Cidara Therapeutics, Inc (CDTX) saw its loss widen to $12.23 million, or $0.88 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.17 million, or $0.67 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $12.34 million, compared with an operating loss of $9.21 million in the previous year period.
“Cidara made major progress in the third quarter and achieved significant clinical and corporate milestones. We enrolled the first patient in our Phase 2 STRIVE study of CD101 IV in candidemia, announced CD201 as the first development candidate from our proprietary Cloudbreak immunotherapy platform, and, most recently, we strengthened our balance sheet through a debt facility and a follow-on offering,” said Jeff Stein, Ph.D., president and chief executive officer of Cidara. “During the remainder of 2016, we will continue to lay the groundwork for what we expect to be an event- and data-rich 2017. We expect to announce topline Phase 2 data in 2017 from our RADIANT study in the first quarter and from our STRIVE trial in the fourth quarter, and we are planning to complete IND-enabling studies for CD201 in the second half of the year.”
Working capital drops significantly
Cidara Therapeutics, Inc has witnessed a decline in the working capital over the last year. It stood at $80.58 million as at Sep. 30, 2016, down 27.47 percent or $30.51 million from $111.09 million on Sep. 30, 2015.
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