Cardiff Oncology, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cardiff Oncology, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

Cardiff Oncology, Inc. (CRDF) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Cardiff Oncology, Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Trovagene, Inc. and Xenomics Inc. The filing covers the fiscal quarter of 2024. The company's principal executive offices are located in San Diego, CA. The filing was made on May 2, 2024.

Why It Matters

For investors and stakeholders tracking Cardiff Oncology, Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Cardiff Oncology's financial health and operational progress during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's performance, potential risks, and future outlook in the biotechnology sector.

Risk Assessment

Risk Level: low — Cardiff Oncology, Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) and does not contain immediate, significant financial or operational disclosures that would drastically alter the company's valuation or outlook without further context from the report's content.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Cardiff Oncology's performance and strategic direction for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2836 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Cardiff Oncology, Inc. (company) — Filer name
• CRDF (company) — Ticker symbol
• Trovagene, Inc. (company) — Former company name
• Xenomics Inc (company) — Former company name
• San Diego, CA (location) — Business address
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filing date

FAQ

Industry Context

Cardiff Oncology operates in the biotechnology sector, focusing on the development of novel cancer therapies. This sector is characterized by high R&D costs, long development cycles, and significant regulatory hurdles.

Regulatory Implications

As a publicly traded biotechnology company, Cardiff Oncology is subject to regulations set forth by the Securities and Exchange Commission (SEC) regarding financial reporting and disclosure, as well as FDA regulations for drug development.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and cash flow for Q1 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into business performance.
3. Identify any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a standard 10-Q filing for the first quarter of 2024. Specific comparative financial data against the previous quarter or year-ago period would be detailed within the report itself.

Filing Documents

• crdf-20240331.htm (10-Q) — 685KB
• crdf-033124exhibit311.htm (EX-31.1) — 10KB
• crdf-033124exhibit312.htm (EX-31.2) — 10KB
• crdf-033124exhibit321.htm (EX-32.1) — 6KB
• crdf-033124exhibit322.htm (EX-32.2) — 6KB
• 0001628280-24-019974.txt (&nbsp;) — 3814KB
• crdf-20240331.xsd (EX-101.SCH) — 21KB
• crdf-20240331_cal.xml (EX-101.CAL) — 55KB
• crdf-20240331_def.xml (EX-101.DEF) — 106KB
• crdf-20240331_lab.xml (EX-101.LAB) — 322KB
• crdf-20240331_pre.xml (EX-101.PRE) — 212KB
• crdf-20240331_htm.xml (XML) — 554KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Balance Sheets 3 Condensed Statements of Operations 4 Condensed Statements of Comprehensive Loss 5 Condensed Statements of Stockholders' Equity 6 Condensed Statements of Cash Flows 7 Notes to Condensed Financial Statements 8 Item 2 .

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4 .

Controls and Procedures

Controls and Procedures 21 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

SIGNATURES

SIGNATURES 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CARDIFF ONCOLOGY, INC. CONDENSED BALANCE SHEETS (in thousands, except par value) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 18,658 $ 21,655 Short-term investments 48,529 53,168 Accounts receivable and unbilled receivable 393 288 Prepaid expenses and other current assets 2,410 2,301 Total current assets 69,990 77,412 Property and equipment, net 1,199 1,238 Operating lease right-of-use assets 1,574 1,708 Other assets 1,275 1,279 Total Assets $ 74,038 $ 81,637 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,191 $ 1,966 Accrued liabilities 5,956 7,783 Operating lease liabilities 696 691 Total current liabilities 11,843 10,440 Operating lease liabilities, net of current portion 1,301 1,458 Total Liabilities 13,144 11,898 Commitments and contingencies (Note 6) Stockholders' equity Preferred stock, 20,000 shares authorized; 277,100 designated as Series A Convertible Preferred Stock; 60,600 shares outstanding at March 31, 2024 and December 31, 2023 with liquidation preference of $ 1,074 and $ 1,068 at March 31, 2024 and December 31, 2023, respectively (Note 5) — — Common stock, $ 0.0001 par value, 150,000 shares authorized; 44,710 and 44,677 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 4 4 Additional paid-in capital 409,781 409,343 Accumulated other comprehensive loss ( 132 ) ( 67 ) Accumulated deficit ( 348,759 ) ( 339,541 ) Total stockholders' equity 60,894 69,739 Total liabilities and stockholders' equity $ 74,038 $ 81,637 See accompanying notes to the unaudited condensed financial statements. 3 Table of Contents CARDIFF ONCOLOGY, INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Royalty revenues $ 205 $ 83 Costs and expenses: Research and development 8,008 9,052 Selling, gener

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding the future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. In addition, our business and financial performance may be affected by the factors that are discussed under "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 29, 2024. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for us to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations ref

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View this 10-Q filing on SEC EDGAR