Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35558 | |
Entity Registrant Name | CARDIFF ONCOLOGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-2004382 | |
Entity Address, Address Line One | 11055 Flintkote Avenue | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 952-7570 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CRDF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,549,634 | |
Entity Central Index Key | 0001213037 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 25,501 | $ 21,655 |
Short-term investments | 34,818 | 53,168 |
Accounts receivable and unbilled receivable | 451 | 288 |
Prepaid expenses and other current assets | 1,476 | 2,301 |
Total current assets | 62,246 | 77,412 |
Property and equipment, net | 1,095 | 1,238 |
Operating lease right-of-use assets | 1,439 | 1,708 |
Other assets | 1,271 | 1,279 |
Total Assets | 66,051 | 81,637 |
Current liabilities: | ||
Accounts payable | 5,108 | 1,966 |
Accrued liabilities | 6,712 | 7,783 |
Operating lease liabilities | 702 | 691 |
Total current liabilities | 12,522 | 10,440 |
Operating lease liabilities, net of current portion | 1,141 | 1,458 |
Total Liabilities | 13,663 | 11,898 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity | ||
Preferred stock, 20,000 shares authorized; 277 designated as Series A Convertible Preferred Stock; 61 shares outstanding at June 30, 2024 and December 31, 2023 with liquidation preference of $1,080 and $1,068 at June 30, 2024 and December 31, 2023, respectively | 0 | 0 |
Common stock, $0.0001 par value, 150,000 shares authorized; 45,602 and $44,677 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 5 | 4 |
Additional paid-in capital | 413,017 | 409,343 |
Accumulated other comprehensive loss | (97) | (67) |
Accumulated deficit | (360,537) | (339,541) |
Total stockholders’ equity | 52,388 | 69,739 |
Total liabilities and stockholders’ equity | $ 66,051 | $ 81,637 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Temporary equity, shares authorized (in shares) | 277,000 | 277,000 |
Temporary equity, shares outstanding (in shares) | 61,000 | 61,000 |
Preferred stock, liquidation preference, value | $ 1,080 | $ 1,068 |
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 45,602,000 | 44,677,000 |
Common stock, shares outstanding (in shares) | 45,602,000 | 44,677,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Royalties | $ 163 | $ 108 | $ 368 | $ 191 |
Costs and expenses: | ||||
Research and development | 9,493 | 8,020 | 17,501 | 17,072 |
Selling, general and administrative | 3,215 | 4,296 | 6,345 | 7,379 |
Total operating expenses | 12,708 | 12,316 | 23,846 | 24,451 |
Loss from operations | (12,545) | (12,208) | (23,478) | (24,260) |
Interest income, net | 805 | 1,053 | 1,731 | 1,993 |
Other income (expense), net | (38) | 5 | (42) | (106) |
Total other income (expense), net | 767 | 1,058 | 1,689 | 1,887 |
Net loss | (11,778) | (11,150) | (21,789) | (22,373) |
Preferred stock dividend payable on Series A Convertible Preferred Stock | (6) | (6) | (12) | (12) |
Net loss attributable to common stockholders | $ (11,784) | $ (11,156) | $ (21,801) | $ (22,385) |
Net loss per common share - basic (in dollars per share) | $ (0.26) | $ (0.25) | $ (0.49) | $ (0.50) |
Net loss per common share - diluted (in dollars per share) | $ (0.26) | $ (0.25) | $ (0.49) | $ (0.50) |
Weighted-average shares outstanding - basic (in shares) | 44,825 | 44,677 | 44,752 | 44,677 |
Weighted-average shares outstanding - diluted (in shares) | 44,825 | 44,677 | 44,752 | 44,677 |
CONDENSED STATEMENTS OF COMPREH
CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (11,778) | $ (11,150) | $ (21,789) | $ (22,373) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on securities available-for-sale | 35 | (355) | (30) | (36) |
Total comprehensive loss | (11,743) | (11,505) | (21,819) | (22,409) |
Preferred stock dividend payable on Series A Convertible Preferred Stock | (6) | (6) | (12) | (12) |
Comprehensive loss attributable to common stockholders | $ (11,749) | $ (11,511) | $ (21,831) | $ (22,421) |
CONDENSED STATEMENT OF STOCKHOL
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Preferred Stock | Common Stock | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment | [1] | Accumulated Other Comprehensive Loss | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment | [1] | |
Balance, beginning (in shares) at Dec. 31, 2022 | 61 | 44,677 | |||||||||||
Balance, beginning at Dec. 31, 2022 | $ 106,343 | $ 0 | $ 4 | $ 404,834 | $ (395) | $ (298,100) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation | 1,064 | 1,064 | |||||||||||
Other comprehensive gain (loss) | 319 | 319 | |||||||||||
Net loss | (11,223) | (11,223) | |||||||||||
Balance, ending (in shares) at Mar. 31, 2023 | 61 | 44,677 | |||||||||||
Balance, ending at Mar. 31, 2023 | 96,503 | $ 0 | $ 4 | 405,898 | (76) | (309,323) | |||||||
Balance, beginning (in shares) at Dec. 31, 2022 | 61 | 44,677 | |||||||||||
Balance, beginning at Dec. 31, 2022 | 106,343 | $ 0 | $ 4 | 404,834 | (395) | (298,100) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net loss | (22,373) | ||||||||||||
Balance, ending (in shares) at Jun. 30, 2023 | 61 | 44,677 | |||||||||||
Balance, ending at Jun. 30, 2023 | 86,579 | $ 0 | $ 4 | 407,479 | (431) | (320,473) | |||||||
Balance, beginning (in shares) at Mar. 31, 2023 | 61 | 44,677 | |||||||||||
Balance, beginning at Mar. 31, 2023 | 96,503 | $ 0 | $ 4 | 405,898 | (76) | (309,323) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation | 1,581 | 1,581 | |||||||||||
Other comprehensive gain (loss) | (355) | (355) | |||||||||||
Net loss | (11,150) | (11,150) | |||||||||||
Balance, ending (in shares) at Jun. 30, 2023 | 61 | 44,677 | |||||||||||
Balance, ending at Jun. 30, 2023 | 86,579 | $ 0 | $ 4 | 407,479 | (431) | (320,473) | |||||||
Balance, beginning (in shares) at Dec. 31, 2023 | 61 | 44,677 | |||||||||||
Balance, beginning at Dec. 31, 2023 | 69,739 | $ 0 | $ 0 | $ 4 | 409,343 | $ (793) | (67) | (339,541) | $ 793 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation | 1,124 | 1,124 | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 33 | ||||||||||||
Issuance of common stock upon exercise of stock options | 107 | 107 | |||||||||||
Other comprehensive gain (loss) | (65) | (65) | |||||||||||
Net loss | (10,011) | (10,011) | |||||||||||
Balance, ending (in shares) at Mar. 31, 2024 | 61 | 44,710 | |||||||||||
Balance, ending at Mar. 31, 2024 | $ 60,894 | $ 0 | $ 4 | 409,781 | (132) | (348,759) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | ||||||||||||
Balance, beginning (in shares) at Dec. 31, 2023 | 61 | 44,677 | |||||||||||
Balance, beginning at Dec. 31, 2023 | $ 69,739 | $ 0 | $ 0 | $ 4 | 409,343 | $ (793) | (67) | (339,541) | $ 793 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net loss | (21,789) | ||||||||||||
Balance, ending (in shares) at Jun. 30, 2024 | 61 | 45,602 | |||||||||||
Balance, ending at Jun. 30, 2024 | 52,388 | $ 0 | $ 5 | 413,017 | (97) | (360,537) | |||||||
Balance, beginning (in shares) at Mar. 31, 2024 | 61 | 44,710 | |||||||||||
Balance, beginning at Mar. 31, 2024 | 60,894 | $ 0 | $ 4 | 409,781 | (132) | (348,759) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Issuance of common stock, net of expenses (in shares) | [2] | 792 | |||||||||||
Issuance of common stock, net of expenses | [2] | 1,805 | $ 1 | 1,804 | |||||||||
Stock-based compensation | 1,179 | 1,179 | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 100 | ||||||||||||
Issuance of common stock upon exercise of stock options | 253 | 253 | |||||||||||
Other comprehensive gain (loss) | 35 | 35 | |||||||||||
Net loss | (11,778) | (11,778) | |||||||||||
Balance, ending (in shares) at Jun. 30, 2024 | 61 | 45,602 | |||||||||||
Balance, ending at Jun. 30, 2024 | $ 52,388 | $ 0 | $ 5 | $ 413,017 | $ (97) | $ (360,537) | |||||||
[1] See Note 2. (2) Net of expenses of $197,000. Net of expenses of $197,000. |
CONDENSED STATEMENT OF STOCKH_2
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock issuance expenses | $ 197,000 | $ 197,000 | $ 0 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net loss | $ (21,789) | $ (22,373) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 207 | 188 |
Stock-based compensation expense | 2,303 | 2,645 |
Accretion of discounts on short-term investments, net | (283) | (405) |
Changes in operating assets and liabilities: | ||
Other assets | 8 | (3) |
Accounts receivable and unbilled receivable | (163) | 610 |
Prepaid expenses and other current assets | 696 | 2,260 |
Operating lease right-of-use assets | 269 | 273 |
Accounts payable and accrued liabilities | 2,088 | 1,293 |
Operating lease liabilities | (306) | (279) |
Net cash used in operating activities | (16,970) | (15,791) |
Investing activities: | ||
Capital expenditures | (80) | (259) |
Maturities of short-term investments | 12,505 | 68,265 |
Purchases of short-term investments | (919) | (50,868) |
Sales of short-term investments | 7,145 | 1,675 |
Net cash provided by investing activities | 18,651 | 18,813 |
Financing activities: | ||
Proceeds from sales of common stock, net of expenses of $197 and $0, respectively | 1,805 | 0 |
Proceeds from exercise of options | 360 | 0 |
Net cash provided by financing activities | 2,165 | 0 |
Net change in cash and cash equivalents | 3,846 | 3,022 |
Cash and cash equivalents—Beginning of period | 21,655 | 16,347 |
Cash and cash equivalents—End of period | 25,501 | 19,369 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Acquisition of property and equipment included in accounts payable and accrued expenses | $ 0 | $ 16 |
CONDENSED STATEMENTS OF CASH _2
CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Cash Flows [Abstract] | |||
Stock issuance expenses | $ 197,000 | $ 197,000 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Business Organization and Overview Cardiff Oncology, Inc. (“Cardiff Oncology” or the “Company”) headquartered in San Diego, California, is a clinical-stage biotechnology company leveraging Polo-like Kinase 1 (“PLK1”) inhibition, to develop novel therapies across a range of cancers. The Company’s lead asset is onvansertib, a PLK1 inhibitor that is being evaluated in combination with standard-of- care ("SoC") therapeutics in clinical programs targeting indications such as RAS-mutated metastatic colorectal cancer (“mCRC”), as well as ongoing or planned investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma (“mPDAC”), small cell lung cancer (“SCLC”), and triple negative breast cancer (“TNBC”). These programs and the Company’s broader development strategy are designed to target tumor vulnerabilities in order to overcome treatment resistance and deliver superior clinical benefit compared to SoC alone. The Company's common stock is listed on the Nasdaq Capital Market under the ticker symbol "CRDF". Basis of Presentation The accompanying unaudited interim condensed financial statements of Cardiff Oncology have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The unaudited interim condensed financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and the results of its operations and cash flows for the periods presented. The unaudited condensed balance sheet at December 31, 2023, has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by GAAP for annual financial statements. The operating results presented in these unaudited interim condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K filed with the SEC on February 29, 2024. Liquidity The Company has incurred net losses since its inception and has negative operating cash flows. As of June 30, 2024, the Company had $60.3 million in cash, cash equivalents and short-term investments and believes it has sufficient cash to meet its funding requirements for at least the next 12 months following the issuance date of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies During the six months ended June 30, 2024, there have been no changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Net Loss Per Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. Preferred dividends are included in net loss attributable to common stockholders in the computation of basic and diluted earnings per share. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their effect was anti-dilutive: June 30, 2024 2023 Options to purchase Common Stock 8,351,122 6,603,661 Warrants to purchase Common Stock 2,807,353 2,807,948 Series A Convertible Preferred Stock 877 877 11,159,352 9,412,486 Recently Adopted Accounting Pronouncement In August 2020, the FASB issued ASU No. 2020-06 ("ASU 2020-06"), Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, ASU 2020-06 modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This update was effective for the Company on January 1, 2024. The amendment is to be adopted through either a fully retrospective or modified retrospective method of transition. Early adoption is permitted. The Company adopted this standard as of January 1, 2024 using the modified-retrospective method. As a result of the adoption the Company reversed the accretion of preferred stock dividends originally recorded in 2005 related to the Series A Convertible Preferred Stock of $793,000. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2024, and December 31, 2023: Fair Value Measurements at (in thousands) Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Money market fund $ 24,349 $ — $ — $ 24,349 Total included in cash and cash equivalents 24,349 — — 24,349 Available for sale investments: Certificate of deposit — 5,946 — 5,946 Corporate debt securities — 13,849 — 13,849 Commercial paper — 2,399 — 2,399 U.S. treasury securities 12,624 — — 12,624 Total available for sale investments 12,624 22,194 — 34,818 Total assets measured at fair value on a recurring basis $ 36,973 $ 22,194 $ — $ 59,167 Fair Value Measurements at (in thousands) Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Money market fund $ 21,606 $ — $ — $ 21,606 Total included in cash and cash equivalents 21,606 — — 21,606 Available for sale investments: Certificate of deposit — 8,333 — 8,333 Corporate debt securities — 19,373 — 19,373 Commercial paper — 6,202 — 6,202 U.S. government agencies — 834 — 834 U.S. treasury securities 18,426 — — 18,426 Total available for sale investments 18,426 34,742 — 53,168 Total assets measured at fair value on a recurring basis $ 40,032 $ 34,742 $ — $ 74,774 |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Balance Sheet Information | Supplementary Balance Sheet Information Investments available for sale Investments available for sale consisted of the following: As of June 30, 2024 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Maturity less than 1 year: Certificate of deposit $ 5,943 $ 3 $ — $ 5,946 Corporate debt securities 12,175 7 (28) 12,154 Commercial paper 2,399 — — 2,399 U.S. treasury securities 12,707 — (83) 12,624 Total maturity less than 1 year 33,224 10 (111) 33,123 Maturity 1 to 2 years: Corporate debt securities 1,690 5 — 1,695 U.S. treasury securities — — — — Total maturity 1 to 2 years 1,690 5 — 1,695 Total short-term investments $ 34,914 $ 15 $ (111) $ 34,818 As of December 31, 2023 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Maturity less than 1 year: Certificate of deposit $ 8,317 $ 16 $ — $ 8,333 Corporate debt securities 10,948 8 (16) 10,940 Commercial paper 6,193 9 — 6,202 U.S. government agencies 835 — (1) 834 U.S. treasury securities — — — — Total maturity less than 1 year 26,293 33 (17) 26,309 Maturity 1 to 2 years: Corporate debt securities 8,437 6 (10) 8,433 U.S. treasury securities 18,505 — (79) 18,426 Total maturity 1 to 2 years 26,942 6 (89) 26,859 Total short-term investments $ 53,235 $ 39 $ (106) $ 53,168 We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses in investments available for sale debt securities at June 30, 2024, were substantially due to increases in interest rates, not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. It is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Investments available for sale that have been in a continuous unrealized loss position for greater than one-year consisted of the following: As of June 30, 2024 (in thousands) Fair Market Value Gross Unrealized Loss Corporate debt securities $ 4,333 $ (19) U.S. treasury securities 9,794 (72) Total $ 14,127 $ (91) As of December 31, 2023 (in thousands) Fair Market Value Gross Unrealized Loss Corporate debt securities $ 397 $ (3) Property and equipment Property and equipment consisted of the following: (in thousands) As of June 30, As of December 31, Furniture and office equipment $ 1,067 $ 1,067 Leasehold improvements 2,568 2,568 Laboratory equipment 1,414 1,355 Property and equipment, gross 5,049 4,990 Less—accumulated depreciation and amortization (3,954) (3,752) Property and equipment, net $ 1,095 $ 1,238 Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) As of June 30, As of December 31, Clinical trials $ 3,832 $ 4,309 Accrued compensation 1,790 2,737 Research agreements and services 867 530 Other accrued liabilities 223 207 Total accrued liabilities $ 6,712 $ 7,783 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock Options Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Included in research and development expense $ 397 $ 297 $ 786 $ 691 Included in selling, general and administrative expense 782 1,284 1,517 1,954 Total stock-based compensation expense $ 1,179 $ 1,581 $ 2,303 $ 2,645 The unrecognized compensation cost related to non-vested stock options outstanding at June 30, 2024, net of estimated forfeitures, was $9.4 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.5 years. The weighted-average remaining contractual term of outstanding options as of June 30, 2024, was approximately 8.0 years. The total fair value of stock options vested during the six months ended June 30, 2024 and 2023, were $2.7 million and $3.2 million, respectively. The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions during the following periods indicated: Six Months Ended June 30, 2024 2023 Risk-free interest rate 4.06 % 3.61 % Dividend yield 0 % 0 % Expected volatility of Cardiff Oncology common stock 106 % 109 % Expected term 5.8 years 5.3 years A summary of stock option activity and changes in stock options outstanding is presented below: Total Options Weighted-Average Intrinsic Balance outstanding, December 31, 2023 6,650,954 $ 4.27 $ 23,926 Granted 1,899,096 $ 3.40 Exercised (133,614) $ 2.69 Forfeited and expired (65,314) $ 13.96 Balance outstanding, June 30, 2024 8,351,122 $ 4.02 $ 1,169,885 Exercisable at June 30, 2024 4,124,114 $ 4.85 $ 468,750 Vested and expected to vest at June 30, 2024 8,121,830 $ 4.05 $ 1,118,569 2021 Equity Incentive Plan In June 2021 the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). As of June 30, 2024 the number of authorized shares in the 2021 Plan is equal to the sum of (i) 8,150,000 shares, plus (ii) the number of shares of Common Stock reserved, but unissued under the 2014 Plan; and (iii) the number of shares of Common Stock underlying forfeited awards under the 2014 Plan. As of June 30, 2024, there were 3,153,005 shares available for issuance under the 2021 Plan. 2014 Equity Incentive Plan Subsequent to the adoption of the 2021 Plan, no additional equity awards can be made under the terms of the 2014 Plan. Inducement Grants The Company issues equity awards to certain new employees as inducement grants outside of its 2021 Plan. As of June 30, 2024, an aggregate of 1,380,248 shares were issuable upon the exercise of inducement grant stock options approved by the Company. Rescinding and reissuance of March 2024 stock options On May 30, 2024, the Board of Directors of the Company approved the rescinding of an aggregate of 1,697,712 shares of common stock issuable upon exercise of stock options granted on March 7, 2024 at an exercise price of $3.51 per share to employees and officers of the Company. On May 30, 2024, the Board of Directors of the Company approved the grant of an aggregate of 1,697,712 shares of common stock issuable upon exercise of stock options at an exercise price of $3.51 per share to employees and officers of the Company, subject to stockholder approval of an increase in the shares of common stock available for issuance pursuant to the Company’s 2021 Equity Incentive Plan at the Company’s annual meeting on June 20, 2024. The increase of shares available was approved by shareholders at the June 20, 2024 meeting, thus completing the requirements for the reissuance of the grant. The terms of the reissued grant were identical to the rescinded grant, therefore the transaction does not represent a stock option modification. Warrants A summary of warrant activity and changes in warrants outstanding, classified as equity is presented below: Total Warrants Weighted-Average Weighted-Average Balance outstanding, December 31, 2023 2,807,948 $ 2.45 1.9 years Expired (595) $ 252.72 Balance outstanding, June 30, 2024 2,807,353 $ 2.40 1.4 years Sale of Common Stock During June 2024, the Company received net proceeds of $1.8 million from the sale of 0.8 million shares of its common stock under the Sales Agreement with Jefferies LLC. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Executive Agreements Certain executive agreements provide for severance payments in case of terminations without cause or certain change of control scenarios. Research and Development Agreements In March 2017, the Company entered into a license agreement with Nerviano which granted the Company development and commercialization rights to NMS-1286937, which Cardiff Oncology refers to as onvansertib. Terms of the agreement also provide for the Company to pay development and commercial milestones, and royalties based on sales volume. These potential development milestones include: (a) dosing of the first subject in the first Phase III Clinical Trial for the first Product, a registration enabling Phase II Clinical Trial, or after completion of a Phase II Clinical Trial that is used as the basis for an NDA submission; and (b) upon filing of the first NDA or equivalent for the first product candidate. During the six months ended June 30, 2024 and 2023 no milestone or royalty payments were made. The Company is a party to various agreements under which it licenses technology on an exclusive basis in the field of oncology therapeutics. These agreements include License fees, Royalties and Milestone payments. The Company also has a legacy license agreement in the field of oncology diagnostics under which royalty payments are due to the Company. These royalty payments are calculated as a percent of revenue. For the six months ended June 30, 2024 and 2023, payments have not been material. Litigation As previously disclosed in the Supplement to the Company’s Proxy Statement for its Annual Meeting held on June 20, 2024 (the “2024 Annual Meeting”) as filed with the SEC on June 3, 2024, a purported stockholder of the Company filed a class action and derivative complaint in the Court of Chancery of the State of Delaware against the Company, and against James Armitage, Mark Erlander, Rodney Markin, Mani Mohindru, Gary Pace, Renee Tannenbaum, Lale White, Tod Smeal, Fairooz Kabbinavar and James Levine. The complaint alleges, among other things, that the By-Laws of the Company (the “By-Laws”), in effect as of May 13, 2024, require directors to be elected, and other business to be transacted, using a voting standard that treats broker non-votes as votes “against” these actions. This purported stockholder also claims that directors Renee Tannenbaum and Mani Mohindru were not validly elected in 2022 and 2023, respectively, and that the Company did not validly amend its 2021 Equity Incentive Plan at the annual meeting of stockholders held in 2022, in each case because the voting standard urged by the purported stockholder was not satisfied. The Board of Directors adopted amendments to the By-Laws to confirm and clarify the applicable voting standards that applied to the business transacted at the 2024 Annual Meeting. The Board of Directors also adopted resolutions to rescind equity grants that were made in reliance on the 2022 amendment to the 2021 Equity Incentive Plan and approved replacement grants with terms identical to the equity grants rescinded. The replacement grants were approved by the stockholders at the 2024 Annual Meeting. On June 26, 2024, the plaintiff dismissed the complaint with prejudice as to the plaintiff, with the court retaining jurisdiction to determine plaintiff’s counsel’s application for an award of attorneys’ fees. Currently, the fees cannot be estimated, and no fees have been accrued. The Company does not believe these fees will be material. From time to time, the Company may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in matters may arise from time to time that may harm the Company’s business. As of the date of this report, management believes that there are no claims against the Company, which could result in a material adverse effect on the Company’s business or financial condition. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Sale of Common Stock From July 1, 2024 through August 6, 2024, the Company sold 0.9 million shares of its common stock under the Sales Agreement with Jefferies LLC. Gross proceeds from these sales was $2.3 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Net Loss Per Share | Net Loss Per Share |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncement In August 2020, the FASB issued ASU No. 2020-06 ("ASU 2020-06"), Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, ASU 2020-06 modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This update was effective for the Company on January 1, 2024. The amendment is to be adopted through either a fully retrospective or modified retrospective method of transition. Early adoption is permitted. The Company adopted this standard as of January 1, 2024 using the modified-retrospective method. As a result of the adoption the Company reversed the accretion of preferred stock dividends originally recorded in 2005 related to the Series A Convertible Preferred Stock of $793,000. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Net Loss per Share | The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their effect was anti-dilutive: June 30, 2024 2023 Options to purchase Common Stock 8,351,122 6,603,661 Warrants to purchase Common Stock 2,807,353 2,807,948 Series A Convertible Preferred Stock 877 877 11,159,352 9,412,486 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Company’s Assets and Liabilities that are Measured and Recognized at Fair Value on a Recurring Basis Classified Under the Appropriate Level of the Fair Value Hierarchy | The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2024, and December 31, 2023: Fair Value Measurements at (in thousands) Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Money market fund $ 24,349 $ — $ — $ 24,349 Total included in cash and cash equivalents 24,349 — — 24,349 Available for sale investments: Certificate of deposit — 5,946 — 5,946 Corporate debt securities — 13,849 — 13,849 Commercial paper — 2,399 — 2,399 U.S. treasury securities 12,624 — — 12,624 Total available for sale investments 12,624 22,194 — 34,818 Total assets measured at fair value on a recurring basis $ 36,973 $ 22,194 $ — $ 59,167 Fair Value Measurements at (in thousands) Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Money market fund $ 21,606 $ — $ — $ 21,606 Total included in cash and cash equivalents 21,606 — — 21,606 Available for sale investments: Certificate of deposit — 8,333 — 8,333 Corporate debt securities — 19,373 — 19,373 Commercial paper — 6,202 — 6,202 U.S. government agencies — 834 — 834 U.S. treasury securities 18,426 — — 18,426 Total available for sale investments 18,426 34,742 — 53,168 Total assets measured at fair value on a recurring basis $ 40,032 $ 34,742 $ — $ 74,774 |
Supplementary Balance Sheet I_2
Supplementary Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Investments Available-for-sale | Investments available for sale consisted of the following: As of June 30, 2024 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Maturity less than 1 year: Certificate of deposit $ 5,943 $ 3 $ — $ 5,946 Corporate debt securities 12,175 7 (28) 12,154 Commercial paper 2,399 — — 2,399 U.S. treasury securities 12,707 — (83) 12,624 Total maturity less than 1 year 33,224 10 (111) 33,123 Maturity 1 to 2 years: Corporate debt securities 1,690 5 — 1,695 U.S. treasury securities — — — — Total maturity 1 to 2 years 1,690 5 — 1,695 Total short-term investments $ 34,914 $ 15 $ (111) $ 34,818 As of December 31, 2023 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Maturity less than 1 year: Certificate of deposit $ 8,317 $ 16 $ — $ 8,333 Corporate debt securities 10,948 8 (16) 10,940 Commercial paper 6,193 9 — 6,202 U.S. government agencies 835 — (1) 834 U.S. treasury securities — — — — Total maturity less than 1 year 26,293 33 (17) 26,309 Maturity 1 to 2 years: Corporate debt securities 8,437 6 (10) 8,433 U.S. treasury securities 18,505 — (79) 18,426 Total maturity 1 to 2 years 26,942 6 (89) 26,859 Total short-term investments $ 53,235 $ 39 $ (106) $ 53,168 |
Investments Available-for-sale in a Continuous Unrealized Loss Position | Investments available for sale that have been in a continuous unrealized loss position for greater than one-year consisted of the following: As of June 30, 2024 (in thousands) Fair Market Value Gross Unrealized Loss Corporate debt securities $ 4,333 $ (19) U.S. treasury securities 9,794 (72) Total $ 14,127 $ (91) As of December 31, 2023 (in thousands) Fair Market Value Gross Unrealized Loss Corporate debt securities $ 397 $ (3) |
Schedule of Components of Property and Equipment | Property and equipment consisted of the following: (in thousands) As of June 30, As of December 31, Furniture and office equipment $ 1,067 $ 1,067 Leasehold improvements 2,568 2,568 Laboratory equipment 1,414 1,355 Property and equipment, gross 5,049 4,990 Less—accumulated depreciation and amortization (3,954) (3,752) Property and equipment, net $ 1,095 $ 1,238 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: (in thousands) As of June 30, As of December 31, Clinical trials $ 3,832 $ 4,309 Accrued compensation 1,790 2,737 Research agreements and services 867 530 Other accrued liabilities 223 207 Total accrued liabilities $ 6,712 $ 7,783 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Included in research and development expense $ 397 $ 297 $ 786 $ 691 Included in selling, general and administrative expense 782 1,284 1,517 1,954 Total stock-based compensation expense $ 1,179 $ 1,581 $ 2,303 $ 2,645 |
Schedule of Assumptions to Estimate Fair Value of Stock Option Awards | The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions during the following periods indicated: Six Months Ended June 30, 2024 2023 Risk-free interest rate 4.06 % 3.61 % Dividend yield 0 % 0 % Expected volatility of Cardiff Oncology common stock 106 % 109 % Expected term 5.8 years 5.3 years |
Summary of Stock Option Activity and of Changes in Stock Options Outstanding | A summary of stock option activity and changes in stock options outstanding is presented below: Total Options Weighted-Average Intrinsic Balance outstanding, December 31, 2023 6,650,954 $ 4.27 $ 23,926 Granted 1,899,096 $ 3.40 Exercised (133,614) $ 2.69 Forfeited and expired (65,314) $ 13.96 Balance outstanding, June 30, 2024 8,351,122 $ 4.02 $ 1,169,885 Exercisable at June 30, 2024 4,124,114 $ 4.85 $ 468,750 Vested and expected to vest at June 30, 2024 8,121,830 $ 4.05 $ 1,118,569 |
Summary of Warrant Activity and Changes in Warrants Outstanding | A summary of warrant activity and changes in warrants outstanding, classified as equity is presented below: Total Warrants Weighted-Average Weighted-Average Balance outstanding, December 31, 2023 2,807,948 $ 2.45 1.9 years Expired (595) $ 252.72 Balance outstanding, June 30, 2024 2,807,353 $ 2.40 1.4 years |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, cash equivalents and short-term investments | $ 60.3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Net Loss Per Share | ||
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares) | 11,159,352 | 9,412,486 |
Options to purchase Common Stock | ||
Net Loss Per Share | ||
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares) | 8,351,122 | 6,603,661 |
Warrants to purchase Common Stock | ||
Net Loss Per Share | ||
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares) | 2,807,353 | 2,807,948 |
Series A Convertible Preferred Stock | ||
Net Loss Per Share | ||
Antidilutive securities excluded from the calculation of basic and diluted loss per share (in shares) | 877 | 877 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) | Jan. 01, 2024 USD ($) |
Cumulative Effect, Period of Adoption, Adjustment | Series A Convertible Preferred Stock | |
Conversion of Stock [Line Items] | |
Temporary equity, dividends, adjustment | $ 793,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Total available for sale investments | $ 34,818 | $ 53,168 |
Recurring basis | ||
Assets: | ||
Total included in cash and cash equivalents | 24,349 | 21,606 |
Total available for sale investments | 34,818 | 53,168 |
Total assets measured at fair value on a recurring basis | 59,167 | 74,774 |
Recurring basis | Certificate of deposit | ||
Assets: | ||
Total available for sale investments | 5,946 | 8,333 |
Recurring basis | Corporate debt securities | ||
Assets: | ||
Total available for sale investments | 13,849 | 19,373 |
Recurring basis | Commercial paper | ||
Assets: | ||
Total available for sale investments | 2,399 | 6,202 |
Recurring basis | U.S. government agencies | ||
Assets: | ||
Total available for sale investments | 834 | |
Recurring basis | U.S. treasury securities | ||
Assets: | ||
Total available for sale investments | 12,624 | 18,426 |
Recurring basis | Money market fund | ||
Assets: | ||
Total included in cash and cash equivalents | 24,349 | 21,606 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Assets: | ||
Total included in cash and cash equivalents | 24,349 | 21,606 |
Total available for sale investments | 12,624 | 18,426 |
Total assets measured at fair value on a recurring basis | 36,973 | 40,032 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Certificate of deposit | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Corporate debt securities | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Commercial paper | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | U.S. government agencies | ||
Assets: | ||
Total available for sale investments | 0 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | U.S. treasury securities | ||
Assets: | ||
Total available for sale investments | 12,624 | 18,426 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Money market fund | ||
Assets: | ||
Total included in cash and cash equivalents | 24,349 | 21,606 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total included in cash and cash equivalents | 0 | 0 |
Total available for sale investments | 22,194 | 34,742 |
Total assets measured at fair value on a recurring basis | 22,194 | 34,742 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Certificate of deposit | ||
Assets: | ||
Total available for sale investments | 5,946 | 8,333 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Assets: | ||
Total available for sale investments | 13,849 | 19,373 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Total available for sale investments | 2,399 | 6,202 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government agencies | ||
Assets: | ||
Total available for sale investments | 834 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. treasury securities | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Money market fund | ||
Assets: | ||
Total included in cash and cash equivalents | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total included in cash and cash equivalents | 0 | 0 |
Total available for sale investments | 0 | 0 |
Total assets measured at fair value on a recurring basis | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Certificate of deposit | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Commercial paper | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. government agencies | ||
Assets: | ||
Total available for sale investments | 0 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. treasury securities | ||
Assets: | ||
Total available for sale investments | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Money market fund | ||
Assets: | ||
Total included in cash and cash equivalents | $ 0 | $ 0 |
Supplementary Balance Sheet I_3
Supplementary Balance Sheet Information - Investments Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Maturity less than 1 year: | ||
Amortized Cost | $ 33,224 | $ 26,293 |
Gross Unrealized Gains | 10 | 33 |
Gross Unrealized Losses | (111) | (17) |
Fair Market Value | 33,123 | 26,309 |
Maturity 1 to 2 years: | ||
Amortized Cost | 1,690 | 26,942 |
Gross Unrealized Gains | 5 | 6 |
Gross Unrealized Losses | 0 | (89) |
Fair Market Value | 1,695 | 26,859 |
Amortized Cost | 34,914 | 53,235 |
Gross Unrealized Gains | 15 | 39 |
Gross Unrealized Losses | (111) | (106) |
Fair Market Value | 34,818 | 53,168 |
Certificate of deposit | ||
Maturity less than 1 year: | ||
Amortized Cost | 5,943 | 8,317 |
Gross Unrealized Gains | 3 | 16 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | 5,946 | 8,333 |
Corporate debt securities | ||
Maturity less than 1 year: | ||
Amortized Cost | 12,175 | 10,948 |
Gross Unrealized Gains | 7 | 8 |
Gross Unrealized Losses | (28) | (16) |
Fair Market Value | 12,154 | 10,940 |
Maturity 1 to 2 years: | ||
Amortized Cost | 1,690 | 8,437 |
Gross Unrealized Gains | 5 | 6 |
Gross Unrealized Losses | 0 | (10) |
Fair Market Value | 1,695 | 8,433 |
Commercial paper | ||
Maturity less than 1 year: | ||
Amortized Cost | 2,399 | 6,193 |
Gross Unrealized Gains | 0 | 9 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | 2,399 | 6,202 |
U.S. government agencies | ||
Maturity less than 1 year: | ||
Amortized Cost | 835 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Market Value | 834 | |
U.S. treasury securities | ||
Maturity less than 1 year: | ||
Amortized Cost | 12,707 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (83) | 0 |
Fair Market Value | 12,624 | 0 |
Maturity 1 to 2 years: | ||
Amortized Cost | 0 | 18,505 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (79) |
Fair Market Value | $ 0 | $ 18,426 |
Supplementary Balance Sheet I_4
Supplementary Balance Sheet Information - Investments Available-for-sale in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Market Value | $ 14,127 | |
Gross Unrealized Loss | (91) | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Market Value | 4,333 | $ 397 |
Gross Unrealized Loss | (19) | $ (3) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Market Value | 9,794 | |
Gross Unrealized Loss | $ (72) |
Supplementary Balance Sheet I_5
Supplementary Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, equipment and depreciation and amortization | ||
Property and equipment, gross | $ 5,049 | $ 4,990 |
Less—accumulated depreciation and amortization | (3,954) | (3,752) |
Property and equipment, net | 1,095 | 1,238 |
Furniture and office equipment | ||
Property, equipment and depreciation and amortization | ||
Property and equipment, gross | 1,067 | 1,067 |
Leasehold improvements | ||
Property, equipment and depreciation and amortization | ||
Property and equipment, gross | 2,568 | 2,568 |
Laboratory equipment | ||
Property, equipment and depreciation and amortization | ||
Property and equipment, gross | $ 1,414 | $ 1,355 |
Supplementary Balance Sheet I_6
Supplementary Balance Sheet Information - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 1,790 | $ 2,737 |
Clinical trials | 3,832 | 4,309 |
Research agreements and services | 867 | 530 |
Other accrued liabilities | 223 | 207 |
Total accrued liabilities | $ 6,712 | $ 7,783 |
Stockholders' Equity - Stock-ba
Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based compensation expense | ||||
Total stock based compensation expense | $ 1,179 | $ 1,581 | $ 2,303 | $ 2,645 |
Options vested, fair value | 2,700 | 3,200 | ||
Research and Development Expense | ||||
Stock-based compensation expense | ||||
Total stock based compensation expense | 397 | 297 | 786 | 691 |
Selling, general and administrative expense | ||||
Stock-based compensation expense | ||||
Total stock based compensation expense | 782 | $ 1,284 | 1,517 | $ 1,954 |
Options to purchase Common Stock | ||||
Stock-based compensation expense | ||||
Unrecognized compensation cost | $ 9,400 | $ 9,400 | ||
Weighted-average remaining vesting period for recognition | 2 years 6 months | |||
Options outstanding, weighted average contractual life | 8 years |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
May 30, 2024 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Number of Options | |||||
Granted (in shares) | 1,697,712 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |||||
Authorized shares under the plan (in shares) | 8,150,000 | 8,150,000 | |||
Stock repurchased and retired during period, shares (in shares) | 1,697,712 | ||||
Shares acquired, average cost per share (in dollars per share) | $ 3.51 | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) | $ 3.51 | ||||
Options to purchase Common Stock | |||||
Weighted-average assumptions | |||||
Risk-free interest rate | 4.06% | 3.61% | |||
Dividend yield (as a percent) | 0% | 0% | |||
Expected volatility (as a percent) | 106% | 109% | |||
Expected term | 5 years 9 months 18 days | 5 years 3 months 18 days | |||
Number of Options | |||||
Balance outstanding at the beginning of the period (in shares) | 6,650,954 | ||||
Granted (in shares) | 1,899,096 | ||||
Exercised (in shares) | (133,614) | ||||
Forfeited and expired (in shares) | (65,314) | ||||
Balance outstanding at the end of the period (in shares) | 8,351,122 | 8,351,122 | |||
Exercisable at the end of the period (in shares) | 4,124,114 | 4,124,114 | |||
Vested and expected to vest (in shares) | 8,121,830 | 8,121,830 | |||
Weighted Average Exercise Price Per Share | |||||
Balance outstanding at the beginning of the period (in USD per share) | $ 4.27 | ||||
Granted (in USD per share) | 3.40 | ||||
Exercised (in USD per share) | 2.69 | ||||
Forfeited and expired (in USD per share) | 13.96 | ||||
Balance outstanding at the end of the period (in USD per share) | $ 4.02 | 4.02 | |||
Exercisable at the end of the period (in USD per share) | 4.85 | 4.85 | |||
Vested and expected to vest (in USD per share) | $ 4.05 | $ 4.05 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |||||
Options outstanding, intrinsic value | $ 1,169,885 | $ 1,169,885 | $ 23,926 | ||
Exercisable at the end of the period, intrinsic value | 468,750 | 468,750 | |||
Vested and expected to vest, intrinsic value | $ 1,118,569 | $ 1,118,569 | |||
Inducement Grant Stock Options | |||||
Number of Options | |||||
Granted (in shares) | 1,380,248 | ||||
Equity Incentive Plan 2021 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |||||
Number of remaining shares available for issuance (in shares) | 3,153,005 | 3,153,005 |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Number of Warrants | |||||
Balance of warrants outstanding at the end of the period (in shares) | 2,807,353 | 2,807,353 | 2,807,353 | ||
Expired (in shares) | (595) | ||||
Balance of warrants outstanding at the beginning of the period (in shares) | 2,807,948 | 2,807,948 | |||
Weighted Average Exercise Price Per Share | |||||
Weighted average exercise price of warrants at the beginning of the period (in USD per share) | $ 2.45 | $ 2.45 | |||
Expired (in USD per share) | $ 252.72 | ||||
Weighted average exercise price of warrants at the end of the period (in USD per share) | $ 2.40 | $ 2.40 | $ 2.40 | ||
Term | |||||
Weighted-Average Remaining Contractual Term | 1 year 10 months 24 days | 1 year 4 months 24 days | |||
Proceeds from sale of common stock and warrants, net | $ 1,800 | $ 1,805 | $ 0 | ||
Sale of stock, number of shares issued (in shares) | 800,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Milestone and royalty payments made | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | |
Aug. 06, 2024 | Jun. 30, 2024 | |
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued (in shares) | 0.8 | |
Subsequent Event | Jefferies LLC Sales Agreement | ||
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued (in shares) | 0.9 | |
Proceeds from sale of stock | $ 2.3 |