Cardiff Oncology Q2 2024 Results and Business Update

Cardiff Oncology, Inc., a clinical-stage biotechnology firm focusing on PLK1 inhibition to create innovative cancer treatments, disclosed its financial results for Q2 ending June 30, 2024, alongside a business update.

Dr. Mark Erlander, CEO of Cardiff Oncology, highlighted the significant progress in the first half of 2024, particularly with the CRDF-004 trial. This trial examines onvansertib combined with chemo/bevacizumab as a first-line treatment for RAS-mutated metastatic colorectal cancer (mCRC). Erlander emphasized the collaboration with Pfizer Ignite and the positive enrollment trends across 33 active sites. He expressed optimism about the potential of onvansertib to revolutionize the treatment for RAS-mutated mCRC patients, who have not seen new therapies in over two decades.

Key milestones anticipated include the release of randomized data from the first-line RAS-mutated mCRC trial in the latter half of 2024. Additionally, Cardiff Oncology plans to initiate a new trial for metastatic pancreatic ductal adenocarcinoma (mPDAC), focusing on combining onvansertib with NALIRIFOX, the newly approved standard of care. This trial will replace an earlier planned Phase 2 trial that proposed using onvansertib with Gemzar® and Abraxane®.

In the realm of ovarian cancer, Cardiff Oncology published preclinical data demonstrating the efficacy of combining onvansertib with olaparib, a PARP inhibitor, in treating olaparib-resistant high-grade serous ovarian carcinomas. The combination inhibited tumor growth and extended survival in preclinical models, showing promise in overcoming resistance to PARP inhibitors.

The company also presented five abstracts at the American Association for Cancer Research (AACR) meeting, showcasing the potential of onvansertib across various cancers and treatment combinations. These presentations bolstered the scientific foundation for onvansertib's clinical development.

Financially, as of June 30, 2024, Cardiff Oncology had approximately $60.3 million in cash, cash equivalents, and short-term investments. The net cash used in operating activities for the second quarter was about $9.2 million, an increase from $7.1 million in the same period in 2023. The increase in expenses was primarily attributed to the development of onvansertib. The company projects that its existing cash resources will sustain operations through the end of Q3 2025.

Total operating expenses for the quarter were around $12.7 million, up slightly from $12.3 million in the same period in 2023. This increase was mainly due to costs related to clinical programs and development services for onvansertib, offset by a previous employee severance agreement.

Cardiff Oncology plans to host a conference call and webcast on August 8, 2024, to discuss these updates further. The webcast will be accessible via the "Investors" section of the company's website, with a replay available post-call.

Cardiff Oncology continues to leverage PLK1 inhibition to develop therapies targeting various cancers. Their lead asset, onvansertib, is being evaluated in combination with standard therapies for conditions such as RAS-mutated mCRC, mPDAC, small cell lung cancer (SCLC), and triple-negative breast cancer (TNBC). The company's strategy aims to exploit tumor vulnerabilities to overcome treatment resistance and provide superior clinical benefits compared to standard therapies alone.