Breaking Down Cardiff Oncology, Inc. (CRDF) Financial Health: Key Insights for Investors

If you are looking at Cardiff Oncology, Inc. (CRDF), you know the story hinges on Onvansertib's clinical progress, but the balance sheet tells you exactly how long they can run the clock. The latest Q3 2025 results show the company is tightly managing its cash burn, reporting a net loss of $11.26 million on a nominal revenue of $0.12 million, which is typical for a clinical-stage biotech. Still, they hold a critical buffer: approximately $60.6 million in cash, cash equivalents, and short-term investments as of September 30, 2025, which they project will fund operations into Q1 2027. That runway is defintely the key metric here. This financial stability gives them the breathing room to continue advancing their Phase 2 CRDF-004 trial for Onvansertib in RAS-mutated metastatic colorectal cancer, a trial that, as of the July 8, 2025, data cutoff, showed a promising 19% improvement in confirmed Objective Response Rate (ORR) for the 30mg cohort over standard of care. The next big catalyst is the Q1 2026 clinical update, so let's break down what those numbers mean for the stock price today and what risks are still baked into that 2027 cash projection.

Revenue Analysis

You need to understand that Cardiff Oncology, Inc. (CRDF) is a clinical-stage biotechnology company, so its revenue profile is fundamentally different from a commercial-stage firm. Don't look for blockbuster drug sales here; the company is still in the research and development phase for its lead drug candidate, onvansertib (a PLK1 inhibitor). This means their revenue is minimal and highly volatile.

The company's primary revenue source is Royalty revenues, which totaled $683,000 for the full year 2024. This revenue stream is not generated by the sale of onvansertib but typically comes from licensing agreements or legacy assets. It's a small, non-core income stream that helps offset a tiny fraction of their substantial research costs.

The near-term revenue picture shows a clear contraction. For the third quarter of 2025 (Q3 2025), which ended on September 30, 2025, Cardiff Oncology, Inc. (CRDF) reported revenue of just $120,000. This figure represents a year-over-year (YoY) decrease of -27.27% compared to the third quarter of 2024. Honestly, that's a significant drop, though the absolute dollar amount is small enough that a single contract change can swing the percentage wildly.

Here's the quick math on the recent trend:

• Q3 2025 Revenue: $120,000
• Q3 2025 YoY Change: -27.27%
• Trailing Twelve Months (TTM) Revenue (ending Q3 2025): $501,000

What this estimate hides is that the entire revenue base is negligible compared to the operating expenses, which were approximately $12.1 million for Q3 2025 alone. The core business isn't about revenue right now; it's about clinical progress and cash runway, which extends into Q1 2027 with $60.6 million in cash and investments as of September 30, 2025. Your focus should be on the clinical trial data, not the sales line.

The sole contribution to revenue comes from the Royalty revenues segment, with no meaningful contribution from product sales or services related to their oncology pipeline. The company operates exclusively in the United States. Any material change in revenue will only happen upon a major partnership deal or, years down the line, a successful drug launch, which is a high-risk, high-reward scenario. If you want to dive deeper into who's betting on this outcome, you should be Exploring Cardiff Oncology, Inc. (CRDF) Investor Profile: Who's Buying and Why?

The key takeaway is that the revenue line is not a financial driver; it's a footnote. The real value is locked in the Phase 2 CRDF-004 trial data, which showed a 19% improvement in confirmed objective response rate (ORR) for the 30mg onvansertib cohort in RAS-mutated metastatic colorectal cancer (mCRC) as of the July 8, 2025, data cut-off. That's where the defintely big money potential lies.

Profitability Metrics

You're looking at Cardiff Oncology, Inc. (CRDF) and their profitability, and the direct takeaway is this: as a clinical-stage biotech, the company is not profitable and is not expected to be, which is normal for this stage. Their focus is on research and development (R&D) to advance their lead drug candidate, onvansertib, which means high expenses and minimal revenue.

For the first nine months of the 2025 fiscal year (9M 2025), Cardiff Oncology reported a total net loss of approximately $38.635 million. This loss is a direct result of their heavy investment in clinical trials, particularly the Phase 2 CRDF-004 trial. You should view this not as a failure, but as a capital investment in future revenue streams.

Here's the quick math on their core margins based on the 9M 2025 data, using their minimal revenue of around $0.362 million:

• Gross Profit Margin: Approximately 100%. Since the company's revenue is largely from non-product sources like royalties or grants, their Cost of Goods Sold (COGS) is negligible, making the gross profit essentially equal to the revenue.
• Operating Profit Margin: Approximately -11,364%. This extremely negative number shows the massive gap between their minimal current revenue and their high operating expenses.
• Net Profit Margin: Approximately -10,672%. This is the bottom-line, reflecting the total loss of $38.635 million against the small revenue base.

The company is burning cash to get to a commercial product, so these negative margins are defintely expected.

Trends in Operational Efficiency and Costs

The trend in profitability is a consistent net loss, but the key is how they manage their operational burn. Total operating expenses for the first nine months of 2025 were roughly $41.5 million, driven by the costs of the CRDF-004 clinical trial.

To be fair, they are showing some control; in Q3 2025, total operating expenses were approximately $12.1 million, a decrease of $0.7 million from the same period in 2024, primarily due to reduced clinical trial and preclinical activity expenses. This cost management is crucial for extending their cash runway, which they project will last into Q1 2027 with $60.6 million in cash and investments as of September 30, 2025.

The gross margin trend is stable at nearly 100%, but that metric doesn't tell you much for a company without a commercial product. The real operational efficiency measure here is the cash burn rate, which for Q3 2025 was a net cash use of approximately $10.8 million in operating activities. That's the number you need to watch.

Industry Comparison and Context

Comparing Cardiff Oncology's profitability ratios to the broader Biotechnology industry average is like comparing apples to a seed. The industry average includes large, profitable pharmaceutical companies, which skews the metrics. For example, the overall U.S. Biotechnology industry is estimated to have grown its revenue by 6.3% in 2025. A profitable biotech peer might have a net margin in the double-digits, while Cardiff Oncology is in the thousands of percent negative.

What this estimate hides is that the industry's profitability is concentrated in companies that have successfully commercialized their drugs. Cardiff Oncology is still in the high-risk, high-reward phase of development. Their current negative margins are a necessary trade-off for the potential to one day achieve the high gross margins typical of the pharmaceutical sector once their drug, onvansertib, is approved and generating sales. For more on their long-term vision, you can review their Mission Statement, Vision, & Core Values of Cardiff Oncology, Inc. (CRDF).

Your action here is to benchmark their cash burn against their clinical milestones, not against the net margins of a commercial peer. The positive Phase 2 data for onvansertib, showing a 19% improvement in confirmed objective response rate (ORR) in the 30mg arm in the CRDF-004 trial, is the real value driver right now.

Debt vs. Equity Structure

You're looking at Cardiff Oncology, Inc. (CRDF), a clinical-stage biotech, and the first thing you notice is how they fund their operations. It's a classic biotech story: they defintely favor equity over debt, which is a key risk indicator for any clinical-stage company.

As of the third quarter of 2025, Cardiff Oncology, Inc. operates with an extremely low level of financial leverage (Debt-to-Equity). Their total debt stands at approximately $1.01 million, which is negligible compared to their total stockholders' equity of roughly $48.79 million. This low debt load is typical for a company focused on drug development, where cash flow is negative and the primary assets are intangible (intellectual property and clinical trials), making debt a risky proposition for lenders.

Here's the quick math: Cardiff Oncology, Inc.'s Debt-to-Equity (D/E) ratio is a remarkably low 0.02. This means for every dollar of equity capital, the company only uses two cents of debt. To be fair, the average D/E ratio for the Biotechnology industry in 2025 is around 0.17, so Cardiff Oncology, Inc. is significantly under-leveraged even by sector standards. They are not using debt to fuel their growth.

The company's capital structure is almost entirely reliant on equity funding, a necessity for a firm with a high operating burn rate and no consistent commercial revenue. This reliance is clear from the 40.37% year-over-year increase in shares outstanding, indicating a significant use of stock issuance to raise capital. This strategy avoids the fixed payments and covenants of debt but comes with the cost of shareholder dilution.

The company's balance sheet strength, with a current ratio of 4.20 as of late 2025, shows they have plenty of liquid assets to cover short-term liabilities, but this liquidity is a function of past equity raises, not operational cash flow. They have projected a cash runway into Q1 2027, which means another equity raise will be necessary before then to continue funding the critical Phase 2 CRDF-004 trial for their lead drug candidate, onvansertib.

• Total Debt (Q3 2025): $1.01 million.
• Total Equity (Q3 2025): $48.79 million.
• Debt-to-Equity Ratio: 0.02.
• Industry D/E Benchmark: 0.17.

What this estimate hides is the risk of a future large dilutive event. If you want to dive deeper into who is buying that new equity, check out Exploring Cardiff Oncology, Inc. (CRDF) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You're looking at Cardiff Oncology, Inc. (CRDF) and the first question for any clinical-stage biotech is simple: Do they have the cash to get to the next milestone? The short answer is yes, but the cash burn rate is the real story here. As of September 30, 2025, Cardiff Oncology, Inc. (CRDF) shows a strong liquidity position, but its working capital is shrinking due to significant operational spending.

The company's ability to cover its near-term obligations is excellent. The Current Ratio (Current Assets divided by Current Liabilities) sits at a healthy 4.20, meaning they have $4.20 in current assets for every $1.00 in current liabilities. Similarly, the Quick Ratio (which strips out less liquid assets like prepaid expenses) is 4.14. These ratios are defintely robust and indicate no immediate liquidity crunch.

Here's the quick math on their core liquidity position as of Q3 2025 (in thousands of USD):

• Total Current Assets: $61,801
• Total Current Liabilities: $14,706
• Current Ratio: 4.20

What this estimate hides is the trend. Working capital-the buffer of current assets over current liabilities-has dropped significantly. It fell from about $81.6 million at the end of 2024 to approximately $47.1 million by September 30, 2025. This decline is typical for a biotech focused on clinical trials, but it's a trend you must monitor. You can review the strategic priorities driving this spend in the Mission Statement, Vision, & Core Values of Cardiff Oncology, Inc. (CRDF).

The cash flow statement confirms this burn. For the third quarter of 2025 alone, Cardiff Oncology, Inc. (CRDF) used approximately $10.8 million in net cash for operating activities. This negative operating cash flow is the primary driver of the shrinking working capital. The investing cash flow is likely minimal or slightly positive from managing their short-term investment portfolio, while financing cash flow has been quiet recently, following a capital raise in 2024.

The good news is the company is well-capitalized for its current plan. Cardiff Oncology, Inc. (CRDF) reported approximately $60.6 million in cash, cash equivalents, and short-term investments as of September 30, 2025. Management projects this cash runway will last into Q1 2027. That gives them a solid window-about 15 months from the Q3 2025 report date-to hit critical clinical milestones for their lead asset, onvansertib, before needing to raise more capital.

The key action for you is to map the projected cash-out date (Q1 2027) against the expected timing for their Phase 2 CRDF-004 trial update in Q1 2026. A positive clinical update could significantly improve the terms of the next financing round, but a delay or negative result would accelerate their need for new funds and increase the risk profile.

Valuation Analysis

You are looking at Cardiff Oncology, Inc. (CRDF) and wondering if the market has it right. The short answer is that Wall Street analysts see a massive upside, suggesting the stock is significantly undervalued based on their price targets, but you have to understand the context: this is a clinical-stage biotech, so traditional metrics are mostly useless.

The core of the bullish argument rests on the potential of its lead drug candidate, Onvansertib, not current profits. For the 2025 fiscal year, the company is projected to have a full-year net loss of approximately -$0.85 per share. This means the Price-to-Earnings (P/E) ratio is negative-a common scenario for a company focused on Research and Development (R&D) and not yet generating substantial revenue.

Still, we can look at a few key numbers. The Price-to-Book (P/B) ratio is around 2.49, which reflects the company's market capitalization of approximately $134.72 million against its book value, essentially its net assets. The Enterprise Value-to-EBITDA (EV/EBITDA) ratio is also not meaningful here because Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is negative. What matters more is the cash runway, which, as of September 30, 2025, was $60.6 million, providing a financial cushion into the first quarter of 2027.

Here's the quick math on the stock's performance and analyst sentiment as of November 2025:

• Stock Price Trend: Over the last 52 weeks, the stock price has declined by about -22.48%, trading between a 52-week low of $1.90 and a high of $5.64.
• Current Price: A recent closing price was around $2.04.
• Analyst Consensus: The consensus rating from analysts is a 'Buy' or 'Moderate Buy.'
• Price Target: The average 12-month price target is approximately $10.63.

To be fair, the significant difference between the current price and the target-implying an upside of over 400%-is the market pricing in the high risk of clinical trials. If the drug works, the stock is defintely undervalued; if it fails, it's overvalued at any price. Also, since Cardiff Oncology, Inc. is a growth-focused biotech, it does not currently pay a dividend, so the dividend yield and payout ratios are 0.00%.

This is a binary bet on clinical success. You can find a deeper dive into the clinical data and strategic risks in the full post: Breaking Down Cardiff Oncology, Inc. (CRDF) Financial Health: Key Insights for Investors.

For a clearer view of the disconnect, look at the analyst targets:

Next step: Research: dig into the recent Phase 2 CRDF-004 trial data to better gauge the probability of success for Onvansertib.

Risk Factors

You are looking at a clinical-stage biotech like Cardiff Oncology, Inc. (CRDF), so the biggest risk is not a market downturn; it is binary clinical trial failure. The company's financial health is entirely dependent on the successful, and timely, development of its lead drug candidate, onvansertib, for RAS-mutated metastatic colorectal cancer (mCRC).

The core challenge is a classic biotech dilemma: high cash burn against an uncertain regulatory clock. As of September 30, 2025, Cardiff Oncology, Inc. reported cash, cash equivalents, and short-term investments of approximately $60.6 million. That's the good news. The bad news is the burn rate. Net cash used in operating activities for the third quarter of 2025 was $10.8 million, and the company has posted losses for 15 consecutive years. Here's the quick math: that cash position is projected to fund operations only into Q1 2027. That gives them a tight window to execute on the next phase of trials, which are expensive.

• Clinical trial failure is the single biggest risk.
• Cash runway is finite, ending in Q1 2027.
• Future capital raises will likely dilute shareholders.

From an operational and financial perspective, the company is in a speculative position. The operating margin sits at a concerning -9950.92%, and the Altman Z-Score is at -3.7, which technically places the company in the financial distress zone. This is common for a pre-revenue biotech, but it means any clinical delay immediately increases the risk of a dilutive equity raise to fund the 320-patient Phase 3 CRDF-005 study.

The internal risks are all tied to onvansertib's performance. While the Phase 2 CRDF-004 trial showed positive data in November 2025-specifically a 19% improvement in confirmed Objective Response Rate (ORR) for the 30mg dose- there is no defintely guarantee that this will translate into a successful Phase 3 outcome or eventual FDA approval. The next clinical update in Q1 2026 is a major catalyst, and any unfavorable data could crush the stock.

External risks are competitive and regulatory. The oncology landscape is fiercely competitive, and even with promising data, the path to commercial success is fraught with hurdles like:

• Regulatory Uncertainty: The lengthy and expensive process of FDA clearance.
• Market Competition: Substantial competition from other therapies targeting colorectal cancer.
• Reimbursement Risk: Uncertainty around government or third-party payer reimbursement once approved.

To mitigate these risks, Cardiff Oncology, Inc. is taking clear steps. They have strengthened their intellectual property with a new patent (U.S. patent No. 12,263,173) that extends protection into 2043, which is crucial for long-term commercialization. Also, management is showing discipline; total operating expenses for Q3 2025 decreased to $12.1 million from $12.8 million in the prior year, reflecting strategic cost management. Still, the primary mitigation is the clinical path itself, which has an agreed-upon registrational trial design with the FDA, providing a clearer, though still risky, route to potential accelerated approval. For a deeper dive into the company's financial metrics, check out our full post: Breaking Down Cardiff Oncology, Inc. (CRDF) Financial Health: Key Insights for Investors.

Your next step is to monitor the Q1 2026 clinical update; that's the real driver here.

Growth Opportunities

You're looking at a clinical-stage biotech like Cardiff Oncology, Inc. (CRDF), and the real growth story isn't in today's revenue, but in the drug pipeline-specifically, their lead candidate, onvansertib. This compound, a Polo-like Kinase 1 (PLK1) inhibitor, is the engine of future value, targeting a major unmet need in cancer treatment.

The core growth driver is the potential for onvansertib to redefine the standard of care (SoC) for first-line RAS-mutated metastatic colorectal cancer (mCRC). This is a huge market, estimated at $10.95 billion in 2025 in the U.S. alone, with roughly 150,000 new colorectal cancer patients diagnosed annually. The current SoC leaves a lot of room for improvement, and that's where Cardiff Oncology steps in.

The most recent data from the Phase 2 CRDF-004 trial is defintely encouraging. As of the July 8, 2025 data cutoff, the 30mg onvansertib cohort showed a 19% improvement in confirmed Objective Response Rate (ORR) compared to the SoC control arm. This dose-dependent activity, which also showed early signs of separation in progression-free survival (PFS) curves, is the critical proof-of-concept needed for the next steps.

Here's a quick look at the near-term financial picture, which is typical for a clinical-stage firm:

The company is strategically positioned to capitalize on this clinical momentum. They are planning a seamless Phase 3 trial, CARDIF-005, which is designed to support both accelerated and full FDA approval for onvansertib in mCRC. This path is a clear, actionable roadmap to market.

Also, don't overlook the strategic moves that reduce risk and extend their reach:

• Pfizer Investment: A $15 million equity investment from Pfizer bolsters the balance sheet and provides a strong partner managing the CRDF-004 trial.
• Intellectual Property: A new patent extends protection for onvansertib in bevacizumab-naïve mCRC patients until 2043, creating a long-term competitive moat.
• Pipeline Expansion: Onvansertib is also in investigator-initiated trials for other tough cancers, including metastatic pancreatic ductal adenocarcinoma (mPDAC), small cell lung cancer (SCLC), and triple-negative breast cancer (TNBC).

The real competitive advantage is onvansertib's mechanism: PLK1 inhibition. This targets a core vulnerability in tumor cells to overcome treatment resistance, a major hurdle in oncology. If the Phase 3 trial confirms the Phase 2 results, this unique approach could significantly disrupt the mCRC treatment landscape. You can read more about the company's focus here: Mission Statement, Vision, & Core Values of Cardiff Oncology, Inc. (CRDF).