Cidara Therapeutics Inc. reported May 21 a net loss of $6.7 million for the first quarter of 2015, up from a net loss of $707,000 in the same quarter of last year.
The San Diego biotech reported research and development expenses for the first quarter of 2015 were $4.9 million, compared with $0.3 million for the first quarter of 2014. The company said the year-over-year increase is due to the expansion of the product candidate pipeline to include CD101 IV and CD101 topical as well as increased levels of pre-clinical activities for the Cloudbreak immunotherapy platform.
Cidara raised $69.3 million from an initial public offering in April, on top of a $42 million Series B round in February.