Corrected: Cardiff Oncology Q2 operating expenses fall on lower R&D costs

Cardiff Oncology

11/08/2026 21:36

Corrects to clarify second and third result drivers pertain to H1, not Q2

Overview
US biotech firm's Q2 operating expenses fell yr/yr, driven by lower R&D costs
Company completed $10 mln registered direct offering after quarter-end, extending cash runway
Cardiff highlighted positive Phase 2 data and Phase 3 trial plans for lead cancer therapy

Outlook
Cardiff Oncology plans to start Phase 3 trial of onvansertib in Q1 2027, pending financing
Company expects current cash resources to fund operations into Q3 2027

Result Drivers
PHASE 2 TRIAL DATA - Positive results from Phase 2 trial of onvansertib in combination with standard-of-care regimens in first-line RAS-mutated metastatic colorectal cancer supported advancement to planned registrational program
LOWER R&D SPENDING - Decrease in operating expenses was primarily due to reduced R&D costs as clinical trials were completed and fewer patients remained on treatment for the six months ended June 30, 2026
HIGHER SG&A AND LEGAL COSTS - Increase in SG&A expenses in H1 was mainly due to employee severance agreements, stock option modifications, and higher attorney costs related to an ongoing licensing dispute

Company press release: ID:nGNX9yypNr

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Loss Per Share
 
$0.14
 
Q2 Income from Operations
 
-$9.62 mln
 
Q2 Operating Expenses
 
$9.72 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Cardiff Oncology, Inc. is $7.50, about 628.2% above its August 10 closing price of $1.03

Reuters Recommended Reads
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Aug 11 - Prelude Therapeutics Q2 revenue beats analyst expectations, net loss narrows
Aug 11 - Theriva Biologics Q2 net loss narrows on lower R&D costs, expenses

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)