Cardiff Oncology Inc

NASDAQ:CRDFUnited States

Ratings actions from Benzinga: https://www.benzinga.com/quote/CRDF/analyst-ratings

(END) Dow Jones Newswires

November 08, 2024 14:40 ET (19:40 GMT)

grace@taftcommunications.com
Cardiff Oncology, Inc. Condensed Statements of Operations (in thousands, except for per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------- 2024 2023 2024 2023 -------- -------- -------- -------- Royalty revenues $ 165 $ 141 $ 532 $ 332 ------- ------- ------- ------- Costs and expenses: Research and development 9,640 8,022 27,140 25,094 Selling, general and administrative 3,126 2,939 9,471 10,318 ------- ------- ------- ------- Total operating expenses 12,766 10,961 36,611 35,412 ------- ------- ------- ------- Loss from operations (12,601) (10,820) (36,079) (35,080) ------- ------- ------- ------- Other income (expense), net: Interest income, net 741 1,068 2,472 3,061 Other income (expense), net 5 21 (37) (85) ------- ------- ------- ------- Total other income, net 746 1,089 2,435 2,976 Net loss (11,855) (9,731) (33,644) (32,104) ------- ------- ------- ------- Preferred stock dividend (6) (6) (18) (18) ------- ------- ------- ------- Net loss attributable to common stockholders $(11,861) $ (9,737) $(33,662) $(32,122) ======= ======= ======= ======= Net loss per common share -- basic and diluted $ (0.25) $ (0.22) $ (0.74) $ (0.72) ======= ======= ======= ======= Weighted-average shares outstanding -- basic and diluted 46,865 44,677 45,461 44,677 ======= ======= ======= ======= Cardiff Oncology, Inc. Condensed Balance Sheets (in thousands) (unaudited) September 30, December 31, 2024 2023 --------------- -------------- Assets Current assets: Cash and cash equivalents $ 13,038 $ 21,655 Short-term investments 44,629 53,168 Accounts receivable and unbilled receivable 618 288 Prepaid expenses and other current assets 1,047 2,301 ----------- ---------- Total current assets 59,332 77,412 Property and equipment, net 993 1,238 Operating lease right-of-use assets 1,304 1,708 Other assets 1,267 1,279 ----------- ---------- Total Assets $ 62,896 $ 81,637 =========== ========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 4,643 $ 1,966 Accrued liabilities 7,175 7,783 Operating lease liabilities 707 691 ----------- ---------- Total current liabilities 12,525 10,440 Operating lease liabilities, net of current portion 979 1,458 ----------- ---------- Total Liabilities 13,504 11,898 Stockholders' equity 49,392 69,739 ----------- ---------- Total liabilities and stockholders' equity $ 62,896 $ 81,637 =========== ========== Cardiff Oncology, Inc. Condensed Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, --------------------------------------- 2024 2023 ----------------- ---------------- Operating activities Net loss $ (33,644) $ (32,104) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 308 295 Stock-based compensation expense 3,556 3,600 Accretion of discounts on short-term investments, net (440) (716) Changes in operating assets and liabilities 2,794 5,177 ------------- ------------ Net cash used in operating activities (27,426) (23,748) ------------- ------------ Investing activities Capital expenditures (80) (574) Net purchases, maturities and sales of short-term investments 9,297 23,208 ------------- ------------ Net cash provided by investing activities 9,217 22,634 ------------- ------------ Financing activities Proceeds from sales of common stock, net of expenses 9,232 -- Proceeds from exercise of options 360 -- ------------- ------------ Net cash provided by financing activities 9,592 -- ------------- ------------ Net change in cash and cash equivalents (8,617) (1,114) Cash and cash equivalents--Beginning of period 21,655 16,347 ------------- ------------ Cash and cash equivalents--End of period $ 13,038 $ 15,233 ============= ============