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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cardiff Oncology Inc | NASDAQ:CRDF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.98 | -21.87% | 3.50 | 3.03 | 10.59 | 4.42 | 3.12 | 3.96 | 2,160,660 | 05:00:03 |
☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-2004382 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
11055 Flintkote Avenue, San Diego, California
|
92121 | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
(858) 952-7570
|
||||||||
(Registrant’s telephone number, including area code) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||||||||
Common Stock | CRDF | Nasdaq Capital Market |
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
Page | ||||||||
September 30,
2021 |
December 31,
2020 |
||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 13,165 | $ | 130,981 | |||||||
Short-term investments | 120,882 | — | |||||||||
Accounts receivable and unbilled receivable | 395 | 320 | |||||||||
Prepaid expenses and other current assets | 3,327 | 2,055 | |||||||||
Total current assets | 137,769 | 133,356 | |||||||||
Property and equipment, net | 383 | 624 | |||||||||
Operating lease right-of-use assets | 3,017 | 343 | |||||||||
Other assets | 143 | 404 | |||||||||
Total Assets | $ | 141,312 | $ | 134,727 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 396 | $ | 1,366 | |||||||
Accrued expenses | 4,010 | 3,851 | |||||||||
Operating lease liabilities | 594 | 860 | |||||||||
Other current liabilities | 42 | 42 | |||||||||
Total current liabilities | 5,042 | 6,119 | |||||||||
Derivative financial instruments—warrants | 5 | 285 | |||||||||
Operating lease liabilities, net of current portion | 2,691 | 9 | |||||||||
Other liabilities | 30 | 156 | |||||||||
Total Liabilities | 7,768 | 6,569 | |||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, 20,000 shares authorized; (Note 7)
|
1 | 1 | |||||||||
Common stock, $0.0001 par value, 150,000 shares authorized; 39,552 and 36,781 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
|
4 | 4 | |||||||||
Additional paid-in capital | 384,551 | 361,819 | |||||||||
Service receivables | (666) | (2,171) | |||||||||
Accumulated other comprehensive income | 16 | — | |||||||||
Accumulated deficit | (250,362) | (231,495) | |||||||||
Total stockholders’ equity | 133,544 | 128,158 | |||||||||
Total liabilities and stockholders’ equity | $ | 141,312 | $ | 134,727 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Royalties | $ | 86 | $ | 136 | $ | 226 | $ | 247 | |||||||||||||||
Total revenues | 86 | 136 | 226 | 247 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Research and development | 4,154 | 2,855 | 11,552 | 8,036 | |||||||||||||||||||
Selling, general and administrative | 2,930 | 1,644 | 8,003 | 4,800 | |||||||||||||||||||
Total operating expenses | 7,084 | 4,499 | 19,555 | 12,836 | |||||||||||||||||||
Loss from operations | (6,998) | (4,363) | (19,329) | (12,589) | |||||||||||||||||||
Interest income, net | 70 | 16 | 185 | 67 | |||||||||||||||||||
Gain (loss) from change in fair value of derivative financial instruments—warrants | 12 | (144) | 280 | (186) | |||||||||||||||||||
Other income (expense), net | 3 | (6) | 15 | (2) | |||||||||||||||||||
Net loss | (6,913) | (4,497) | (18,849) | (12,710) | |||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | (6) | (6) | (18) | (18) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series D Convertible Preferred Stock issuance | — | — | — | (602) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series E Convertible Preferred Stock issuance | — | — | — | (2,665) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (6,919) | $ | (4,503) | $ | (18,867) | $ | (15,995) | |||||||||||||||
Net loss per common share — basic and diluted | $ | (0.17) | $ | (0.19) | $ | (0.49) | $ | (1.00) | |||||||||||||||
Weighted-average shares outstanding — basic and diluted | 39,552 | 23,341 | 38,501 | 15,942 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (6,913) | $ | (4,497) | $ | (18,849) | $ | (12,710) | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Unrealized gain on securities available-for-sale | 26 | — | 16 | — | |||||||||||||||||||
Total comprehensive loss | (6,887) | (4,497) | (18,833) | (12,710) | |||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | (6) | (6) | (18) | (18) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series D Convertible Preferred Stock issuance | — | — | — | (602) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series E Convertible Preferred Stock issuance | — | — | — | (2,665) | |||||||||||||||||||
Comprehensive loss attributable to common stockholders | $ | (6,893) | $ | (4,503) | $ | (18,851) | $ | (15,995) |
Preferred Stock
Shares |
Preferred Stock
Amount |
Common Stock
Shares |
Common Stock
Amount |
Additional
Paid-In Capital |
Service Receivable | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | 716 | $ | 1 | 36,781 | $ | 4 | $ | 361,819 | $ | (2,171) | $ | — | $ | (231,495) | $ | 128,158 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 268 | — | — | — | 268 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 771 | — | 1,263 | — | — | — | 1,263 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (67) | — | (67) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 380 | — | — | 380 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (5,179) | (5,179) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 716 | $ | 1 | 37,552 | $ | 4 | $ | 363,350 | $ | (1,791) | $ | (67) | $ | (236,680) | $ | 124,817 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,036 | — | — | — | 1,036 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net of expenses(1)
|
— | — | 2,000 | — | 19,225 | — | — | — | 19,225 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive gain | — | — | — | — | — | — | 57 | — | 57 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 546 | — | — | 546 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (6,757) | (6,757) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 716 | $ | 1 | 39,552 | $ | 4 | $ | 383,611 | $ | (1,245) | $ | (10) | $ | (243,443) | $ | 138,918 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 940 | — | — | — | 940 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive gain | — | — | — | — | — | — | 26 | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 579 | — | — | 579 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (6,913) | (6,913) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 716 | $ | 1 | 39,552 | $ | 4 | $ | 384,551 | $ | (666) | $ | 16 | $ | (250,362) | $ | 133,544 | |||||||||||||||||||||||||||||||||||||
Preferred Stock
Shares |
Preferred Stock
Amount |
Common Stock
Shares |
Common Stock
Amount |
Additional
Paid-In Capital |
Service Receivable | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | 61 | $ | — | 8,594 | $ | 8 | $ | 217,172 | $ | (972) | $ | — | $ | (208,898) | $ | 7,310 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 177 | — | — | — | 177 | |||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock and warrants | — | — | 800 | — | 1,000 | — | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 1,610 | — | 1,456 | — | — | — | 1,456 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 293 | — | — | 293 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (4,089) | (4,089) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 61 | $ | — | 11,011 | $ | 8 | $ | 219,805 | $ | (679) | $ | — | $ | (212,993) | $ | 6,141 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 282 | — | — | — | 282 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, preferred stock and warrants for clinical trial funding commitment | 155 | — | 603 | — | 2,292 | (2,300) | — | — | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series D Convertible Preferred Stock issuance | — | — | — | — | 602 | — | — | (602) | — | ||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series E Convertible Preferred Stock issuance | — | — | — | — | 2,665 | — | — | (2,665) | — | ||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, preferred stock and warrants(2)
|
866 | 1 | 4,689 | 1 | 17,277 | — | — | — | 17,279 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 3,473 | — | 4,605 | — | — | — | 4,605 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of Series D Convertible Preferred Stock | (155) | — | 1,547 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 213 | — | — | 213 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (4,124) | (4,124) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 927 | $ | 1 | 21,325 | $ | 9 | $ | 247,528 | $ | (2,766) | $ | — | $ | (220,390) | $ | 24,382 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 362 | — | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 4,957 | 1 | 12,910 | — | — | — | 12,911 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 3 | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | — | — | — | — | — | — | — | (6) | (6) |
Preferred Stock
Shares |
Preferred Stock
Amount |
Common Stock
Shares |
Common Stock
Amount |
Additional
Paid-In Capital |
Service Receivable | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 362 | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (4,497) | (4,497) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 927 | $ | 1 | 26,286 | $ | 10 | $ | 260,807 | $ | (2,404) | $ | — | $ | (224,893) | $ | 33,521 | |||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (18,849) | $ | (12,710) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Loss on disposal of assets | 1 | — | |||||||||
Impairment loss | — | 34 | |||||||||
Depreciation | 338 | 349 | |||||||||
Stock-based compensation expense | 2,244 | 821 | |||||||||
Amortization of premiums on short-term investments | 1,160 | — | |||||||||
Change in fair value of derivative financial instruments—warrants | (280) | 186 | |||||||||
Release of clinical trial funding commitment | 1,505 | 868 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets | 261 | 2 | |||||||||
Accounts receivable and unbilled receivable | (74) | (1) | |||||||||
Prepaid expenses and other assets | (741) | (624) | |||||||||
Operating lease right-of-use assets | 386 | 240 | |||||||||
Accounts payable and accrued expenses | (830) | 320 | |||||||||
Operating lease liabilities | (645) | (636) | |||||||||
Other liabilities | (126) | (40) | |||||||||
Net cash used in operating activities | (15,650) | (11,191) | |||||||||
Investing activities: | |||||||||||
Capital expenditures | (98) | (154) | |||||||||
Maturities of short-term investments | 15,101 | — | |||||||||
Purchases of short-term investments | (146,632) | — | |||||||||
Sales of short-term investments | 8,975 | — | |||||||||
Net cash used in investing activities | (122,654) | (154) | |||||||||
Financing activities: | |||||||||||
Proceeds from sales of common stock, preferred stock and warrants, net of expenses of $776 and $634, respectively
|
19,225 | 18,279 | |||||||||
Costs related to the clinical trial funding commitment | — | (8) | |||||||||
Proceeds from exercise of options | — | 7 | |||||||||
Proceeds from exercise of warrants | 1,263 | 18,972 | |||||||||
Borrowings under note payable | — | 305 | |||||||||
Net cash provided by financing activities | 20,488 | 37,555 | |||||||||
Net change in cash and cash equivalents | (117,816) | 26,210 | |||||||||
Cash and cash equivalents—Beginning of period | 130,981 | 10,195 | |||||||||
Cash and cash equivalents—End of period | $ | 13,165 | $ | 36,405 | |||||||
Supplementary disclosure of cash flow activity: | |||||||||||
Cash paid for taxes | $ | 1 | $ | 1 | |||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | $ | 18 | $ | 18 | |||||||
Deemed dividend recognized for beneficial conversion features of Series D Convertible Preferred Stock issuance | $ | — | $ | 602 | |||||||
Deemed dividend recognized for beneficial conversion features of Series E Convertible Preferred Stock issuance | $ | — | $ | 2,665 | |||||||
Common stock, Series D Convertible Preferred Stock and warrants issued in connection with clinical trial funding commitment, net of discount of $0 and $488, respectively
|
$ | — | $ | 2,300 | |||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Options to purchase Common Stock | 3,566,832 | 1,920,706 | |||||||||
Warrants to purchase Common Stock | 4,490,159 | 7,373,351 | |||||||||
Restricted Stock Units | — | 991 | |||||||||
Series A Convertible Preferred Stock | 877 | 877 | |||||||||
Series E Convertible Preferred Stock | 2,684,607 | 3,548,459 | |||||||||
10,742,475 | 12,844,384 |
Fair Value Measurements at
September 30, 2021 |
|||||||||||||||||||||||
(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 | $ | 12,650 | $ | — | $ | — | $ | 12,650 | |||||||||||||||
Total included in cash and cash equivalents (1) | $ | 12,650 | $ | — | $ | — | $ | 12,650 | |||||||||||||||
Available for sale investments: | |||||||||||||||||||||||
Certificate of deposit | — | 2,610 | — | 2,610 | |||||||||||||||||||
Corporate debt securities | — | 77,910 | — | 77,910 | |||||||||||||||||||
Commercial paper | — | 12,436 | — | 12,436 | |||||||||||||||||||
Non U.S. government | — | 732 | — | 732 | |||||||||||||||||||
U.S. treasury securities | 27,194 | — | — | 27,194 | |||||||||||||||||||
Total available for sale investments (2) | $ | 27,194 | $ | 93,688 | $ | — | $ | 120,882 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 39,844 | $ | 93,688 | $ | — | $ | 133,532 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments—warrants (3)
|
$ | — | $ | — | $ | 5 | $ | 5 | |||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | — | $ | — | $ | 5 | $ | 5 |
Fair Value Measurements at
December 31, 2020 |
|||||||||||||||||||||||
(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 (1) | $ | 129,988 | $ | — | $ | — | $ | 129,988 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 129,988 | $ | — | $ | — | $ | 129,988 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments—warrants (3)
|
$ | — | $ | — | $ | 285 | $ | 285 | |||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | — | $ | — | $ | 285 | $ | 285 |
As of September 30,
2021 |
|||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value | |||||||||||||||||||
Certificate of deposit | $ | 2,609 | $ | 1 | $ | — | $ | 2,610 | |||||||||||||||
Corporate debt securities | 77,901 | 15 | (6) | 77,910 | |||||||||||||||||||
Commercial paper | 12,434 | 4 | (2) | 12,436 | |||||||||||||||||||
Non U.S. government | 732 | — | — | 732 | |||||||||||||||||||
U.S. treasury securities | 27,190 | 5 | (1) | 27,194 | |||||||||||||||||||
Total short term investments | $ | 120,866 | $ | 25 | $ | (9) | $ | 120,882 |
(in thousands) |
As of September 30,
2021 |
As of December 31,
2020 |
|||||||||
Furniture and office equipment | $ | 866 | $ | 798 | |||||||
Leasehold improvements | 1,962 | 1,962 | |||||||||
Laboratory equipment | 884 | 868 | |||||||||
3,712 | 3,628 | ||||||||||
Less—accumulated depreciation and amortization | (3,329) | (3,004) | |||||||||
Property and equipment, net | $ | 383 | $ | 624 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating lease cost | $ | 281 | $ | 99 | $ | 468 | $ | 345 | |||||||||||||||
Operating sublease income | (101) | (73) | (303) | (218) | |||||||||||||||||||
Net operating lease cost | $ | 180 | $ | 26 | $ | 165 | $ | 127 |
(in thousands) |
As of September 30,
2021 |
As of December 31,
2020 |
|||||||||
Operating lease ROU assets | $ | 3,017 | $ | 343 | |||||||
Current operating lease liabilities | $ | 594 | $ | 860 | |||||||
Non-current operating lease liabilities | 2,691 | 9 | |||||||||
Total operating lease liabilities | $ | 3,285 | $ | 869 | |||||||
Weighted-average remaining lease term–operating leases | 5.3 years | 1.0 year | |||||||||
Weighted-average discount rate–operating leases | 7.0 | % | 6.5 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | 243 | $ | 237 | $ | 726 | $ | 706 | |||||||||||||||
ROU assets obtained in exchange for lease liabilities: | |||||||||||||||||||||||
Operating leases | $ | 3,061 | $ | — | $ | 3,061 | $ | — |
As of September 30,
2021 |
As of December 31,
2020 |
||||||||||
Fair value of Cardiff Oncology common stock | $ | 6.66 | $ | 17.99 | |||||||
Expected warrant term | 1.3 years | 2.1 years | |||||||||
Risk-free interest rate | 0.15 | % | 0.13 | % | |||||||
Expected volatility of Cardiff Oncology common stock | 100 | % | 116 | % | |||||||
Dividend yield | 0 | % | 0 | % |
(in thousands, except for number of warrants) | ||||||||||||||||||||
Date | Description | Number of Warrants |
Derivative
Instrument Liability |
|||||||||||||||||
December 31, 2020 |
Balance of derivative financial instruments—warrants liability
|
64,496 | $ | 285 | ||||||||||||||||
Change in fair value of derivative financial instruments—warrants during the period recognized as a gain in the condensed statements of operations
|
— | (280) | ||||||||||||||||||
September 30, 2021 |
Balance of derivative financial instruments—warrants liability
|
64,496 | $ | 5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Included in research and development expense | $ | 174 | $ | 104 | $ | 286 | $ | 251 | |||||||||||||||
Included in selling, general and administrative expense | 766 | 258 | 1,958 | 570 | |||||||||||||||||||
Total stock-based compensation expense | $ | 940 | $ | 362 | $ | 2,244 | $ | 821 |
Total Options |
Weighted-Average
Exercise Price Per Share |
Intrinsic
Value |
|||||||||||||||
Balance outstanding, December 31, 2020 | 1,860,507 | $ | 7.43 | $ | 27,963,363 | ||||||||||||
Granted | 1,721,314 | $ | 7.48 | ||||||||||||||
Canceled / Forfeited | (10,770) | $ | 2.55 | ||||||||||||||
Expired | (4,219) | $ | 216.00 | ||||||||||||||
Balance outstanding, September 30, 2021 | 3,566,832 | $ | 7.22 | $ | 7,522,769 | ||||||||||||
Exercisable at September 30, 2021 | 1,281,604 | $ | 8.96 | $ | 5,103,890 | ||||||||||||
Vested and expected to vest at September 30, 2021 | 3,466,323 | $ | 7.28 | $ | 7,344,075 |
Total Restricted Stock Units |
Weighted-Average
Grant Date Fair Value Per Share |
Intrinsic Value | |||||||||||||||
Non-vested RSUs outstanding, December 31, 2020 | 491 | $ | 147.60 | $ | 8,833 | ||||||||||||
Vested | (491) | $ | 147.60 | ||||||||||||||
Non-vested RSUs outstanding, September 30, 2021 | — | $ | — | $ | — |
Total Warrants |
Weighted-Average
Exercise Price Per Share |
Weighted-Average
Remaining Contractual Term |
|||||||||||||||
Balance outstanding, December 31, 2020 | 5,260,992 | $ | 5.19 | 4.1 years | |||||||||||||
Exercised | (770,833) | $ | 1.64 | ||||||||||||||
Balance outstanding, September 30, 2021 | 4,490,159 | $ | 5.80 | 3.2 years |
Shares outstanding | ||||||||||||||||||||||||||||||||
Class | Par value | Shares designated | Liquidation preference |
As of September 30,
2021 |
As of December 31,
2020 |
|||||||||||||||||||||||||||
Series A Convertible Preferred Stock | $ | 0.001 | 277,100 | $ | 606,000 | 60,600 | 60,600 | |||||||||||||||||||||||||
Series B Convertible Preferred Stock | $ | 0.001 | 8,860 | None | — | — | ||||||||||||||||||||||||||
Series C Convertible Preferred Stock | $ | 0.001 | 200,000 | None | — | — | ||||||||||||||||||||||||||
Series D Convertible Preferred Stock | $ | 0.0001 | 154,670 | None | — | — | ||||||||||||||||||||||||||
Series E Convertible Preferred Stock | $ | 0.001 | 865,824 | None | 655,044 | 655,044 |
Three Months Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 521 | $ | 412 | $ | 109 | |||||||||||
Stock-based compensation | 174 | 104 | 70 | ||||||||||||||
Clinical trials, outside services, and lab supplies | 3,104 | 2,151 | 953 | ||||||||||||||
Facilities and other | 355 | 188 | 167 | ||||||||||||||
Total research and development | $ | 4,154 | $ | 2,855 | $ | 1,299 |
Three Months Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 671 | $ | 520 | $ | 151 | |||||||||||
Stock-based compensation | 766 | 258 | 508 | ||||||||||||||
Outside services and professional fees | 914 | 488 | 426 | ||||||||||||||
Facilities and other | 579 | 378 | 201 | ||||||||||||||
Total selling, general and administrative | $ | 2,930 | $ | 1,644 | $ | 1,286 |
Three Months Ended September 30, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Net loss | $ | (6,913) | $ | (4,497) | $ | 2,416 | |||||||||||
Preferred stock dividend | (6) | (6) | — | ||||||||||||||
Net loss attributable to common shareholders | $ | (6,919) | $ | (4,503) | $ | 2,416 | |||||||||||
Net loss per common share — basic and diluted | $ | (0.17) | $ | (0.19) | $ | (0.02) | |||||||||||
Weighted average shares outstanding — basic and diluted | 39,552 | 23,341 | 16,211 | ||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 1,095 | $ | 1,261 | $ | (166) | |||||||||||
Stock-based compensation | 286 | 251 | 35 | ||||||||||||||
Clinical trials, outside services, and lab supplies | 9,510 | 5,933 | 3,577 | ||||||||||||||
Facilities and other | 661 | 591 | 70 | ||||||||||||||
Total research and development | $ | 11,552 | $ | 8,036 | $ | 3,516 |
Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 1,752 | $ | 1,565 | $ | 187 | |||||||||||
Stock-based compensation | 1,958 | 570 | 1,388 | ||||||||||||||
Outside services and professional fees | 2,799 | 1,468 | 1,331 | ||||||||||||||
Facilities and other | 1,494 | 1,197 | 297 | ||||||||||||||
Total selling, general and administrative | $ | 8,003 | $ | 4,800 | $ | 3,203 |
Nine Months Ended September 30, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Net loss | $ | (18,849) | $ | (12,710) | $ | 6,139 | |||||||||||
Preferred stock dividend | (18) | (3,285) | (3,267) | ||||||||||||||
Net loss attributable to common shareholders | $ | (18,867) | $ | (15,995) | $ | 2,872 | |||||||||||
Net loss per common share — basic and diluted | $ | (0.49) | $ | (1.00) | $ | (0.51) | |||||||||||
Weighted average shares outstanding — basic and diluted | 38,501 | 15,942 | 22,559 | ||||||||||||||
Exhibit
Number |
Description of Exhibit | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
104 | Cover Page Interactive Data File - the cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 is formatted in Inline XBRL |
CARDIFF ONCOLOGY, INC. | ||||||||
November 4, 2021 | By: | /s/ Mark Erlander | ||||||
Mark Erlander | ||||||||
Chief Executive Officer
|
||||||||
CARDIFF ONCOLOGY, INC. | ||||||||
November 4, 2021 | By: | /s/ James Levine | ||||||
James Levine | ||||||||
Chief Financial Officer
|
1 Year Cardiff Oncology Chart |
1 Month Cardiff Oncology Chart |
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