On April 16, 2024, Cidara Therapeutics filed a current report on Form 8-K with the SEC. In this 8-K, Cidara Therapeutics announced that it’s “previously issued audited consolidated financial statements for the fiscal years ended December 31, 2021 and 2022 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and each of the Company’s previously issued unaudited condensed consolidated financial statements included in the Company’s Quarterly Reports on Form 10-Q for each of the quarterly periods in 2022 and 2023 (collectively, the “Prior Financial Statements”) filed with the [SEC] should no longer be relied upon and should be restated[.]”

Cidara Therapeutics further announced that its management had “concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level and the Company’s internal control over financial reporting was not effective as of the end of each of the periods covered by the restatement.”

On this news, Cidara Therapeutics’ stock fell $1.89 per share, or 11.5%, to close at $14.60 per share on April 16, 2024.