Cidara Therapeutics is a clinical-stage biotech with no approved products or revenue, focused on developing drug-Fc conjugate (DFC) immunotherapies using its proprietary Cloudbreak platform. Cidara's lead program is CD388, a long-acting DFC designed to prevent influenza A and B with a single annual dose. Unlike existing antivirals like Tamiflu, which must be taken within 48 hours of symptom onset, or annual vaccines, which require a functional immune system and offer variable protection, CD388 combines direct antiviral activity with immune engagement in a single molecule. In a Phase 2a human challenge study, a single 150 mg dose of CD388 reduced PCR-confirmed influenza infection from 50% in the placebo group to 21%. Cidara originally partnered CD388 with Janssen in 2021, then reacquired full worldwide rights in April 2024 for $85M upfront, with up to $605M in additional milestones owed to Janssen. Cidara initiated the Phase 2b NAVIGATE study in September 2024, enrolling at least 5,000 adults across the U.S. and U.K., with topline data expected in Q3 2025. Cidara also holds CBO421, an early-stage DFC targeting solid tumors via the CD73/adenosine pathway, for which Cidara is seeking a partner rather than self-funding trials. Cidara funds operations through equity raises, most recently a $240M preferred stock offering in April 2024 and a $105M common stock offering in November 2024. Cidara does not own manufacturing facilities and relies on contract manufacturers for all supply.