Cardiff Oncology (CRDF) Q3 2026 earnings summary

Executive summary

• Q3 net loss narrowed year over year as R&D spending declined; $33.8M in cash, cash equivalents and short-term investments is projected to fund operations through Q3 2027.

• The Phase 2 mCRC trial remains ongoing, with a registrational global Phase 3 trial of ~640 patients in preparation and potential initiation in Q1 2027.

Financial highlights

• Q3 2026 royalty revenue was $171K vs. $120K; operating expenses were $9.4M vs. $12.1M, and net loss was $8.9M vs. $11.3M.

• 9M 2026 royalty revenue was $316K vs. $350K; operating expenses were $32.0M vs. $41.5M, and net loss was $30.4M vs. $38.6M.

• Q3 R&D expense fell to $5.0M from $8.2M; SG&A rose to $4.4M from $3.9M, primarily due to NMS-related legal and professional fees.

• 9M R&D expense fell to $17.7M from $30.3M; SG&A rose to $14.3M from $11.2M, including legal fees and severance costs.

• Interest income was $0.4M vs. $0.7M in Q3 and $1.3M vs. $2.5M for 9M.

Outlook and guidance

• Current projections indicate capital resources fund operations through Q3 2027, but not for at least 12 months following issuance of the financial statements.

• Planned CRDF-005 is a global randomized Phase 3 trial of onvansertib 30 mg plus FOLFIRI/bev vs. FOLFIRI/bev standard of care, targeting ~640 patients; potential start is Q1 2027.

• EMA scientific advice is being sought on Phase 3 plans; clinical material manufacturing and companion diagnostic regulatory activities remain on track.

• Additional CMML trial data are scheduled for presentation at the December 2026 ASH meeting.