Cidara Therapeutics, Inc. (CDTX) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the Cidara Therapeutics 2020 Annual Meeting of Stockholders. At this time, the meeting will begin. And it is my pleasure to turn the meeting over to Dr. Jeffrey Stein, Chief Executive Officer of Cidara. Sir, the floor is yours.

Good morning. I'm Jeff Stein, President, Chief Executive Officer and a member of the Board of Directors of Cidara Therapeutics, Inc., and I will serve as Chairman of today's meeting. I'm very happy to welcome you to the Cidara Therapeutics 2020 Annual Meeting of Stockholders. We are pleased to be hosting our first virtual annual meeting, which we believe allows us to be more inclusive and reach a greater number of our stockholders, while supporting the health and well-being of everyone in light of the ongoing impact of public health by the COVID-19 pandemic. To support the conduct of our virtual meeting, we have, through this virtual meeting platform, adopted safeguards to provide stockholders with the same rights and opportunities to participate in this meeting as they would at an in-person meeting, such as the ability to ask questions and the ability to vote during the meeting. These processes will be described in detail later in the meeting. Before I call the meeting to order, I'd like to introduce you to the other members of the Cidara Board of Directors and the Cidara officers who are with us today. The member of the Board in attendance today are Dan Burgess, our Chairman; as well as Tim Franson; David Gollaher, Chrysa Mineo; and Ted Schroeder. The officers of the company in attendance today are James Levine, our Chief Financial Officer; and Jessica Oien, our General Counsel and Secretary. Brady Johnson, our Controller, is also here today. I would also like to introduce Jud Quiggle of Ernst & Young LLP, the company's independent registered public accounting firm, who is available to respond to appropriate questions. Charles Bair of Cooley LLP, our outside Corporate Counsel, is also in attendance. The meeting will now officially come to order. We will proceed with the formal business of the meeting as set forth in our proxy statement. Any stockholder logged into this meeting website using the 16-digit stockholder access code provided with our proxy materials has the opportunity to submit questions at any time by typing their question into the ask a question textbox on the meeting website. We will respond to appropriate questions related to voting and the proposals during that portion of the formal meeting and any other appropriate questions about Cidara after the formal part of the meeting is over. Ms. Oien will serve as the secretary for today's meeting. Ms. Oien, please report at this time on the stockholder list and the mailing of the notice of the annual meeting.

Thank you, Dr. Stein. I have a complete list of the company's stockholders of record as of April 27, 2020, the record date for this meeting, which shows that 40,736,530 shares of common stock are entitled to vote at this meeting. I also have an affidavit certifying that on May 7, 2020, a notice of annual meeting, together with a notice of Internet availability of proxy materials, was deposited in the United States mail to all stockholders of record as of the close of business on April 27, 2020. An affidavit of these matters will be filed with the records of this meeting.

Thank you. At this time, I'm appointing Ms. Oien to also act as inspector of the election at this meeting. Ms. Oien has taken and subscribed to the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting. As inspector of elections, Ms. Oien's function is to confirm the qualifications of any stockholders who wish to cast their vote during today's meeting and accept their votes in each instance using the methods we have established to do so for this virtual meeting. When voting on all matters is completed during today's meeting, Ms. Oien will tally and report on the final votes. Ms. Oien, at this time, will you please report on the existence of a quorum?

Yes. A preliminary count of the stock represented in person or by proxy at this meeting indicates that the holders of a majority of the outstanding shares of common stock as of the record date are present at this meeting in person or by proxy constituting a quorum.

Thank you. We may now carry out the official business of the meeting. Ms. Oien, will you please provide information on the polls and instructions for today -- for voting at today's meeting?

The polls opened at 7:45 a.m. Pacific Time today, Thursday, June 25, 2020. The polls will remain open for voting until all matters to be presented during today's meeting have been presented. Voting is by proxy, and each share of common stock is entitled to 1 vote. If you have already submitted your proxy for today's meeting, you do not need to vote now. Stockholders attending the virtual meeting today that wish to vote their shares now may do so by ensuring they have logged into the meeting website using their 16-digit access number provided with their proxy materials and clicking the vote here button on their screen.

Thank you, Ms. Oien. There are 2 proposals to be considered during today's meeting of stockholders, which I will summarize now and are more fully described in the proxy materials. The first item of business is the election of 2 Class II directors to serve until the 2023 annual meeting and until their successors are elected. The nominees for Class II Director are: Daniel Burgess and Theodore R. Schroeder. The second item of business today is the ratification of the selection of Ernst & Young LLP by the Audit Committee of the Board of Directors as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2020. These are the 2 proposals to be considered during today's meeting. If there are any questions about the voting procedures or the proposals for consideration at today's meeting, please submit the question in the Ask a Question field on the web portal now.