Shares of Cidara Therapeutics Inc. were trading lower in Thursday’s after-hours market, following the company’s announcement of “concurrent but separate” underwritten public offerings of its common stock and its Series X convertible preferred stock.
Cidara said all shares in the offering will be sold by the company.
At 4:44 p.m. ET, the stock had fallen 13.3% to trade at $1.58. The stock finished the day’s regular session with a 7.65% loss, closing at $1.81.
The biotechnology company has a market capitalization of $140.4 million, 71.6 million shares outstanding and a public float of 61.2 million shares.
The company said it is “developing long-acting therapeutics designed to help improve the standard of care for patients facing serious diseases.”