Cardiff Oncology, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 27, 2025. As of December 31, 2024, the company reported approximately $91.7 million in cash, cash equivalents, and short-term investments. This strong liquidity position was bolstered by the successful $40 million underwritten registered direct offering completed in December 2024.
For the full year 2024, net cash used in operating activities was approximately $37.7 million, an increase of $6.8 million from $30.9 million in 2023. Total operating expenses for the full year reached approximately $49.3 million, up $3.4 million from $45.9 million in the prior year, primarily due to increased costs associated with clinical programs and strategic hires. Despite increased expenses, the company projects its current cash resources are sufficient to fund operations into the first quarter of 2027.
Key business highlights for the period included the robust initial efficacy signal from the CRDF-004 trial in first-line RAS-mutated mCRC, where the 30mg onvansertib dose arm demonstrated a 64% response rate compared to 33% in the control arm. The company also noted the issuance of a new patent covering the use of onvansertib for treating KRAS-mutated mCRC. Cardiff Oncology anticipates sharing additional clinical updates from CRDF-004 in the first half of 2025.
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