SCHEDULE: RA Capital Maintains 13.3% Stake in Cidara

RA Capital Management and its affiliates report a 13.3% beneficial ownership in Cidara Therapeutics, Inc., holding over 3.3 million common shares.

Summary

• RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P. (Reporting Persons) collectively beneficially own 3,365,523 shares of Cidara Therapeutics, Inc. common stock.
• This represents 13.3% of the common stock outstanding, based on 25,358,051 shares outstanding as of August 6, 2025.
• RA Capital Healthcare Fund, L.P. also holds Series A preferred stock convertible for up to 6,296,920 common shares and pre-funded warrants exercisable for up to 1,286,786 common shares.
• Conversion of preferred stock and exercise of pre-funded warrants are currently blocked by provisions (Beneficial Ownership Blockers) that prevent the Fund from owning more than 9.99% of the common stock outstanding.
• No transactions involving the Issuer's securities have been effected by any Reporting Person since the most recent amendment filed on June 30, 2025.
• The reported percentage ownership reflects an increase in the number of outstanding shares of the Issuer.

Sentiment

Score: 6

Explanation: The filing is neutral in sentiment as it primarily serves as a regulatory disclosure of beneficial ownership. The continued significant stake by RA Capital is a positive signal, but the beneficial ownership blockers and lack of new investment activity prevent a higher score.

Positives

• A significant institutional investor, RA Capital, maintains a substantial stake (13.3%) in Cidara Therapeutics, indicating continued interest and confidence.
• The holding includes convertible preferred stock and pre-funded warrants, representing potential future equity upside if beneficial ownership blockers are removed or adjusted.

Negatives

• The beneficial ownership blockers (9.99% limit) prevent RA Capital Healthcare Fund, L.P. from converting preferred stock or exercising pre-funded warrants, limiting their immediate ability to increase direct common stock ownership.
• No new transactions have occurred since the last amendment, indicating no recent additional investment by the reporting persons.

Risks

• Beneficial ownership blockers limit the ability of RA Capital Healthcare Fund, L.P. to convert preferred stock or exercise pre-funded warrants, potentially restricting their influence or upside from these instruments.
• The value of the preferred stock and pre-funded warrants is subject to the company's common stock performance and the continued existence of the beneficial ownership blockers.

Future Outlook

The filing does not provide specific forward-looking statements or guidance regarding Cidara Therapeutics, Inc.'s business operations or financial performance. It primarily details the beneficial ownership position of RA Capital Management and its affiliates.

Industry Context

This filing is a routine disclosure of significant beneficial ownership by an institutional investor in a biotechnology company. It reflects RA Capital's continued investment in the life sciences sector, a common strategy for specialized funds focusing on pharmaceutical and biotech innovation. The presence of beneficial ownership blockers is a standard mechanism in certain investment agreements to manage ownership thresholds and avoid triggering specific regulatory or corporate governance requirements.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, potentially influencing market perception and liquidity. The beneficial ownership blockers may limit the immediate conversion of preferred stock and warrants, which could affect the dilution profile if those instruments were to convert.
• Company Management: Awareness of a large, stable institutional holder like RA Capital can influence strategic decisions and investor relations.

Key Dates

Recommendation

This filing is a routine beneficial ownership update (Schedule 13D/A) and does not contain new financial performance data, strategic announcements, or operational updates that would warrant a change in investment recommendation. RA Capital's continued significant stake (13.3%) is a positive signal of their long-term interest, but the absence of new transactions and the presence of beneficial ownership blockers suggest a stable, rather than actively changing, investment position. Investors should hold and await further operational or financial news from Cidara Therapeutics, Inc.

Keywords

Cidara Therapeutics, RA Capital Management, Schedule 13D/A, Beneficial Ownership, Common Stock, Preferred Stock, Warrants, Biotechnology Investment, Institutional Investor, SEC Filing