SAN DIEGO, May 4, 2023 /PRNewswire/ -- Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers, today announced financial results for the first-quarter ended March 31, 2023, and provided a business update.
"We are delighted to have dosed the first patient in our Phase 2 ONSEMBLE trial. This randomized trial will evaluate the efficacy of onvansertib combined with standard of care in patients with KRAS/NRAS-mutated mCRC, who historically have limited treatment options," said Mark Erlander, PhD, Chief Executive Officer of Cardiff Oncology. "In addition, we are excited to have appointed Fairooz Kabbinavar, MD, FACP, as our new Chief Medical Officer, who brings deep expertise in the treatment of patients with CRC as well as expertise in using bevacizumab in the clinical setting. We believe Dr. Kabbinavar adds significant value to our clinical development program for onvansertib. We also formally introduced the full membership of our Scientific Advisory Board, a group of highly esteemed oncology experts who are providing a diverse range of insights that strengthen our clinical programs."
Upcoming potential milestones
Company Highlights for the quarter ended March 31, 2023
First-Quarter 2023 Financial Results
Liquidity, cash burn, and cash runway
As of March 31, 2023, Cardiff Oncology had approximately $97.0 million in cash, cash equivalents, and short-term investments.
Net cash used in operating activities for the first quarter of 2023 was approximately $8.7 million, a decrease of approximately $1.5 million from $10.2 million for the same period in 2022.
Based on its current expectations and projections, the Company believes its current cash resources are sufficient to fund its operations into 2025.
Operating results
Total operating expenses were approximately $12.1 million for the three months ended March 31 2023, an increase of $1.0 million from $11.1 million for the same period in 2022. The increase in operating expenses was primarily due to higher costs associated with clinical programs and outside service costs related to the development of the company's lead drug candidate, salaries and staff costs primarily due to increased headcount.
About Cardiff Oncology, Inc.
Cardiff Oncology is a clinical-stage biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers. The Company's lead asset is onvansertib, a PLK1 inhibitor being evaluated in combination with standard-of-care (SoC) therapeutics in clinical programs targeting indications such as KRAS/NRAS-mutated metastatic colorectal cancer (mCRC) and metastatic pancreatic ductal adenocarcinoma (mPDAC), as well as in investigator-initiated trials in triple negative breast cancer (TNBC) and small cell lung cancer (SCLC). These programs and the Company's broader development strategy are designed to target tumor vulnerabilities in order to overcome treatment resistance and deliver superior clinical benefit compared to the SoC alone. For more information, please visit https://www.cardiffoncology.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as "anticipate," "believe," "forecast," "estimated" and "intend" or other similar terms or expressions that concern Cardiff Oncology's expectations, strategy, plans or intentions. These forward-looking statements are based on Cardiff Oncology's current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidate; risks related to business interruptions, including the outbreak of COVID-19 coronavirus, which could seriously harm our financial condition and increase our costs and expenses; uncertainties of government or third party payer reimbursement; dependence on key personnel; limited experience in marketing and sales; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. There are no guarantees that our product candidate will be utilized or prove to be commercially successful. Additionally, there are no guarantees that future clinical trials will be completed or successful or that any precision medicine therapeutics will receive regulatory approval for any indication or prove to be commercially successful. Investors should read the risk factors set forth in Cardiff Oncology's Form 10-K for the year ended December 31, 2022, and other periodic reports filed with the Securities and Exchange Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Cardiff Oncology does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
Cardiff Oncology Contact:
James Levine
Chief Financial Officer
858-952-7670
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Investor Contact:
Kiki Patel, PharmD
Gilmartin Group
332-895-3225
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Media Contact:
Richa Kumari
Taft Communications
551 344-5592
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Cardiff Oncology, Inc. | |||
Three Months Ended March 31, | |||
2023 | 2022 | ||
Royalty revenues | $ 83 | $ 74 | |
Costs and expenses: | |||
Research and development | 9,052 | 7,208 | |
Selling, general and administrative | 3,083 | 3,940 | |
Total operating expenses | 12,135 | 11,148 | |
Loss from operations | (12,052) | (11,074) | |
Interest income, net | 940 | 130 | |
Other income (expense), net | (111) | (49) | |
Net loss | (11,223) | (10,993) | |
Preferred stock dividend | (6) | (6) | |
Net loss attributable to common stockholders | $ (11,229) | $ (10,999) | |
Net loss per common share — basic and diluted | $ (0.25) | $ (0.25) | |
Weighted-average shares outstanding — basic and diluted | 44,677 | 43,231 | |
Cardiff Oncology, Inc. | |||
March 31, 2023 | December 31, 2022 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 15,017 | $ 16,347 | |
Short-term investments | 81,951 | 88,920 | |
Accounts receivable and unbilled receivable | 676 | 771 | |
Prepaid expenses and other current assets | 4,109 | 5,246 | |
Total current assets | 101,753 | 111,284 | |
Property and equipment, net | 1,320 | 1,269 | |
Operating lease right-of-use assets | 2,115 | 2,251 | |
Other assets | 1,361 | 1,387 | |
Total Assets | $ 106,549 | $ 116,191 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 2,914 | $ 1,956 | |
Accrued liabilities | 4,555 | 5,177 | |
Operating lease liabilities | 679 | 675 | |
Total current liabilities | 8,148 | 7,808 | |
Operating lease liabilities, net of current portion | 1,898 | 2,040 | |
Total Liabilities | 10,046 | 9,848 | |
Stockholders' equity | 96,503 | 106,343 | |
Total liabilities and stockholders' equity | $ 106,549 | $ 116,191 | |
Cardiff Oncology, Inc. | |||
Three Months Ended March 31, | |||
2023 | 2022 | ||
Operating activities | |||
Net loss | $ (11,223) | $ (10,993) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 90 | 31 | |
Stock-based compensation expense | 1,064 | 1,152 | |
Amortization of premiums on short-term investments | (163) | 346 | |
Release of clinical trial funding commitment | — | 139 | |
Changes in operating assets and liabilities | 1,573 | (924) | |
Net cash used in operating activities | (8,659) | (10,249) | |
Investing activities: | |||
Capital expenditures | (8) | (171) | |
Net purchases, maturities and sales of short-term investments | 7,337 | 18,529 | |
Net cash provided by investing activities | 7,329 | 18,358 | |
Financing activities: | |||
Net cash provided by financing activities | — | — | |
Net change in cash and cash equivalents | (1,330) | 8,109 | |
Cash and cash equivalents—Beginning of period | 16,347 | 11,943 | |
Cash and cash equivalents—End of period | $ 15,017 | $ 20,052 | |
| Last Trade: | US$3.50 |
| Daily Change: | -0.04 -1.13 |
| Daily Volume: | 1,498,669 |
| Market Cap: | US$232.820M |
December 10, 2024 November 19, 2024 October 30, 2024 | |
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