Detailed financial statements for Cardiff Oncology, Inc. (CRDF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cardiff Oncology, Inc., a clinical-stage biotechnology company, develops novel therapies for the treatment of various cancers in the United States. Its lead drug candidate is Onvansertib, an oral and selective polo-like kinase 1 inhibitor for treating RAS-mutated metastatic colorectal cancer.
Analysis Summary
Cardiff Oncology, Inc. reported revenue of $593000 in the most recent fiscal year, growing at a 5-year CAGR of 10.1%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -83.2%, net margin -78.8%.
At the current price of $1.35, CRDF has negative trailing earnings (P/E not meaningful) and an ROE of -103.08%. Market capitalisation stands at $104M.
Balance sheet quality for CRDF: current ratio of 3.7, net cash position of $57.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $381000 | $505000 | $378000 | $244632 | $366000 | $359000 | $386000 | $488000 | $683000 | $593000 |
| Cost of Revenue | $1.7M | $1.8M | $597000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$1.3M | -$1.3M | -$219000 | $244632 | $366000 | $359000 | $386000 | $488000 | $683000 | $593000 |
| Research & Development | $15.0M | $7.9M | $8.2M | $11.2M | $11.2M | $17.4M | $27.1M | $32.9M | $36.9M | $35.3M |
| Selling, General & Admin | $23.0M | $14.2M | $8.0M | $5.8M | $8.2M | $11.8M | $13.2M | $13.0M | $12.5M | $14.2M |
| Operating Expenses | $38.0M | $22.1M | $16.2M | $16.9M | $19.5M | $29.2M | $40.3M | $45.9M | $49.3M | $49.6M |
| Operating Income | -$40.1M | -$25.6M | -$17.1M | -$16.7M | -$19.1M | -$28.9M | -$39.9M | -$45.4M | -$48.7M | -$49.0M |
| EBITDA | -$36.8M | -$22.8M | -$15.7M | -$15.9M | -$18.8M | -$27.8M | -$38.5M | -$41.0M | -$45.0M | -$44.9M |
| Interest Expense | $1.4M | $1.0M | $25409 | 0 | $2000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$39.2M | -$24.9M | -$16.5M | -$16.4M | -$19.3M | -$28.3M | -$38.7M | -$41.4M | -$45.4M | -$45.9M |
| Income Tax | -$296000 | $716000 | $617643 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$39.2M | -$24.9M | -$16.5M | -$16.4M | -$19.3M | -$28.3M | -$38.7M | -$41.4M | -$45.4M | -$45.9M |
| EPS | $-93.54 | $-51.71 | $-7.06 | $-2.70 | $-1.08 | $-0.73 | $-0.89 | $-0.93 | $-0.95 | $-0.69 |
| EPS (Diluted) | $-93.22 | $-51.71 | $-7.06 | $-2.70 | $-1.08 | $-0.73 | $-0.89 | $-0.93 | $-0.95 | $-0.69 |
| Shares Outstanding (Diluted) | $420568 | $481665 | $2.3M | $6.0M | $20.9M | $39.0M | $43.6M | $44.7M | $47.6M | $66.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $120000 | $243000 | $41000 | $104000 |
| Gross Profit | $120000 | $243000 | $41000 | $104000 |
| Operating Income | -$12.0M | -$7.8M | -$12.8M | -$9.6M |
| EBITDA | -$10.8M | -$7.0M | -$12.1M | -$9.1M |
| Net Income | -$11.3M | -$7.2M | -$12.3M | -$9.2M |
| EPS | $-0.17 | $-0.11 | $-0.18 | $-0.14 |
| EPS (Diluted) | $-0.17 | $-0.11 | $-0.18 | $-0.14 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37.9M | $8.2M | $11.5M | $10.2M | $131.0M | $11.9M | $16.3M | $21.7M | $51.5M | $17.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $128.9M | $88.9M | $53.2M | $40.3M | $40.8M |
| Receivables | $100460 | $77095 | $167755 | $203480 | $320000 | $535000 | $771000 | $288000 | $773000 | $182000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $39.0M | $9.5M | $12.8M | $11.4M | $133.4M | $146.1M | $111.3M | $77.4M | $95.1M | $60.1M |
| Property, Plant & Equipment | $3.8M | $2.4M | $1.3M | $1.6M | $967000 | $3.2M | $3.5M | $2.9M | $2.1M | $1.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $44.0M | $12.3M | $14.2M | $13.1M | $134.7M | $149.5M | $116.2M | $81.6M | $97.2M | $61.9M |
| Accounts Payable | $1.1M | $825244 | $664840 | $656304 | $1.4M | $1.4M | $2.0M | $2.0M | $4.8M | $8.1M |
| Short-term Debt | $2.4M | $1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $7.8M | $3.9M | $3.0M | $4.8M | $6.1M | $6.6M | $7.8M | $10.4M | $13.4M | $16.4M |
| Long-term Debt | $14.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $24.2M | $5.8M | $4.1M | $5.8M | $6.6M | $9.1M | $9.8M | $11.9M | $14.2M | $16.5M |
| Retained Earnings | -$148.1M | -$173.0M | -$192.2M | -$208.9M | -$231.5M | -$259.8M | -$298.1M | -$339.5M | -$384.2M | -$430.0M |
| Total Equity | $19.8M | $6.5M | $10.1M | $7.3M | $128.2M | $140.4M | $106.3M | $69.7M | $82.9M | $45.4M |
| Total Debt | $16.5M | $1.3M | 0 | $1.7M | $869000 | $3.1M | $2.7M | $2.1M | $1.5M | $832000 |
| Net Debt | -$21.4M | -$6.9M | -$11.5M | -$8.5M | -$130.1M | -$137.7M | -$102.6M | -$72.7M | -$90.2M | -$57.5M |
| Working Capital | $31.2M | $5.5M | $9.8M | $6.6M | $127.2M | $139.6M | $103.5M | $67.0M | $81.6M | $43.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $10.1M | $17.5M | $8.5M | $9.2M |
| Total Assets | $63.8M | $61.9M | $49.2M | $37.3M |
| Total Liabilities | $15.0M | $16.5M | $14.5M | $10.8M |
| Total Equity | $48.8M | $45.4M | $34.7M | $26.5M |
| Total Debt | $1.0M | $832000 | $646000 | $457000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$39.2M | -$24.9M | -$16.5M | -$16.4M | -$19.3M | -$28.3M | -$38.7M | -$41.4M | -$45.4M | -$45.9M |
| Depreciation & Amortization | $1.1M | $1.2M | $859000 | $494000 | $466000 | $451000 | $236000 | $398000 | $404000 | $904000 |
| Stock-based Compensation | $7.5M | $4.0M | $2.2M | $885000 | $1.8M | $3.2M | $4.3M | $4.5M | $4.8M | $5.7M |
| Change in Working Capital | $1.1M | -$3.1M | $98000 | $1.1M | -$654000 | -$1.8M | -$380000 | $6.6M | $3.2M | $2.2M |
| Operating Cash Flow | -$31.0M | -$23.3M | -$13.2M | -$13.3M | -$16.3M | -$23.0M | -$33.8M | -$30.9M | -$37.7M | -$37.9M |
| Capital Expenditure | -$823000 | -$100000 | -$5100 | -$68000 | -$211000 | -$205000 | -$892000 | -$582000 | -$80000 | -$44000 |
| Acquisitions | $809.7M | $109.9M | $5100 | 0 | 0 | $205000 | -$114000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$24.2M | -$24.2M | -$24.2M | -$24.2M | 0 | -$24000 | -$414000 | 0 | 0 | 0 |
| Free Cash Flow | -$31.9M | -$23.4M | -$13.2M | -$13.3M | -$16.5M | -$23.2M | -$34.7M | -$31.5M | -$37.8M | -$38.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +32.5% | -25.1% | -35.3% | +49.6% | -1.9% | +7.5% | +26.4% | +40.0% | -13.2% | |
| Net Income Growth (YoY) | +36.5% | +33.9% | +0.3% | -17.6% | -46.5% | -36.8% | -7.1% | -9.6% | -0.9% | |
| EPS Growth (YoY) | +44.7% | +86.3% | +61.8% | +60.0% | +32.4% | -21.9% | -4.5% | -2.2% | +27.4% | |
| Shares Change (YoY) | +14.5% | +383.8% | +156.4% | +249.4% | +87.0% | +11.7% | +2.5% | +6.7% | +40.3% | |
| FCF Growth (YoY) | +26.6% | +43.5% | -1.0% | -23.9% | -40.7% | -49.3% | +9.3% | -20.0% | -0.5% | |
| Gross Margin | -354.1% | -258.6% | -57.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -10536.7% | -5068.5% | -4511.4% | -6817.8% | -5214.8% | -8037.6% | -10337.3% | -9305.7% | -7123.1% | -8256.3% |
| EBITDA Margin | -9647.9% | -4518.6% | -4153.4% | -6507.7% | -5147.3% | -7754.9% | -9965.8% | -8410.5% | -6592.5% | -7579.6% |
| Net Margin | -10289.8% | -4932.1% | -4354.8% | -6709.7% | -5275.1% | -7880.5% | -10026.9% | -8492.0% | -6651.7% | -7732.0% |
| FCF Margin | -8363.0% | -4629.9% | -3493.4% | -5451.5% | -4515.3% | -6474.9% | -8992.7% | -6448.6% | -5530.5% | -6402.5% |
| Effective Tax Rate | 0.8% | -2.9% | -3.8% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-75.76 | $-48.54 | $-5.67 | $-2.23 | $-0.79 | $-0.60 | $-0.80 | $-0.70 | $-0.79 | $-0.57 |
| Dividends Per Share | $57.64 | $50.33 | $10.40 | $4.06 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $419096 | $481665 | $2.3M | $6.0M | $20.9M | $39.0M | $43.6M | $44.7M | $47.6M | $66.8M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -103.08% |
| Return on Invested Capital | -156.60% |
| Return on Assets | -107.29% |
| Gross Margin | 100.00% |
| Operating Margin | -8320.08% |
| Net Margin | -7884.06% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 3.30 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.62 | -0.43 | -0.45 | -0.46 | -16.66 | -8.23 | -1.57 | -1.59 | -4.57 | -4.07 |
| P/B | 3.21 | 1.65 | 0.73 | 1.01 | 2.93 | 1.67 | 0.57 | 0.95 | 2.49 | 4.14 |
| P/S | 166.32 | 21.29 | 19.60 | 30.28 | 1026.07 | 653.40 | 158.13 | 135.50 | 302.78 | 316.73 |
| Gross Margin | -354.1% | -258.6% | -57.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -10536.7% | -5068.5% | -4511.4% | -6817.8% | -5214.8% | -8037.6% | -10337.3% | -9305.7% | -7123.1% | -8256.3% |
| Net Margin | -10289.8% | -4932.1% | -4354.8% | -6709.7% | -5275.1% | -7880.5% | -10026.9% | -8492.0% | -6651.7% | -7732.0% |
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