Cardiff Oncology, Inc., a clinical-stage biotechnology company focused on developing therapies targeting cancer through Polo-like Kinase 1 (PLK1) inhibition, reported a net loss of approximately $45.9 million for the fiscal year ending December 31, 2025, compared to a net loss of $45.5 million in 2024. The company generated $0.6 million in revenue during 2025, a slight decrease from $0.7 million in the previous year, primarily from sales-based royalties on intellectual property licenses unrelated to its lead product candidate, onvansertib. The accumulated deficit as of December 31, 2025, reached approximately $430 million, reflecting ongoing investment in research and development.
Research and development expenses totaled $35.3 million in 2025, down from $36.9 million in 2024, largely due to reduced clinical trial costs and preclinical activities. Conversely, selling, general, and administrative expenses increased to $14.2 million from $12.5 million, driven by higher professional fees and severance costs. The company’s cash, cash equivalents, and short-term investments stood at $58.3 million at year-end, down from $81.6 million in 2024, raising concerns about its ability to sustain operations beyond the first quarter of 2027 without additional capital.
In terms of strategic developments, Cardiff Oncology appointed Mani Mohindru as interim Chief Executive Officer on January 27, 2026, following the departure of Mark Erlander. The company also expanded its collaboration with Pfizer, which is now responsible for clinical activities related to the CRDF-004 trial in first-line RAS-mutated metastatic colorectal cancer. This partnership aims to leverage Pfizer's resources to accelerate the development of onvansertib, which is currently in multiple clinical trials targeting various cancer types, including metastatic pancreatic ductal adenocarcinoma and small cell lung cancer.
Operationally, Cardiff Oncology reported a total of 31 employees as of February 19, 2026, with no employees covered by collective bargaining agreements. The company continues to focus on enhancing its clinical trial programs and refining patient selection through tumor genomics and biomarker assays. However, the company faces significant risks, including the need for substantial additional capital to fund ongoing development and the uncertainty surrounding regulatory approvals for its product candidates.
Looking ahead, Cardiff Oncology acknowledges the substantial doubt about its ability to continue as a going concern, as indicated in its financial statements. The company plans to seek additional funding through equity or debt financing, but there is no assurance that such funding will be available on favorable terms. The ongoing development of onvansertib and other product candidates remains contingent on successful clinical trial outcomes and regulatory approvals, which are inherently unpredictable.
About Cardiff Oncology, Inc.
Cardiff Oncology, Inc. is a biotechnology company focused on developing targeted cancer therapies, primarily through PLK1 inhibition. Its lead candidate, onvansertib, is an oral, highly selective PLK1 inhibitor used in combination with standard chemotherapies for various cancers, including metastatic colorectal, pancreatic, lung, and breast cancers. The company leverages biomarker-driven clinical trials and strategic partnerships to address unmet medical needs in oncology markets.
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