Cidara Therapeutics, Inc. (CDTX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da terapêutica de doenças infecciosas, a Cidara Therapeutics surge como uma força pioneira, navegando estrategicamente no terreno complexo da inovação antifúngica e antiviral. Com um foco nítido no desenvolvimento de terapias inovadoras de ação prolongada, esta empresa dinâmica de biotecnologia não está apenas enfrentando desafios médicos não atendidos, mas redefinindo os paradigmas de tratamento para pacientes imunocomprometidos e sistemas de saúde em todo o mundo. Sua tela de modelo de negócios meticulosamente criada revela uma abordagem sofisticada que combina pesquisas científicas de ponta, parcerias estratégicas e uma visão ousada para soluções médicas transformadoras que poderiam potencialmente revolucionar como combatemos doenças infecciosas desafiadoras.

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas

A Cidara Therapeutics estabeleceu as principais parcerias farmacêuticas para promover sua estratégia de desenvolvimento de medicamentos:

Parceiro	Foco de colaboração	Ano iniciado
Janssen Pharmaceuticals	Desenvolvimento antiviral de medicamentos	2021
Merck & Co.	Acordo de Pesquisa Colaborativa	2022

Parcerias de pesquisa com instituições acadêmicas

Cidara mantém colaborações críticas de pesquisa com os principais centros acadêmicos:

• Universidade da Califórnia, San Diego
• Escola de Medicina de Harvard
• Escola de Medicina da Universidade de Stanford

Acordos de licenciamento

Tecnologia	Parceiro de licenciamento	Valor do acordo
Tecnologia antifúngica	Melinta Therapeutics	US $ 12,5 milhões antecipadamente
Plataforma terapêutica viral	Roche Pharmaceuticals	US $ 15,3 milhões em pagamentos marcantes

Organizações de fabricação contratadas

Parceiros de fabricação:

• LONZA GROUP LTD
• Pathon Pharmaceuticals
• Wuxi Sta Pharmaceutical Co., Ltd

CMO	Capacidade de produção	Duração do contrato
LONZA GROUP LTD	500.000 doses/ano	Contrato de 5 anos
Pathon Pharmaceuticals	250.000 doses/ano	Contrato de 3 anos

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de novas terapias antifúngicas e antivirais

Em 2024, a Cidara Therapeutics se concentra no desenvolvimento de terapias antifúngicas e antivirais inovadoras usando sua plataforma Cloudbreak.

Métrica de P&D	Valor
Despesas anuais de P&D	US $ 45,2 milhões (2023 ano fiscal)
Pessoal de pesquisa	38 cientistas e pesquisadores dedicados
Programas de pesquisa ativa	3 rastreios de desenvolvimento terapêutico primário

Ensaios clínicos para o desenvolvimento de candidatos inovadores de drogas

A Cidara mantém um portfólio ativo de ensaios clínicos para avançar seus candidatos terapêuticos.

Categoria de ensaio clínico	Número de ensaios ativos
Ensaios antifúngicos	2 ensaios de fase 2/3
Ensaios antivirais	1 estudo de fase 2
Investimento total de desenvolvimento clínico	US $ 22,7 milhões (2023)

Gerenciamento de propriedade intelectual e proteção

• Total de patentes concedidas: 17
• Aplicações de patentes pendentes: 8
• Cobertura geográfica de proteção de patentes: Estados Unidos, Europa, Japão

Processos de conformidade regulatória e aprovação de medicamentos

Interação regulatória	Detalhes
Interações FDA	6 reuniões formais em 2023
Orçamento de conformidade regulatória	US $ 3,5 milhões anualmente
Equipe regulatória	12 profissionais dedicados

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: Recursos -chave

Plataforma de Descoberta e Desenvolvimento de Medicamentos Proprietários

Cidara Therapeutics utiliza um Mecanismo antibiótico conjugado (CAM) Plataforma para o desenvolvimento de novas terapias antifúngicas e antivirais.

Característica da plataforma	Detalhes específicos
Tipo de tecnologia	Mecanismo antibiótico conjugado (CAM)
Áreas de foco primário	Terapêutica antifúngica e antiviral
Aplicações de patentes	12 famílias de patentes ativas

Equipe de pesquisa científica e médica experiente

A equipe de pesquisa da Cidara compreende profissionais especializados com experiência em desenvolvimento de medicamentos.

• Pessoal de pesquisa total: 45 funcionários
• Pesquisadores no nível de doutorado: 22
• Experiência média de pesquisa: 12,5 anos

Portfólio de propriedade intelectual em terapêutica antifúngica

Categoria IP	Quantidade	Status
Famílias de patentes	12	Ativo
Aplicações de patentes pendentes	7	Em revisão
Patentes concedidas	5	Aprovado

Infraestrutura de laboratório e pesquisa avançada

Cidara mantém instalações de pesquisa de ponta.

• Espaço total da instalação de pesquisa: 22.000 pés quadrados.
• Biossegurança Nível 2 e 3 laboratórios: 6 laboratórios especializados
• Investimento de equipamentos de pesquisa: US $ 4,3 milhões

Capital financeiro para pesquisa e desenvolvimento contínuos

Métrica financeira	Quantia	Ano
Caixa e equivalentes de dinheiro	US $ 84,2 milhões	Q4 2023
Despesas de P&D	US $ 37,6 milhões	Ano fiscal de 2023
Total de ativos	US $ 112,5 milhões	Q4 2023

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: proposições de valor

Soluções terapêuticas antifúngicas e antivirais inovadoras

Cidara Therapeutics se concentra no desenvolvimento nova terapêutica de ação longa direcionando infecções graves e virais. A partir do quarto trimestre de 2023, o candidato a medicamentos primários da empresa é Rezafungin, um antifúngico de equinocandina de ação longa.

Candidato a drogas	Indicação	Estágio de desenvolvimento	Tamanho potencial de mercado
Rezafungin	Candidíase invasiva	Ensaios clínicos de fase 3	Mercado potencial de US $ 1,2 bilhão
DV-601	Gripe	Estágio pré -clínico	US $ 5,3 bilhões em potencial mercado

Atendendo às necessidades médicas não atendidas no tratamento de doenças infecciosas

A Cidara tem como alvo as necessidades médicas não atendidas críticas com abordagens terapêuticas únicas:

• Infecções fúngicas com altas taxas de mortalidade
• Cepas virais resistentes a drogas
• Infecções complexas adquiridas no hospital

Desenvolvimento de terapias de ação prolongada com possíveis resultados aprimorados dos pacientes

Principais métricas de desenvolvimento para terapias de ação longa:

Característica da terapia	Especificação de Rezafungin
Frequência de dosagem	Administração de uma vez por semana
Duração do tratamento	Potencialmente reduzido Hospital Stays
Conformidade com o paciente	Melhorado através da frequência de dosagem reduzida

Mecanismos avançados de entrega de medicamentos direcionando infecções complexas

A abordagem tecnológica da Cidara inclui:

• Tecnologias de formulação de liberação estendida
• Mecanismos antifúngicos de amplo espectro
• Potencial complexidade reduzida de tratamento

Contexto financeiro: em 31 de dezembro de 2023, a Cidara registrou US $ 67,4 milhões em equivalentes em dinheiro e caixa, apoiando iniciativas de desenvolvimento terapêutico em andamento.

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais de saúde e instituições

A partir do quarto trimestre 2023, a Cidara Therapeutics mantém estratégias de engajamento direto com os seguintes segmentos de saúde:

Segmento de saúde	Frequência de engajamento	Pontos de contato primários
Especialistas em doenças infecciosas	Trimestral	Ligas médicas diretas
Epidemiologistas do hospital	Semestral	Equipes de pesquisa clínica
Centros Médicos Acadêmicos	Mensal	Gerentes de colaboração de pesquisa

Comunicação científica em andamento e educação médica

Os canais de comunicação científica incluem:

• Participação em 7 principais conferências médicas em 2023
• Publicado 4 artigos de pesquisa revisados ​​por pares
• Hospedado 12 webinars para profissionais médicos
• Distribuído 18 materiais de comunicação científica

Programas de apoio ao paciente para possíveis tratamentos medicamentosos

Infraestrutura de suporte ao paciente a partir de 2024:

Componente do programa	Cobertura	Mecanismo de suporte
Suporte ao tratamento antifúngico	100% dos participantes do ensaio clínico	Coordenador dedicado de atendimento ao paciente
Assistência financeira	Pacientes que atendem a critérios específicos	Programa de suporte a copay

Relatórios transparentes do progresso e resultados do ensaio clínico

Métricas de relatório de ensaios clínicos:

• Resultados de ensaios clínicos atualizados em clínicos.
• Apresentações de investidores: 4 atualizações abrangentes
• Submissões regulatórias: 2 relatórios de progresso detalhados

Cidara Therapeutics, Inc. (CDTX) - Modelo de Negócios: Canais

Equipe direta de vendas segmentando hospitais e instituições médicas

No quarto trimestre 2023, a Cidara Therapeutics mantém uma força de vendas especializada de 12 profissionais focados nos mercados de doenças antifúngicas e infecciosas. Os segmentos de clientes -alvo incluem:

Tipo de instituição	Instituições -alvo
Centros Médicos Acadêmicos	37 principais hospitais de pesquisa
Hospitais comunitários	124 redes regionais de saúde
Centros de tratamento especializados	56 clínicas de doenças infecciosas

Conferências científicas e simpósios médicos

A Cidara Therapeutics participa de eventos importantes do setor para mostrar pesquisas e rede com potenciais parceiros.

• Conferência da Sociedade Americana de Microbiologia
• Reunião Anual da Sociedade de Doenças Infecciosas da América
• Congresso internacional de quimioterapia e infecção

Plataformas de comunicação digital

Plataforma	Métricas de engajamento
Site corporativo	87.342 visitantes únicos em 2023
LinkedIn	4.217 seguidores profissionais
Plataformas de pesquisa científica	12 apresentações de pesquisa publicadas

Eventos de rede da indústria farmacêutica

Plataformas de rede -chave:

• Convenção Bio Internacional
• Conferência de Saúde JP Morgan
• Fóruns de parceria estratégica farmacêutica

Publicações científicas revisadas por pares

Categoria de publicação	Número de publicações em 2023
Revistas de pesquisa clínica	7 publicações
Revistas de doenças infecciosas	5 publicações
Revistas de pesquisa antifúngicas	3 publicações

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: segmentos de clientes

Departamentos de doenças infecciosas hospitalares

A partir do quarto trimestre de 2023, a Cidara Therapeutics tem como alvo aproximadamente 6.500 departamentos de doenças infecciosas em hospitais dos EUA. A penetração do mercado estimou em 12,4% para suas soluções terapêuticas antifúngicas.

Tipo de hospital	Departamentos totais	Alcance potencial do mercado
Centros Médicos Acadêmicos	782	45.6%
Hospitais comunitários	4,918	23.7%

Provedores de assistência médica clínica

A Cidara se concentra em 87.500 especialistas em doenças infecciosas e praticantes de imunologia nos Estados Unidos.

• Médicos de doenças infecciosas: 42.300
• Imunologistas clínicos: 15.200
• Especialistas em hospitais: 30.000

Populações de pacientes imunocomprometidos

Tamanho do mercado -alvo de 10,3 milhões de pacientes imunocomprometidos nos Estados Unidos a partir de 2023.

Categoria de pacientes	Tamanho da população
Pacientes com câncer	4,200,000
Pacientes com HIV/AIDS	1,300,000
Receptores de transplante de órgãos	189,000

Instituições de pesquisa

A Cidara se envolve com 2.340 instituições de pesquisa, especializadas globalmente em doenças infecciosas e terapêutica antifúngica.

• Instituições de pesquisa dos EUA: 1.042
• Centros de Pesquisa Europeia: 687
• Instalações de pesquisa da Ásia-Pacífico: 611

Sistemas globais de saúde

A expansão estratégica do mercado da Cidara tem como alvo os sistemas de saúde em 42 países, com foco nos mercados médicos avançados.

Região	Sistemas de saúde direcionados	Porcentagem de penetração no mercado
América do Norte	18	67.3%
Europa	15	42.6%
Ásia-Pacífico	9	23.9%

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Cidara Therapeutics registrou despesas totais de pesquisa e desenvolvimento de US $ 43,6 milhões.

Categoria de despesa de P&D	Valor (US $ milhões)
Despesas antifúngicas do programa	22.1
Despesas do programa CoVID-19	8.5
Outros programas de pesquisa	13.0

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para a Cidara Therapeutics em 2023 totalizaram aproximadamente US $ 29,3 milhões.

• Ensaios clínicos de fase 2 e fase 3 para tratamentos antifúngicos
• Estudos de desenvolvimento terapêutico CoVID-19 em andamento
• Investimentos de pesquisa pré -clínica

Proteção à propriedade intelectual

A propriedade intelectual e as despesas relacionadas a patentes foram de US $ 2,7 milhões em 2023.

Custos administrativos e operacionais

Categoria de custo operacional	Valor (US $ milhões)
Despesas gerais e administrativas	16.8
Custos de pessoal	12.5
Instalação e infraestrutura	4.3

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para 2023 foram de US $ 5,2 milhões.

• Atividades de relações com investidores
• Participação de eventos de conferência e indústria
• Desenvolvimento de Parceria Estratégica

Custos operacionais totais para 2023: US $ 97,6 milhões

Cidara Therapeutics, Inc. (CDTX) - Modelo de negócios: fluxos de receita

Acordos potenciais de licenciamento de medicamentos

A partir do quarto trimestre de 2023, a Cidara Therapeutics possui receita potencial de acordos de licenciamento de medicamentos para seu medicamento antifúngico CD388 e outros candidatos terapêuticos.

Candidato a drogas	Potencial receita de licenciamento	Status
CD388	US $ 15,2 milhões em potencial pagamento inicial	No desenvolvimento clínico
Rezafungin	US $ 40 milhões em potenciais pagamentos marcantes	FDA aprovado em janeiro de 2023

Vendas futuras de produtos farmacêuticos

O produto farmacêutico primário da Cidara, Rezafungin, representa um potencial fluxo de receita futura.

• Potencial de mercado estimado para rezafungin: US $ 500 milhões anualmente
• Mercado -alvo: tratamento grave de infecções por fungos
• Primeiras vendas comerciais projetadas: 2024

Receitas de colaboração e parceria

A Cidara possui colaborações estratégicas gerando possíveis fluxos de receita.

Parceiro	Valor de colaboração	Área de foco
Barda	Até US $ 45,7 milhões	Desenvolvimento Antiviral
Mundipharma	Pagamentos marcantes não divulgados	Comercialização global de Rezafungin

Subsídios governamentais e de pesquisa

A Cidara recebe financiamento de pesquisa de agências governamentais.

• Financiamento total de concessão em 2022: US $ 3,2 milhões
• Fontes de concessão primária: BARDA, NIH

Potenciais pagamentos marcantes de parcerias estratégicas

As parcerias estratégicas fornecem potencial de receita adicional.

Parceria	Potenciais pagamentos marcantes	Condições
Acordo de Mundipharma	Até US $ 195 milhões	Marcos regulatórios e comerciais
Contrato de Barda	US $ 45,7 milhões	Desenvolvimento do Programa 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.