Cidara Therapeutics, a clinical-stage biotech working on potential anti-fungal medications, announced financial results March 18 for the fourth quarter and full 2015 year.
The San Diego firm reported a net loss of $9.9 million for the fourth quarter, compared with a net loss of $4.6 million in the same period the prior year. Cidara said it had a quarterly loss of 72 cents per share, which matched Wall Street’s expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for a loss of 72 cents per share.
For the full 2015 year, the company reported a net loss of $32.2 million, up from a loss of $11.9 million for 2014.
Research and development expenses were $7.6 million for the fourth quarter, and $23.5 million for the full year. This is compared to $3.5 million and $6.7 million, respectively, for the same periods in 2014. The increases were primarily due to development activities for the company’s two product candidates, CD101 IV and CD101 topical, which included the single and multiple ascending dose Phase 1 clinical trials for CD101 IV.
The company’s cash, cash equivalents and short term investments totaled $107.5 million as of December 31, 2015, compared to $22.8 million as of December 31 2014.