Cardiff Oncology (CRDF) Q2 2026 earnings summary

Executive summary

• Onvansertib, a PLK1 inhibitor, showed positive Phase 2 efficacy and safety in RAS-mutated mCRC, with data presented at ASCO 2026 and additional trials ongoing in mPDAC, SCLC, mTNBC, and CMML.

• Completed End-of-Phase 2 FDA meeting, aligning on Phase 3 trial design for mCRC targeting 640 patients, with initiation planned for Q1 2027 pending additional financing; EMA scientific advice process started.

• $10.1 million registered direct offering completed in July 2026, extending cash runway.

• Appointed new CEO, CFO, and COO in April 2026 to strengthen leadership.

Financial highlights

• Revenue for Q2 2026 was $0.1 million, flat year-over-year, from royalties unrelated to onvansertib.

• Net loss for H1 2026 was $21.6 million, down from $27.4 million in 2025; Q2 2026 net loss was $9.2 million, improved from $13.9 million in Q2 2025.

• Research and development expenses decreased by $5.7 million year-over-year for Q2 2026.

• Operating expenses for H1 2026 were $22.6 million, down from $29.4 million in 2025.

• Interest income declined to $0.4 million in Q2 2026 from $0.8 million in Q2 2025.

Outlook and guidance

• Capital resources as of June 30, 2026, expected to fund operations into Q3 2027, but not for 12 months beyond financial statement issuance, raising substantial doubt about going concern.

• Phase 3 trial of onvansertib in first-line RAS-mutated mCRC planned for Q1 2027, contingent on securing additional financing.

• Management is seeking additional funding through equity, debt, or grants and may reduce expenditures if necessary.