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Company Overview
−Removed: We are a clinical-stage biotechnology company, headquartered in San Diego, CA, leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers with the greatest unmet medical need.
+Added: We are a clinical-stage biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers with the greatest unmet medical need.
Our goal is to target tumor vulnerabilities with treatment combinations of onvansertib, our oral and highly selective PLK1 inhibitor, and standard-of-care ("SoC") therapeutics.
−Removed: We are focusing our clinical program in indications such as RAS-mutated metastatic colorectal cancer ("mCRC"), as well as in investigator-initiated ongoing or planned trials in metastatic pancreatic ductal adenocarcinoma ("mPDAC"), small cell lung cancer ("SCLC"), and triple negative breast cancer ("TNBC").
−Removed: Our clinical development programs incorporate tumor genomics and biomarker assays to refine assessment of patient response to treatment.
+Added: We are focusing our clinical program in indications such as RAS-mutated metastatic colorectal cancer ("mCRC"), as well as in investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma ("mPDAC"), small cell lung cancer ("SCLC"), metastatic triple negative breast cancer ("mTNBC") and Chronic Myelomonocytic Leukemia ("CMML").
+Added: Our clinical development programs incorporate tumor genomics and biomarker assays to refine patient selection and assessment of patient response to treatment.
Our common stock is listed on the Nasdaq Capital Market under the ticker symbol "CRDF".
−Removed: Recent Developments
−Removed: On December 10, 2024 we announced the sale of an aggregate of 15,384,619 shares of common stock in an oversubscribed underwritten registered direct offering, which resulted in gross proceeds of $40 million before underwriting discounts, commissions and expenses.
−Removed: The USPTO issued U.S.
−Removed: 12,144,813 to us on November 19, 2024.
−Removed: The patent has an expected expiration date of no earlier than 2043.
−Removed: The patent claims cover the method of using onvansertib in combination with bevacizumab (“bev”) for the treatment of KRAS mutated mCRC patients who have not previously been treated with bev (“bev naïve”).
−Removed: This patent is supported by the unexpected benefits of the treatment in such bev naïve patients.
Our accumulated deficit through December 31, 2025 is $430.0 million.
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The risk of completion of any program is high because of the many uncertainties involved in developing new drug candidates to market, including the long duration of clinical testing, the specific performance of proposed products under stringent clinical trial protocols, extended regulatory approval and review cycles, our ability to raise additional capital, the nature and timing of research and development expenses, and competing technologies being developed by organizations with significantly greater resources.
+Added: Recent Developments
+Added: Appointment of Interim Chief Executive Officer and Chief Accounting Officer
+Added: On January 27, 2026, we announced that Mani Mohindru, PhD, a member of Cardiff Oncology’s Board of Directors since 2021 and a seasoned biotech executive, has been appointed interim Chief Executive Officer, effective immediately.
+Added: Mark Erlander, PhD, Chief Executive Officer, and James Levine, Chief Financial Officer, have stepped down from their respective roles.
+Added: As part of this transition, Brigitte Lindsay was promoted to the role of Chief Accounting Officer, ensuring continuity within the finance function.
Critical Accounting Policies and Estimates
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We accrue costs for clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the Clinical Research Organizations ("CROs"), professional service providers, and other vendors providing clinical trial services (collectively, the “service providers”).
+Added: We consider several elements including the key terms of the clinical trial agreements, budgets, contract amendments, and the progress of clinical trials toward completion (which includes consideration of patient
+Added: enrollment) in estimating the clinical trial accrual.
We accrue costs based on estimated work completed in accordance with agreements established with our service providers.
−Removed: We determine the estimated costs through discussions with internal personnel and external
−Removed: service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services.
+Added: We determine the estimated costs through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services.
We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time.
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Years Ended December 31, 2025 and 2024
−Removed: Total revenues were $0.7 million for the twelve months ended December 31, 2024, as compared to $0.5 million for the same period in 2023.
+Added: Total revenues were $0.6 million for the year ended December 31, 2025, as compared to $0.7 million for the same period in 2024.
Revenues are from our sales-based or usage-based royalties on other intellectual property licenses, unrelated to onvansertib.
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Total research and development
−Removed: Research and development expenses increased by $4.0 million for the twelve months ended December 31, 2024, compared to the same period in 2023.
−Removed: The overall increase in expenses was primarily due to costs associated with clinical programs and outside service costs related to the development of our lead drug candidate, onvansertib.
−Removed: Salaries and staff costs increased generally from key hires in research and development and clinical operations (research and development average headcount grew by 15% over the comparative period).
+Added: Research and development expenses decreased by $1.5 million for the year ended December 31, 2025, compared to the same period in 2024.
+Added: The overall decrease in expenses was primarily due to a reduction in clinical trial expenses and a decrease in preclinical activities.
+Added: The increase in stock based compensation was due to new stock option grants during the current period.
Selling, General and Administrative Expenses
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Total selling, general and administrative
−Removed: Selling, general and administrative expenses decreased by $0.6 million for the twelve months ended December 31, 2024, compared to the same period in 2023.
−Removed: The overall decrease in expenses was primarily within facilities and other costs due to reduced insurance costs compared to the prior period.
−Removed: Salaries and staff costs decreased due to an employee severance agreement which was expensed during the prior period.
−Removed: Stock-based compensation expense decreased due to a modification of stock options that occurred during the prior period.
−Removed: The increase in outside services and professional fees, was due to the settlement of litigation during the current period, offset by a decrease in corporate legal expenses compared to the prior period.
−Removed: Interest Income, Net
−Removed: Interest income, net was $3.3 million for the twelve months ended December 31, 2024 as compared to $4.1 million for the same period of 2023.
+Added: Selling, general and administrative expenses increased by $1.7 million for the year ended December 31, 2025, compared to the same period in 2024.
+Added: The overall increase in expenses was primarily within professional fees and was primarily from strategic advisory services utilized during the current period and an increase in patent fees.
+Added: Salaries and staff costs increased due to employee severance agreements which were expensed during the current period.
+Added: Interest Income
+Added: Interest income was $3.1 million for the year ended December 31, 2025 as compared to $3.3 million for the same period of 2024.
Our interest income is primarily from our short-term investment portfolios and money market accounts.
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We have incurred net losses since our inception and have negative operating cash flows.
−Removed: As of December 31, 2024, we had $91.7 million in cash, cash equivalents and short-term investments and we believe we have sufficient cash to meet our funding requirements for at least the next 12 months following the filing of this Form 10-K.
−Removed: Based on our current projections we expect that our capital resources are sufficient to fund our operations into the first quarter of 2027.
+Added: As of December 31, 2025, we had $58.3 million in cash, cash equivalents and short-term investments.
+Added: Based on our current projections, we expect that our capital resources are sufficient to fund our operations into the first quarter of 2027, which is not sufficient to meet our funding requirements for at least the next 12 months following the issuance of our financial statements.
+Added: Management has performed an analysis and concluded that there exists a substantial doubt about the Company's ability to continue as a going concern, see Note 1 Business Overview and Liquidity to the financial statements for additional details.
Our drug development efforts are in their early stages, and we cannot make estimates of the costs or the time that our development efforts will take to complete, or the timing and amount of revenues related to the sale of our drug candidates.
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Net cash provided by financing activities
−Removed: Net change in cash and equivalents
+Added: Net change in cash and cash equivalents
Operating Activities
−Removed: Net cash used in operating activities for the twelve months ended December 31, 2024, was $37.7 million.
+Added: Net cash used in operating activities for the year ended December 31, 2025, was $37.9 million.
Our primary use of cash was from our net loss of $45.9 million, adjusted for non-cash items of $5.7 million primarily related to stock-based compensation.
The net change in our operating assets and liabilities decreased cash used in operations by $2.2 million.
−Removed: Net cash used in operating activities for the twelve months ended December 31, 2023, was $30.9 million.
+Added: Net cash used in operating activities for the year ended December 31, 2024, was $37.7 million.
Our primary use of cash was from our net loss of $45.4 million, adjusted for non-cash items of $5.1 million primarily related to stock-based compensation.
The net change in our operating assets and liabilities decreased cash used in operations by $2.6 million.
−Removed: At our current and anticipated level of operating loss, we expect to continue to incur an operating cash outflow for the next several years.
Investing Activities
−Removed: Net cash provided by investing activities for the twelve months ended December 31, 2024 was $13.7 million, primarily related to maturities and sales in excess of purchases of marketable securities.
−Removed: Net cash provided by investing activities for the twelve months ended December 31, 2023 was $36.2 million, primarily related to maturities and sales in excess of purchases of marketable securities.
+Added: Net cash provided by investing activities for the year ended December 31, 2025, was $1.3 million, primarily related to maturities and sales in excess of purchases of marketable securities.
+Added: Net cash provided by investing activities for the year ended December 31, 2024, was $13.7 million, primarily related to maturities and sales in excess of purchases of marketable securities.
Financing Activities
−Removed: Net cash provided by financing activities for the twelve months ended December 31, 2024 was $53.8 million, from the sale of common stock and employee stock options exercises.
−Removed: Net cash provided by financing activities for the twelve months ended December 31, 2023 was $0.
+Added: Net cash provided by financing activities for the year ended December 31, 2025, was $2.6 million, from the exercise of warrants and employee stock options exercises.
+Added: Net cash provided by financing activities for the year ended December 31, 2024, was $53.8 million from the net proceeds from the sale of common stock.
QUANTI TATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.