The company has experienced a total revenue collapse, reporting zero revenue for multiple consecutive quarters following a 94.52% year-over-year decline as it pivots away from commercial product sales.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 1.27M | 23.28M | 64.45M | 49.57M | 12.07M | 20.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | -94.52% | -63.87% | 30.01% | 310.81% | -42.3% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 45M | 0 | 36.76M | 0 | 73.09M | 0 | 46.4M | 523K | 667K | 732K | 461K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | 157.9% | - | 147.44% | - | 221.86% | - | - | - | - | - | - | - |
| Gross Profit | -45M | 1.27M | -13.48M | 64.45M | -23.52M | 12.07M | -25.49M | -523K | -667K | -732K | -461K | 0 | 0 | 0 |
| Gross Margin % | - | 100% | -57.9% | 100% | -47.44% | 100% | -121.86% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 109.46% | -120.92% | 374.07% | -294.87% | 147.35% | -4773.04% | 21.59% | 8.88% | -58.79% | - | - | - | - |
| Operating Expenses | 150.46M | 177.38M | 13.58M | 97.95M | 18.74M | 83.92M | 62.64M | 63.28M | 55.72M | 48.44M | 32.31M | 10.02M | 1.08M | 792K |
| OpEx % of Revenue | - | 13911.92% | 58.33% | 151.98% | 37.8% | 695.42% | 299.49% | - | - | - | - | - | - | - |
| Selling, General & Admin | 28.09M | 20.61M | 13.58M | 20.55M | 18.74M | 15.9M | 16.24M | 14.14M | 12.9M | 12.74M | 8.84M | 3.31M | 272K | 780K |
| SG&A % of Revenue | - | 1616.86% | 58.33% | 31.88% | 37.8% | 131.76% | 77.64% | - | - | - | - | - | - | - |
| Research & Development | 131.82M | 156.76M | 36.76M | 77.41M | 73.09M | 68.02M | 46.4M | 49.14M | 42.82M | 35.7M | 23.48M | 6.71M | 810K | 12K |
| R&D % of Revenue | - | 12295.06% | 157.9% | 120.1% | 147.44% | 563.66% | 221.86% | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | -36.76M | 0 | -73.09M | 0 | 0 | -211K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -195.46M | -176.1M | -27.06M | -33.5M | -42.26M | -71.85M | -41.72M | -63.28M | -55.72M | -48.44M | -32.31M | -11.62M | -1.08M | -792K |
| Operating Margin % | - | -13811.92% | -116.22% | -51.98% | -85.24% | -595.42% | -199.49% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -550.78% | 19.23% | 20.71% | 41.19% | -72.2% | 34.07% | -13.57% | -15.04% | -49.9% | -178.01% | -974.21% | -36.62% | - |
| EBITDA | -195.3M | -175.87M | -26.95M | -33.36M | -42.07M | -70.8M | -41.4M | -62.76M | -55.05M | -47.7M | -31.85M | -11.44M | 0 | 0 |
| EBITDA Margin % | - | -13793.65% | -115.74% | -51.76% | -84.86% | -586.72% | -197.92% | - | - | - | - | - | - | - |
| EBITDA Growth % | -52.82% | -552.62% | 19.22% | 20.7% | 40.58% | -71.03% | 34.04% | -14% | -15.41% | -49.77% | -178.33% | - | - | - |
| D&A (Non-Cash Add-back) | 163K | 233K | 112K | 143K | 189K | 1.05M | 328K | 523K | 667K | 732K | 461K | 179K | 1.08M | 792K |
| EBIT | -190.07M | -176.1M | -27.06M | -33.5M | -42.26M | -71.85M | -41.72M | -63.28M | -55.72M | -48.44M | -32.19M | -11.62M | -1.08M | 0 |
| Net Interest Income | 5.38M | 5.81M | 2M | 191K | 0 | -262K | 221K | 0 | -7K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.38M | 5.81M | 2M | 191K | 0 | 0 | 221K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 262K | 0 | 629K | 7K | 271K | 120K | 0 | 0 | 0 |
| Other Income/Expense | 10.66M | 5.81M | 2M | 191K | -212K | -262K | 632K | 4.27M | -7K | 271K | 120K | -1.88M | -262K | 0 |
| Pretax Income | -184.8M | -170.29M | -25.07M | -33.31M | -42.47M | -72.11M | -41.09M | -59.02M | -55.73M | -48.16M | -32.19M | -11.89M | -1.34M | -792K |
| Pretax Margin % | - | -13356.16% | -107.65% | -51.69% | -85.67% | -597.59% | -196.47% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 15K | 272K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.06% | -0.82% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -14.25% | 0% | 0% |
| Net Income | -184.74M | -169.83M | -22.93M | -33.58M | -42.47M | -72.11M | -41.09M | -59.02M | -55.73M | -48.16M | -32.19M | -11.89M | -1.34M | -792K |
| Net Margin % | - | -13319.76% | -98.49% | -52.11% | -85.67% | -597.59% | -196.47% | - | - | - | - | - | - | - |
| Net Income Growth % | -50.03% | -640.6% | 31.72% | 20.92% | 41.11% | -75.49% | 30.37% | -5.9% | -15.7% | -49.61% | -170.67% | -784.97% | -69.7% | - |
| Net Income (Continuing) | -184.8M | -170.29M | -25.08M | -33.58M | -42.47M | -72.11M | -41.09M | -59.02M | -55.73M | -48.16M | -32.19M | -11.89M | -1.34M | -792K |
| Discontinued Operations | 62K | 464K | 2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.88 | -26.75 | -5.25 | -9.61 | -16.19 | -36.03 | -26.78 | -45.62 | -63.69 | -66.49 | -46.76 | -290.15 | -83.04 | -0.25 |
| EPS Growth % | 53.79% | -409.52% | 45.37% | 40.64% | 55.07% | -34.54% | 41.3% | 28.37% | 4.21% | -42.19% | 83.88% | -249.41% | -33116% | - |
| EPS (Basic) | - | -26.75 | -5.25 | -9.61 | -16.20 | -36.03 | -26.78 | -45.62 | -63.69 | -66.49 | -46.76 | -290.15 | -83.04 | -44.70 |
| Diluted Shares Outstanding | 15.55M | 6.35M | 4.37M | 3.49M | 2.62M | 2.08M | 1.5M | 1.29M | 875.04K | 724.45K | 688.48K | 40.99K | 16.18K | 17.72K |
| Basic Shares Outstanding | 15.55M | 6.35M | 4.37M | 3.49M | 2.62M | 2.08M | 1.5M | 1.29M | 875.04K | 724.45K | 688.48K | 40.99K | 16.18K | 17.72K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial milestone dependency
As indicated by the company's recent financial disclosures, revenue has effectively evaporated, with the firm reporting zero revenue for multiple consecutive quarters following a 94.52% year-over-year decline, reflecting the transition away from commercial product sales toward a pure-play, milestone-dependent research and development platform model.
The complete cessation of recognized revenue suggests that the firm is currently between major partnership milestones, leaving it entirely reliant on its existing cash reserves. Investors should monitor whether the current lack of top-line activity is a temporary lull or a structural shift that will persist until the next clinical data readout.
Based on the provided income statement data, R&D expenditures have surged to $35.5 million in 2025Q3, representing a significant acceleration in spending that underscores the company's aggressive commitment to advancing its Cloudbreak platform despite the absence of any offsetting commercial revenue streams.
The cost structure is heavily skewed toward clinical development, with R&D spending consistently dwarfing SG&A expenses. This allocation suggests that management is prioritizing the validation of its pipeline over near-term expense discipline, which may necessitate future capital raises if clinical timelines extend beyond current projections.
According to the quarterly income statements, stock-based compensation has reached $3.2 million as of 2025Q3, which appears to be an increasing burden on the company's financial position as it continues to report substantial net losses without the benefit of recurring operational income.
The consistent issuance of equity-based compensation during a period of zero revenue suggests a reliance on non-cash incentives to retain talent, which effectively dilutes existing shareholders. This practice warrants further investigation into the alignment between management incentives and the achievement of tangible clinical milestones.
Financial statements reveal that the company's operating losses have widened significantly, with the 2025Q3 operating loss reaching $88.6 million, a trend that challenges the long-term viability of the current cash-burn profile in the absence of new, non-dilutive partnership capital or successful clinical validation.
While the company maintains a cash balance of $189 million, the current rate of expenditure suggests that the runway may be shorter than the market anticipates if R&D costs continue to scale. Short-term investors should be wary of the potential for significant equity dilution should the firm need to bolster its balance sheet before reaching its next major value-inflection point.
Quick answers to the most common questions about buying CDTX stock.
For fiscal year 2024, Cidara Therapeutics, Inc. (CDTX) reported total revenue of $1.3M.
Cidara Therapeutics, Inc. (CDTX) reported a net loss of $169.8M for the fiscal year ending 2024.
Cidara Therapeutics, Inc. (CDTX) reported an operating income of $-176.1M, resulting in an operating profit margin of -13811.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Cidara Therapeutics, Inc. (CDTX) generated $1.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.