Cardiff Oncology Inc (CRDF, Financial), a clinical-stage biotechnology company, announced its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a cash position of approximately $81.4 million, including cash, cash equivalents, and short-term investments. The net loss for the quarter was $9.7 million, or $0.22 per share, compared to a net loss of $8.6 million, or $0.20 per share, for the same period in 2022.
Financial Highlights
The company's total operating expenses for Q3 2023 were approximately $11.0 million, an increase of $1.9 million from $9.1 million for the same period in 2022. The increase was primarily due to costs associated with clinical programs and outside service costs related to the development of the company's lead drug candidate, onvansertib, and higher salaries and staff costs due to increased headcount and stock-based compensation for additional grants to employees.
Net cash used in operating activities for the third quarter of 2023 was approximately $8.0 million, an increase of approximately $0.5 million from $7.5 million for the same period in 2022. Despite this, the company believes its current cash resources are sufficient to fund its operations into 2025.
Company Updates and Milestones
During the quarter, Cardiff Oncology announced a strategic shift of its lead program in RAS-mutated mCRC to the first-line setting, supported by positive clinical and preclinical data, feedback from the FDA, and an expanded relationship with Pfizer. The company also reported single-agent activity for onvansertib in patients with pancreatic and extensive-stage small cell lung cancer.
Upcoming milestones include the dosing of the first patient in the first-line RAS-mutated mCRC Phase 2 trial expected in 2023, and the expected data readout from this trial in mid-2024.
Financial Tables
The company's condensed statement of operations for the three months ended September 30, 2023, showed royalty revenues of $141,000, research and development costs of $8,022,000, and selling, general and administrative expenses of $2,939,000. The net loss attributable to common stockholders was $9,737,000.
The condensed balance sheet as of September 30, 2023, showed total current assets of $83,905,000, total liabilities of $10,625,000, and stockholders' equity of $77,827,000.
The condensed statement of cash flows for the nine months ended September 30, 2023, showed net cash used in operating activities of $23,748,000, net cash provided by investing activities of $22,634,000, and a net change in cash and cash equivalents of -$1,114,000.
For more information on Cardiff Oncology's Q3 2023 financial results, visit the company's website at www.cardiffoncology.com.
Explore the complete 8-K earnings release (here) from Cardiff Oncology Inc for further details.
