By John Vandermosten, CFA
NASDAQ: CRDF
READ THE FULL CRDF RESEARCH REPORT
2Q:26 Financial Results
Cardiff Oncology, Inc. (NASDAQ: CRDF) reported second quarter 2026 financial and operational results in a press release and Form 10-Q filing with the SEC on August 11th, 2026. The company highlighted the Phase II data presented at ASCO at the end of May and shared its plans to initiate its pivotal onvansertib study in 1Q:27. Additional capital will be required to start the trial. Management also pointed to the $10 million registered direct offering that was completed in mid-July, which extends the cash runway. Regarding the Nerviano (NMS) dispute, in June Cardiff filed a motion for preliminary injunction requesting a halt to the termination, which was opposed by NMS. The injunction is awaiting decision while the two parties are conducting an Early Neutral Evaluation. In the meantime, Cardiff is advancing the onvansertib program towards the pivotal Phase III CRDF-005 study and has updated survival data for the CRDF-004 study as of late June.
For the three-month period ended June 30th, 2026, Cardiff reported revenues of $104,000 and operating expense of $9.7 million. Loss per share was $0.14. Operating expenses fell 35% as lower Research and Development (R&D) expenses were partially offset by higher General and Administrative (G&A) expenses. For the quarter ended June 30th, 2026 and versus the same prior quarterly period:
- Revenue of $104,000 compared to $121,000 and represents Cardiff’s sales-based and usage-based royalties on assets unrelated to onvansertib;
- Research and development expenses totaled $5.9 million, down 49% from $11.6 million, predominantly due to a reduction in clinical trial expenses related to CRDF-004. Salaries, stock-based compensation and facilities costs also fell;
- Selling, General & Administrative expenses were $3.8 million, up 15% from $3.3 million. Increases in outside services and professional fees related to the Nerviano dispute, salaries, and facilities costs were partially offset by a decline in stock-based compensation;
- Net interest income of $382,000 was down compared with prior period amounts due to reduced interest income on lower cash levels. Other income of $1,000 compared to other expense of $1,000;
- Net loss was $9.2 million vs a net loss of $13.9 million, or $0.14 and $0.21 per share, respectively.
As of June 30th, 2026, cash, equivalents, and short-term investments totaled $34.5 million. This amount compares to the $58.3 million balance in cash held at the end of 2025. Cash burn for the first six months of 2026 was $24.1 million versus $21.1 million. Following the end of the quarter, Cardiff executed a $10 million capital raise. Cash is expected to support operating activities into 3Q:27. The company will require additional capital to fund and initiate the CRDF-005 Phase III registrational study.
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