SAN DIEGO – Sidara Therapeutics, Inc. (NASDAQ:), a biotechnology company specializing in immunotherapy, today filed its past due annual report for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (SEC). announced that it had been submitted. The move was reported by Nasdaq Stock Market LLC's listing qualification staff as a violation of Nasdaq Listing Rule 5250(c)(1) by failing to submit a report on time and could lead to delisting. This was done after receiving the notification.
The Company will notify the Nasdaq Hearing Panel of its actions and plans to implement a 20-1 reverse stock split of its common stock upon market opening on Wednesday, April 24, 2024. This announcement follows previous announcements. A notice from the Nasdaq Panel dated February 8, 2024 allows Sidara to remain listed on the Nasdaq provided it meets the minimum bid price requirement of $1.00 by May 7, 2024.
Cidara's proprietary Cloudbreak® platform is at the forefront of efforts to develop drug-Fc conjugate (DFC) immunotherapies aimed at enhancing patient care for serious diseases, including cancer. The company also received FDA and EC approval for his REZZAYO® (rezafungin for injection), an antifungal drug approved by partners for commercialization in the United States and abroad.
Recent moves such as the reverse stock split and annual report filing are part of Sidara's strategy to regain compliance with Nasdaq listing standards. The information contained in this article is based on the press release statement of Cidara Therapeutics, Inc.
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Investment Pro Insights
Given Cidara Therapeutics' recent efforts to comply with Nasdaq listing standards, it is important to consider the company's financial health and market performance. Cidara Therapeutics currently has a market capitalization of $46.58 million, according to data from InvestingPro. The company's price-to-book ratio for the trailing twelve months to Q3 2023 was 7.68, suggesting that the company's stock is trading at a higher valuation from a book value perspective. Furthermore, Cidara has experienced a revenue decline of 7.75% over the past twelve months, indicating challenges in sales growth.
InvestingPro's tips for Sidara Therapeutics highlight some important factors for potential investors to consider. The company has more cash than debt on its balance sheet, which may give it some financial flexibility. But analysts say Sidara is rapidly depleting its cash reserves. Additionally, the stock has fallen significantly over the past week and is currently trading near its 52-week low. These insights suggest that while Cidara is taking steps to address compliance issues, there are underlying financial concerns that investors should be aware of.
For those interested in a deeper analysis of Cidara Therapeutics, InvestingPro offers tips to further help you make your investment decisions. 10 more of his InvestingPro tips on Cidara are available now at https://www.investing.com/pro/CDTX. To access these insights and more, readers can use a coupon code. pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
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