On August 8, 2024, Cardiff Oncology Inc (CRDF, Financial) released its 8-K filing for the second quarter ended June 30, 2024. Cardiff Oncology Inc is a clinical-stage biotechnology company leveraging PLK1 inhibition to develop novel therapies across a range of cancers, including RAS-mutated metastatic colorectal cancer (mCRC), metastatic pancreatic ductal adenocarcinoma (mPDAC), small cell lung cancer (SCLC), and triple negative breast cancer (TNBC).
Performance Overview
Cardiff Oncology Inc reported a net loss of $11.78 million for Q2 2024, compared to a net loss of $11.15 million in Q2 2023. The company's earnings per share (EPS) stood at -$0.26, missing the analyst estimate of -$0.25. Revenue for the quarter was $0.16 million, surpassing the estimated $0.06 million.
Financial Achievements and Challenges
Despite the revenue beat, Cardiff Oncology Inc faces significant challenges. The company's total operating expenses increased to $12.7 million from $12.3 million in the same period last year, primarily due to clinical program costs and outside service expenses related to the development of its lead drug candidate, onvansertib. This increase in expenses underscores the financial strain of advancing clinical trials in the biotechnology sector.
Key Financial Metrics
As of June 30, 2024, Cardiff Oncology Inc had approximately $60.3 million in cash, cash equivalents, and short-term investments, providing a projected runway through the end of Q3 2025. Net cash used in operating activities for Q2 2024 was approximately $9.2 million, an increase from $7.1 million in Q2 2023. The company's total liabilities stood at $13.66 million, while stockholders' equity was $52.39 million.
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $0.16 million | $0.11 million |
| Net Loss | $11.78 million | $11.15 million |
| EPS | -0.26 | -0.25 |
| Cash and Equivalents | $60.3 million | $21.65 million |
Company Commentary
"The first half of 2024 has been productive for Cardiff Oncology as we have been focused on the enrollment of our CRDF-004 trial for first-line treatment of RAS-mutated mCRC evaluating onvansertib + chemo/bev," said Mark Erlander, Ph.D., Chief Executive Officer of Cardiff Oncology. "We believe the robust body of evidence generated to date from our Phase 1b/2 and ONSEMBLE trials lays a strong foundation for our upcoming data readout for CRDF-004 later this year."
Analysis and Outlook
Cardiff Oncology Inc's financial performance highlights the challenges faced by clinical-stage biotechnology companies, particularly the high costs associated with advancing clinical trials. However, the company's strong cash position and ongoing clinical developments provide a foundation for potential future growth. The upcoming data readout for the CRDF-004 trial in the second half of 2024 will be a critical milestone for the company and its investors.
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Explore the complete 8-K earnings release (here) from Cardiff Oncology Inc for further details.
