Cardiff Oncology, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets decreased to $62.9 million from $81.6 million at the end of 2023, with total current assets also declining to $59.3 million from $77.4 million. Cash and cash equivalents fell to $13.0 million, down from $21.7 million. In contrast, total current liabilities increased to $12.5 million from $10.4 million, primarily due to a rise in accounts payable, which surged to $4.6 million from $2.0 million. Consequently, total stockholders’ equity decreased to $49.4 million from $69.7 million.
Revenue from royalties for the three months ended September 30, 2024, rose to $165,000, compared to $141,000 in the same period of 2023. For the nine months, royalty revenues increased to $532,000 from $332,000. However, total operating expenses for the quarter increased to $12.8 million from $11.0 million year-over-year, leading to a loss from operations of $(12.6) million, compared to $(10.8) million in the prior year. The net loss for the quarter was $(11.9) million, up from $(9.7) million in the same period of 2023, while the nine-month net loss increased to $(33.6) million from $(32.1) million.
Research and development expenses for the three months ended September 30, 2024, totaled $9.6 million, an increase from $8.0 million in the previous year, driven by costs associated with clinical programs for the lead drug candidate, onvansertib. Selling, general, and administrative expenses rose slightly to $3.1 million from $2.9 million, attributed to increased outside services and professional fees related to litigation settlements.
The company reported a net cash used in operating activities of $(27.4) million for the nine months ended September 30, 2024, compared to $(23.7) million in the same period of 2023. Net cash provided by investing activities decreased to $9.2 million from $22.6 million, while financing activities generated $9.6 million from the sale of common stock, a new source of funding compared to no financing activity in the prior year.
Cardiff Oncology continues to focus on its clinical programs targeting various cancers, with ongoing trials for onvansertib in combination with standard therapies. The company believes it has sufficient cash to meet its funding requirements for at least the next 12 months but may require additional capital for future clinical trials and operations.
About Cardiff Oncology, Inc.
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