Cardiff Oncology Reports $13.4 Million Net Loss in Q1 2025, Revenue Declines

Cardiff Oncology, Inc., a clinical-stage biotechnology company based in San Diego, reported a net loss of $13.4 million for the first quarter of 2025, compared to a net loss of $10.0 million for the same period in 2024. The company's total revenues decreased to $0.1 million from $0.2 million year-over-year, primarily attributed to sales-based royalties from intellectual property licenses unrelated to its lead drug candidate, onvansertib. Research and development expenses rose to $10.5 million, up from $8.0 million in the prior year, driven by increased costs associated with clinical trials and outside services related to onvansertib's development.

In terms of operational metrics, Cardiff Oncology's selling, general, and administrative expenses also increased to $4.0 million from $3.1 million, largely due to higher professional fees for strategic advisory services. The company reported $79.9 million in cash, cash equivalents, and short-term investments as of March 31, 2025, which it believes is sufficient to fund operations for at least the next 12 months. The company has incurred net losses since its inception and anticipates continuing to require additional capital to support its clinical trial programs.

Cardiff Oncology is advancing its lead asset, onvansertib, a Polo-like Kinase 1 (PLK1) inhibitor, through various clinical trials targeting multiple cancer indications, including RAS-mutated metastatic colorectal cancer (mCRC) and small cell lung cancer (SCLC). The company is currently conducting a Phase 2 trial (CRDF-004) in combination with standard-of-care treatments for first-line RAS-mutated mCRC, with enrollment of approximately 90 evaluable patients completed in April 2025. The company plans to initiate a Phase 3 trial contingent upon the results of CRDF-004.

The company’s employee headcount has increased, with stock options outstanding rising to 10.8 million as of March 31, 2025, compared to 8.3 million at the end of 2024. Cardiff Oncology continues to evaluate its strategic options and remains focused on advancing its clinical programs while managing its financial resources. The company expects to incur further losses in the foreseeable future and acknowledges the challenges of raising additional capital under acceptable terms, which may lead to dilution for existing shareholders.