Cardiff Oncology Reports a $0.12 Per-Share Loss in Q3 as Cancer Trial Advances

Key Facts

Cardiff Oncology reported on Nov. 12, 2026, a net loss of $0.12 per share for the third quarter ended Sept. 30, compared with a loss of $0.17 in the same period of 2025, according to a company statement. Net loss was $8.857 million, versus $11.258 million a year earlier. The company said quarterly royalty revenue rose to $171,000 from $120,000 in the third quarter of 2025. It is a clinical-stage company developing treatments targeting cancers with RAS gene mutations through PLK1 inhibition. The results statement did not cite analyst estimates, leaving the reported figures focused on financial performance, clinical progress and funding plans.

For the first nine months of 2026, royalty revenue was $316,000, compared with $350,000 in the same period a year earlier. Cardiff said net cash used in operating activities was about $33.9 million during the nine months, up $2.0 million from $31.9 million in the same period of 2025. Total operating expenses, meanwhile, fell to about $32.0 million from $41.5 million, a decline of $9.5 million. This included a $12.5 million decrease in research and development expenses, while general and administrative expenses rose $3.1 million. The figures reflect diverging trends: lower research and administrative spending overall, alongside higher cash used in operations.

The company attributed the decline in research and development expenses to the completion of clinical trials, fewer patients receiving treatment in a Phase 2 trial for metastatic colorectal cancer, reduced preclinical activities, and the completion of chemistry, manufacturing and controls work. It linked the increase in general and administrative expenses partly to legal and professional fees related to a dispute with NMS that was resolved on Sept. 14, 2026, as well as employee severance costs. The details put the expense movements in the context of changes in development activities and the settlement during the period. The company did not provide a separate figure for the impact of each factor on expenses. These developments remain part of the spending picture for a clinical-stage company.

In an ongoing randomized Phase 2 trial of first-line patients with RAS-mutated metastatic colorectal cancer, Cardiff said median progression-free survival had not yet been reached in the arm receiving 30 mg of onvansertib with FOLFIRI and bevacizumab. The median was about 11 months in the pooled standard-of-care arms. Management said the combination benefit was "becoming more evident as the data mature, with the gap widening between the onvansertib arm and the control arms." The trial is ongoing, according to the company update. In earlier data from the trial, Cardiff said the confirmed objective response rate was 72.2% in the 30 mg onvansertib arm, compared with 42.1% with FOLFIRI and bevacizumab alone, based on a data readout dated March 18, 2026.

Cardiff said it had about $33.8 million in cash, cash equivalents and short-term investments on Sept. 30, 2026, and expected its current resources to fund operations through the end of Q3 2027. The reported balance comprised $12.060 million in cash and cash equivalents and $21.730 million in short-term investments. The company said, however, that starting a pivotal Phase 3 trial in Q1 2027 is contingent on obtaining additional funding. The trial is designed to support a potential accelerated approval application based on objective response rate and a potential full approval based on progression-free survival. The funding condition ties the start of this clinical step to securing additional resources despite the cash runway the company reported.

In developments from the earlier trial, the company said four patients had remained on onvansertib treatment for more than 15 months, including two for more than 20 months, according to the March 18, 2026, data readout. It had said its planned Phase 3 study would compare 30 mg of onvansertib with FOLFIRI and bevacizumab against the same standard-of-care regimen in patients with RAS-mutated metastatic colorectal cancer. These data and plans relate to the same clinical program discussed in the company's quarterly update. In its June update, the company reported no significant efficacy differences between the onvansertib, FOLFOX and bevacizumab arms and FOLFOX and bevacizumab alone. The announced Phase 3 path is therefore focused on the FOLFIRI and bevacizumab regimen.

Looking ahead, the company said its presentation at the UBS Global Biotech Conference is scheduled for Nov. 16, 2026, at 2:40 p.m. GMT. Updated data from an investigator-sponsored trial in chronic myelomonocytic leukemia will also be presented at the American Society of Hematology meeting on Dec. 13, 2026. In the market, CRDF shares closed at $0.7653 in the Nov. 11, 2026, session, according to EL7 data. The disclosed evidence does not include a verified reading of the session's trading range. The company expects to start the Phase 3 trial in Q1 2027, subject to securing additional funding.