0000950170-24-123242 | 10-Q | XBRL Viewer

1,064

319

Balance, ending (in shares) at Mar. 31, 2023

(11,223)

44,677

Balance, ending at Mar. 31, 2023

96,503

$ 4

405,898

(76)

(309,323)

Balance, beginning (in shares) at Dec. 31, 2022

44,677

Balance, beginning at Dec. 31, 2022

106,343

$ 4

404,834

(395)

(298,100)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Balance, ending (in shares) at Sep. 30, 2023

(32,104)

44,677

Balance, ending at Sep. 30, 2023

77,827

$ 4

408,434

(407)

(330,204)

Balance, beginning (in shares) at Mar. 31, 2023

44,677

Balance, beginning at Mar. 31, 2023

96,503

$ 4

405,898

(76)

(309,323)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,581

(355)

Balance, ending (in shares) at Jun. 30, 2023

(11,150)

44,677

Balance, ending at Jun. 30, 2023

86,579

$ 4

407,479

(431)

(320,473)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

955

Balance, ending (in shares) at Sep. 30, 2023

(9,731)

44,677

Balance, ending at Sep. 30, 2023

77,827

$ 4

408,434

(407)

(330,204)

Balance, beginning (in shares) at Dec. 31, 2023

44,677

Balance, beginning at Dec. 31, 2023

69,739

$ 0

$ 4

409,343

$ (793)

(67)

(339,541)

$ 793

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

1,124

Issuance of common stock upon exercise of stock options

107

(65)

Balance, ending (in shares) at Mar. 31, 2024

(10,011)

44,710

Balance, ending at Mar. 31, 2024

$ 60,894

$ 4

409,781

(132)

(348,759)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting Standards Update [Extensible Enumeration]

us-gaap:AccountingStandardsUpdate202006Member

Balance, beginning (in shares) at Dec. 31, 2023

44,677

Balance, beginning at Dec. 31, 2023

$ 69,739

$ 0

$ 4

409,343

$ (793)

(67)

(339,541)

$ 793

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Balance, ending (in shares) at Sep. 30, 2024

(33,644)

48,731

Balance, ending at Sep. 30, 2024

49,392

$ 5

421,697

(372,392)

Balance, beginning (in shares) at Mar. 31, 2024

44,710

Balance, beginning at Mar. 31, 2024

60,894

$ 4

409,781

(132)

(348,759)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock, net of expenses (in shares)

^[2]

792

Issuance of common stock, net of expenses

^[2]

1,805

$ 1

1,804

Issuance of common stock upon exercise of stock options (in shares)

1,179

100

Issuance of common stock upon exercise of stock options

253

Balance, ending (in shares) at Jun. 30, 2024

(11,778)

45,602

Balance, ending at Jun. 30, 2024

52,388

$ 5

413,017

(97)

(360,537)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock, net of expenses (in shares)

^[3]

3,129

Issuance of common stock, net of expenses

^[3]

7,427

1,253

179

Balance, ending (in shares) at Sep. 30, 2024

(11,855)

48,731

Balance, ending at Sep. 30, 2024

$ 49,392

$ 5

$ 421,697

$ 82

$ (372,392)

[1]	See Note 2.
[2]	Net of expenses of $197,000.
[3]	Net of expenses of $285,000.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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

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 September 30, 2024, and December 31, 2023:


	Fair Value Measurements at September 30, 2024
(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	$	12,591	$	—	$	—	$	12,591
U.S. treasury securities		298		—		—		298
Total included in cash and cash equivalents		12,889		—		—		12,889

Available for sale investments:
Certificate of deposit		—		334		—		334
Corporate debt securities		—		25,091		—		25,091
Commercial paper		—		310		—		310
U.S. treasury securities		18,894		—		—		18,894
Total available for sale investments		18,894		25,735		—		44,629

Total assets measured at fair value on a recurring basis	$	31,783	$	25,735	$	—	$	57,518


	Fair Value Measurements at December 31, 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	$	21,606	$	—	$	—	$	21,606
Total included in cash and cash equivalents		21,606		—		—		21,606

Available for sale investments:
Certificate of deposit		—		8,333		—		8,333
Corporate debt securities		—		19,373		—		19,373
Commercial paper		—		6,202		—		6,202
U.S. government agencies		—		834		—		834
U.S. treasury securities		18,426		—		—		18,426
Total available for sale investments		18,426		34,742		—		53,168

Total assets measured at fair value on a recurring basis	$	40,032	$	34,742	$	—	$	74,774

Stockholders' Equity - Stock Option Activity (Details) - USD ($)		9 Months Ended
	May 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Number of Options
Granted (in shares)	1,697,712
Options to purchase Common Stock
Weighted-average assumptions
Risk-free interest rate		4.06%	3.62%
Dividend yield (as a percent)		0.00%	0.00%
Expected volatility (as a percent)		106.00%	109.00%
Expected term		5 years 9 months 18 days	5 years 3 months 18 days
Number of Options
Balance outstanding at the beginning of the period (in shares)		6,650,954
Granted (in shares)		1,899,096
Exercised (in shares)		(133,614)
Forfeited and expired (in shares)		(68,092)
Balance outstanding at the end of the period (in shares)		8,348,344
Exercisable at the end of the period (in shares)		4,431,853
Vested and expected to vest (in shares)		8,132,900
Weighted Average Exercise Price Per Share
Balance outstanding at the beginning of the period (in USD per share)		$ 4.27
Granted (in USD per share)		3.4
Exercised (in USD per share)		2.69
Forfeited and expired (in USD per share)		23.06
Balance outstanding at the end of the period (in USD per share)		3.94
Exercisable at the end of the period (in USD per share)		4.64
Vested and expected to vest (in USD per share)		$ 3.97
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Options outstanding, intrinsic value		$ 2,542,885		$ 23,926
Exercisable at the end of the period, intrinsic value		1,235,936
Vested and expected to vest, intrinsic value		$ 2,451,731
Inducement Grant Stock Options
Number of Options
Granted (in shares)		1,380,248

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events

Sale of Common Stock

From October 1, 2024 through November 4, 2024, the Company sold 2.4 million shares of its common stock under the Sales Agreement with Jefferies LLC. Gross proceeds from these sales was $7.0 million.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


	Fair Value Measurements at September 30, 2024
(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	$	12,591	$	—	$	—	$	12,591
U.S. treasury securities		298		—		—		298
Total included in cash and cash equivalents		12,889		—		—		12,889

Available for sale investments:
Certificate of deposit		—		334		—		334
Corporate debt securities		—		25,091		—		25,091
Commercial paper		—		310		—		310
U.S. treasury securities		18,894		—		—		18,894
Total available for sale investments		18,894		25,735		—		44,629

Total assets measured at fair value on a recurring basis	$	31,783	$	25,735	$	—	$	57,518


	Fair Value Measurements at December 31, 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	$	21,606	$	—	$	—	$	21,606
Total included in cash and cash equivalents		21,606		—		—		21,606

Available for sale investments:
Certificate of deposit		—		8,333		—		8,333
Corporate debt securities		—		19,373		—		19,373
Commercial paper		—		6,202		—		6,202
U.S. government agencies		—		834		—		834
U.S. treasury securities		18,426		—		—		18,426
Total available for sale investments		18,426		34,742		—		53,168

Total assets measured at fair value on a recurring basis	$	40,032	$	34,742	$	—	$	74,774

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 nine months ended September 30, 2024.

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.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, equipment and depreciation and amortization
Property and equipment, gross	$ 5,049	$ 4,990
Less—accumulated depreciation and amortization	(4,056)	(3,752)
Property and equipment, net	993	1,238
Furniture and office equipment
Property, equipment and depreciation and amortization
Property and equipment, gross	1,067	1,067
Leasehold improvements
Property, equipment and depreciation and amortization
Property and equipment, gross	2,568	2,568
Laboratory equipment
Property, equipment and depreciation and amortization
Property and equipment, gross	$ 1,414	$ 1,355

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Total available for sale investments	$ 44,629	$ 53,168
Recurring basis
Assets:
Total included in cash and cash equivalents	12,889	21,606
Total available for sale investments	44,629	53,168
Total assets measured at fair value on a recurring basis	57,518	74,774
Recurring basis \| Certificate of deposit
Assets:
Total available for sale investments	334	8,333
Recurring basis \| Corporate debt securities
Assets:
Total available for sale investments	25,091	19,373
Recurring basis \| Commercial paper
Assets:
Total available for sale investments	310	6,202
Recurring basis \| U.S. government agencies
Assets:
Total available for sale investments		834
Recurring basis \| U.S. treasury securities
Assets:
Total included in cash and cash equivalents	298
Total available for sale investments	18,894	18,426
Recurring basis \| Money market fund
Assets:
Total included in cash and cash equivalents	12,591	21,606
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Assets:
Total included in cash and cash equivalents	12,889	21,606
Total available for sale investments	18,894	18,426
Total assets measured at fair value on a recurring basis	31,783	40,032
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) \| U.S. government agencies
Assets:
Total available for sale investments		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| U.S. treasury securities
Assets:
Total included in cash and cash equivalents	298
Total available for sale investments	18,894	18,426
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	12,591	21,606
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets:
Total included in cash and cash equivalents	0	0
Total available for sale investments	25,735	34,742
Total assets measured at fair value on a recurring basis	25,735	34,742
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Certificate of deposit
Assets:
Total available for sale investments	334	8,333
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Assets:
Total available for sale investments	25,091	19,373
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total available for sale investments	310	6,202
Recurring basis \| Significant Other Observable Inputs (Level 2) \| U.S. government agencies
Assets:
Total available for sale investments		834
Recurring basis \| Significant Other Observable Inputs (Level 2) \| U.S. treasury securities
Assets:
Total included in cash and cash equivalents	0
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) \| U.S. government agencies
Assets:
Total available for sale investments		0
Recurring basis \| Significant Unobservable Inputs (Level 3) \| U.S. treasury securities
Assets:
Total included in cash and cash equivalents	0
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

CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Stock issuance expenses	$ 285,000	$ 197,000	$ 482,000	$ 0

Stockholders' Equity - Warrants (Details) - $ / shares	9 Months Ended	12 Months Ended
Stockholders' Equity - Warrants (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Number of Warrants
Balance of warrants outstanding at the beginning of the period (in shares)	2,807,948
Expired (in shares)	(595)
Balance of warrants outstanding at the end of the period (in shares)	2,807,353	2,807,948
Weighted Average Exercise Price Per Share
Weighted average exercise price of warrants at the beginning of the period (in USD per share)	$ 2.45
Expired (in USD per share)	252.72
Weighted average exercise price of warrants at the end of the period (in USD per share)	$ 2.4	$ 2.45
Term
Weighted-Average Remaining Contractual Term	1 year 2 months 12 days	1 year 10 months 24 days

Supplementary Balance Sheet Information - Investments Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Maturity less than 1 year:
Amortized Cost	$ 35,751	$ 26,293
Gross Unrealized Gains	46	33
Gross Unrealized Losses	(12)	(17)
Fair Market Value	35,785	26,309
Maturity 1 to 2 years:
Amortized Cost	8,796	26,942
Gross Unrealized Gains	49	6
Gross Unrealized Losses	(1)	(89)
Fair Market Value	8,844	26,859
Amortized Cost	44,547	53,235
Gross Unrealized Gains	95	39
Gross Unrealized Losses	(13)	(106)
Fair Market Value	44,629	53,168
Certificate of deposit
Maturity less than 1 year:
Amortized Cost	334	8,317
Gross Unrealized Gains	0	16
Gross Unrealized Losses	0	0
Fair Market Value	334	8,333
Corporate debt securities
Maturity less than 1 year:
Amortized Cost	16,213	10,948
Gross Unrealized Gains	36	8
Gross Unrealized Losses	(2)	(16)
Fair Market Value	16,247	10,940
Maturity 1 to 2 years:
Amortized Cost	8,796	8,437
Gross Unrealized Gains	49	6
Gross Unrealized Losses	(1)	(10)
Fair Market Value	8,844	8,433
Commercial paper
Maturity less than 1 year:
Amortized Cost	308	6,193
Gross Unrealized Gains	2	9
Gross Unrealized Losses	0	0
Fair Market Value	310	6,202
U.S. government agencies
Maturity less than 1 year:
Amortized Cost		835
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Market Value		834
U.S. treasury securities
Maturity less than 1 year:
Amortized Cost	18,896
Gross Unrealized Gains	8
Gross Unrealized Losses	(10)
Fair Market Value	$ 18,894
Maturity 1 to 2 years:
Amortized Cost		18,505
Gross Unrealized Gains		0
Gross Unrealized Losses		(79)
Fair Market Value		$ 18,426

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization and Basis of Presentation

1. 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 ("SoC") therapeutics in clinical programs targeting indications such as RAS-mutated metastatic colorectal cancer (“mCRC”), as well as ongoing or planned investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma (“mPDAC”), small cell lung cancer (“SCLC”), and triple negative breast cancer (“TNBC”). 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 SoC 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, 2023, 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, 2023, included in the Company’s annual report on Form 10-K filed with the SEC on February 29, 2024.

Liquidity

The Company has incurred net losses since its inception and has negative operating cash flows. As of September 30, 2024, the Company had $57.7 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.

Supplementary Balance Sheet Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical trials	$ 4,271	$ 4,309
Accrued compensation	1,993	2,737
Research agreements and services	637	530
Other accrued liabilities	274	207
Total accrued liabilities	$ 7,175	$ 7,783

Supplementary Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Investments Available-for-sale

Investments available for sale consisted of the following:


	As of September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	334	$	—	$	—		$	334
Corporate debt securities		16,213		36		(2	)		16,247
Commercial paper		308		2		—			310
U.S. treasury securities		18,896		8		(10	)		18,894
Total maturity less than 1 year		35,751		46		(12	)		35,785
Maturity 1 to 2 years:
Corporate debt securities		8,796		49		(1	)		8,844
Total maturity 1 to 2 years		8,796		49		(1	)		8,844

Total short-term investments	$	44,547	$	95	$	(13	)	$	44,629


	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	8,317	$	16	$	—		$	8,333
Corporate debt securities		10,948		8		(16	)		10,940
Commercial paper		6,193		9		—			6,202
U.S. government agencies		835		—		(1	)		834
Total maturity less than 1 year		26,293		33		(17	)		26,309
Maturity 1 to 2 years:
Corporate debt securities		8,437		6		(10	)		8,433
U.S. treasury securities		18,505		—		(79	)		18,426
Total maturity 1 to 2 years		26,942		6		(89	)		26,859

Total short-term investments	$	53,235	$	39	$	(106	)	$	53,168

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 consisted of the following:


	As of September 30, 2024
(in thousands)	Fair Market Value		Gross Unrealized Loss
Total	$	—	$	—


	As of December 31, 2023
(in thousands)	Fair Market Value		Gross Unrealized Loss
Corporate debt securities	$	397	$	(3	)

Schedule of Components of Property and Equipment

Property and equipment consisted of the following:


(in thousands)	As of September 30, 2024			As of December 31, 2023
Furniture and office equipment	$	1,067		$	1,067
Leasehold improvements		2,568			2,568
Laboratory equipment		1,414			1,355
Property and equipment, gross		5,049			4,990
Less—accumulated depreciation and amortization		(4,056	)		(3,752	)
Property and equipment, net	$	993		$	1,238

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	As of September 30, 2024		As of December 31, 2023
Clinical trials	$	4,271	$	4,309
Accrued compensation		1,993		2,737
Research agreements and services		637		530
Other accrued liabilities		274		207
Total accrued liabilities	$	7,175	$	7,783

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Net Loss per Share

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	20,000	20,000
Temporary equity, shares authorized (in shares)	277	277
Temporary equity, shares outstanding (in shares)	61	61
Preferred stock, liquidation preference, value	$ 1,086	$ 1,068
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	48,731	44,677
Common stock, shares outstanding (in shares)	48,731	44,677

CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Royalty revenues	$ 165	$ 141	$ 532	$ 332
Costs and expenses:
Research and development	9,640	8,022	27,140	25,094
Selling, general and administrative	3,126	2,939	9,471	10,318
Total operating expenses	12,766	10,961	36,611	35,412
Loss from operations	(12,601)	(10,820)	(36,079)	(35,080)
Other income (expense), net:
Interest income, net	741	1,068	2,472	3,061
Other income (expense), net	5	21	(37)	(85)
Total other income, net	746	1,089	2,435	2,976
Net loss	(11,855)	(9,731)	(33,644)	(32,104)
Preferred stock dividend payable on Series A Convertible Preferred Stock	(6)	(6)	(18)	(18)
Net loss attributable to common stockholders	$ (11,861)	$ (9,737)	$ (33,662)	$ (32,122)
Net loss per common share - basic	$ (0.25)	$ (0.22)	$ (0.74)	$ (0.72)
Net loss per common share - diluted	$ (0.25)	$ (0.22)	$ (0.74)	$ (0.72)
Weighted-average shares outstanding - basic	46,865	44,677	45,461	44,677
Weighted-average shares outstanding - diluted	46,865	44,677	45,461	44,677

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense
Total stock-based compensation expense	$ 1,253	$ 955	$ 3,556	$ 3,600
Research and Development Expense
Stock-based compensation expense
Total stock-based compensation expense	436	294	1,223	985
Selling, general and administrative expense
Stock-based compensation expense
Total stock-based compensation expense	$ 817	$ 661	$ 2,333	$ 2,615

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 04, 2024	Sep. 30, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)		3.1	3.9
Subsequent Event \| Jefferies LLC Sales Agreement
Subsequent Event [Line Items]
Sale of stock, number of shares issued (in shares)	2.4
Proceeds from sale of stock	$ 7.0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
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
Security Exchange Name	NASDAQ
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		51,133,747
Entity Central Index Key	0001213037
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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:


	September 30,
	2024		2023
Options to purchase Common Stock		8,348,344		6,652,427
Warrants to purchase Common Stock		2,807,353		2,807,948
Series A Convertible Preferred Stock		877		877
		11,156,574		9,461,252

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

5. 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 September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Included in research and development expense	$	436	$	294	$	1,223	$	985
Included in selling, general and administrative expense		817		661		2,333		2,615
Total stock-based compensation expense	$	1,253	$	955	$	3,556	$	3,600

The unrecognized compensation cost related to non-vested stock options outstanding at September 30, 2024, net of estimated forfeitures, was $8.1 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.4 years. The weighted-average remaining contractual term of outstanding options as of September 30, 2024, was approximately 7.7 years. The total fair value of stock options vested during the nine months ended September 30, 2024 and 2023, were $3.6 million and $4.0 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:


	Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		4.06	%		3.62	%
Dividend yield		0	%		0	%
Expected volatility of Cardiff Oncology common stock		106	%		109	%
Expected term	5.8 years			5.3 years

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, 2023		6,650,954		$	4.27	$	23,926
Granted		1,899,096		$	3.40
Exercised		(133,614	)	$	2.69
Forfeited and expired		(68,092	)	$	23.06
Balance outstanding, September 30, 2024		8,348,344		$	3.94	$	2,542,885
Exercisable at September 30, 2024		4,431,853		$	4.64	$	1,235,936
Vested and expected to vest at September 30, 2024		8,132,900		$	3.97	$	2,451,731

2021 Equity Incentive Plan

In June 2021 the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). As of September 30, 2024 the number of authorized shares in the 2021 Plan is equal to the sum of (i) 8,150,000 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. As of September 30, 2024, there were 3,155,783 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 September 30, 2024, an aggregate of 1,380,248 shares were issuable upon the exercise of inducement grant stock options approved by the Company.

Rescinding and reissuance of March 2024 stock options

On May 30, 2024, the Board of Directors of the Company approved the rescinding of an aggregate of 1,697,712 shares of common stock issuable upon exercise of stock options granted on March 7, 2024 at an exercise price of $3.51 per share to employees and officers of the Company. On May 30, 2024, the Board of Directors of the Company approved the grant of an aggregate of 1,697,712 shares of common stock issuable upon exercise of stock options at an exercise price of $3.51 per share to employees and officers of the Company, subject to stockholder approval of an increase in the shares of common stock available for issuance pursuant to the Company’s 2021 Equity Incentive Plan at the Company’s annual meeting on June 20, 2024. The increase of shares available was approved by shareholders at the June 20, 2024 meeting, thus completing the requirements for the reissuance of the grant. The terms of the reissued grant were identical to the rescinded grant, therefore the transaction does not represent a stock option modification.

Warrants

A summary of warrant activity and changes in warrants outstanding, classified as equity is presented below:


	Total Warrants			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2023		2,807,948		$	2.45	1.9 years
Expired		(595	)	$	252.72
Balance outstanding, September 30, 2024		2,807,353		$	2.40	1.2 years

Sale of Common Stock

During the three months ended September 30, 2024, the Company received net proceeds of $7.4 million from the sale of 3.1 million shares of its common stock under the Sales Agreement with Jefferies LLC.

During the nine months ended September 30, 2024, the Company received net proceeds of $9.2 million from the sale of 3.9 million shares of its common stock under the Sales Agreement with Jefferies LLC.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Stockholders' Equity Note [Abstract]

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Included in research and development expense	$	436	$	294	$	1,223	$	985
Included in selling, general and administrative expense		817		661		2,333		2,615
Total stock-based compensation expense	$	1,253	$	955	$	3,556	$	3,600

Schedule of Assumptions to Estimate Fair Value of Stock Option Awards


	Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		4.06	%		3.62	%
Dividend yield		0	%		0	%
Expected volatility of Cardiff Oncology common stock		106	%		109	%
Expected term	5.8 years			5.3 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, 2023		6,650,954		$	4.27	$	23,926
Granted		1,899,096		$	3.40
Exercised		(133,614	)	$	2.69
Forfeited and expired		(68,092	)	$	23.06
Balance outstanding, September 30, 2024		8,348,344		$	3.94	$	2,542,885
Exercisable at September 30, 2024		4,431,853		$	4.64	$	1,235,936
Vested and expected to vest at September 30, 2024		8,132,900		$	3.97	$	2,451,731

Summary of Warrant Activity and Changes in Warrants Outstanding

A summary of warrant activity and changes in warrants outstanding, classified as equity is presented below:


	Total Warrants			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2023		2,807,948		$	2.45	1.9 years
Expired		(595	)	$	252.72
Balance outstanding, September 30, 2024		2,807,353		$	2.40	1.2 years

CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Stock issuance expenses	$ 285,000	$ 197,000	$ 482,000	$ 0

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 20, 2024
Commitments and Contingencies Disclosure [Abstract]
Milestone and royalty payments made		$ 0	$ 0
Authorized shares under the plan	8,150,000	8,150,000		8,150,000
Payment for attorney fees and expenses	$ 400,000

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	May 30, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 20, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options vested, fair value			$ 3,600	$ 4,000
Authorized shares under the plan (in shares)		8,150,000	8,150,000		8,150,000
Granted (in shares)	1,697,712
Stock repurchased and retired during period, shares (in shares)	1,697,712
Shares acquired, average cost per share (in dollars per share)	$ 3.51
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)	$ 3.51
Proceeds from sale of common stock and warrants, net		$ 7,400	$ 9,232
Sale of Stock, Number of Shares Issued in Transaction		3,100,000	3,900,000
Equity Incentive Plan 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of remaining shares available for issuance (in shares)		3,155,783	3,155,783
Options to purchase Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost		$ 8,100	$ 8,100
Weighted-average remaining vesting period for recognition			2 years 4 months 24 days
Options outstanding, weighted average contractual life			7 years 8 months 12 days
Granted (in shares)			1,899,096
Inducement Grant Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)			1,380,248

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 13,038	$ 21,655
Short-term investments	44,629	53,168
Accounts receivable and unbilled receivable	618	288
Prepaid expenses and other current assets	1,047	2,301
Total current assets	59,332	77,412
Property and equipment, net	993	1,238
Operating lease right-of-use assets	1,304	1,708
Other assets	1,267	1,279
Total Assets	62,896	81,637
Current liabilities:
Accounts payable	4,643	1,966
Accrued liabilities	7,175	7,783
Operating lease liabilities	707	691
Total current liabilities	12,525	10,440
Operating lease liabilities, net of current portion	979	1,458
Total Liabilities	13,504	11,898
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, 20,000 shares authorized; 277 designated as Series A Convertible Preferred Stock; 61 shares outstanding at September 30, 2024 and December 31, 2023 with liquidation preference of $1,086 and $1,068 at September 30, 2024 and December 31, 2023 respectively	0	0
Common stock, $0.0001 par value, 150,000 shares authorized; 48,731 and 44,677 shares issued and outstanding at September 30, 2024 and December 31, 2023 respectively	5	4
Additional paid-in capital	421,697	409,343
Accumulated other comprehensive gain (loss)	82	(67)
Accumulated deficit	(372,392)	(339,541)
Total stockholders’ equity	49,392	69,739
Total liabilities and stockholders’ equity	$ 62,896	$ 81,637

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the nine months ended September 30, 2024, 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, 2023.

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:


	September 30,
	2024		2023
Options to purchase Common Stock		8,348,344		6,652,427
Warrants to purchase Common Stock		2,807,353		2,807,948
Series A Convertible Preferred Stock		877		877
		11,156,574		9,461,252

Recently Adopted Accounting Pronouncement

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. This update was effective for the Company on January 1, 2024. The amendment is to be adopted through either a fully retrospective or modified retrospective method of transition. Early adoption is permitted. The Company adopted this standard as of January 1, 2024 using the modified-retrospective method. As a result of the adoption the Company reversed the accretion of preferred stock dividends originally recorded in 2005 related to the Series A Convertible Preferred Stock of $793,000.

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended
	Aug. 06, 2024 USD ($)
Cumulative Effect, Period of Adoption, Adjustment \| Series A Convertible Preferred Stock
Conversion of Stock [Line Items]
Temporary equity, dividends, adjustment	$ 793,000

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (33,644)	$ (32,104)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	308	295
Stock-based compensation expense	3,556	3,600
Accretion of discounts on short-term investments, net	(440)	(716)
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivable	(330)	573
Prepaid expenses and other current assets	1,084	3,188
Operating lease right-of-use assets	404	408
Other assets	12
Accounts payable and accrued liabilities	2,087	1,428
Operating lease liabilities	(463)	(420)
Net cash used in operating activities	(27,426)	(23,748)
Investing activities:
Capital expenditures	(80)	(574)
Maturities of short-term investments	22,595	80,534
Purchases of short-term investments	(23,563)	(67,491)
Sales of short-term investments	10,265	10,165
Net cash provided by investing activities	9,217	22,634
Financing activities:
Proceeds from sales of common stock, net of expenses of $680 and $0, respectively	9,232
Proceeds from exercise of options	360
Net cash provided by financing activities	9,592
Net change in cash and cash equivalents	(8,617)	(1,114)
Cash and cash equivalents—Beginning of period	21,655	16,347
Cash and cash equivalents—End of period	$ 13,038	$ 15,233

Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	11,156,574	9,461,252
Options to purchase Common Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	8,348,344	6,652,427
Warrants to purchase Common Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	2,807,353	2,807,948
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

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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	Recently Adopted Accounting Pronouncement 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. This update was effective for the Company on January 1, 2024. The amendment is to be adopted through either a fully retrospective or modified retrospective method of transition. Early adoption is permitted. The Company adopted this standard as of January 1, 2024 using the modified-retrospective method. As a result of the adoption the Company reversed the accretion of preferred stock dividends originally recorded in 2005 related to the Series A Convertible Preferred Stock of $793,000.

Supplementary Balance Sheet Information - Investments Available-for-sale in a Continuous Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Market Value	$ 0
Gross Unrealized Loss	$ 0
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair Market Value		$ 397
Gross Unrealized Loss		$ (3)

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.

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CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,855)	$ (9,731)	$ (33,644)	$ (32,104)
Other comprehensive loss:
Unrealized gain (loss) on securities available-for-sale	179	24	149	(12)
Total comprehensive loss	(11,676)	(9,707)	(33,495)	(32,116)
Preferred stock dividend payable on Series A Convertible Preferred Stock	(6)	(6)	(18)	(18)
Comprehensive loss attributable to common stockholders	$ (11,682)	$ (9,713)	$ (33,513)	$ (32,134)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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

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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,855)	$ (11,778)	$ (10,011)	$ (9,731)	$ (11,150)	$ (11,223)	$ (33,644)	$ (32,104)

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