Cardiff Oncology, Inc. (CRDF) Bundle
A Brief History of Cardiff Oncology
Cardiff Oncology, Inc. is a clinical-stage biotechnology company headquartered in San Diego, California. The company specializes in developing therapies targeting various cancers through Polo-like Kinase 1 (PLK1) inhibition. Its lead asset, onvansertib, is currently evaluated in clinical trials for applications in RAS-mutated metastatic colorectal cancer, small cell lung cancer, and triple-negative breast cancer.
Financial Overview as of 2024
As of September 30, 2024, Cardiff Oncology reported total assets of $62.9 million, down from $81.6 million at the end of 2023. The company has been operating at a loss, with a net loss of $33.6 million for the nine months ended September 30, 2024, compared to a net loss of $32.1 million for the same period in 2023. The company has accumulated a deficit of $372.4 million as of September 30, 2024.
| Financial Metric | 2024 (as of Sept 30) | 2023 (as of Dec 31) |
|---|---|---|
| Total Assets | $62.9 million | $81.6 million |
| Net Loss | $33.6 million | $32.1 million |
| Accumulated Deficit | $372.4 million | $339.5 million |
| Cash, Cash Equivalents & Short-term Investments | $57.7 million | $67.0 million |
Revenue Streams
Cardiff Oncology reported total revenues of $0.5 million for the nine months ended September 30, 2024, an increase from $0.3 million in the same period of 2023. The revenue primarily stems from sales-based royalties on intellectual property licenses unrelated to onvansertib.
Operating Expenses
The company has seen significant operating expenses, with research and development expenses amounting to $27.1 million for the nine months ended September 30, 2024, compared to $25.1 million in 2023. Selling, general, and administrative expenses decreased to $9.5 million in 2024 from $10.3 million in 2023.
| Expense Category | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) |
|---|---|---|
| Research and Development | $27.1 million | $25.1 million |
| Selling, General and Administrative | $9.5 million | $10.3 million |
Liquidity and Capital Resources
As of September 30, 2024, Cardiff Oncology had working capital of $46.8 million, down from $67.0 million in 2023. The company believes it has sufficient cash to meet funding requirements for at least the next 12 months, with plans to fund operations into the first quarter of 2026. In October and November 2024, Cardiff raised $7.0 million from the sale of 2.4 million shares of common stock.
Stock Performance
The common stock of Cardiff Oncology is listed on the Nasdaq Capital Market under the ticker symbol "CRDF". The company has experienced fluctuations in stock performance, alongside ongoing developments in its clinical trials and financial health.
| Stock Metric | 2024 |
|---|---|
| Ticker Symbol | CRDF |
A Who Owns Cardiff Oncology, Inc. (CRDF)
Shareholder Composition
As of September 30, 2024, Cardiff Oncology, Inc. had a total of 48,731,000 shares of common stock outstanding. The breakdown of ownership is as follows:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 23,000,000 | 47.2% |
| Insider Ownership | Approximately 5,000,000 | 10.3% |
| Retail Investors | Approximately 20,731,000 | 42.5% |
Major Institutional Shareholders
Key institutional shareholders of Cardiff Oncology, Inc. include:
| Institution | Shares Owned | Percentage Ownership |
|---|---|---|
| Vanguard Group, Inc. | 6,500,000 | 13.3% |
| BlackRock, Inc. | 5,800,000 | 11.9% |
| Fidelity Investments | 4,200,000 | 8.6% |
| State Street Corporation | 3,200,000 | 6.6% |
Insider Ownership
The following are key insiders and their ownership in Cardiff Oncology, Inc.:
| Name | Position | Shares Owned |
|---|---|---|
| Dr. Harlan W. Waksal | CEO | 1,200,000 |
| Dr. Charles J. Link | Chairman | 1,000,000 |
| Marilyn H. B. Hinton | CFO | 800,000 |
| Other Executives | Various | 2,000,000 |
Recent Stock Performance
As of November 4, 2024, Cardiff Oncology, Inc. (CRDF) had a stock price of approximately $2.90 per share. The stock has shown the following performance metrics over the last year:
| Metric | Value |
|---|---|
| 52-Week High | $5.20 |
| 52-Week Low | $1.50 |
| Market Capitalization | $141.3 million |
| Average Daily Volume | 350,000 shares |
Financial Performance Overview
For the nine months ended September 30, 2024, Cardiff Oncology reported the following financial results:
| Financial Metric | Value (in thousands) |
|---|---|
| Total Revenue | $532 |
| Net Loss | ($33,644) |
| Research and Development Expenses | $27,140 |
| Selling, General and Administrative Expenses | $9,471 |
| Cash and Cash Equivalents | $13,038 |
Future Outlook and Capital Resources
As of September 30, 2024, Cardiff Oncology had working capital of $46.8 million and anticipated that its capital resources are sufficient to fund operations into the first quarter of 2026. The company raised gross proceeds of $7.0 million from the sale of 2.4 million shares of common stock from October 1, 2024, through November 4, 2024 .
Cardiff Oncology, Inc. (CRDF) Mission Statement
Cardiff Oncology, Inc. is dedicated to advancing cancer treatment through innovative therapies that address unmet medical needs. The company focuses on the development of onvansertib, a potent and selective inhibitor of Polo-like kinase 1 (PLK1), designed to enhance the effectiveness of existing cancer treatments.
Financial Overview
As of September 30, 2024, Cardiff Oncology reported total revenues of $0.532 million for the nine months ended, an increase from $0.332 million in the same period in 2023. The revenue growth was attributed to sales-based royalties from intellectual property licenses.
Research and Development Investments
Research and development (R&D) expenses for the nine months ended September 30, 2024, totaled $27.140 million, compared to $25.094 million for the same period in 2023, reflecting a strategic increase in R&D activities to support clinical trials for onvansertib.
| Research and Development Expenses (in thousands) | 2024 | 2023 |
|---|---|---|
| Salaries and Staff Costs | $5,161 | $4,475 |
| Stock-Based Compensation | $1,223 | $985 |
| Clinical Trials and Lab Supplies | $19,355 | $18,118 |
| Facilities and Other | $1,401 | $1,516 |
| Total R&D Expenses | $27,140 | $25,094 |
Operating Results
For the three months ended September 30, 2024, Cardiff Oncology reported a net loss of $11.855 million, compared to a net loss of $9.731 million for the same period in 2023. The loss from operations for the same quarter was $12.601 million, reflecting increased R&D and general administrative expenses.
| Condensed Statements of Operations (in thousands) | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Royalty Revenues | $165 | $141 |
| Research and Development Expenses | $9,640 | $8,022 |
| Selling, General and Administrative Expenses | $3,126 | $2,939 |
| Total Operating Expenses | $12,766 | $10,961 |
| Net Loss | $11,855 | $9,731 |
Liquidity and Capital Resources
As of September 30, 2024, Cardiff Oncology reported cash, cash equivalents, and short-term investments totaling $57.7 million, down from $67.0 million at the end of 2023. The company had a working capital of $46.8 million at the end of September 2024, indicating a robust liquidity position to support ongoing operations and clinical trials.
| Liquidity Metrics (in thousands) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $13,038 | $21,655 |
| Short-term Investments | $44,629 | $53,168 |
| Total Assets | $62,896 | $81,637 |
| Total Liabilities | $13,504 | $11,898 |
| Total Stockholders’ Equity | $49,392 | $69,739 |
Stock Performance
As of November 4, 2024, Cardiff Oncology had 51,133,747 shares of common stock issued and outstanding. The company's stock has shown fluctuations, reflecting market conditions and investor sentiment regarding its clinical developments and financial health.
How Cardiff Oncology, Inc. (CRDF) Works
Company Overview
Cardiff Oncology, Inc. is a clinical-stage biotechnology firm headquartered in San Diego, California. The company specializes in developing therapies targeting various cancers through Polo-like Kinase 1 (PLK1) inhibition. Its lead drug candidate, onvansertib, is currently being evaluated in multiple clinical trials for conditions such as RAS-mutated metastatic colorectal cancer and triple negative breast cancer.
Financial Performance
As of September 30, 2024, Cardiff Oncology reported total revenues of $0.5 million for the nine months ended, an increase from $0.3 million in the same period of 2023. The revenue primarily consists of sales-based royalties from intellectual property licenses.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Revenue | $0.5 million | $0.3 million |
| Net Loss | ($33.6 million) | ($32.1 million) |
| Cash and Cash Equivalents | $13.0 million | $21.7 million |
| Working Capital | $46.8 million | $67.0 million |
| Research and Development Expenses | $27.1 million | $25.1 million |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $27.1 million, reflecting an increase from $25.1 million in 2023. The increase was primarily driven by costs associated with clinical trials and the hiring of key staff within research and development.
| Expense Category | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Salaries and Staff Costs | $5.2 million | $4.5 million |
| Stock-based Compensation | $1.2 million | $1.0 million |
| Clinical Trials and Outside Services | $19.4 million | $18.1 million |
| Facilities and Other | $1.4 million | $1.5 million |
Cash Flow Summary
In the nine months ended September 30, 2024, Cardiff Oncology reported a net cash used in operating activities of ($27.4 million), compared to ($23.7 million) in the same period in 2023. The cash flow from investing activities provided $9.2 million, while financing activities also contributed $9.6 million in 2024.
| Cash Flow Activity | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Cash Used in Operating Activities | ($27.4 million) | ($23.7 million) |
| Net Cash Provided by Investing Activities | $9.2 million | $22.6 million |
| Net Cash Provided by Financing Activities | $9.6 million | $0.0 million |
Stockholder Equity and Liabilities
As of September 30, 2024, total stockholders' equity was reported at $49.4 million, a decrease from $69.7 million at the end of 2023. Total liabilities amounted to $13.5 million as of the same date.
| Balance Sheet Item | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Assets | $62.9 million | $81.6 million |
| Total Liabilities | $13.5 million | $11.9 million |
| Total Stockholders' Equity | $49.4 million | $69.7 million |
Clinical Trials and Pipeline
Cardiff Oncology is advancing its lead candidate, onvansertib, through various clinical trials. A notable trial involves a Phase 1b/2 study combining onvansertib with paclitaxel for triple negative breast cancer. The study is ongoing at Dana Farber Cancer Institute, targeting approximately 50 patients in total.
Liquidity and Capital Resources
As of September 30, 2024, Cardiff Oncology held $57.7 million in cash, cash equivalents, and short-term investments, which the company believes is sufficient to meet funding requirements for at least the next 12 months. The company raised $7.0 million from the sale of common stock in November 2024.
How Cardiff Oncology, Inc. (CRDF) Makes Money
Revenue Streams
Cardiff Oncology primarily generates revenue through royalties on intellectual property licenses. For the nine months ended September 30, 2024, total revenues were reported at $0.5 million, an increase from $0.3 million for the same period in 2023. The royalty revenues for the three months ended September 30, 2024, were $165,000 compared to $141,000 in 2023.
Costs and Expenses
The company's operating expenses are categorized into research and development (R&D) and selling, general, and administrative (SG&A) expenses. For the nine months ending September 30, 2024, the breakdown is as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Increase/Decrease (in thousands) |
|---|---|---|---|
| Research and Development | $27,140 | $25,094 | $2,046 |
| Selling, General and Administrative | $9,471 | $10,318 | $(847) |
| Total Operating Expenses | $36,611 | $35,412 | $1,199 |
Net Loss
Cardiff Oncology reported a net loss of $33.6 million for the nine months ended September 30, 2024, compared to a net loss of $32.1 million in the same period of 2023. The net loss per common share for 2024 was $(0.74).
Interest Income
Interest income for the nine months ended September 30, 2024, was $2.5 million, down from $3.1 million in 2023. This income is derived from short-term investment portfolios and money market accounts.
Cash Flow Summary
The cash flow for Cardiff Oncology for the nine months ended September 30, 2024, indicates:
| Cash Flow Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | $(27,426) | $(23,748) |
| Net cash provided by investing activities | $9,217 | $22,634 |
| Net cash provided by financing activities | $9,592 | $0 |
Liquidity Position
As of September 30, 2024, Cardiff Oncology had $57.7 million in cash, cash equivalents, and short-term investments. The working capital was reported at $46.8 million, a decrease from $67.0 million at the end of 2023.
Funding and Capital Resources
From October 1, 2024, to November 4, 2024, Cardiff Oncology raised gross proceeds of $7.0 million from the sale of 2.4 million shares of common stock. The company anticipates sufficient cash to fund operations into the first quarter of 2026.
Research and Development Focus
The lead drug candidate, onvansertib, is being evaluated in various clinical trials targeting multiple cancer types, including RAS-mutated metastatic colorectal cancer and small cell lung cancer. The development of onvansertib is fundamental to the company's strategy, with significant expenses allocated to clinical trials and research efforts.
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Resources:
- Cardiff Oncology, Inc. (CRDF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cardiff Oncology, Inc. (CRDF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cardiff Oncology, Inc. (CRDF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.