Cardiff Oncology Reports Q2 2026 Financial Results with $9.2M Net Loss

Cardiff Oncology, Inc. reported its financial results for the second quarter of 2026, revealing a net loss of $9.2 million, or $0.14 per share, compared to a net loss of $13.9 million, or $0.21 per share, for the same period in 2025. Total revenues remained stable at $0.1 million for both the second quarter of 2026 and 2025, primarily derived from sales-based royalties on intellectual property licenses. The company’s research and development expenses decreased significantly to $5.9 million from $11.6 million year-over-year, attributed to the completion of clinical trials and a reduction in pre-clinical activities as the company prepares for its upcoming Phase 3 trial for its lead asset, onvansertib.

In terms of financial position, Cardiff Oncology reported total assets of $37.3 million as of June 30, 2026, down from $61.9 million at the end of 2025. The decline in assets was largely due to a decrease in cash and cash equivalents, which fell to $9.2 million from $17.5 million. The company’s total liabilities also decreased to $10.8 million from $16.5 million, reflecting a reduction in accounts payable and accrued liabilities. Stockholders' equity was reported at $26.5 million, down from $45.4 million at the end of the previous fiscal year, primarily due to accumulated losses.

Strategically, Cardiff Oncology has been focusing on advancing its clinical programs, particularly for onvansertib, which is currently in a Phase 2 trial for RAS-mutated metastatic colorectal cancer (mCRC). The company has also initiated several investigator-initiated trials for other cancer types, including small cell lung cancer and triple-negative breast cancer. In April 2026, Cardiff appointed a new executive team, including Mani Mohindru as CEO, to strengthen its leadership as it moves forward with its clinical development plans.

Operationally, the company has seen a decrease in the number of patients enrolled in its clinical trials, which has contributed to lower research and development costs. As of June 30, 2026, Cardiff had 77.8 million shares of common stock outstanding. The company is also facing litigation with its licensor, NMS, regarding a license agreement that could impact its operations and financial condition. The outcome of this litigation remains uncertain and could have significant implications for the company’s future.

Looking ahead, Cardiff Oncology has expressed concerns about its ability to continue as a going concern, given its ongoing net losses and the need for additional capital to fund operations. The company anticipates that its current cash resources will be sufficient to support operations into the third quarter of 2027, but it will need to secure additional funding to meet its long-term financial obligations. The company recently completed a registered direct offering that generated approximately $10.1 million in gross proceeds, which will help bolster its financial position as it continues to advance its clinical programs.