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Investing.com -- Cardiff Oncology Inc (NASDAQ:CRDF) reported second-quarter earnings that missed analyst expectations, sending shares tumbling 22% as investors reacted to the wider-than-expected loss despite revenue beating estimates.
The clinical-stage biotechnology company posted a loss of $0.21 per share for the second quarter of 2025, falling short of analyst expectations for a loss of $0.19 per share. Revenue came in at $120,000, exceeding the consensus estimate of $96,430. The company’s operating expenses increased to $14.9 million, up $2.2 million from $12.7 million in the same period last year.
Cardiff Oncology’s stock plummeted following the earnings release, reflecting investor concerns about the company’s widening losses despite recent clinical progress. The increased expenses were primarily attributed to costs associated with the CRDF-004 clinical trial and development of its lead drug candidate, onvansertib.
"In the second quarter, we achieved an important milestone by completing enrollment in our ongoing CRDF-004 trial evaluating onvansertib plus standard of care for the treatment of first-line RAS-mutated mCRC," said Mark Erlander, Chief Executive Officer of Cardiff Oncology.
The company highlighted several achievements during the quarter, including the appointment of Dr. Roger Sidhu as Chief Medical (TASE:BLWV) Officer and positive data from an investigator-initiated trial of onvansertib in metastatic triple negative breast cancer, which demonstrated a 40% objective response rate.
Cardiff Oncology reported approximately $71 million in cash, cash equivalents, and short-term investments as of June 30, 2025. Net cash used in operating activities was $8.3 million for the quarter, a decrease of $0.9 million from the same period in 2024. The company believes its current cash resources are sufficient to fund operations into the first quarter of 2027.
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