Cardiff Oncology Reports Fourth Quarter and Full Year 2024 Results and Provides Business Update

Core Insights - Cardiff Oncology reported robust initial efficacy signals for onvansertib in combination with chemotherapy and bevacizumab for first-line RAS-mut metastatic colorectal cancer (mCRC) [1][2] - The company successfully raised $40 million through an oversubscribed underwritten registered direct offering, attracting both new and existing healthcare-focused investors [1][4] - A new patent was issued for onvansertib, specifically for its use in treating KRAS-mutated mCRC, with an expected expiration date no earlier than 2043 [1][4] - As of December 31, 2024, the company had cash and equivalents of$91.7 million, providing a projected runway into Q1 2027 [1][7] Clinical Trial Updates - The ongoing CRDF-004 trial showed that patients receiving the 30mg dose of onvansertib had a 64% objective response rate (ORR), compared to 33% in the control arm [2][4] - A dose-response relationship was observed, with the 30mg dose demonstrating deeper tumor regression compared to the 20mg dose, while both doses exhibited similar safety profiles [2][4] - The Phase 2 trial is currently enrolling patients with documented KRAS or NRAS mutations, randomizing them to receive either 20mg or 30mg of onvansertib alongside standard-of-care treatments [4] Financial Performance - For the full year 2024, the company reported total operating expenses of approximately $49.3 million, an increase from$45.9 million in 2023, primarily due to clinical program costs and increased staffing [8][16] - The net loss for 2024 was approximately $45.4 million, compared to a net loss of$41.4 million in 2023 [16][21] - Cash burn for operating activities was approximately $37.7 million for 2024, up from$30.9 million in 2023 [6][21] Upcoming Milestones - Additional clinical data from the CRDF-004 trial is expected in the first half of 2025 [3]