Key Highlights

  • Research and development expenses were USD 5.0 million, down USD 3.2 million.
  • Cash, cash equivalents and short-term investments were USD 33.8 million.
  • A July registered direct offering covered 9,293,079 shares with common warrants.
  • Loss per share was USD 0.12, against an estimate of USD 0.14.

Cardiff Oncology (NASDAQ:CRDF) reported third-quarter 2026 loss per share of USD 0.12, against an estimate of USD 0.14. Revenue was USD 171 thousand, against an estimate of USD 81.43 thousand. The company's lead asset, onvansertib, is a highly specific, oral PLK1 inhibitor being evaluated in a Phase 2 trial for first-line treatment of RAS-mutated metastatic colorectal cancer.

Total revenues were USD 0.2 million for the quarter, against USD 0.1 million in the prior-year period. For the nine months, revenues were USD 0.3 million, against USD 0.4 million. Interest income was USD 0.4 million for the quarter, against USD 0.7 million, and USD 1.3 million for the nine months, against USD 2.5 million.

Research Spending and Clinical Programs

Research and development expenses were USD 5.0 million for the three months ended September 30, 2026, against USD 8.2 million a year earlier, a decrease of USD 3.2 million. Clinical trials, outside services and lab supplies were USD 2.4 million, against USD 5.3 million. Salaries and staff costs were USD 1.7 million, against USD 1.8 million.

The filing attributes the decrease to the completion of clinical trials, fewer patients on treatment in the Phase 2 metastatic colorectal cancer trial, a reduction in preclinical activities and completed CMC activities as the company focuses on its upcoming trial.

The Phase 2 first-line trial is a randomized, controlled, open-label, multi-center study of two doses of onvansertib, 20 mg and 30 mg, in combination with FOLFIRI and bevacizumab. The filing reports a secondary progression-free survival hazard ratio of 0.55 by blinded independent central review and 0.57 by investigator assessment, each versus FOLFIRI and bevacizumab. Median progression-free survival was not reached in the 30 mg arm, while it was reached in both standard-of-care arms. Four patients remained on onvansertib beyond 15 months, including two beyond 20 months.

Investigator-initiated trials of onvansertib are ongoing in relapsed or refractory or advanced chronic myelomonocytic leukemia, second-line relapsed small cell lung cancer and second-line triple negative breast cancer.

Offering, Liquidity and Going Concern Disclosure

On July 14, 2026, the company entered into a securities purchase agreement with institutional investors and certain officers and directors. It sold 9,293,079 shares of common stock, each with an accompanying Warrant for one share. The price was USD 1.05 per share and warrant for investors and USD 1.455 for the insiders. The offering closed on July 16, 2026.

H.C. Wainwright and Co. acted as Placement agent and received a cash fee of 7.0% of gross proceeds plus expense reimbursement, together USD 0.8 million. It also received warrants to purchase 464,654 shares at USD 1.3125 per share that expire on July 14, 2031.

As of September 30, 2026, Working Capital was USD 26.7 million, against USD 43.7 million at December 31, 2025. The company had USD 33.8 million in cash, cash equivalents and short-term investments. The filing states this is not sufficient to meet funding requirements for at least the next 12 months after the filing date, and that management has concluded there is substantial doubt about the company's ability to continue as a going concern.

Net cash used in Operating Activities for the nine months was USD 33.9 million, with a net loss of USD 30.4 million. In the prior-year period, net cash used was USD 32.0 million, with a net loss of USD 38.6 million.

Reported Reference Points for the Quarter

The reported items are Research and Development expenses of USD 5.0 million, cash and investments of USD 33.8 million, the July registered direct offering, the hazard ratios from the Phase 2 trial and the going concern disclosure. As of September 30, 2026, 8,070,136 shares were available for issuance under the 2021 Plan. The company is listed on the Nasdaq Stock Market.