Cidara Therapeutics, Inc. (CDTX) has released its condensed cons olidated financial results for the third quarter of 2023, revealing a net loss of $8.2 million. The biotechnology company, specializing in the development of novel anti-infectives, reported a total revenue of $12.7 million for the three-month period ending September 30, 2023, reflecting a decrease from the same quarter in the previous year.
Net Income/Loss
Cidara Therapeutics, Inc. experienced a net loss of $8.2 million for the third quarter of 2023. This is a notable decline compared to the same period in 2022 when the company reported a net income of $14.9 million.
Revenue
Total Revenues of $12.7 Million
During the third quarter of 2023, Cidara Therapeutics generated total revenues of $12.7 million, which represents a significant decrease from the $40.7 million reported in the same quarter in 2022. The decrease in revenue was primarily driven by a reduction in collaboration revenue.
Operating Expenses
Operating expenses for the third quarter of 2023 were $21.3 million, up from $25.8 million during the same period last year. These expenses were primarily attributed to the cost of research and development, as well as general and administrative costs.
Cidara Therapeutics reported an operating loss of $8.6 million for the third quarter of 2023, a significant decrease from the operating income of $14.9 million in the same period in 2022. The increase in operating expenses contributed to this loss.
The company recorded a positive other income of $613,000 for the third quarter of 2023, compared to $55,000 in the same period the previous year. This was primarily due to interest income.
Balance Sheet Data
As of September 30, 2023, Cidara Therapeutics reported cash and cash equivalents of $48.7 million, showing growth from the end of 2022 when the balance was $32.7 million. The company's total assets have increased to $63.5 million, while total liabilities stand at $55.4 million. Total stockholders' equity, previously in deficit, improved to $8.0 million.
Earnings Per Share
Basic net earnings (loss) per common share for the third quarter of 2023 were reported at $(0.09), compared to $0.17 in the same period in 2022. Diluted net earnings (loss) per common share also showed a decline, from $0.17 to $(0.09).
Cidara Therapeutics, Inc. continues to focus on its mission to develop innovative anti-infectives, and these financial results represent a snapshot of its performance during the third quarter of 2023. The company remains committed to its research and development efforts to address infectious diseases and bring important medical solutions to the market.