Cardiff Oncology, Inc., a clinical-stage biotechnology company, reported a total revenue of $0.7 million for the fiscal year ending December 31, 2024, a slight increase from $0.5 million in 2023. The revenue primarily stems from sales-based royalties on intellectual property licenses unrelated to its lead drug candidate, onvansertib. The company continues to operate at a loss, with a net loss attributable to common stockholders of approximately $45.5 million for 2024, compared to a loss of $41.5 million in the previous year. The accumulated deficit as of December 31, 2024, stands at approximately $384.2 million.
Research and development expenses rose to $36.9 million in 2024, up from $32.9 million in 2023, driven by increased costs associated with clinical programs and outside services related to onvansertib's development. The company has expanded its research and development headcount by 15% over the past year, reflecting its commitment to advancing its clinical programs. In contrast, selling, general, and administrative expenses decreased to $12.5 million from $13.0 million, primarily due to reduced facility costs and a decrease in stock-based compensation.
Strategically, Cardiff Oncology has made significant advancements in its clinical programs, particularly with onvansertib, an oral PLK1 inhibitor targeting various cancers. The company is currently conducting multiple clinical trials, including a Phase 2 trial for RAS-mutated metastatic colorectal cancer (mCRC) and investigator-initiated trials for metastatic pancreatic ductal adenocarcinoma (mPDAC), small cell lung cancer (SCLC), and triple-negative breast cancer (TNBC). The company has also expanded its collaboration with Pfizer Ignite to enhance clinical activities related to onvansertib.
As of December 31, 2024, Cardiff Oncology had approximately $91.7 million in cash, cash equivalents, and short-term investments, which the company believes is sufficient to fund operations into the first quarter of 2027. However, the company anticipates needing to raise additional capital to support ongoing clinical trials and operational expenses. The outlook remains cautious, as the company continues to navigate the uncertainties inherent in drug development, including regulatory approvals and market acceptance of its product candidates.
About Cardiff Oncology, Inc.
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