Cardiff Oncology Reports $12.4 Million Net Loss in Q1 2026, Appoints New Leadership

Cardiff Oncology, Inc. reported a net loss of $12.4 million for the first quarter of 2026, a decrease from the $13.4 million loss recorded in the same period of 2025. The company's total revenues for the quarter were $41,000, down from $109,000 year-over-year, primarily due to reduced royalty revenues from intellectual property licenses. The decrease in revenue reflects the timing and sales activities of the licensees, which are unrelated to the company's lead drug candidate, onvansertib.

The company's operating expenses for the quarter totaled $12.9 million, a decline from $14.5 million in the prior year. This reduction was largely driven by a decrease in research and development expenses, which fell to $6.8 million from $10.5 million, attributed to lower clinical trial costs and reduced preclinical activities. Conversely, selling, general, and administrative expenses increased to $6.1 million from $4.0 million, primarily due to severance agreements and increased stock-based compensation related to employee departures.

As of March 31, 2026, Cardiff Oncology had total assets of $49.2 million, down from $61.9 million at the end of 2025. The company's cash and cash equivalents decreased significantly to $8.5 million from $17.5 million, reflecting ongoing operational losses. The company reported a working capital of $32.9 million, down from $43.7 million at the end of the previous fiscal year. Cardiff's total stockholders' equity also declined to $34.7 million from $45.4 million, primarily due to the net loss incurred during the quarter.

In terms of strategic developments, Cardiff Oncology appointed Mani Mohindru as the new CEO, along with Josh Muntner as CFO and Ajay Aggarwal as COO, signaling a shift in leadership aimed at advancing the company's clinical programs. The company continues to focus on its lead asset, onvansertib, which is currently in a Phase 2 trial for RAS-mutated metastatic colorectal cancer and is being evaluated in other cancer types through investigator-initiated trials. The company is also preparing for a Phase 3 trial in collaboration with the FDA, which is expected to commence later in 2026.

Looking ahead, Cardiff Oncology faces significant challenges, including the need for additional funding to support its operations and clinical trials. The company has expressed substantial doubt about its ability to continue as a going concern without securing further financing. Management is exploring options for raising capital, which may include equity financing, but acknowledges the uncertainty surrounding the availability of funds on acceptable terms. The company’s future performance will depend on the successful advancement of its clinical programs and the ability to manage operational costs effectively.