CIDARA THERAPEUTICS ($NASDAQ:CDTX) announced their financial results for the second quarter of FY2023 on June 30 2023. Total revenue grew by 22.3%, amounting to USD 7.6 million. Net income for the quarter was USD -12.4 million, a decrease from the prior year quarter of -13.1 million.
At the close of trading, CIDARA THERAPEUTICS stock opened at $1.0 and closed at $1.0, a decrease of 1.9% compared to the prior closing price of 1.0. This news caused a slight decline in the company’s stock prices. The increase was due to an increase in sales of the company’s products and services. This increase was primarily driven by higher research and development costs.
This increase was mainly due to higher revenue and lower operating expenses. Despite a slight decline in stock prices, the company achieved higher revenue and net income compared to the same quarter last year, which reflects its commitment to providing innovative products and services. Live Quote…
About the Company
Ownership (Institutional/ Fund Holdings)
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Key Ratios Snapshot
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At GoodWhale, we have conducted an in-depth analysis of CIDARA THERAPEUTICS‘s financials. Our Risk Rating indicates that CIDARA THERAPEUTICS is a medium risk investment, taking into account both financial and business aspects. GoodWhale has also detected two risk warnings in CIDARA THERAPEUTICS’s income sheet and balance sheet. To get more details on these warnings, register with us to unlock our full analysis. More…
Risk Rating Analysis
Star Chart Analysis
The competition in the market for drugs to treat obesity is heating up.
However, it faces stiff competition from Rhythm Pharmaceuticals Inc, Akeso Inc, and Poxel SA, who are all working on their own new drugs to treat obesity. The race is on to see who can develop the most effective and safe drug to help people lose weight and keep it off.
– Rhythm Pharmaceuticals Inc ($NASDAQ:RYTM)
The company’s market cap is $1.3 billion and its ROE is -55.93%. The company is engaged in the development and commercialization of therapies for the treatment of genetic disorders. The company’s products include Setrusumab, which is used to treat patients with hereditary angioedema; and Firdapse, which is used to treat patients with Lambert-Eaton myasthenic syndrome.
As of 2022, Akeso Inc has a market cap of 25.19B and a Return on Equity of -32.08%. The company is a healthcare services company that provides services to patients with chronic conditions.
Poxel SA is a pharmaceutical company that focuses on the development and commercialization of innovative therapies for the treatment of diabetes and other metabolic diseases. The company has a market capitalization of 44.51 million as of 2022 and a return on equity of -705.2%. The company’s products include Imeglimin, which is in Phase III clinical development for the treatment of type 2 diabetes, and PXL065, which is in Phase II clinical development for the treatment of type 2 diabetes and non-alcoholic steatohepatitis.
CIDARA THERAPEUTICS reported its financial results for the second quarter of FY2023, showing total revenue of USD 7.6 million, an increase of 22.3% year-over-year. However, net income for the quarter was USD -12.4 million, a decrease from the last year’s figure of -13.1 million. Investors should consider the potential risks associated with CIDARA THERAPEUTICS and its ability to sustain profitability in a competitive market. In light of these results, it may be prudent to watch the stock before investing in the company.