Cidara Therapeutics, Inc. (CDTX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la thérapeutique des maladies infectieuses, la thérapeutique Cidara apparaît comme une force pionnière, naviguant stratégiquement sur le terrain complexe de l'innovation antifongique et anti-virale. Avec un accent accéléré sur le rasoir sur le développement de thérapies révolutionnaires à longue durée d'action, cette entreprise de biotechnologie dynamique ne traite pas seulement des défis médicaux non satisfaits, mais de la redéfinition des paradigmes de traitement pour les patients immunodéprimés et les systèmes de santé dans le monde. Leur toile de modèle commercial méticuleusement conçu révèle une approche sophistiquée qui combine des recherches scientifiques de pointe, des partenariats stratégiques et une vision audacieuse de solutions médicales transformatrices qui pourraient potentiellement révolutionner la façon dont nous combattons les maladies infectieuses difficiles.

Cidara Therapeutics, Inc. (CDTX) - Modèle commercial: partenariats clés

Collaboration stratégique avec les sociétés pharmaceutiques

Cidara Therapeutics a établi des partenariats pharmaceutiques clés pour faire avancer sa stratégie de développement de médicaments:

Partenaire	Focus de la collaboration	Année initiée
Janssen Pharmaceuticals	Développement de médicaments antiviraux	2021
Miserrer & Co.	Contrat de recherche collaboratif	2022

Partenariats de recherche avec les établissements universitaires

Cidara maintient des collaborations de recherche critiques avec les principaux centres universitaires:

• Université de Californie, San Diego
• École de médecine de Harvard
• École de médecine de l'Université de Stanford

Accords de licence

Technologie	Partenaire de licence	Valeur de l'accord
Technologie antifongique	Melinta Therapeutics	12,5 millions de dollars d'avance
Plate-forme thérapeutique virale	Roche Pharmaceuticals	15,3 millions de dollars de paiement jalon

Organisations de fabrication de contrats

Partners de fabrication:

• Lonza Group Ltd
• Patheon Pharmaceuticals
• Wuxi Sta Pharmaceutical Co., Ltd

CMO	Capacité de production	Durée du contrat
Lonza Group Ltd	500 000 doses / an	Accord sur 5 ans
Patheon Pharmaceuticals	250 000 doses / an	Accord de 3 ans

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: activités clés

Recherche et développement de nouvelles thérapies antifongiques et antivirales

En 2024, Cidara Therapeutics se concentre sur le développement de thérapies antifongiques et antivirales innovantes à l'aide de sa plate-forme CloudBreak.

Métrique de R&D	Valeur
Dépenses annuelles de R&D	45,2 millions de dollars (2023 Exercice)
Personnel de recherche	38 scientifiques et chercheurs dédiés
Programmes de recherche actifs	3 pistes de développement thérapeutique primaires

Essais cliniques pour développer des candidats innovants

Cidara maintient un portefeuille d'essais cliniques actifs pour faire avancer ses candidats thérapeutiques.

Catégorie d'essais cliniques	Nombre d'essais actifs
Essais antifongiques	2 essais de phase 2/3
Essais antiviraux	1 essai de phase 2
Investissement total de développement clinique	22,7 millions de dollars (2023)

Gestion et protection de la propriété intellectuelle

• Total des brevets accordés: 17
• Demandes de brevet en instance: 8
• Protection des brevets Couverture géographique: États-Unis, Europe, Japon

Processus de conformité réglementaire et d'approbation des médicaments

Interaction réglementaire	Détails
Interactions de la FDA	6 réunions officielles en 2023
Budget de conformité réglementaire	3,5 millions de dollars par an
Personnel réglementaire	12 professionnels dévoués

Cidara Therapeutics, Inc. (CDTX) - Modèle commercial: Ressources clés

Plateforme de découverte et de développement de médicaments propriétaires

Cidara Therapeutics utilise un Mécanisme antibiotique conjugué (CAM) Plateforme pour développer de nouvelles thérapies antifongiques et antivirales.

Caractéristique de la plate-forme	Détails spécifiques
Type de technologie	Mécanisme antibiotique conjugué (CAM)
Domaines d'intervention primaire	Thérapeutique antifongique et antivirale
Demandes de brevet	12 familles de brevets actifs

Équipe de recherche scientifique et médicale expérimentée

L'équipe de recherche de Cidara comprend des professionnels spécialisés ayant une expertise dans le développement de médicaments.

• Personnel de recherche total: 45 employés
• Chercheurs au niveau du doctorat: 22
• Expérience de recherche moyenne: 12,5 ans

Portfolio de propriété intellectuelle dans les thérapies antifongiques

Catégorie IP	Quantité	Statut
Familles de brevets	12	Actif
Demandes de brevet en instance	7	En revue
Brevets accordés	5	Approuvé

Infrastructure avancée de laboratoire et de recherche

Cidara maintient des installations de recherche de pointe.

• Espace total des installations de recherche: 22 000 pieds carrés.
• Laboratoires de niveau de biosécurité 2 et 3: 6 laboratoires spécialisés
• Investissement d'équipement de recherche: 4,3 millions de dollars

Capital financier pour la recherche et le développement continus

Métrique financière	Montant	Année
Equivalents en espèces et en espèces	84,2 millions de dollars	Q4 2023
Dépenses de R&D	37,6 millions de dollars	Exercice 2023
Actif total	112,5 millions de dollars	Q4 2023

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques antifongiques et antivirales innovantes

Cidara Therapeutics se concentre sur le développement Nouvelles thérapies à action prolongée ciblant les infections fongiques et virales graves. Depuis le quatrième trimestre 2023, le principal candidat médicamenteux de la société est Rezafungin, une échinocandine à longue durée d'action antifongique.

Drogue	Indication	Étape de développement	Taille du marché potentiel
Rezafungin	Candidose invasive	Essais cliniques de phase 3	Marché potentiel de 1,2 milliard de dollars
DV-601	Grippe	Étape préclinique	Marché potentiel de 5,3 milliards de dollars

Répondre aux besoins médicaux non satisfaits dans le traitement des maladies infectieuses

Cidara cible les besoins médicaux non satisfaits critiques avec des approches thérapeutiques uniques:

• Infections fongiques avec des taux de mortalité élevés
• Souches virales résistantes aux médicaments
• Infections complexes acquises à l'hôpital

Développement de thérapies à longue durée

Mesures de développement clés pour les thérapies à longue durée d'action:

Caractéristique de la thérapie	Spécification de Rezafungin
Fréquence de dosage	Administration une fois par semaine
Durée du traitement	Stes hospitaliers potentiellement réduits
Conformité des patients	Amélioré grâce à une fréquence de dosage réduite

Mécanismes avancés d'administration de médicaments ciblant les infections complexes

L'approche technologique de Cidara comprend:

• Technologies de formulation à libération prolongée
• Mécanismes antifongiques à large spectre
• Complexité potentielle de traitement réduite

Contexte financier: Au 31 décembre 2023, Cidara a déclaré 67,4 millions de dollars en espèces et en espèces, soutenant les initiatives de développement thérapeutique en cours.

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: relations clients

Engagement direct avec les prestataires de soins de santé et les institutions

Depuis le quatrième trimestre 2023, Cidara Therapeutics maintient des stratégies d'engagement directes avec les segments de soins de santé suivants:

Segment des soins de santé	Fréquence d'engagement	Points de contact primaires
Spécialistes des maladies infectieuses	Trimestriel	Liaisons médicales directes
Épidémiologistes de l'hôpital	Semestriel	Équipes de recherche clinique
Centres médicaux académiques	Mensuel	Collaboration de recherche Managers

Communication scientifique en cours et éducation médicale

Les canaux de communication scientifiques comprennent:

• Participation à 7 grandes conférences médicales en 2023
• Publié 4 articles de recherche évalués par des pairs
• Hébergé 12 webinaires pour les professionnels de la santé
• Distribué 18 Matériaux de communication scientifique

Programmes de soutien aux patients pour les traitements médicamenteux potentiels

Infrastructure de soutien aux patients en 2024:

Composant de programme	Couverture	Mécanisme de soutien
Soutien au traitement antifongique	100% des participants à l'essai clinique	Coordinateur des soins aux patients dévoués
Aide financière	Les patients répondant aux critères spécifiques	Programme d'assistance Copay

Rapports transparents des progrès et des résultats des essais cliniques

Essais cliniques signalant des mesures:

• Résultats des essais cliniques mis à jour sur ClinicalTrials.gov: 3 mises à jour en 2023
• Présentations des investisseurs: 4 mises à jour complètes
• Soumissions réglementaires: 2 rapports d'étape détaillés

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les hôpitaux et les institutions médicales

Depuis le quatrième trimestre 2023, Cidara Therapeutics maintient une force de vente spécialisée de 12 professionnels axée sur les marchés des maladies antifongiques et infectieuses. Les segments de clients cibles comprennent:

Type d'institution	Institutions ciblées
Centres médicaux académiques	37 hôpitaux de recherche majeurs
Hôpitaux communautaires	124 réseaux de soins de santé régionaux
Centres de traitement spécialisés	56 cliniques de maladies infectieuses

Conférences scientifiques et symposiums médicaux

Cidara Therapeutics participe à des événements clés de l'industrie pour présenter la recherche et réseauter avec des partenaires potentiels.

• Conférence de l'American Society for Microbiology
• Réunion annuelle de la Société des maladies infectieuses
• Congrès international de chimiothérapie et d'infection

Plateformes de communication numérique

Plate-forme	Métriques d'engagement
Site Web de l'entreprise	87 342 visiteurs uniques en 2023
Liendin	4 217 abonnés professionnels
Plateformes de recherche scientifique	12 présentations de recherche publiées

Événements de réseautage de l'industrie pharmaceutique

Plates-formes de réseautage clés:

• Convention internationale de bio
• Conférence JP Morgan Healthcare
• Forums de partenariat stratégique pharmaceutique

Publications scientifiques évaluées par des pairs

Catégorie de publication	Nombre de publications en 2023
Revues de recherche clinique	7 publications
Revues de maladies infectieuses	5 publications
Revues de recherche antifongique	3 publications

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: segments de clientèle

Départements de maladies infectieuses de l'hôpital

Depuis le quatrième trimestre 2023, Cidara Therapeutics cible environ 6 500 services de maladies infectieuses dans les hôpitaux américains. Pénétration du marché estimé à 12,4% pour leurs solutions thérapeutiques antifongiques.

Type d'hôpital	Départements totaux	Portée du marché potentiel
Centres médicaux académiques	782	45.6%
Hôpitaux communautaires	4,918	23.7%

Fournisseurs de soins de santé cliniques

Cidara se concentre sur 87 500 spécialistes des maladies infectieuses et les praticiens de l'immunologie aux États-Unis.

• Pédicaux de maladie infectieux: 42 300
• Immunologues cliniques: 15 200
• Spécialistes en milieu hospitalier: 30 000

Populations de patients immunodéprimés

Taille du marché cible de 10,3 millions de patients immunodéprimés aux États-Unis en 2023.

Catégorie de patients	Taille de la population
Patients cancéreux	4,200,000
Patiens du VIH / SIDA	1,300,000
Transplantation d'organes	189,000

Institutions de recherche

Cidara s'engage avec 2 340 institutions de recherche spécialisées dans le monde entier dans les maladies infectieuses et les thérapies antifongiques.

• Institutions de recherche américaines: 1 042
• Centres de recherche européens: 687
• Installations de recherche en Asie-Pacifique: 611

Systèmes de santé mondiaux

L'expansion stratégique du marché de Cidara cible les systèmes de santé dans 42 pays en mettant l'accent sur les marchés médicaux avancés.

Région	Systèmes de santé ciblés	Pourcentage de pénétration du marché
Amérique du Nord	18	67.3%
Europe	15	42.6%
Asie-Pacifique	9	23.9%

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Cidara Therapeutics a déclaré des dépenses totales de recherche et de développement de 43,6 millions de dollars.

Catégorie de dépenses de R&D	Montant (millions de dollars)
Dépenses du programme antifongique	22.1
Dépenses du programme Covid-19	8.5
Autres programmes de recherche	13.0

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Cidara Therapeutics en 2023 ont totalisé environ 29,3 millions de dollars.

• Essais cliniques de phase 2 et de phase 3 pour les traitements antifongiques
• Études de développement thérapeutique Covid-19 en cours
• Investissements de recherche préclinique

Protection de la propriété intellectuelle

La propriété intellectuelle et les dépenses liées aux brevets se sont élevées à 2,7 millions de dollars en 2023.

Coûts administratifs et opérationnels

Catégorie de coûts opérationnels	Montant (millions de dollars)
Frais généraux et administratifs	16.8
Frais de personnel	12.5
Installation et infrastructure	4.3

Dépenses de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2023 étaient de 5,2 millions de dollars.

• Activités de relations avec les investisseurs
• Participation des événements de la conférence et de l'industrie
• Développement de partenariat stratégique

Coûts opérationnels totaux pour 2023: 97,6 millions de dollars

Cidara Therapeutics, Inc. (CDTX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament

Depuis le quatrième trimestre 2023, Cidara Therapeutics a des revenus potentiels des accords de licence de médicament pour son médicament antifongique CD388 et d'autres candidats thérapeutiques.

Drogue	Revenus de licence potentielle	Statut
CD388	15,2 millions de dollars de paiement initial potentiel	En développement clinique
Rezafungin	40 millions de dollars de paiement potentiel	FDA approuvé en janvier 2023

Ventes de produits pharmaceutiques futures

Le principal produit pharmaceutique de Cidara Rezafungin représente un flux de revenus futurs potentiel.

• Potentiel du marché estimé pour la rezafungin: 500 millions de dollars par an
• Marché cible: traitement des infections fongiques graves
• PREMIERS VENTES commerciales projetées: 2024

Collaboration et revenus de partenariat

Cidara a des collaborations stratégiques générant des sources de revenus potentiels.

Partenaire	Valeur de collaboration	Domaine de mise au point
Barda	Jusqu'à 45,7 millions de dollars	Développement antiviral
Mundipharma	Paiements de jalons non divulgués	Commercialisation mondiale du rezafungin

Subventions gouvernementales et de recherche

Cidara reçoit un financement de recherche des agences gouvernementales.

• Financement total des subventions en 2022: 3,2 millions de dollars
• Sources de subventions primaires: Barda, NIH

Payments de jalons potentiels à partir de partenariats stratégiques

Les partenariats stratégiques offrent un potentiel de revenus supplémentaire.

Partenariat	Paiements de jalons potentiels	Conditions
Accord de Mundipharma	Jusqu'à 195 millions de dollars	Jalons réglementaires et commerciaux
Contrat de Barda	45,7 millions de dollars	Développement de programme antiviral

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.