SAN DIEGO - Cidara Therapeutics, Inc. (NASDAQ:CDTX), a biotechnology firm focused on creating drug-Fc conjugate (DFC) immunotherapies, has announced new data from nonclinical studies showcasing the potential of its oncology candidates. The company presented these findings at the American Association for Cancer Research (AACR) Annual Meeting on Monday, April 8, 2024.
The data includes results from a humanized mouse model where the company's multispecific CD73/PD-1 DFC showed superior tumor reduction compared to PD-1 monotherapy. This first-in-class DFC combines a CD73 inhibitor with a PD-1 inhibitor peptide, aiming to enhance antitumor efficacy.
Additionally, Cidara's CCR5-targeting DFC, CCR5-001, has demonstrated potent efficacy in a colorectal cancer mouse model. The DFC showed strong binding to CCR5, a protein associated with an immune-suppressive tumor environment, and inhibited CCR5 signaling. This suggests the potential of CCR5-001 as a monotherapy in solid cancers influenced by the CCR5/CCL5 axis.
CBO421, Cidara's lead oncology DFC targeting CD73, was also highlighted. It has exhibited potent inhibition of CD73 enzymatic activity and robust internalization in CD73 cancer cells, outperforming oleclumab, an anti-CD73 monoclonal antibody. CBO421's strong binding affinity and inhibition of both soluble and membrane-bound CD73, as well as its antitumor efficacy in a syngeneic mouse model, were presented.
These developments indicate that Cidara's DFCs could potentially improve cancer treatment by targeting specific disease pathways and engaging the immune system. However, it is important to note that these are nonclinical findings, and further research is needed to determine their effectiveness in humans.
Cidara's proprietary Cloudbreak platform is designed to create single molecule "cocktails" of targeted small molecules and peptides coupled to a human antibody fragment (Fc). The company also recently received FDA approval for REZZAYO™, an antifungal medication, which it has licensed for commercialization.
InvestingPro Insights
Amidst the promising nonclinical study results presented by Cidara Therapeutics (NASDAQ:CDTX) at the AACR Annual Meeting, investors may be looking at various metrics to gauge the company's financial health and market performance. Cidara, with a market capitalization of approximately $98.77 million, is navigating a challenging financial landscape, as indicated by its negative revenue growth of -7.75% over the last twelve months as of Q1 2023.
Despite the innovative strides in oncology, Cidara's financials reflect a company in a critical phase of development. The company's gross profit margin stands at -30.22%, further emphasizing the financial hurdles faced in the biotech sector. Moreover, the Price / Book ratio as of the last twelve months is relatively high at 12.4, suggesting a premium valuation relative to the company's book value.
InvestingPro Tips highlight that Cidara holds more cash than debt on its balance sheet, which is a positive sign for its liquidity. However, the company is quickly burning through cash, which is an area of concern for long-term sustainability. Additionally, while the stock has shown significant returns over the last week, month, and three months, with price total returns of 17.39%, 54.31%, and 38.91% respectively, analysts caution that the company is not expected to be profitable this year and suffers from weak gross profit margins.
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