Cidara Therapeutics, Inc.

Cidara did not present revenue or EPS because it is a non-revenue-generating company. The company said it had approximately $476 million in cash at September 30, 2025, and that initiating ANCHOR triggered a $45 million milestone payment to J&J, booked in Q3 but payable in Q4. Management reiterated that ANCHOR is over 50% enrolled, plans to enroll 6,000 participants at 150 sites, and expects a Northern Hemisphere enrollment target by December, with an interim analysis likely in late Q1 2026 to determine whether Southern Hemisphere enrollment is needed. The company also disclosed BARDA funding valued up to $339 million, including a $58 million base period over 24 months and up to $281 million in option periods.

Jeff Stein struck an upbeat but execution-focused tone, calling the quarter “very productive” and emphasizing that CD388 has moved into Phase III on an accelerated timeline. He highlighted three core strategic wins: earlier-than-planned trial start, broader eligibility after FDA feedback, and federal support through BARDA. He also framed CD388 as a potentially transformational non-vaccine flu prevention option for high-risk populations and noted a December 15 virtual R&D Day to discuss enrollment and market opportunity.

The CFO did not give a full financial review on the call, but management emphasized balance-sheet strength and program funding. Stein said Cidara had about $476 million in cash at September 30 and that the Phase III program is fully funded through completion, even if the study expands to the Southern Hemisphere. The call also noted the $45 million J&J milestone booked in Q3 but paid in Q4, and the BARDA award of up to $339 million, with a $58 million base period focused on U.S. manufacturing and development.

Analysts focused on the interim analysis, asking whether any efficacy data would be disclosed and how the external statistician would decide if more patients are needed; management said no efficacy data will be shared, only whether the 6,000-patient sample is sufficient. Questions also centered on vaccination rates, with management saying the study was modeled around roughly 65% vaccination but actual rates may be lower, which could affect powering and potentially favor event rates in placebo. On manufacturing, management said WuXi can support about 5 million doses per year at the 450-mg dose, while CMC work remains rate-limiting because the company is moving from a three-injection clinical setup to a single-vial commercial configuration. Analysts also pressed on label breadth, resistance, and pandemic use; management said inclusion of healthy 65+ patients could support broader labeling but would require FDA discussion, no resistance signal has been seen yet, and additional ferret and in vitro work is planned for H5N1 and neuraminidase-inhibitor-resistant strains.