0001213037-26-000011 | 10-Q | XBRL Viewer

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
(in thousands)	2026		2025
Included in research and development expense	$	319	$	515
Included in selling, general and administrative expense		1,341		850
Total stock-based compensation expense	$	1,660	$	1,365

Schedule of Assumptions to Estimate Fair Value of Stock Option Awards

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 assumptions during the following periods indicated:


	Three Months Ended March 31,
	2026			2025
Risk-free interest rate	3.67% - 3.97%				4.06	%
Dividend yield		0	%		0	%
Expected volatility	101% - 102%				106	%
Expected term (in years)	5.9			6.1

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, 2025		10,757,293		$	3.87	$	2,678,115
Granted		1,000,000		$	1.60
Exercised		(64,761	)	$	1.63
Forfeited		(645,472	)	$	3.35
Expired		(117,552	)	$	13.13
Balance outstanding, March 31, 2026		10,929,508		$	3.60	$	58,756
Exercisable at March 31, 2026		6,854,799		$	3.99	$	39,223
Vested and expected to vest at March 31, 2026		10,687,453		$	3.63	$	57,081

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, 2025		432	$	348.48	0.6 years
Balance outstanding, March 31, 2026		432	$	348.48	0.3 years

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options vested, fair value	$ 2.2	$ 2.1
Authorized shares under the plan (in shares)	12,150,000
Stock Option Modifications
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Additional Stock Based Compensation Expense	$ 0.5
Equity Incentive Plan 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of remaining shares available for issuance (in shares)	4,613,468
Options to purchase Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost	$ 6.0
Weighted-average remaining vesting period for recognition	2 years 8 months 12 days
Options outstanding, weighted average contractual life	6 years 7 months 6 days
Weighted average grant date fair value (in dollars per share)	$ 1.29	$ 2.99
Granted (in shares)	1,000,000
Inducement Grant Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)	1,515,216

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplementary Balance Sheet Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical trials	$ 2,933	$ 3,805
Accrued compensation	4,528	2,430
Unsettled investments payable	0	744
Research agreements and services	268	311
Other accrued liabilities	608	287
Total accrued liabilities	$ 8,337	$ 7,577

Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	10,930,817	13,631,302
Options to purchase Common Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	10,929,508	10,823,072
Warrants to purchase Common Stock
Net Loss Per Share
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares)	432	2,807,353
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 - Summary of Segment Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total research and development	$ 6,765	$ 10,477
Total selling, general and administrative	6,126	4,014
Salaries and staff costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total research and development	1,744	1,969
Total selling, general and administrative	2,929	925
Stock-based compensation
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total research and development	319	515
Total selling, general and administrative	1,341	850
Clinical trials, outside services, and lab supplies
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total research and development	4,260	7,497
Outside services and professional fees
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total selling, general and administrative	1,429	1,798
Facilities and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total research and development	442	496
Total selling, general and administrative	$ 427	$ 441

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance, beginning (in shares) at Dec. 31, 2024		61	66,524
Balance, beginning at Dec. 31, 2024	$ 82,949		$ 7	$ 467,087	$ 34	$ (384,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,365			1,365
Issuance of common stock upon exercise of stock options (in shares)			2
Issuance of common stock upon exercise of stock options	3			3
Other comprehensive loss	(7)				(7)
Net loss	(13,434)					(13,434)
Balance, ending (in shares) at Mar. 31, 2025		61	66,526
Balance, ending at Mar. 31, 2025	70,876		$ 7	468,455	27	(397,613)
Balance, beginning (in shares) at Dec. 31, 2025		61	68,305
Balance, beginning at Dec. 31, 2025	45,388		$ 7	475,361	50	(430,030)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,660			1,660
Issuance of common stock upon exercise of stock options (in shares)			65
Issuance of common stock upon exercise of stock options	105			105
Other comprehensive loss	(99)				(99)
Net loss	(12,345)					(12,345)
Balance, ending (in shares) at Mar. 31, 2026		61	68,370
Balance, ending at Mar. 31, 2026	$ 34,709		$ 7	$ 477,126	$ (49)	$ (442,375)

- 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

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Supplementary Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, equipment and depreciation and amortization
Property and equipment, gross	$ 5,045	$ 5,045
Less—accumulated depreciation and amortization	(4,554)	(4,467)
Property and equipment, net	491	578
Furniture and office equipment
Property, equipment and depreciation and amortization
Property and equipment, gross	1,051	1,051
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	$ 1,426	$ 1,426

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,345)	$ (13,434)
Other comprehensive loss:
Unrealized loss on securities available-for-sale	(99)	(7)
Total comprehensive loss	(12,444)	(13,441)
Preferred stock dividend payable on Series A Convertible Preferred Stock	(6)	(6)
Comprehensive loss attributable to common stockholders	$ (12,450)	$ (13,447)

- Definition

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

- Definition

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

+ References

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		68,369,896
Entity Central Index Key	0001213037
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Aggregate maximum development milestones payment amount	$ 15,000,000
Milestone and royalty payments made		$ 0	$ 0

Supplementary Balance Sheet Information - Depreciation Expense for Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Total depreciation expense	$ 87	$ 93

CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Royalty revenues	$ 41	$ 109
Costs and expenses:
Research and development	6,765	10,477
Selling, general and administrative	6,126	4,014
Total operating expenses	12,891	14,491
Loss from operations	(12,850)	(14,382)
Other income (expense), net:
Interest income	506	941
Other income (expense), net	(1)	7
Total other income (expense), net	505	948
Net loss	(12,345)	(13,434)
Preferred stock dividend payable on Series A Convertible Preferred Stock	(6)	(6)
Net loss attributable to common stockholders	$ (12,351)	$ (13,440)
Net loss per common share - basic	$ (0.18)	$ (0.2)
Net loss per common share - diluted	$ (0.18)	$ (0.2)
Weighted-average shares outstanding - basic	68,350	66,524
Weighted-average shares outstanding - diluted	68,350	66,524

Organization and Basis of Presentation - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and short-term investments	$ 46.1

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 Segment
Conversion of Stock [Line Items]
Number of operating segments	1

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the three months ended March 31, 2026, 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, 2025.

Segment Reporting

The Company operates in one business segment in the United States, which includes all activities related to the development of novel therapies across a range of cancers. The Company's chief operating decision-maker is its chief executive officer. The chief

operating decision-maker allocates resources based on available cash, cash equivalents and short-term investments. The primary measure of performance reviewed by the chief operating decision-maker is net loss which is compared to the annual budget and quarterly forecasts.

All financial information required for segment reporting that is provided to the chief operating decision-maker is contained within the financial statements and notes to financial statements, with the exception of the disaggregated amounts contained in the table below:


	Three Months Ended March 31,
(in thousands)	2026		2025
Research and development:
Salaries and staff costs	$	1,744	$	1,969
Stock-based compensation		319		515
Clinical trials, outside services, and lab supplies		4,260		7,497
Facilities and other		442		496
Total research and development	$	6,765	$	10,477
Selling, general and administrative:
Salaries and staff costs	$	2,929	$	925
Stock-based compensation		1,341		850
Outside services and professional fees		1,429		1,798
Facilities and other		427		441
Total selling, general and administrative	$	6,126	$	4,014

Net Loss Per Share

Basic and diluted net loss per common share is determined by dividing net loss attributable 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. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive.

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:


	March 31,
	2026		2025
Options to purchase Common Stock		10,929,508		10,823,072
Warrants to purchase Common Stock		432		2,807,353
Series A Convertible Preferred Stock		877		877
		10,930,817		13,631,302

Investment Securities

Investment transactions are recorded on the trade date, and purchases of investments that are settled after the balance sheet date are included in accrued liabilities. All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months.

Realized gains and losses on investment securities are included in earnings and are derived using the specific identification method for determining the cost of securities sold. The Company has not realized any significant gains or losses on sales of available-for-sale investment securities during any of the periods presented. As all the Company’s investment holdings are in the form of debt securities or certificates of deposit, unrealized gains and losses that are determined to be temporary in nature are reported as a component of accumulated other comprehensive loss. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Interest income is recognized when earned and is included in interest income, net, as are the amortization of purchase premiums and accretion of purchase discounts on investment securities.

Recent Accounting Pronouncement Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to enhance the transparency of certain expense disclosures. The update requires disclosure of specific expense categories in the notes to the financial statements at interim and annual reporting periods. The update requires disaggregated information about certain prescribed expense categories underlying any relevant income statement expense caption. The amendments in this update are effective for public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments may be adopted either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statement disclosures.

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 8,544	$ 17,470
Short-term investments	37,512	40,834
Accounts receivable and unbilled receivable	191	182
Prepaid expenses and other current assets	1,095	1,642
Total current assets	47,342	60,128
Property and equipment, net	491	578
Operating lease right-of-use assets	495	629
Other assets	844	549
Total Assets	49,172	61,884
Current liabilities:
Accounts payable	5,480	8,087
Accrued liabilities	8,337	7,577
Operating lease liabilities	646	730
Total current liabilities	14,463	16,394
Operating lease liabilities, net of current portion	0	102
Total Liabilities	14,463	16,496
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.001 par value, 20,000 shares authorized; 277 designated as Series A Convertible Preferred Stock; 61 shares outstanding at March 31, 2026 and December 31, 2025 with liquidation preference of $1,123 and $1,117 at March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.0001 par value, 150,000 shares authorized; 68,370 and 68,305 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	7	7
Additional paid-in capital	477,126	475,361
Accumulated other comprehensive gain (loss)	(49)	50
Accumulated deficit	(442,375)	(430,030)
Total stockholders’ equity	34,709	45,388
Total liabilities and stockholders’ equity	$ 49,172	$ 61,884

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,660	$ 1,365
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	319	515
Selling, general and administrative expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,341	$ 850

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Total available for sale investments	$ 37,512	$ 40,834
Recurring basis
Assets:
Total included in cash and cash equivalents	8,359	17,169
Total available for sale investments	37,512	40,834
Total assets measured at fair value on a recurring basis	45,871	58,003
Recurring basis \| Certificate of deposit
Assets:
Total available for sale investments	698	143
Recurring basis \| Corporate debt securities
Assets:
Total available for sale investments	22,487	28,669
Recurring basis \| Commercial paper
Assets:
Total available for sale investments	1,566	413
Recurring basis \| U.S. government agencies
Assets:
Total available for sale investments	1,891	2,876
Recurring basis \| U.S. treasury securities
Assets:
Total available for sale investments	10,870	8,733
Recurring basis \| Money market fund
Assets:
Total included in cash and cash equivalents	8,359	17,169
Recurring basis \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Assets:
Total included in cash and cash equivalents	8,359	17,169
Total available for sale investments	10,870	8,733
Total assets measured at fair value on a recurring basis	19,229	25,902
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	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	10,870	8,733
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	8,359	17,169
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets:
Total included in cash and cash equivalents	0	0
Total available for sale investments	26,642	32,101
Total assets measured at fair value on a recurring basis	26,642	32,101
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Certificate of deposit
Assets:
Total available for sale investments	698	143
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Assets:
Total available for sale investments	22,487	28,669
Recurring basis \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Assets:
Total available for sale investments	1,566	413
Recurring basis \| Significant Other Observable Inputs (Level 2) \| U.S. government agencies
Assets:
Total available for sale investments	1,891	2,876
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) \| U.S. government agencies
Assets:
Total available for sale investments	0	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

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 advancing innovative cancer treatments focused on Polo-like Kinase 1 (“PLK1”) inhibition, a validated oncology target with practice-changing potential. The Company’s lead asset, onvansertib, is a highly specific, oral PLK1 inhibitor currently being evaluated in a Phase 2 trial for first-line treatment of RAS-mutated metastatic colorectal cancer (“mCRC”), addressing a large, underserved patient population with high unmet need. Onvansertib is also under investigation in other PLK1-driven cancers through investigator-initiated trials such as metastatic pancreatic ductal adenocarcinoma (“mPDAC”), small cell lung cancer (“SCLC”), metastatic triple negative breast cancer (“mTNBC”), and chronic myelomonocytic leukemia ("CMML"). These programs and the Company’s broader development strategy are designed to target tumor vulnerabilities in order to overcome treatment resistance and deliver improved clinical outcomes for patients. 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, 2025, 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, 2025, included in the Company’s annual report on Form 10-K filed with the SEC on February 24, 2026.

Going Concern Uncertainty

The Company has incurred net losses since its inception and has negative operating cash flows. As of March 31, 2026, the Company had $46.1 million in cash, cash equivalents and short-term investments, which is not sufficient to meet its funding requirements for at least the next 12 months following the filing of this form 10-Q. Management has performed an analysis and concluded that there exists a substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

The Company's ability to continue as a going concern is dependent upon its ability to obtain additional equity or debt financing, obtain government grants or reduce expenditures. 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.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, and December 31, 2025:


	Fair Value Measurements at March 31, 2026
(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	$	8,359	$	—	$	—	$	8,359
Total included in cash and cash equivalents		8,359		—		—		8,359

Available for sale investments:
Certificate of deposit		—		698		—		698
Corporate debt securities		—		22,487		—		22,487
Commercial paper		—		1,566		—		1,566
U.S. government agencies		—		1,891		—		1,891
U.S. treasury securities		10,870		—		—		10,870
Total available for sale investments		10,870		26,642		—		37,512

Total assets measured at fair value on a recurring basis	$	19,229	$	26,642	$	—	$	45,871


	Fair Value Measurements at December 31, 2025
(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	$	17,169	$	—	$	—	$	17,169
Total included in cash and cash equivalents		17,169		—		—		17,169

Available for sale investments:
Certificate of deposit		—		143		—		143
Corporate debt securities		—		28,669		—		28,669
Commercial paper		—		413		—		413
U.S. government agencies		—		2,876		—		2,876
U.S. treasury securities		8,733		—		—		8,733
Total available for sale investments		8,733		32,101		—		40,834

Total assets measured at fair value on a recurring basis	$	25,902	$	32,101	$	—	$	58,003

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


	Fair Value Measurements at March 31, 2026
(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	$	8,359	$	—	$	—	$	8,359
Total included in cash and cash equivalents		8,359		—		—		8,359

Available for sale investments:
Certificate of deposit		—		698		—		698
Corporate debt securities		—		22,487		—		22,487
Commercial paper		—		1,566		—		1,566
U.S. government agencies		—		1,891		—		1,891
U.S. treasury securities		10,870		—		—		10,870
Total available for sale investments		10,870		26,642		—		37,512

Total assets measured at fair value on a recurring basis	$	19,229	$	26,642	$	—	$	45,871


	Fair Value Measurements at December 31, 2025
(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	$	17,169	$	—	$	—	$	17,169
Total included in cash and cash equivalents		17,169		—		—		17,169

Available for sale investments:
Certificate of deposit		—		143		—		143
Corporate debt securities		—		28,669		—		28,669
Commercial paper		—		413		—		413
U.S. government agencies		—		2,876		—		2,876
U.S. treasury securities		8,733		—		—		8,733
Total available for sale investments		8,733		32,101		—		40,834

Total assets measured at fair value on a recurring basis	$	25,902	$	32,101	$	—	$	58,003

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 three months ended March 31, 2026, and 2025.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 107
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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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 940
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. 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 the Company refers to as onvansertib. Terms of the agreement also provide for the Company to pay development milestones up to an aggregate of $15 million, 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 three months ended March 31, 2026, and 2025, 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. For the three months ended March 31, 2026, and 2025, payments have not been material. The Company also has a legacy license agreement in the field of oncology diagnostics under which royalty payments are due to the Company. These royalty payments are calculated as a percent of revenue.

Litigation

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 could result in a material adverse effect on the Company’s business or financial condition.

License Agreement

As disclosed on February 24, 2026, the Company received a written notice from Nerviano alleging that it is in material breach of the license agreement with respect to (i) alleged joint ownership of certain of Cardiff's U.S. patents nos. 12.144.813 and 12.263.173 (the “Cardiff Patents”) and (ii) the filing of a joint invention continuation patent application. The Company does not believe that there has been any breach of the license agreement and is currently engaged in discussions with Nerviano.

The claimed inventions of the Cardiff Patents were based on innovations from the Company’s TROV-054 study with claims that cover methods of using onvansertib in combination with bevacizumab for the treatment of metastatic colorectal cancer patients who have not previously been treated with bevacizumab. If the Company is unable to resolve the allegations, then the Company will be required to vigorously defend its rights under the license agreement. Furthermore, if the Company is unable to resolve the dispute with Nerviano, the license agreement may be terminated. This would have a material adverse effect on the Company’s business, financial condition, and results of operations, which cannot be reasonably estimated at this time.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Segment Reporting


	Three Months Ended March 31,
(in thousands)	2026		2025
Research and development:
Salaries and staff costs	$	1,744	$	1,969
Stock-based compensation		319		515
Clinical trials, outside services, and lab supplies		4,260		7,497
Facilities and other		442		496
Total research and development	$	6,765	$	10,477
Selling, general and administrative:
Salaries and staff costs	$	2,929	$	925
Stock-based compensation		1,341		850
Outside services and professional fees		1,429		1,798
Facilities and other		427		441
Total selling, general and administrative	$	6,126	$	4,014

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:


	March 31,
	2026		2025
Options to purchase Common Stock		10,929,508		10,823,072
Warrants to purchase Common Stock		432		2,807,353
Series A Convertible Preferred Stock		877		877
		10,930,817		13,631,302

Investment Securities

Recent Accounting Pronouncement Not Yet Adopted

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Supplementary Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Investments Available-for-sale

Investments available for sale consisted of the following:


	As of March 31, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	698	$	—	$	—		$	698
Corporate debt securities		13,196		4		(11	)		13,189
Commercial paper		1,566		—		—			1,566
U.S. government agencies		1,891		—		—			1,891
U.S. treasury securities		6,553		1		(2	)		6,552
Total maturity less than 1 year		23,904		5		(13	)		23,896
Maturity 1 to 2 years:
Corporate debt securities		9,328		3		(33	)		9,298
U.S. treasury securities		4,329		2		(13	)		4,318
Total maturity 1 to 2 years		13,657		5		(46	)		13,616

Total short-term investments	$	37,561	$	10	$	(59	)	$	37,512


	As of December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	143	$	—	$	—		$	143
Corporate debt securities		23,699		18		(2	)		23,715
Commercial paper		413		—		—			413
U.S. government agencies		2,872		4		—			2,876
U.S. treasury securities		4,798		2		—			4,800
Total maturity less than 1 year		31,925		24		(2	)		31,947
Maturity 1 to 2 years:
Corporate debt securities		4,940		15		(1	)		4,954
U.S. treasury securities		3,919		14		—			3,933
Total maturity 1 to 2 years		8,859		29		(1	)		8,887

Total short-term investments	$	40,784	$	53	$	(3	)	$	40,834

Schedule of Components of Property and Equipment

Property and equipment consisted of the following:


(in thousands)	As of March 31, 2026			As of December 31, 2025
Furniture and office equipment	$	1,051		$	1,051
Leasehold improvements		2,568			2,568
Laboratory equipment		1,426			1,426
Property and equipment, gross		5,045			5,045
Less—accumulated depreciation		(4,554	)		(4,467	)
Property and equipment, net	$	491		$	578

Depreciation Expense for Property and Equipment

Depreciation expense for property and equipment recognized in operating results are as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Total depreciation expense	$	87	$	93

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Clinical trials	$	2,933	$	3,805
Accrued compensation		4,528		2,430
Unsettled investments payable		—		744
Research agreements and services		268		311
Other accrued liabilities		608		287
Total accrued liabilities	$	8,337	$	7,577

- 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
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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+ Details

Supplementary Balance Sheet Information - Investments Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Maturity less than 1 year:
Amortized Cost	$ 23,904	$ 31,925
Gross Unrealized Gains	5	24
Gross Unrealized Losses	(13)	(2)
Fair Market Value	23,896	31,947
Maturity 1 to 2 years:
Amortized Cost	13,657	8,859
Gross Unrealized Gains	5	29
Gross Unrealized Losses	(46)	(1)
Fair Market Value	13,616	8,887
Amortized Cost	37,561	40,784
Gross Unrealized Gains	10	53
Gross Unrealized Losses	(59)	(3)
Fair Market Value	37,512	40,834
Certificate of deposit
Maturity less than 1 year:
Amortized Cost	698	143
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Market Value	698	143
Corporate debt securities
Maturity less than 1 year:
Amortized Cost	13,196	23,699
Gross Unrealized Gains	4	18
Gross Unrealized Losses	(11)	(2)
Fair Market Value	13,189	23,715
Maturity 1 to 2 years:
Amortized Cost	9,328	4,940
Gross Unrealized Gains	3	15
Gross Unrealized Losses	(33)	(1)
Fair Market Value	9,298	4,954
Commercial paper
Maturity less than 1 year:
Amortized Cost	1,566	413
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Market Value	1,566	413
U.S. government agencies
Maturity less than 1 year:
Amortized Cost	1,891	2,872
Gross Unrealized Gains	0	4
Gross Unrealized Losses	0	0
Fair Market Value	1,891	2,876
U.S. treasury securities
Maturity less than 1 year:
Amortized Cost	6,553	4,798
Gross Unrealized Gains	1	2
Gross Unrealized Losses	(2)	0
Fair Market Value	6,552	4,800
Maturity 1 to 2 years:
Amortized Cost	4,329	3,919
Gross Unrealized Gains	2	14
Gross Unrealized Losses	(13)	0
Fair Market Value	$ 4,318	$ 3,933

Supplementary Balance Sheet Information

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Balance Sheet Information

4. Supplementary Balance Sheet Information

Investments available for sale

Investments available for sale consisted of the following:


	As of March 31, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	698	$	—	$	—		$	698
Corporate debt securities		13,196		4		(11	)		13,189
Commercial paper		1,566		—		—			1,566
U.S. government agencies		1,891		—		—			1,891
U.S. treasury securities		6,553		1		(2	)		6,552
Total maturity less than 1 year		23,904		5		(13	)		23,896
Maturity 1 to 2 years:
Corporate debt securities		9,328		3		(33	)		9,298
U.S. treasury securities		4,329		2		(13	)		4,318
Total maturity 1 to 2 years		13,657		5		(46	)		13,616

Total short-term investments	$	37,561	$	10	$	(59	)	$	37,512


	As of December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Maturity less than 1 year:
Certificate of deposit	$	143	$	—	$	—		$	143
Corporate debt securities		23,699		18		(2	)		23,715
Commercial paper		413		—		—			413
U.S. government agencies		2,872		4		—			2,876
U.S. treasury securities		4,798		2		—			4,800
Total maturity less than 1 year		31,925		24		(2	)		31,947
Maturity 1 to 2 years:
Corporate debt securities		4,940		15		(1	)		4,954
U.S. treasury securities		3,919		14		—			3,933
Total maturity 1 to 2 years		8,859		29		(1	)		8,887

Total short-term investments	$	40,784	$	53	$	(3	)	$	40,834

The Company periodically reviews its 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 March 31, 2026, were substantially due to changes in interest rates, not due to increased credit risks associated with specific securities. Accordingly, the Company has 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.

There were no unrealized loss positions greater than one year as of March 31, 2026 and December 31, 2025.

Property and equipment

Property and equipment consisted of the following:


(in thousands)	As of March 31, 2026			As of December 31, 2025
Furniture and office equipment	$	1,051		$	1,051
Leasehold improvements		2,568			2,568
Laboratory equipment		1,426			1,426
Property and equipment, gross		5,045			5,045
Less—accumulated depreciation		(4,554	)		(4,467	)
Property and equipment, net	$	491		$	578

Depreciation expense for property and equipment recognized in operating results are as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Total depreciation expense	$	87	$	93

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Clinical trials	$	2,933	$	3,805
Accrued compensation		4,528		2,430
Unsettled investments payable		—		744
Research agreements and services		268		311
Other accrued liabilities		608		287
Total accrued liabilities	$	8,337	$	7,577

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net loss	$ (12,345)	$ (13,434)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	87	93
Stock-based compensation expense	1,660	1,365
Amortization of right-of-use assets	134	135
Accretion of discounts on short-term investments, net	(93)	(137)
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivable	(9)	368
Prepaid expenses and other current assets	606	216
Other assets	(295)	(188)
Accounts payable and accrued liabilities	(1,847)	(1,045)
Operating lease liabilities	(186)	(167)
Net cash used in operating activities	(12,288)	(12,794)
Investing activities:
Maturities of short-term investments	15,826	21,228
Purchases of short-term investments	(12,569)	(35,812)
Net cash provided by (used in) investing activities	3,257	(14,584)
Financing activities:
Proceeds from exercise of options	105	3
Net cash provided by financing activities	105	3
Net change in cash and cash equivalents	(8,926)	(27,375)
Cash and cash equivalents - Beginning of period	17,470	51,470
Cash and cash equivalents - End of period	8,544	24,095
Supplemental disclosure of non-cash investing activities:
Purchases of unsettled short-term investments included in accrued liabilities	$ 0	$ 902

Supplementary Balance Sheet Information - Additional Information (Details) - Investments	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrealized loss positions	0	0

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

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 March 31,
(in thousands)	2026		2025
Included in research and development expense	$	319	$	515
Included in selling, general and administrative expense		1,341		850
Total stock-based compensation expense	$	1,660	$	1,365

The unrecognized compensation cost related to non-vested stock options outstanding at March 31, 2026, net of estimated forfeitures, was $6.0 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.7 years. The weighted-average remaining contractual term of outstanding options as of March 31, 2026, was approximately 6.6 years. The total fair value of stock options vested during the three months ended March 31, 2026 and 2025, were $2.2 million and $2.1 million, respectively.


	Three Months Ended March 31,
	2026			2025
Risk-free interest rate	3.67% - 3.97%				4.06	%
Dividend yield		0	%		0	%
Expected volatility	101% - 102%				106	%
Expected term (in years)	5.9			6.1

The weighted-average fair value per share of all options granted during the three months ended March 31, 2026 and 2025, estimated as of the grant date using the Black-Scholes option valuation model, was $1.29 and $2.99 per share, respectively.

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, 2025		10,757,293		$	3.87	$	2,678,115
Granted		1,000,000		$	1.60
Exercised		(64,761	)	$	1.63
Forfeited		(645,472	)	$	3.35
Expired		(117,552	)	$	13.13
Balance outstanding, March 31, 2026		10,929,508		$	3.60	$	58,756
Exercisable at March 31, 2026		6,854,799		$	3.99	$	39,223
Vested and expected to vest at March 31, 2026		10,687,453		$	3.63	$	57,081

2021 Equity Incentive Plan

In June 2021, the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). As of March 31, 2026, the number of authorized shares in the 2021 Plan is equal to the sum of (i) 12,150,000 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 March 31, 2026, there were 4,613,468 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 March 31, 2026, an aggregate of 1,515,216 shares were issuable upon the exercise of inducement grant stock options approved by the Company.

Stock Option Modifications

The Company recorded $0.5 million of additional stock based compensation expense during the three months ended March 31, 2026 from stock option modifications. These modifications were the result of separation agreements entered into with Dr. Mark Erlander, former CEO, and James Levine, former CFO, on March 27, 2026 ("Agreement Date"). The modification date and valuation inputs were based on the Agreement Date. Dr. Erlander's stock options will continue to vest through June 11, 2026, and all vested options will be exercisable until June 11, 2027. Mr. Levine's vested stock options will be exercisable until March 27, 2027. All of the additional stock based compensation expense from these modifications was recorded during the three months ended March 31, 2026.

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, 2025		432	$	348.48	0.6 years
Balance outstanding, March 31, 2026		432	$	348.48	0.3 years

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

+ Details

Stockholders' Equity - Stock Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Options to purchase Common Stock
Weighted-average assumptions
Risk-free interest rate		4.06%
Dividend yield (as a percent)	0.00%	0.00%
Expected volatility (as a percent)		106.00%
Expected term (in years)	5 years 10 months 24 days	6 years 1 month 6 days
Number of Options
Balance outstanding at the beginning of the period (in shares)	10,757,293
Granted (in shares)	1,000,000
Exercised (in shares)	(64,761)
Forfeited (in shares)	(645,472)
Expired (in shares)	(117,552)
Balance outstanding at the end of the period (in shares)	10,929,508
Exercisable at the end of the period (in shares)	6,854,799
Vested and expected to vest (in shares)	10,687,453
Weighted Average Exercise Price Per Share
Balance outstanding at the beginning of the period (in USD per share)	$ 3.87
Granted (in USD per share)	1.6
Exercised (in USD per share)	1.63
Forfeited (in USD per share)	3.35
Expired (in USD per share)	13.13
Balance outstanding at the end of the period (in USD per share)	3.6
Exercisable at the end of the period (in USD per share)	3.99
Vested and expected to vest (in USD per share)	$ 3.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Options outstanding, intrinsic value	$ 58,756		$ 2,678,115
Exercisable at the end of the period, intrinsic value	39,223
Vested and expected to vest, intrinsic value	$ 57,081
Inducement Grant Stock Options
Number of Options
Granted (in shares)	1,515,216
Minimum [Member] \| Options to purchase Common Stock
Weighted-average assumptions
Risk-free interest rate	3.67%
Expected volatility (as a percent)	101.00%
Maximum [Member] \| Options to purchase Common Stock
Weighted-average assumptions
Risk-free interest rate	3.97%
Expected volatility (as a percent)	102.00%

Stockholders' Equity - Warrants (Details) - $ / shares	3 Months Ended	12 Months Ended
Stockholders' Equity - Warrants (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Number of Warrants
Balance of warrants outstanding at the beginning of the period (in shares)	432
Balance of warrants outstanding at the end of the period (in shares)	432	432
Weighted Average Exercise Price Per Share
Weighted average exercise price of warrants at the beginning of the period (in USD per share)	$ 348.48
Weighted average exercise price of warrants at the end of the period (in USD per share)	$ 348.48	$ 348.48
Term
Weighted-Average Remaining Contractual Term	3 months 18 days	7 months 6 days

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred Stock, par value (in USD per share)	$ 0.001	$ 0.001
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	$ 1,123	$ 1,117
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)	68,370	68,305
Common stock, shares outstanding (in shares)	68,370	68,305

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Segment Reconciliation


	Three Months Ended March 31,
(in thousands)	2026		2025
Research and development:
Salaries and staff costs	$	1,744	$	1,969
Stock-based compensation		319		515
Clinical trials, outside services, and lab supplies		4,260		7,497
Facilities and other		442		496
Total research and development	$	6,765	$	10,477
Selling, general and administrative:
Salaries and staff costs	$	2,929	$	925
Stock-based compensation		1,341		850
Outside services and professional fees		1,429		1,798
Facilities and other		427		441
Total selling, general and administrative	$	6,126	$	4,014

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:


	March 31,
	2026		2025
Options to purchase Common Stock		10,929,508		10,823,072
Warrants to purchase Common Stock		432		2,807,353
Series A Convertible Preferred Stock		877		877
		10,930,817		13,631,302

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,345)	$ (13,434)

- Definition

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

+ References

+ Details