0001628280-23-028549 | 10-Q | XBRL Viewer

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Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease ROU assets	$ 1,978	$ 2,251
Current operating lease liabilities	683	675
Non-current operating lease liabilities	1,753	2,040
Total operating lease liabilities	$ 2,436	$ 2,715
Weighted-average remaining lease term–operating leases	3 years 8 months 12 days	4 years 2 months 12 days
Weighted-average discount rate–operating leases	7.00%	7.00%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Executive Agreements Certain executive agreements provide for severance payments in case of terminations without cause or certain change of control scenarios. Research and Development Agreements In March 2017, the Company entered into a license agreement with Nerviano which granted the Company development and commercialization rights to NMS-1286937, which Cardiff Oncology refers to as onvansertib. Terms of the agreement also provide for the Company to pay development and commercial milestones, and royalties based on sales volume. These potential development milestones include: (a) dosing of the first subject in the first Phase III Clinical Trial for the first Product, a registration enabling Phase II Clinical Trial, or after completion of a Phase II Clinical Trial that is used as the basis for an NDA submission; and (b) upon filing of the first NDA or equivalent for the first product candidate. During the six months ended June 30, 2023 and 2022 no milestone or royalty payments were made. The Company is a party to various agreements under which it licenses technology on an exclusive basis in the field of oncology therapeutics. These agreements include License fees, Royalties and Milestone payments. The Company also has a legacy license agreement in the field of oncology diagnostics under which royalty payments are due. These royalty payments are calculated as a percent of revenue. For the six months ended June 30, 2023 and 2022, payments have not been material. Litigation Cardiff Oncology does not believe that it has legal liabilities that are probable or reasonably possible that require either accrual or disclosure. From time to time, the Company may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in matters may arise from time to time that may harm the Company’s business. As of the date of this report, management believes that there are no claims against the Company, which it believes will result in a material adverse effect on the Company’s business or financial condition.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (22,373)	$ (21,436)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	188	69
Stock-based compensation expense	2,645	2,207
Amortization of premiums (discounts) on short-term investments	(405)	557
Release of clinical trial funding commitment	0	139
Changes in operating assets and liabilities:
Other assets	(3)	54
Accounts receivable and unbilled receivable	610	(16)
Prepaid expenses and other assets	2,260	18
Operating lease right-of-use assets	273	272
Accounts payable and accrued expenses	1,293	1,367
Operating lease liabilities	(279)	(143)
Other liabilities	0	(32)
Net cash used in operating activities	(15,791)	(16,944)
Investing activities:
Capital expenditures	(259)	(483)
Insurance proceeds from casualty loss		71
Maturities of short-term investments	68,265	48,801
Purchases of short-term investments	(50,868)	(57,309)
Sales of short-term investments	1,675	34,886
Net cash provided by investing activities	18,813	25,966
Financing activities:
Net cash provided by financing activities	0	0
Net change in cash and cash equivalents	3,022	9,022
Cash and cash equivalents—Beginning of period	16,347	11,943
Cash and cash equivalents—End of period	19,369	20,965
Supplementary disclosure of cash flow activity:
Cash paid for taxes	1	1
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property and equipment included in accounts payable and accrued expenses	$ 16	456
Acquisition of property and equipment included in insurance proceeds receivable		$ 43

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 183	$ 180	$ 368	$ 251

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares designated (in shares)	20,000,000	20,000,000
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.001
Shares designated (in shares)	277,100
Shares outstanding (in shares)	60,600	60,600
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.001
Shares designated (in shares)	8,860
Shares outstanding (in shares)	0	0
Series C Convertible Preferred Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.001
Shares designated (in shares)	200,000
Shares outstanding (in shares)	0	0
Series D Convertible Preferred Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.0001
Shares designated (in shares)	154,670
Shares outstanding (in shares)	0	0
Series E Convertible Preferred Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.001
Shares designated (in shares)	865,824
Shares outstanding (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. Preferred dividends are included in net loss attributable to common stockholders in the computation of basic and diluted earnings per share.
Recently Adopted Accounting Pronouncement and Recent Accounting Pronouncement Not Yet Adopted	Recent Accounting Pronouncement Not Yet Adopted In August 2020, the FASB issued ASU No. 2020-06 ("ASU 2020-06"), Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, ASU 2020-06 modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2021 (or December 15, 2023, for companies who meet the SEC definition of Smaller Reporting Companies), and interim periods within those fiscal years. The amendment is to be adopted through either a fully retrospective or modified retrospective method of transition. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures, and will adopt this standard on January 1, 2024.

Organization and Basis of Presentation (Details) $ in Millions	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and short-term investments	$ 89.4

Supplementary Balance Sheet Information

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Balance Sheet Information

Investments available for sale

Investments available for sale consist of the following:


	As of June 30, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	8,005	$	—	$	(14)	$	7,991
Corporate debt securities	14,465		5		(53)		14,417
Commercial paper	11,102		—		(13)		11,089

U.S. government agencies	7,841		—		(39)		7,802

Total maturity less than 1 year	41,413		5		(119)		41,299
Maturity 1 to 2 years:
Corporate debt securities	8,711		16		(82)		8,645

U.S. treasury securities	20,366		—		(251)		20,115
Total maturity 1 to 2 years	29,077		16		(333)		28,760

Total short-term investments	$	70,490	$	21	$	(452)	$	70,059


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	16,101	$	3	$	(81)	$	16,023
Corporate debt securities	44,806		8		(275)		44,539
Commercial paper	13,203		4		(20)		13,187
Non U.S. government	2,284		4		—		2,288
U.S. treasury securities	7,905		—		(18)		7,887
Total maturity less than 1 year	84,299		19		(394)		83,924
Maturity 1 to 2 years:
Corporate debt securities	5,016		1		(21)		4,996

Total maturity 1 to 2 years	5,016		1		(21)		4,996

Total short-term investments	$	89,315	$	20	$	(415)	$	88,920

We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses in investments available for sale debt securities at June 30, 2023, were substantially due to increases in interest rates, not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. It is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

Investments available for sale that have been in a continuous unrealized loss position for greater than one-year consist of the following:


	As of June 30, 2023
(in thousands)	Fair Market Value		Gross Unrealized Loss

Corporate debt securities	$	2,963	$	(24)

Property and equipment

Property and equipment consist of the following:


(in thousands)	As of June 30, 2023		As of December 31, 2022
Furniture and office equipment	$	1,081	$	1,066
Leasehold improvements	2,568		2,560
Laboratory equipment	1,264		1,056
	4,913		4,682
Less—accumulated depreciation and amortization	(3,557)		(3,413)
Property and equipment, net	$	1,356	$	1,269

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	As of June 30, 2023		As of December 31, 2022
Accrued compensation	$	2,175	$	1,849

Clinical trials	2,364		2,333
Research agreements and services	543		509
Director fees	125		125

Patent, license and other fees	83		24

Other accrued liabilities	211		337
Total accrued liabilities	$	5,501	$	5,177

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2023, and December 31, 2022:


	Fair Value Measurements at June 30, 2023
(in thousands)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market fund	$	18,792	$	—	$	—	$	18,792

Total included in cash and cash equivalents	18,792		—		—		18,792

Available for sale investments:
Certificate of deposit	—		7,991		—		7,991
Corporate debt securities	—		23,062		—		23,062
Commercial paper	—		11,089		—		11,089

U.S. government agencies	—		7,802				7,802
U.S. treasury securities	20,115		—		—		20,115
Total available for sale investments	20,115		49,944		—		70,059

Total assets measured at fair value on a recurring basis	$	38,907	$	49,944	$	—	$	88,851


	Fair Value Measurements at December 31, 2022
(in thousands)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market fund	$	15,722	$	—	$	—	$	15,722

Total included in cash and cash equivalents	15,722		—		—		15,722

Available for sale investments:
Certificate of deposit	—		16,023		—		16,023
Corporate debt securities	—		49,535		—		49,535
Commercial paper	—		13,187		—		13,187
U.S. government agencies	—		2,288		—		2,288
U.S. treasury securities	7,887		—		—		7,887
Total available for sale investments	7,887		81,033		—		88,920

Total assets measured at fair value on a recurring basis	$	23,609	$	81,033	$	—	$	104,642

The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the six months ended June 30, 2023

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases - Narrative (Details) $ in Thousands	6 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
Monthly rent payments	$ 61
Annual rent increase, percentage	3.00%

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Business Organization and Overview Cardiff Oncology, Inc. (“Cardiff Oncology” or the “Company”) headquartered in San Diego, California, is a clinical-stage biotechnology company leveraging Polo-like Kinase 1 (“PLK1”) inhibition to develop novel therapies across a range of cancers. The Company’s lead asset is onvansertib, a PLK1 inhibitor that is being evaluated in combination with standard-of-care therapies in clinical programs targeting indications such as RAS-mutated metastatic colorectal cancer, metastatic pancreatic cancer, as well as investigator-initiated trials in triple negative breast cancer and small cell lung cancer. These programs and the Company’s broader development strategy are designed to target tumor vulnerabilities in order to overcome treatment resistance and deliver superior clinical benefit compared to the standard-of-care alone. The Company's common stock is listed on the Nasdaq Capital Market under the ticker symbol "CRDF". Basis of Presentation The accompanying unaudited interim condensed financial statements of Cardiff Oncology have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The unaudited interim condensed financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and the results of its operations and cash flows for the periods presented. The unaudited condensed balance sheet at December 31, 2022, has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by GAAP for annual financial statements. The operating results presented in these unaudited interim condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K filed with the SEC on March 2, 2023. Liquidity The Company has incurred net losses since its inception and has negative operating cash flows. As of June 30, 2023, the Company had $89.4 million in cash, cash equivalents and short-term investments and believes it has sufficient cash to meet its funding requirements for at least the next 12 months following the issuance date of these financial statements. For the foreseeable future, the Company expects to continue to incur losses and require additional capital to further advance its clinical trial programs and support its other operations. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that the Company can raise additional funds by issuing equity securities, the Company’s stockholders may experience additional dilution.

CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Service Receivable	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, beginning (in shares) at Dec. 31, 2021		716	41,964
Balance, beginning at Dec. 31, 2021	$ 140,417	$ 1	$ 4	$ 400,503	$ (139)	$ (142)	$ (259,810)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,152			1,152
Other comprehensive gain (loss)	(606)					(606)
Issuance of common stock upon conversion of Series E Convertible Preferred Stock (in shares)		(328)	1,342
Issuance of common stock upon conversion of Series E Convertible Preferred Stock	(1)	$ (1)
Preferred stock dividend	(6)						(6)
Release of clinical trial funding commitment	139				139
Net loss	(10,993)						(10,993)
Balance, ending (in shares) at Mar. 31, 2022		388	43,306
Balance, ending at Mar. 31, 2022	130,102	$ 0	$ 4	401,655	0	(748)	(270,809)
Balance, beginning (in shares) at Dec. 31, 2021		716	41,964
Balance, beginning at Dec. 31, 2021	140,417	$ 1	$ 4	400,503	(139)	(142)	(259,810)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(21,436)
Balance, ending (in shares) at Jun. 30, 2022		388	43,306
Balance, ending at Jun. 30, 2022	120,474	$ 0	$ 4	402,710	0	(982)	(281,258)
Balance, beginning (in shares) at Mar. 31, 2022		388	43,306
Balance, beginning at Mar. 31, 2022	130,102	$ 0	$ 4	401,655	0	(748)	(270,809)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,055			1,055
Other comprehensive gain (loss)	(234)					(234)
Preferred stock dividend	(6)						(6)
Net loss	(10,443)						(10,443)
Balance, ending (in shares) at Jun. 30, 2022		388	43,306
Balance, ending at Jun. 30, 2022	120,474	$ 0	$ 4	402,710	$ 0	(982)	(281,258)
Balance, beginning (in shares) at Dec. 31, 2022		61	44,677
Balance, beginning at Dec. 31, 2022	106,343	$ 0	$ 4	404,834		(395)	(298,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,064			1,064
Other comprehensive gain (loss)	319					319
Net loss	(11,223)						(11,223)
Balance, ending (in shares) at Mar. 31, 2023		61	44,677
Balance, ending at Mar. 31, 2023	96,503	$ 0	$ 4	405,898		(76)	(309,323)
Balance, beginning (in shares) at Dec. 31, 2022		61	44,677
Balance, beginning at Dec. 31, 2022	106,343	$ 0	$ 4	404,834		(395)	(298,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(22,373)
Balance, ending (in shares) at Jun. 30, 2023		61	44,677
Balance, ending at Jun. 30, 2023	86,579	$ 0	$ 4	407,479		(431)	(320,473)
Balance, beginning (in shares) at Mar. 31, 2023		61	44,677
Balance, beginning at Mar. 31, 2023	96,503	$ 0	$ 4	405,898		(76)	(309,323)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,581			1,581
Other comprehensive gain (loss)	(355)					(355)
Net loss	(11,150)						(11,150)
Balance, ending (in shares) at Jun. 30, 2023		61	44,677
Balance, ending at Jun. 30, 2023	$ 86,579	$ 0	$ 4	$ 407,479		$ (431)	$ (320,473)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of the Company’s Assets and Liabilities that are Measured and Recognized at Fair Value on a Recurring Basis Classified Under the Appropriate Level of the Fair Value Hierarchy


	Fair Value Measurements at June 30, 2023
(in thousands)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market fund	$	18,792	$	—	$	—	$	18,792

Total included in cash and cash equivalents	18,792		—		—		18,792

Available for sale investments:
Certificate of deposit	—		7,991		—		7,991
Corporate debt securities	—		23,062		—		23,062
Commercial paper	—		11,089		—		11,089

U.S. government agencies	—		7,802				7,802
U.S. treasury securities	20,115		—		—		20,115
Total available for sale investments	20,115		49,944		—		70,059

Total assets measured at fair value on a recurring basis	$	38,907	$	49,944	$	—	$	88,851


	Fair Value Measurements at December 31, 2022
(in thousands)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market fund	$	15,722	$	—	$	—	$	15,722

Total included in cash and cash equivalents	15,722		—		—		15,722

Available for sale investments:
Certificate of deposit	—		16,023		—		16,023
Corporate debt securities	—		49,535		—		49,535
Commercial paper	—		13,187		—		13,187
U.S. government agencies	—		2,288		—		2,288
U.S. treasury securities	7,887		—		—		7,887
Total available for sale investments	7,887		81,033		—		88,920

Total assets measured at fair value on a recurring basis	$	23,609	$	81,033	$	—	$	104,642

Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	9,412,486	10,964,481
Options to purchase Common Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	6,603,661	5,131,195
Warrants to purchase Common Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	2,807,948	4,490,159
Series A Convertible Preferred Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	877	877
Series E Convertible Preferred Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	0	1,342,250

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

As a lessee, the Company’s current leases include its master facility lease and immaterial equipment leases, all of which are considered operating leases.

Master Facility Lease

The Company currently leases office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $61,000 per month with 3% annual escalation.

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease cost	$	180	$	190	$	363	$	381

Supplemental balance sheet information related to leases was as follows:


(in thousands)	As of June 30, 2023			As of December 31, 2022
Operating lease ROU assets	$	1,978		$	2,251

Current operating lease liabilities	$	683		$	675
Non-current operating lease liabilities	1,753			2,040
Total operating lease liabilities	$	2,436		$	2,715

Weighted-average remaining lease term–operating leases	3.7 years			4.2 years
Weighted-average discount rate–operating leases	7.0		%	7.0		%

Supplemental cash flow and other information related to leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	183	$	180	$	368	$	251

Total remaining annual commitments under non-cancelable lease agreements for each of the years ended December 31 are as follows:


(in thousands)
Year Ending December 31,	Operating Leases


2023 (excluding the six months ended June 30, 2023)	$	306
2024	754
2025	775
2026	796

Thereafter	136
Total future minimum lease payments	2,767
Less imputed interest	(331)
Total	$	2,436

Leases

As a lessee, the Company’s current leases include its master facility lease and immaterial equipment leases, all of which are considered operating leases.

Master Facility Lease

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease cost	$	180	$	190	$	363	$	381

Supplemental balance sheet information related to leases was as follows:


(in thousands)	As of June 30, 2023			As of December 31, 2022
Operating lease ROU assets	$	1,978		$	2,251

Current operating lease liabilities	$	683		$	675
Non-current operating lease liabilities	1,753			2,040
Total operating lease liabilities	$	2,436		$	2,715

Weighted-average remaining lease term–operating leases	3.7 years			4.2 years
Weighted-average discount rate–operating leases	7.0		%	7.0		%

Supplemental cash flow and other information related to leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	183	$	180	$	368	$	251

Total remaining annual commitments under non-cancelable lease agreements for each of the years ended December 31 are as follows:


(in thousands)
Year Ending December 31,	Operating Leases


2023 (excluding the six months ended June 30, 2023)	$	306
2024	754
2025	775
2026	796

Thereafter	136
Total future minimum lease payments	2,767
Less imputed interest	(331)
Total	$	2,436

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Royalties	$ 108	$ 91	$ 191	$ 165
Costs and expenses:
Research and development	8,020	7,448	17,072	14,656
Selling, general and administrative	4,296	3,086	7,379	7,026
Total operating expenses	12,316	10,534	24,451	21,682
Loss from operations	(12,208)	(10,443)	(24,260)	(21,517)
Interest income, net	1,053	253	1,993	383
Other income (expense), net	5	(253)	(106)	(302)
Total other income (expense), net	1,058	0	1,887	81
Net loss	(11,150)	(10,443)	(22,373)	(21,436)
Preferred stock dividend payable on Series A Convertible Preferred Stock	(6)	(6)	(12)	(12)
Net loss attributable to common stockholders	$ (11,156)	$ (10,449)	$ (22,385)	$ (21,448)
Net loss per common share - basic (in dollars per share)	$ (0.25)	$ (0.24)	$ (0.50)	$ (0.50)
Net loss per common share - diluted (in dollars per share)	$ (0.25)	$ (0.24)	$ (0.50)	$ (0.50)
Weighted-average shares outstanding - basic (in shares)	44,677	43,306	44,677	43,269
Weighted-average shares outstanding - diluted (in shares)	44,677	43,306	44,677	43,269

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total available for sale investments	$ 70,059	$ 88,920
Recurring basis
Assets:
Total included in cash and cash equivalents	18,792	15,722
Total available for sale investments	70,059	88,920
Total assets measured at fair value on a recurring basis	88,851	104,642
Recurring basis \| Certificate of deposit
Assets:
Total available for sale investments	7,991	16,023
Recurring basis \| Corporate debt securities
Assets:
Total available for sale investments	23,062	49,535
Recurring basis \| Commercial paper
Assets:
Total available for sale investments	11,089	13,187
Recurring basis \| Non U.S. government
Assets:
Total available for sale investments	7,802	2,288
Recurring basis \| U.S. treasury securities
Assets:
Total available for sale investments	20,115	7,887
Recurring basis \| Money market fund
Assets:
Total included in cash and cash equivalents	18,792	15,722
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Assets:
Total included in cash and cash equivalents	18,792	15,722
Total available for sale investments	20,115	7,887
Total assets measured at fair value on a recurring basis	38,907	23,609
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Certificate of deposit
Assets:
Total available for sale investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Corporate debt securities
Assets:
Total available for sale investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Commercial paper
Assets:
Total available for sale investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Non U.S. government
Assets:
Total available for sale investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| U.S. treasury securities
Assets:
Total available for sale investments	20,115	7,887
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Money market fund
Assets:
Total included in cash and cash equivalents	18,792	15,722
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets:
Total included in cash and cash equivalents	0	0
Total available for sale investments	49,944	81,033
Total assets measured at fair value on a recurring basis	49,944	81,033
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Certificate of deposit
Assets:
Total available for sale investments	7,991	16,023
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Assets:
Total available for sale investments	23,062	49,535
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total available for sale investments	11,089	13,187
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Non U.S. government
Assets:
Total available for sale investments	7,802	2,288
Recurring basis \| Significant Other Observable Inputs (Level 2) \| U.S. treasury securities
Assets:
Total available for sale investments	0	0
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Money market fund
Assets:
Total included in cash and cash equivalents	0	0
Recurring basis \| Significant Unobservable Inputs (Level 3)
Assets:
Total included in cash and cash equivalents	0	0
Total available for sale investments	0	0
Total assets measured at fair value on a recurring basis	0	0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| Certificate of deposit
Assets:
Total available for sale investments	0	0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Assets:
Total available for sale investments	0	0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| Commercial paper
Assets:
Total available for sale investments	0	0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| Non U.S. government
Assets:
Total available for sale investments		0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| U.S. treasury securities
Assets:
Total available for sale investments	0	0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| Money market fund
Assets:
Total included in cash and cash equivalents	$ 0	$ 0

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Milestone and royalty payments made	$ 0	$ 0

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 180	$ 190	$ 363	$ 381

Supplementary Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, equipment and depreciation and amortization
Property and equipment, gross	$ 4,913	$ 4,682
Less—accumulated depreciation and amortization	(3,557)	(3,413)
Property and equipment, net	1,356	1,269
Furniture and office equipment
Property, equipment and depreciation and amortization
Property and equipment, gross	1,081	1,066
Leasehold improvements
Property, equipment and depreciation and amortization
Property and equipment, gross	2,568	2,560
Laboratory equipment
Property, equipment and depreciation and amortization
Property and equipment, gross	$ 1,264	$ 1,056

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense
Total stock based compensation expense	$ 1,581	$ 1,055	$ 2,645	$ 2,207
Options vested, fair value			3,200	3,000
Research and Development Expense
Stock-based compensation expense
Total stock based compensation expense	297	126	691	460
Selling, general and administrative expense
Stock-based compensation expense
Total stock based compensation expense	1,284	$ 929	1,954	$ 1,747
Options to purchase Common Stock
Stock-based compensation expense
Unrecognized compensation cost	$ 8,400		$ 8,400
Weighted-average remaining vesting period for recognition			2 years 6 months
Options outstanding, weighted average contractual life			8 years 4 months 24 days

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 19,369	$ 16,347
Short-term investments	70,059	88,920
Accounts receivable and unbilled receivable	161	771
Prepaid expenses and other current assets	3,142	5,246
Total current assets	92,731	111,284
Property and equipment, net	1,356	1,269
Operating lease right-of-use assets	1,978	2,251
Other assets	1,390	1,387
Total Assets	97,455	116,191
Current liabilities:
Accounts payable	2,939	1,956
Accrued liabilities	5,501	5,177
Operating lease liabilities	683	675
Total current liabilities	9,123	7,808
Operating lease liabilities, net of current portion	1,753	2,040
Total Liabilities	10,876	9,848
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, 20,000 shares authorized; Series A Convertible Preferred Stock liquidation preference $1,056 and $1,044 at June 30, 2023 and December 31, 2022, respectively (Note 6)	0	0
Common stock, $0.0001 par value, 150,000 shares authorized; 44,677 shares issued and outstanding at June 30, 2023 and December 31, 2022	4	4
Additional paid-in capital	407,479	404,834
Accumulated other comprehensive loss	(431)	(395)
Accumulated deficit	(320,473)	(298,100)
Total stockholders’ equity	86,579	106,343
Total liabilities and stockholders’ equity	$ 97,455	$ 116,191

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Options

Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022

Included in research and development expense	$	297	$	126	$	691	$	460
Included in selling, general and administrative expense	1,284		929		1,954		1,747


Total stock-based compensation expense	$	1,581	$	1,055	$	2,645	$	2,207

The unrecognized compensation cost related to non-vested stock options outstanding at June 30, 2023, net of estimated forfeitures, was $8.4 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.5 years. The weighted-average remaining contractual term of outstanding options as of June 30, 2023, was approximately 8.4

years. The total fair value of stock options vested during the six months ended June 30, 2023 and 2022, were $3.2 million and $3.0 million, respectively.

The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions during the following periods indicated:


	Six Months Ended June 30,
	2023		2022
Risk-free interest rate	3.61	%	1.87	%
Dividend yield	0	%	0	%
Expected volatility of Cardiff Oncology common stock	109	%	106	%
Expected term(1)	5.3 years		6.0 years

(1)The expected term for options granted after January 1, 2023 is estimated based on the Company's historical employee data. Prior to January 1, 2023, the Company used the "simplified method" to estimate expected term.

A summary of stock option activity and changes in stock options outstanding is presented below:


	Total Options	Weighted-Average Exercise Price Per Share		Intrinsic Value
Balance outstanding, December 31, 2022	5,069,458	$	5.92	$	19,322
Granted	2,088,608	$	1.71

Forfeited and expired	(554,405)	$	7.12
Balance outstanding, June 30, 2023	6,603,661	$	4.49	$	23,351
Exercisable at June 30, 2023	2,766,027	$	6.16	$	21,713
Vested and expected to vest at June 30, 2023	6,410,335	$	4.55	$	23,269

2021 Equity Incentive Plan

In June 2021 the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). The number of authorized shares in the 2021 Plan is equal to the sum of (i) 3,150,000 shares, plus (ii) the number of shares of Common Stock reserved, but unissued under the 2014 Plan; and (iii) the number of shares of Common Stock underlying forfeited awards under the 2014 Plan. On June 9, 2022, the shareholders approved an increase of shares authorized in the 2021 Plan to 5,150,000 from 3,150,000. As of June 30, 2023, there were 2,013,871 shares available for issuance under the 2021 Plan.

2014 Equity Incentive Plan

Subsequent to the adoption of the 2021 Plan, no additional equity awards can be made under the terms of the 2014 Plan.

Inducement Grants

The Company issues equity awards to certain new employees as inducement grants outside of its 2021 Plan. As of June 30, 2023, an aggregate of 1,385,240 shares were issuable upon the exercise of inducement grant stock options approved by the Company.

Modification of Stock Options

In June 2023 the Company modified stock options for a departing employee. The modification resulted in an incremental stock-based compensation expense of $0.6 million during the three month period ended June 30, 2023.

Warrants

A summary of warrant activity and changes in warrants outstanding, including both liability and equity classifications is presented below:


	Total Warrants	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2022	4,360,968	$	5.33	2.1 years


Expired	(1,553,020)	$	10.54
Balance outstanding, June 30, 2023	2,807,948	$	2.45	2.5 years

Preferred Stock

A summary of our Company's classes of preferred stock is presented below:


				Shares outstanding
Class	Par value		Shares designated	As of June 30, 2023	As of December 31, 2022
Series A Convertible Preferred Stock	$	0.001	277,100	60,600	60,600
Series B Convertible Preferred Stock	$	0.001	8,860	—	—
Series C Convertible Preferred Stock	$	0.001	200,000	—	—
Series D Convertible Preferred Stock	$	0.0001	154,670	—	—
Series E Convertible Preferred Stock	$	0.001	865,824	—	—

Subsequent to quarter-end the Company filed a certificate of elimination and the Series B, C, D & E preferred stock have been eliminated from authorized series of preferred stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 18
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease cost	$	180	$	190	$	363	$	381

Supplemental cash flow and other information related to leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	183	$	180	$	368	$	251

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:


(in thousands)	As of June 30, 2023			As of December 31, 2022
Operating lease ROU assets	$	1,978		$	2,251

Current operating lease liabilities	$	683		$	675
Non-current operating lease liabilities	1,753			2,040
Total operating lease liabilities	$	2,436		$	2,715

Weighted-average remaining lease term–operating leases	3.7 years			4.2 years
Weighted-average discount rate–operating leases	7.0		%	7.0		%

Summary of Future Minimum Lease Payments

Total remaining annual commitments under non-cancelable lease agreements for each of the years ended December 31 are as follows:


(in thousands)
Year Ending December 31,	Operating Leases


2023 (excluding the six months ended June 30, 2023)	$	306
2024	754
2025	775
2026	796

Thereafter	136
Total future minimum lease payments	2,767
Less imputed interest	(331)
Total	$	2,436

Supplementary Balance Sheet Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 2,175	$ 1,849
Clinical trials	2,364	2,333
Research agreements and services	543	509
Director fees	125	125
Patent, license and other fees	83	24
Other accrued liabilities	211	337
Total accrued liabilities	$ 5,501	$ 5,177

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (11,150)	$ (11,223)	$ (10,443)	$ (10,993)	$ (22,373)	$ (21,436)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity - Warrants (Details) - $ / shares	3 Months Ended		6 Months Ended
Stockholders' Equity - Warrants (Details) - $ / shares	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Number of Warrants
Balance of warrants outstanding at the end of the period (in shares)	2,807,948		2,807,948
Expired (in shares)	(1,553,020)
Balance of warrants outstanding at the beginning of the period (in shares)		4,360,968	4,360,968
Weighted Average Exercise Price Per Share
Weighted average exercise price of warrants at the beginning of the period (in USD per share)		$ 5.33	$ 5.33
Expired (in USD per share)	$ 10.54
Weighted average exercise price of warrants at the end of the period (in USD per share)	$ 2.45		$ 2.45
Term
Weighted-Average Remaining Contractual Term		2 years 1 month 6 days	2 years 6 months

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

During the six months ended June 30, 2023, there have been no changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Net Loss Per Share

Basic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. Preferred dividends are included in net loss attributable to common stockholders in the computation of basic and diluted earnings per share.

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their effect was anti-dilutive:


	June 30,
	2023	2022
Options to purchase Common Stock	6,603,661	5,131,195
Warrants to purchase Common Stock	2,807,948	4,490,159

Series A Convertible Preferred Stock	877	877

Series E Convertible Preferred Stock	—	1,342,250
	9,412,486	10,964,481

Recent Accounting Pronouncement Not Yet Adopted

In August 2020, the FASB issued ASU No. 2020-06 ("ASU 2020-06"), Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, ASU 2020-06 modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2021 (or December 15, 2023, for companies who meet the SEC definition of Smaller Reporting Companies), and interim periods within those fiscal years. The amendment is to be adopted through either a fully retrospective or modified retrospective method of transition. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures, and will adopt this standard on January 1, 2024.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022

Included in research and development expense	$	297	$	126	$	691	$	460
Included in selling, general and administrative expense	1,284		929		1,954		1,747


Total stock-based compensation expense	$	1,581	$	1,055	$	2,645	$	2,207

Schedule of Assumptions to Estimate Fair Value of Stock Option Awards


	Six Months Ended June 30,
	2023		2022
Risk-free interest rate	3.61	%	1.87	%
Dividend yield	0	%	0	%
Expected volatility of Cardiff Oncology common stock	109	%	106	%
Expected term(1)	5.3 years		6.0 years

Summary of Stock Option Activity and of Changes in Stock Options Outstanding

A summary of stock option activity and changes in stock options outstanding is presented below:


	Total Options	Weighted-Average Exercise Price Per Share		Intrinsic Value
Balance outstanding, December 31, 2022	5,069,458	$	5.92	$	19,322
Granted	2,088,608	$	1.71

Forfeited and expired	(554,405)	$	7.12
Balance outstanding, June 30, 2023	6,603,661	$	4.49	$	23,351
Exercisable at June 30, 2023	2,766,027	$	6.16	$	21,713
Vested and expected to vest at June 30, 2023	6,410,335	$	4.55	$	23,269

Summary of Warrant Activity and Changes in Warrants Outstanding

A summary of warrant activity and changes in warrants outstanding, including both liability and equity classifications is presented below:


	Total Warrants	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2022	4,360,968	$	5.33	2.1 years


Expired	(1,553,020)	$	10.54
Balance outstanding, June 30, 2023	2,807,948	$	2.45	2.5 years

Schedule of Preferred Stock

A summary of our Company's classes of preferred stock is presented below:


				Shares outstanding
Class	Par value		Shares designated	As of June 30, 2023	As of December 31, 2022
Series A Convertible Preferred Stock	$	0.001	277,100	60,600	60,600
Series B Convertible Preferred Stock	$	0.001	8,860	—	—
Series C Convertible Preferred Stock	$	0.001	200,000	—	—
Series D Convertible Preferred Stock	$	0.0001	154,670	—	—
Series E Convertible Preferred Stock	$	0.001	865,824	—	—

Subsequent to quarter-end the Company filed a certificate of elimination and the Series B, C, D & E preferred stock have been eliminated from authorized series of preferred stock.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Stockholders' Equity - Stock Option Activity (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 09, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Authorized shares under the plan (in shares)			3,150,000		5,150,000
Share-based payment arrangement, plan modification, incremental cost	$ 600,000
Options to purchase Common Stock
Weighted-average assumptions
Risk-free interest rate		3.61%	1.87%
Dividend yield (as a percent)		0.00%	0.00%
Expected volatility (as a percent)		109.00%	106.00%
Expected term(1)		5 years 3 months 18 days	6 years
Number of Options
Balance outstanding at the beginning of the period (in shares)		5,069,458
Granted (in shares)		2,088,608
Forfeited and expired (in shares)		(554,405)
Balance outstanding at the end of the period (in shares)	6,603,661	6,603,661
Exercisable at the end of the period (in shares)	2,766,027	2,766,027
Vested and expected to vest (in shares)	6,410,335	6,410,335
Weighted Average Exercise Price Per Share
Balance outstanding at the beginning of the period (in USD per share)		$ 5.92
Granted (in USD per share)		1.71
Forfeited and expired (in USD per share)		7.12
Balance outstanding at the end of the period (in USD per share)	$ 4.49	4.49
Exercisable at the end of the period (in USD per share)	6.16	6.16
Vested and expected to vest (in USD per share)	$ 4.55	$ 4.55
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Options outstanding, intrinsic value	$ 23,351	$ 23,351		$ 19,322
Exercisable at the end of the period, intrinsic value	21,713	21,713
Vested and expected to vest, intrinsic value	$ 23,269	$ 23,269
Inducement Grant Stock Options
Number of Options
Granted (in shares)	1,385,240
Equity Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Number of remaining shares available for issuance (in shares)	2,013,871	2,013,871

Supplementary Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Investments Available-for-sale

Investments available for sale consist of the following:


	As of June 30, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	8,005	$	—	$	(14)	$	7,991
Corporate debt securities	14,465		5		(53)		14,417
Commercial paper	11,102		—		(13)		11,089

U.S. government agencies	7,841		—		(39)		7,802

Total maturity less than 1 year	41,413		5		(119)		41,299
Maturity 1 to 2 years:
Corporate debt securities	8,711		16		(82)		8,645

U.S. treasury securities	20,366		—		(251)		20,115
Total maturity 1 to 2 years	29,077		16		(333)		28,760

Total short-term investments	$	70,490	$	21	$	(452)	$	70,059


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	16,101	$	3	$	(81)	$	16,023
Corporate debt securities	44,806		8		(275)		44,539
Commercial paper	13,203		4		(20)		13,187
Non U.S. government	2,284		4		—		2,288
U.S. treasury securities	7,905		—		(18)		7,887
Total maturity less than 1 year	84,299		19		(394)		83,924
Maturity 1 to 2 years:
Corporate debt securities	5,016		1		(21)		4,996

Total maturity 1 to 2 years	5,016		1		(21)		4,996

Total short-term investments	$	89,315	$	20	$	(415)	$	88,920

Investments Available-for-sale in a Continuous Unrealized Loss Position

Investments available for sale that have been in a continuous unrealized loss position for greater than one-year consist of the following:


	As of June 30, 2023
(in thousands)	Fair Market Value		Gross Unrealized Loss

Corporate debt securities	$	2,963	$	(24)

Schedule of Components of Property and Equipment

Property and equipment consist of the following:


(in thousands)	As of June 30, 2023		As of December 31, 2022
Furniture and office equipment	$	1,081	$	1,066
Leasehold improvements	2,568		2,560
Laboratory equipment	1,264		1,056
	4,913		4,682
Less—accumulated depreciation and amortization	(3,557)		(3,413)
Property and equipment, net	$	1,356	$	1,269

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	As of June 30, 2023		As of December 31, 2022
Accrued compensation	$	2,175	$	1,849

Clinical trials	2,364		2,333
Research agreements and services	543		509
Director fees	125		125

Patent, license and other fees	83		24

Other accrued liabilities	211		337
Total accrued liabilities	$	5,501	$	5,177

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Supplementary Balance Sheet Information - Investments Available-for-sale in a Continuous Loss Position (Details) - Corporate debt securities $ in Thousands	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Market Value	$ 2,963
Gross Unrealized Loss	$ (24)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,150)	$ (10,443)	$ (22,373)	$ (21,436)
Other comprehensive loss:
Unrealized loss on securities available-for-sale	(355)	(234)	(36)	(840)
Total comprehensive loss	(11,505)	(10,677)	(22,409)	(22,276)
Preferred stock dividend payable on Series A Convertible Preferred Stock	(6)	(6)	(12)	(12)
Comprehensive loss attributable to common stockholders	$ (11,511)	$ (10,683)	$ (22,421)	$ (22,288)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Supplementary Balance Sheet Information - Investments Available-for-sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturity less than 1 year:
Amortized Cost	$ 41,413	$ 84,299
Gross Unrealized Gains	5	19
Gross Unrealized Losses	(119)	(394)
Fair Market Value	41,299	83,924
Maturity 1 to 2 years:
Amortized Cost	29,077	5,016
Gross Unrealized Gains	16	1
Gross Unrealized Losses	(333)	(21)
Fair Market Value	28,760	4,996
Amortized Cost	70,490	89,315
Gross Unrealized Gains	21	20
Gross Unrealized Losses	(452)	(415)
Fair Market Value	70,059	88,920
Certificate of deposit
Maturity less than 1 year:
Amortized Cost	8,005	16,101
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(14)	(81)
Fair Market Value	7,991	16,023
Corporate debt securities
Maturity less than 1 year:
Amortized Cost	14,465	44,806
Gross Unrealized Gains	5	8
Gross Unrealized Losses	(53)	(275)
Fair Market Value	14,417	44,539
Maturity 1 to 2 years:
Amortized Cost	8,711	5,016
Gross Unrealized Gains	16	1
Gross Unrealized Losses	(82)	(21)
Fair Market Value	8,645	4,996
Commercial paper
Maturity less than 1 year:
Amortized Cost	11,102	13,203
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(13)	(20)
Fair Market Value	11,089	13,187
U.S. government agencies
Maturity less than 1 year:
Amortized Cost	7,841
Gross Unrealized Gains	0
Gross Unrealized Losses	(39)
Fair Market Value	7,802
Non U.S. government
Maturity less than 1 year:
Amortized Cost		2,284
Gross Unrealized Gains		4
Gross Unrealized Losses		0
Fair Market Value		2,288
U.S. treasury securities
Maturity less than 1 year:
Amortized Cost		7,905
Gross Unrealized Gains		0
Gross Unrealized Losses		(18)
Fair Market Value		$ 7,887
Maturity 1 to 2 years:
Amortized Cost	20,366
Gross Unrealized Gains	0
Gross Unrealized Losses	(251)
Fair Market Value	$ 20,115

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-35558
Entity Registrant Name	CARDIFF ONCOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2004382
Entity Address, Address Line One	11055 Flintkote Avenue
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	952-7570
Title of 12(b) Security	Common Stock
Trading Symbol	CRDF
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,677,169
Entity Central Index Key	0001213037
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Security Exchange Name	NASDAQ

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Liquidation preference	$ 1,056	$ 1,044
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	44,677,000	44,677,000
Common stock, shares outstanding (in shares)	44,677,000	44,677,000

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (excluding the six months ended June 30, 2023)	$ 306
2024	754
2025	775
2026	796
Thereafter	136
Total future minimum lease payments	2,767
Less imputed interest	(331)
Total	$ 2,436	$ 2,715

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Net Loss per Share

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their effect was anti-dilutive:


	June 30,
	2023	2022
Options to purchase Common Stock	6,603,661	5,131,195
Warrants to purchase Common Stock	2,807,948	4,490,159

Series A Convertible Preferred Stock	877	877

Series E Convertible Preferred Stock	—	1,342,250
	9,412,486	10,964,481