Cardiff Oncology (CRDF) Q2 2024 earnings summary

Executive summary

• Focused on advancing the Cardiff-004/CRDF-004 phase 2 trial for first-line RAS-mutated metastatic colorectal cancer (mCRC), with strong site activation, patient enrollment, and initial data readout expected in H2 2024, supported by Pfizer Ignite.

• Updated pancreatic cancer (mPDAC) program to support a first-line investigator-initiated trial combining Onvansertib with NALIRIFOX, reflecting recent changes in standard of care.

• Published preclinical data show Onvansertib can overcome PARP inhibitor resistance in ovarian cancer, with ongoing exploration in additional indications.

• Presented five scientific abstracts at AACR supporting Onvansertib's development across multiple tumor types.

• Raised $2.3 million in gross proceeds from stock sales post-quarter end, with sufficient cash to fund operations through Q3 2025.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $60.3 million as of June 30, 2024.

• Net loss for Q2 2024 was $11.8 million, or $(0.26) per share, compared to $11.2 million in Q2 2023.

• Cash used in operating activities was $9.2 million in Q2 2024 and $17.0 million for the first six months of 2024.

• Revenue for Q2 2024 was $163,000, up from $108,000 in Q2 2023, primarily from royalties unrelated to Onvansertib.

• Working capital was $49.7 million as of June 30, 2024, down from $67.0 million at December 31, 2023.

Outlook and guidance

• Initial data from the Cardiff-004/CRDF-004 trial in first-line RAS-mutated mCRC is expected in the second half of 2024.

• Cash resources are expected to fund operations through the end of Q3 2025.

• Further updates on the Onvansertib NALIRIFOX investigator-initiated trial in metastatic pancreatic cancer are anticipated in the coming months.

• Ongoing preclinical exploration of Onvansertib combinations with antibody-drug conjugates (ADCs) in ovarian and other cancers.

• The company anticipates continued net losses and negative operating cash flows as it advances clinical programs and may require additional capital.