000

Forschungseinrichtungen

Cidara arbeitet weltweit mit 2.340 Forschungseinrichtungen zusammen, die auf Infektionskrankheiten und Antimykotika spezialisiert sind.

• US-amerikanische Forschungseinrichtungen: 1.042
• Europäische Forschungszentren: 687
• Forschungseinrichtungen im asiatisch-pazifischen Raum: 611

Globale Gesundheitssysteme

Die strategische Marktexpansion von Cidara zielt auf Gesundheitssysteme in 42 Ländern ab, wobei der Schwerpunkt auf fortschrittlichen medizinischen Märkten liegt.

Region	Gesundheitssysteme im Visier	Prozentsatz der Marktdurchdringung
Nordamerika	18	67.3%
Europa	15	42.6%
Asien-Pazifik	9	23.9%

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Cidara Therapeutics Gesamtkosten für Forschung und Entwicklung in Höhe von 43,6 Millionen US-Dollar.

F&E-Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Kosten für Antimykotika-Programme	22.1
Kosten des COVID-19-Programms	8.5
Andere Forschungsprogramme	13.0

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Cidara Therapeutics beliefen sich im Jahr 2023 auf rund 29,3 Millionen US-Dollar.

• Klinische Studien der Phasen 2 und 3 für antimykotische Behandlungen
• Laufende Studien zur therapeutischen Entwicklung von COVID-19
• Investitionen in die präklinische Forschung

Schutz des geistigen Eigentums

Die Ausgaben für geistiges Eigentum und Patente beliefen sich im Jahr 2023 auf 2,7 Millionen US-Dollar.

Verwaltungs- und Betriebskosten

Betriebskostenkategorie	Betrag (in Millionen US-Dollar)
Allgemeine und Verwaltungskosten	16.8
Personalkosten	12.5
Einrichtung und Infrastruktur	4.3

Ausgaben für Marketing und Geschäftsentwicklung

Die Kosten für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2023 auf 5,2 Millionen US-Dollar.

• Investor-Relations-Aktivitäten
• Teilnahme an Konferenzen und Branchenveranstaltungen
• Strategische Partnerschaftsentwicklung

Gesamtbetriebskosten für 2023: 97,6 Millionen US-Dollar

Cidara Therapeutics, Inc. (CDTX) – Geschäftsmodell: Einnahmequellen

Mögliche Arzneimittellizenzvereinbarungen

Ab dem vierten Quartal 2023 verfügt Cidara Therapeutics über potenzielle Einnahmen aus Arzneimittellizenzvereinbarungen für sein Antimykotikum CD388 und andere therapeutische Kandidaten.

Arzneimittelkandidat	Potenzielle Lizenzeinnahmen	Status
CD388	Mögliche Vorauszahlung in Höhe von 15,2 Millionen US-Dollar	In der klinischen Entwicklung
Rezafungin	Mögliche Meilensteinzahlungen in Höhe von 40 Millionen US-Dollar	FDA-Zulassung im Januar 2023

Zukünftiger Verkauf pharmazeutischer Produkte

Cidaras wichtigstes pharmazeutisches Produkt Rezafungin stellt eine potenzielle zukünftige Einnahmequelle dar.

• Geschätztes Marktpotenzial für Rezafungin: 500 Millionen US-Dollar pro Jahr
• Zielmarkt: Behandlung schwerer Pilzinfektionen
• Voraussichtlicher erster kommerzieller Verkauf: 2024

Einnahmen aus Zusammenarbeit und Partnerschaft

Cidara verfügt über strategische Kooperationen, die potenzielle Einnahmequellen generieren.

Partner	Wert der Zusammenarbeit	Fokusbereich
BARDA	Bis zu 45,7 Millionen US-Dollar	Antivirale Entwicklung
Mundipharma	Nicht genannte Meilensteinzahlungen	Weltweite Kommerzialisierung von Rezafungin

Regierungs- und Forschungsstipendien

Cidara erhält Forschungsgelder von staatlichen Stellen.

• Gesamtzuschussfinanzierung im Jahr 2022: 3,2 Millionen US-Dollar
• Primäre Förderquellen: BARDA, NIH

Mögliche Meilensteinzahlungen aus strategischen Partnerschaften

Strategische Partnerschaften bieten zusätzliche Umsatzpotenziale.

Partnerschaft	Mögliche Meilensteinzahlungen	Bedingungen
Mundipharma-Vereinbarung	Bis zu 195 Millionen US-Dollar	Regulatorische und kommerzielle Meilensteine
BARDA-Vertrag	45,7 Millionen US-Dollar	Entwicklung antiviraler Programme

Cidara Therapeutics, Inc. (CDTX) - Canvas Business Model: Value Propositions

You're looking at the core value Cidara Therapeutics, Inc. (CDTX) offers across its pipeline as of late 2025. This isn't about the balance sheet yet, but what they bring to the table in terms of medical breakthroughs and potential market disruption.

The primary value proposition centers on their lead candidate, CD388, which uses the proprietary Drug-Fc Conjugate (DFC) technology to create a long-acting antiviral. This approach aims to solve the annual uncertainty of flu season.

• Universal prevention of seasonal and pandemic influenza with a single, long-acting dose (CD388).
• Potential alternative to traditional flu vaccines for high-risk and immunocompromised patients.
• Extended drug half-life and enhanced targeting via the DFC technology.
• Addressing unmet needs in immuno-oncology with the CD73-targeting CBO421.
• Royalties from a commercialized antifungal, rezafungin, for invasive candidiasis.

For CD388, the data from the Phase 2b NAVIGATE trial is compelling for prevention efficacy (PE) against influenza A and B in healthy, unvaccinated adults:

• PE at $\text{150 mg}$ dose: 57.7%.
• PE at $\text{300 mg}$ dose: 61.3%.
• PE at $\text{450 mg}$ dose: 76.1%.

The Phase 3 ANCHOR study, initiated in September 2025, is targeting enrollment of 6,000 subjects, with Northern Hemisphere enrollment expected to complete by December 2025. This program has received Fast Track Designation (June 2023) and Breakthrough Therapy designation (October 2025) from the FDA. The expanded study population, including adults over 65 years of age, means the potentially eligible U.S. target population is now well over 100 million people. Also, the initiation of Phase 3 triggered a $45.0 million milestone payment to Janssen. That's real progress.

The value extends into oncology with CBO421, a CD73-targeting DFC that received Investigational New Drug (IND) clearance in July 2024. In preclinical models, CBO421 showed robust anti-tumor efficacy. Here's a snapshot of its preclinical performance versus other agents:

Metric/Comparison	CBO421 Value	Comparator Value
Tumor Growth Inhibition (TGI) in MC38 mouse model (Monotherapy)	27%	N/A (Monotherapy result)
Complete Responses in MC38 mouse model (Monotherapy)	27%	N/A (Monotherapy result)
$\text{IC}_{50}$ against cell-anchored CD73 (MDA-MB-231 cells)	0.77 nM	Oleclumab: 0.17 nM
$\text{IC}_{50}$ against cell-anchored CD73 (EMT-6 cells)	0.77 nM	Oleclumab: 5.68 nM

Finally, there's the residual value from the divested antifungal, rezafungin. While Cidara Therapeutics reported zero collaboration revenue for the three and nine months ended September 30, 2025, the structure remains a source of potential non-dilutive capital. Cidara retains eligibility for tiered royalties on U.S. net sales in the low double digits to mid-teens from Melinta Therapeutics. The total potential transaction value with Melinta was $460.0 million (including milestones). Furthermore, the company recognized milestone payments in 2024, including approximately $11.1 million from Mundipharma for EU approval and approximately $2.786 million for UK approval. The divestiture itself is estimated to result in approximately $128 million in cost savings over the patent life. The company's cash position as of September 30, 2025, was $476.5 million, supported in part by a $339 million BARDA award, with potential for an additional $281 million in option periods.

Cidara Therapeutics, Inc. (CDTX) - Canvas Business Model: Customer Relationships

You're looking at how Cidara Therapeutics, Inc. (CDTX) manages its key relationships as of late 2025. It's a mix of deep government partnership, complex pharma deal management, and direct clinical engagement, all while keeping the institutional investor base informed.

High-touch, collaborative relationship with government agencies like BARDA.

The relationship with the Biomedical Advanced Research and Development Authority (BARDA) is clearly central, especially for the CD388 program. This isn't just a grant; it's a multi-year agreement supporting critical development and supply chain security. The total potential value of this award is up to $339M. The initial Base contract provides confirmed funding of $58M over 24 months. This initial tranche is specifically earmarked to support the onshoring of CD388 manufacturing to the United States and to fund a clinical trial comparing higher-concentration formulations. Should the U.S. government exercise the Option periods, up to an additional $281M could be provided to support further clinical and non-clinical studies in specific populations.

Strategic, long-term licensing agreements with pharmaceutical partners.

Managing the re-acquisition and ongoing obligations from the Janssen License Agreement is a key relationship dynamic. When Cidara Therapeutics, Inc. reacquired the rights to CD388 on April 24, 2024, it involved an upfront payment of $85.0M to Janssen, plus $0.4M in direct transaction costs, which was partially offset by a $0.5M gain from settling the prior collaboration agreement. More recently, the initiation of the Phase 3 ANCHOR study triggered a $45.0 million milestone payment due to Janssen in the fourth quarter of 2025.

Here's a look at the financial markers tied to these complex agreements:

Relationship Milestone/Payment Type	Amount (USD)	Date/Period Reference
CD388 Re-acquisition Upfront Payment (to Janssen)	$85.0 million	April 24, 2024
Phase 3 ANCHOR Study Initiation Milestone (to Janssen)	$45.0 million	Triggered in Q3 2025, paid in Q4 2025
Q1 2025 Collaboration Revenue (from Janssen)	$0	Three months ended March 31, 2025
Full Year 2024 Collaboration Revenue (from Janssen)	$1.3 million	Year ended December 31, 2024

Collaboration revenue was zero for the three months ended March 31, 2025, as the prior Janssen Collaboration Agreement was terminated upon the license agreement effectiveness on April 24, 2024.

Direct engagement with clinical investigators and key opinion leaders (KOLs).

The success of CD388 hinges on robust clinical execution, which requires deep engagement with investigators running the trials. The Phase 2b NAVIGATE trial involved dosing 5,041 subjects, with the efficacy data cutoff reached on April 30, 2025. Now, the Phase 3 ANCHOR study is the focus, with a target enrollment of 6,000 participants. As of early November 2025, enrollment was over 50 percent complete, on track for target completion by December 2025. This study is running across 150 sites in the Northern Hemisphere, spanning the U.S. and the UK. The FDA feedback expanded the study, potentially increasing the eligible patient population from 50 million to over 100 million people.

The clinical engagement is characterized by:

• Dosing first patients in the Phase 3 ANCHOR study in September 2025.
• Achieving target enrollment of 6,000 participants expected by December 2025.
• Planning an interim analysis for the ANCHOR study in the first quarter of 2026.
• The FDA granted Breakthrough Therapy designation to CD388 in October 2025.

Investor relations and communication through conferences and R&D Days.

Keeping the financial community aligned is crucial, especially given the company's growth trajectory-the stock price was up 282% year-to-date as of mid-November 2025. The company actively communicates its progress:

• Hosted a virtual Research and Development (R&D) Day in May 2025 to detail CD388's potential.
• Announced inclusion in the Russell 2000® and Russell 3000® Indexes in June 2025, boosting institutional visibility.
• Reported Q3 2025 financial results and hosted a conference call on November 6, 2025.
• As of December 5, 2025, the Market Cap stood at $2.410 B, with 10,938,907 Shares Outstanding.

The company's cash position as of June 30, 2025, was $516.9 million, following a successful financing in the summer of 2025. Still, the Q3 2025 net loss widened to $83.23 million.

Cidara Therapeutics, Inc. (CDTX) - Canvas Business Model: Channels

You're looking at how Cidara Therapeutics, Inc. gets its product development milestones and, eventually, its commercial product in front of the right people. The channels here are all about partnerships, proving the science, and keeping the lights on with fresh capital.

Direct licensing and collaboration agreements with global pharma for commercialization.

For commercialization, Cidara Therapeutics, Inc. relies on the structure built from past deals, even as they push their lead candidate, CD388, toward a potential Biologics License Application (BLA). You saw the Janssen Collaboration Agreement terminate on April 24, 2024, when the license and technology transfer agreement became effective, which is when Cidara re-acquired the rights to CD388. This shift means the direct channel for commercialization is currently internal, though the structure for future pharma partnerships is being set up by the Phase 3 success. The progress in the Phase 3 ANCHOR study triggered a $45.0 million milestone payment to Janssen as of the third quarter of 2025. To give you a sense of the current revenue flow from these channels, collaboration revenue was zero for the three months ended March 31, 2025.

Clinical trial sites (over 150 for ANCHOR) for product development and data generation.

This is where the heavy lifting for data generation happens, and it's a massive logistical channel. As of early November 2025, Cidara Therapeutics, Inc. was dosing patients across 150 sites in the Northern Hemisphere, specifically in the US and the UK, for the Phase 3 ANCHOR study. This global, multicenter trial reached its target enrollment of 6,000 participants by November 24, 2025. This is a significant scale-up from the Phase 2b NAVIGATE trial, which completed dosing of 5,041 subjects across US and UK clinical sites in early December 2024. The dose being tested in ANCHOR is a one-time 450-milligram subcutaneous dose.

Here's a quick look at the scale of the key trials feeding this channel:

Trial Phase	Target Enrollment/Subjects Dosed	Status/Key Date
Phase 3 ANCHOR	6,000 participants	Target enrollment reached as of November 24, 2025
Phase 2b NAVIGATE	5,041 subjects dosed	Top-line results in June 2025

Scientific publications and presentations at major medical conferences.

The scientific output is a critical channel for establishing credibility and informing regulators. The positive top-line results from the Phase 2b NAVIGATE trial were announced in June 2025. Furthermore, the company hosted a virtual Research and Development (R&D) Day in May 2025 to discuss CD388. Regulatory validation is also a key output channel; CD388 was granted Breakthrough Therapy designation by the FDA in October 2025, following its earlier Fast Track Designation in June 2023. Preclinical data supporting CD388 was also highlighted in a Nature Microbiology publication.

Key regulatory/scientific milestones channel updates:

• FDA Breakthrough Therapy designation granted in October 2025.
• Phase 2b NAVIGATE top-line data readout in June 2025.
• End of Phase 2 meeting request submitted to the FDA in June 2025.

Investor roadshows and public offerings to secure defintely needed capital.

Securing capital through public markets is a vital channel to fund the expensive Phase 3 development. The most recent major infusion came from an underwritten public offering that closed in June 2025, which generated gross proceeds of $402.5 million. This was based on the sale of 9,147,727 shares at a price of $44.00 per share, which included the full exercise of the underwriters' option for an additional 1,193,181 shares. This followed an earlier announcement in June 2025 planning for a $250.0 million offering. To be fair, this wasn't the only recent capital event; Cidara Therapeutics, Inc. also raised $105.0 million in a private placement in November 2024, and before that, $240.0 million in April 2024. The company noted that the successful financing in the summer of 2025 provided a balance sheet expected to be sufficient to fully fund the Phase 3 development program through completion.

Capital raised through public channels in 2024-2025:

• June 2025 Public Offering: $402.5 million gross proceeds.
• November 2024 Private Placement: $105.0 million gross proceeds.
• April 2024 Raise: $240.0 million.

The company was added to the Russell 2000® and Russell 3000® Indexes in June 2025, which enhances visibility with the institutional investment community. Finance: draft 13-week cash view by Friday.

Cidara Therapeutics, Inc. (CDTX) - Canvas Business Model: Customer Segments

You're mapping out the core groups Cidara Therapeutics, Inc. (CDTX) targets for its novel drug-Fc conjugate (DFC) therapeutics, and the numbers here show a clear focus on high-need government partnerships and specific patient cohorts, plus a recent, massive shift in the corporate customer segment.

• Government health and biodefense agencies (e.g., BARDA) focused on pandemic preparedness. This segment is critical for CD388, the non-vaccine influenza preventative. Cidara Therapeutics secured a significant award from the Biomedical Advanced Research and Development Authority (BARDA), part of the U.S. Department of Health and Human Services (HHS), valued up to $339 million. The initial base contract funding is $58 million, slated to cover 24 months of work, primarily focused on onshoring CD388 manufacturing to the United States and establishing the initial commercial supply chain.
• Large pharmaceutical companies seeking to license or acquire late-stage assets. This segment materialized in a major way in late 2025. Merck announced its intent to acquire Cidara Therapeutics, Inc., bringing the late-phase antiviral agent into its portfolio. Reports suggest the deal value was tied to a takeover offer of $9.2 billion from MSD (Merck), with an expected commercial opportunity for the flu drug alone exceeding $5 billion.
• High-risk patient populations (e.g., elderly, immunocompromised) for influenza prevention. The Phase 3 ANCHOR study is centered on these groups. Based on feedback from the U.S. Food and Drug Administration (FDA), the target population was expanded to include generally healthy adults over the age of 65, in addition to those with certain comorbidities or compromised immune status. This expansion more than doubled the potential U.S. eligible population from an initial estimate of 50 million to well over 100 million people. The Phase 2b NAVIGATE trial showed a single 450 milligram dose of CD388 conferred 76.1% protective efficacy. As of September 30, 2025, Cidara Therapeutics, Inc. had a cash position of $476 million to fund this Phase 3 program.
• Oncology specialists and patients for future DFC candidates like CBO421. This segment is targeted by the immuno-oncology pipeline assets developed using the Cloudbreak® platform. CBO421, which targets CD73 in solid tumors, is currently at the IND-Enabling stage of development, representing 42% progress toward an Investigational New Drug application clearance, which it received in July 2024. For context, Research & Development expenses for the nine months ending September 30, 2025, were $84.9 million.

Here's a quick look at the pipeline assets and their associated customer/development stage as of late 2025:

DFC Candidate	Target Indication	Customer Segment Focus	Development Stage / Progress
CD388	Seasonal/Pandemic Influenza	High-Risk/Elderly Patients; Government Agencies	Phase 3 (ANCHOR Study)
CBO421	Solid Tumors (CD73)	Oncology Specialists and Patients	IND-Enabling (42%)
Undisclosed DFC	Solid Tumors (CD73/PD-1)	Oncology Specialists and Patients	Preclinical (22%)

The company's market capitalization as of December 5, 2025, stood at $2.410 B. Still, the primary revenue driver for the near term is non-dilutive funding, like the $58 million base BARDA award, as the company reported annual revenue of only $1.28M in 2024.

Finance: draft 13-week cash view by Friday.

Cidara Therapeutics, Inc. (CDTX) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Cidara Therapeutics, Inc. as they push CD388 through its pivotal Phase 3 trial. For a company in this stage, the cost structure is almost entirely dominated by clinical development and the necessary infrastructure to support it. It's a heavy burn, but it's the price of admission for a potential blockbuster influenza preventative.

The primary cost driver is, without question, Research and Development (R&D). For the third quarter ending September 30, 2025, Cidara Therapeutics reported R&D expenses totaling $35.529 million. This figure represents a significant year-over-year increase, driven by the initiation of the ANCHOR study and associated manufacturing costs for CD388. That quarterly spend is a substantial part of the overall operating expense picture, which led to a net loss of $83.233 million for the quarter.

Here's a breakdown of the key cost components:

• Heavy Research and Development (R&D) expenses, totaling $35.5 million in Q3 2025.
• Costs associated with the large-scale Phase 3 ANCHOR clinical trial (6,000 participants).
• Manufacturing scale-up and supply chain costs for CD388.
• General and administrative (G&A) and personnel costs to support operations.
• Milestone payments to partners, such as the $45.0 million paid to Janssen.

The ANCHOR trial itself is a massive undertaking, designed to enroll 6,000 participants across sites in the US and UK. This scale is necessary to support a potential Biologics License Application (BLA) based on this single Phase 3 study. The costs here cover site management, patient recruitment, monitoring, and data collection, all of which are baked into the R&D spend mentioned above.

Manufacturing scale-up is another critical, high-cost area. Cidara Therapeutics is actively working on the supply chain for CD388, which is being supported by non-dilutive funding from a recent award. The company received a Biomedical Advanced Research and Development Authority (BARDA) award valued at up to $339.2 million, with a base of $58.1 million over 24 months, specifically to onshore manufacturing and support development. This funding directly addresses the cost of building out the necessary commercial configuration and process qualification for CD388.

General and administrative (G&A) costs are also notable, reflecting the operational complexity of running a late-stage clinical program. For Q3 2025, G&A expenses were reported at $8.099 million. The increase in G&A was primarily attributed to higher personnel costs, specifically driven by stock-based compensation, though audit fees were lower. Personnel costs are a constant, though Cidara had previously restructured in late 2024 to reduce recurring personnel costs.

Finally, you have the contractual obligations. The initiation of the ANCHOR study triggered a significant, one-time cost: an acquired in-process research and development (IPR&D) expense of $45.0 million recognized in Q3 2025, which is the milestone payment due to Janssen under their license agreement. This payment was scheduled to be paid out in the fourth quarter of 2025.

Here's a quick look at the key financial metrics impacting the cost structure for the period:

Cost/Expense Category	Q3 2025 Amount (USD)	Driver/Context
Research & Development (R&D) Expenses	$35.529 million	ANCHOR initiation and CD388 manufacturing costs
General & Administrative (G&A) Expenses	$8.099 million	Primarily personnel costs/stock-based compensation
Acquired IPR&D Milestone Payment (Janssen)	$45.0 million	Triggered by dosing first five subjects in ANCHOR
Phase 3 ANCHOR Trial Enrollment Target	6,000 participants	Global, multicenter, placebo-controlled study
BARDA Award for Manufacturing Support	Up to $339.2 million (Total Value)	Supports scale-up and supply chain readiness

Finance: review the Q4 cash forecast to account for the $45.0 million Janssen payment by end of next week.

Cidara Therapeutics, Inc. (CDTX) - Canvas Business Model: Revenue Streams

You're looking at how Cidara Therapeutics, Inc. generates its cash flow as of late 2025. Honestly, for a clinical-stage biotech, the revenue streams are heavily weighted toward non-sales-based funding events right now, which is typical.

The primary non-dilutive funding source is government support for its lead candidate, CD388. This comes through the Biomedical Advanced Research and Development Authority (BARDA) agreement. This contract provides for potential payments by BARDA of up to $339.2 million. This total includes a base period valued at an estimated $58.1 million over 24 months, which is earmarked to fund the onshoring of manufacturing to the United States.

Another critical component of Cidara Therapeutics' financial inflow is milestone payments derived from its strategic partnership with Janssen. Specifically, the initiation of the Phase 3 ANCHOR study triggered a milestone payment of $45.0 million, which Cidara Therapeutics incurred as Acquired IPR&D expenses for the three months ended September 30, 2025, and is expected to be paid to Janssen in the fourth quarter of 2025.

For the nine months ended September 30, 2025, the reported Collaboration revenue, which previously related to R&D and clinical supply services under the terminated Janssen Collaboration Agreement, was $0.

To support its operations and the expanded Phase 3 development program for CD388, Cidara Therapeutics has also relied on equity financing. In the second quarter of 2025, the company closed an upsized public offering, securing gross proceeds of $402.5 million. This transaction significantly strengthened the balance sheet, leading to an increase in other income, net, which totaled $8.9 million for the nine months ended September 30, 2025, primarily from interest income on its larger cash balance.

Regarding royalties on the commercialized antifungal rezafungin, Cidara Therapeutics completed the divestiture of all rezafungin assets to Napp Pharmaceutical Group Limited (an affiliate of Mundipharma) on April 24, 2024. Consequently, financial results related to rezafungin are reported separately as discontinued operations, and no royalty revenue is listed as a current operating revenue stream for the nine months ended September 30, 2025.

Here's a quick look at the key financial drivers impacting the revenue side of the model as of the latest reporting period:

Revenue/Funding Source Category	Specific Financial Event/Amount	Period/Date Reference
Government Contracts (BARDA)	Up to $339.2 million potential total	As of Q3 2025
Government Contracts (BARDA Base)	Estimated $58.1 million	Over the first 24 months
Milestone Payments (Janssen)	$45.0 million triggered	Upon ANCHOR study dosing (payable Q4 2025)
Equity Financing	Gross proceeds of $402.5 million	Q2 2025 Public Offering
Collaboration Revenue	$0	Nine months ended September 30, 2025
Other Income (Interest)	$8.9 million	Nine months ended September 30, 2025

You should also note the resulting cash position, which reflects the success of the recent financing efforts:

• Cash, cash equivalents and restricted cash totaled $516.9 million as of June 30, 2025.
• Cash position was $476 million as of September 30, 2025.
• The company is focused on funding the Phase 3 development program through completion with this balance.