Cardiff Oncology Reports Q3 2025 Financial Results with $11.3M Net Loss

Cardiff Oncology, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $11.3 million, a slight improvement from the $11.9 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company reported a net loss of $38.6 million, compared to a loss of $33.6 million for the same period in the previous year. Total revenues for the third quarter were $120,000, down from $165,000 in the prior year, while revenues for the nine-month period decreased to $350,000 from $532,000. The decline in revenue is attributed to lower sales-based royalties from intellectual property licenses.

In terms of expenses, Cardiff Oncology's research and development costs decreased to $8.2 million for the third quarter, down from $9.6 million in 2024, primarily due to reduced clinical trial expenses. However, for the nine-month period, R&D expenses increased to $30.3 million from $27.1 million, driven by costs associated with the ongoing CRDF-004 clinical trial and other clinical programs. Selling, general, and administrative expenses rose to $3.9 million for the third quarter, compared to $3.1 million in the prior year, largely due to an employee severance agreement. For the nine-month period, these expenses increased to $11.2 million from $9.5 million.

As of September 30, 2025, Cardiff Oncology reported total assets of $63.8 million, a decrease from $97.2 million at the end of 2024. The company's cash and cash equivalents fell significantly to $10.1 million from $51.5 million, while short-term investments increased to $50.5 million from $40.3 million. The decline in cash is attributed to ongoing operational losses and increased spending on clinical trials. The company had a working capital of $47.1 million, down from $81.6 million at the end of 2024.

Cardiff Oncology continues to focus on its lead drug candidate, onvansertib, which is being evaluated in various clinical trials targeting multiple cancer types, including RAS-mutated metastatic colorectal cancer. The company is currently conducting a Phase 2 trial (CRDF-004) to assess the efficacy of onvansertib in combination with standard-of-care treatments. The trial has enrolled 110 patients, and preliminary results indicate promising objective response rates. The company plans to initiate a Phase 3 trial contingent upon the results of the ongoing study.

Looking ahead, Cardiff Oncology anticipates continued operational losses and the need for additional capital to support its clinical programs. The company believes it has sufficient cash to meet its funding requirements for at least the next 12 months but acknowledges the uncertainty surrounding future funding and the potential for dilution of existing shareholders. The company remains committed to advancing its clinical trials and exploring strategic partnerships to enhance its market position in the oncology sector.