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From Lab to $9B Exit: The San Diego Biotech Story Behind Cidara Therapeutics & Merck

September 2, 2026

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This conversation with Jeffrey Stein, Ph.D., offers an inside look at what it takes to build and lead a biotechnology company through every stage of growth. As a repeat biotech founder and former CEO of Cidara Therapeutics, Dr. Stein guided the company through multiple financing cycles, strategic partnerships, and ultimately its acquisition by Merck.

Rather than focusing on the outcome, Dr. Stein shares the decisions and lessons that shaped the journey, from navigating volatile capital markets and evolving financing needs to leading through regulatory, operational, and partnership challenges. He also reflects on how his perspective changed after experiencing the full company lifecycle from formation to exit, and what those lessons mean for founders, investors, and industry leaders today.

The discussion provides valuable insights into leadership, capital formation, and long-term value creation in an industry where scientific innovation and business execution must work hand in hand.

Disclosure: This material is being provided for informational purposes only. This material represents the current views and opinions of AlphaCore Capital, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data or material contained herein. AlphaCore provides investment advice only within the context of our written advisory agreement with each AlphaCore client. It may contain forward-looking statements regarding economic trends, market developments, or other factors. Actual results could differ materially from those expressed or implied. AlphaCore is not recommending the purchase, sale or holding of any security. Information provided does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice.

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