Cardiff Oncology, Inc.
CRDFHealthcare|Biotechnology|US
$0.80
+0.04 (+5.30%)
DCF Value
$0.03
Tangible Book / Share
$0.39
Cash / Share
$0.50
Financials
Financial Snapshot
Market Cap
$61.9M
Enterprise Value
$53.1M
Revenue (TTM)
$508.0K
Net Income (TTM)
-$40.1M
Cash & Investments
$34.5M
Net Cash
$34.1M
Free Cash Flow (TTM)
-$40.9M
Operating CF (TTM)
-$40.9M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$34.5M
Quarterly Burn
$10.2M
Monthly Burn
$3.4M
Est. Runway
~3.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $37.9M | $8.2M | $11.5M | $10.2M | $131.0M | $140.8M | $105.3M | $74.8M | $91.7M | $58.3M | $34.5M | |
| Operating Cash Flow | -$31.0M | -$23.3M | -$13.2M | -$13.3M | -$16.3M | -$23.0M | -$33.8M | -$30.9M | -$37.7M | -$37.9M | -$40.9M | |
| Free Cash Flow | -$31.9M | -$23.4M | -$13.2M | -$13.3M | -$16.5M | -$23.2M | -$34.7M | -$31.5M | -$37.8M | -$38.0M | -$40.9M | |
| Capital Expenditure | -$823.0K | -$100.0K | -$5.1K | -$68.0K | -$211.0K | -$205.0K | -$892.0K | -$582.0K | -$80.0K | -$44.0K | -$62.0K | |
| Financing Cash Flow | $2.3M | -$6.4M | $16.4M | $12.1M | $137.3M | $35.5M | $75.0K | $0.00 | $53.8M | $2.6M | $2.8M |
R&D Spending
R&D (TTM)
$26.0M
R&D Intensity
5108.7%
R&D Growth vs Prior
-26.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $381.0K | $505.0K | $378.0K | $244.6K | $366.0K | $359.0K | $386.0K | $488.0K | $683.0K | $593.0K | $508.0K | |
| R&D Expense | $15.0M | $7.9M | $8.2M | $11.2M | $11.2M | $17.4M | $27.1M | $32.9M | $36.9M | $35.3M | $26.0M | |
| R&D % of Revenue | 3938.8% | 1561.0% | 2159.8% | 4562.9% | 3069.7% | 4840.1% | 7022.5% | 6733.0% | 5395.6% | 5957.7% | 5108.7% | |
| SG&A | $23.0M | $14.2M | $8.0M | $5.8M | $8.2M | $11.8M | $13.2M | $13.0M | $12.5M | $14.2M | $16.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $381.0K | $505.0K | $378.0K | $244.6K | $366.0K | $359.0K | $386.0K | $488.0K | $683.0K | $593.0K | $508.0K | |
| Cost of Revenue | $1.7M | $1.8M | $597.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$1.3M | -$1.3M | -$219.0K | $244.6K | $366.0K | $359.0K | $386.0K | $488.0K | $683.0K | $593.0K | $508.0K | |
| R&D | $15.0M | $7.9M | $8.2M | $11.2M | $11.2M | $17.4M | $27.1M | $32.9M | $36.9M | $35.3M | $26.0M | |
| SG&A | $23.0M | $14.2M | $8.0M | $5.8M | $8.2M | $11.8M | $13.2M | $13.0M | $12.5M | $14.2M | $16.8M | |
| Operating Income | -$40.1M | -$25.6M | -$17.1M | -$16.7M | -$19.1M | -$28.9M | -$39.9M | -$45.4M | -$48.7M | -$49.0M | -$42.3M | |
| Interest Expense | $1.4M | $1.0M | $25.4K | $0.00 | $2.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$39.2M | -$24.9M | -$16.5M | -$16.4M | -$19.3M | -$28.3M | -$38.7M | -$41.4M | -$45.4M | -$45.9M | -$40.1M | |
| Net Income | -$39.2M | -$24.9M | -$16.5M | -$16.4M | -$19.3M | -$28.3M | -$38.7M | -$41.4M | -$45.4M | -$45.9M | -$40.1M | |
| EPS (Diluted) | -93.22 | -51.71 | -7.06 | -2.70 | -1.08 | -0.73 | -0.89 | -0.93 | -0.95 | -0.69 | -0.60 | |
| EBITDA | -$36.5M | -$22.6M | -$15.6M | -$15.9M | -$18.8M | -$27.8M | -$38.5M | -$41.0M | -$45.0M | -$44.9M | -$38.9M | |
| Shares Out. (M) | 0.42 | 0.48 | 2.33 | 5.97 | 20.88 | 39.03 | 43.60 | 44.68 | 47.65 | 66.84 | 68.40 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37.9M | $8.2M | $11.5M | $10.2M | $131.0M | $11.9M | $16.3M | $21.7M | $51.5M | $17.5M | $9.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $128.9M | $88.9M | $53.2M | $40.3M | $40.8M | $25.3M | |
| Total Current Assets | $39.0M | $9.5M | $12.8M | $11.4M | $133.4M | $146.1M | $111.3M | $77.4M | $95.1M | $60.1M | $35.6M | |
| Total Assets | $44.0M | $12.3M | $14.2M | $13.1M | $134.7M | $149.5M | $116.2M | $81.6M | $97.2M | $61.9M | $37.3M | |
| Total Current Liabilities | $7.8M | $3.9M | $3.0M | $4.8M | $6.1M | $6.6M | $7.8M | $10.4M | $13.4M | $16.4M | $10.8M | |
| Long-Term Debt | $14.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $24.2M | $5.8M | $4.1M | $5.8M | $6.6M | $9.1M | $9.8M | $11.9M | $14.2M | $16.5M | $10.8M | |
| Stockholders' Equity | $19.8M | $6.5M | $10.1M | $7.3M | $128.2M | $140.4M | $106.3M | $69.7M | $82.9M | $45.4M | $26.5M | |
| Retained Earnings | -$148.1M | -$173.0M | -$192.2M | -$208.9M | -$231.5M | -$259.8M | -$298.1M | -$339.5M | -$384.2M | -$430.0M | -$451.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$31.0M | -$23.3M | -$13.2M | -$13.3M | -$16.3M | -$23.0M | -$33.8M | -$30.9M | -$37.7M | -$37.9M | -$40.9M | |
| Capital Expenditure | -$823.0K | -$100.0K | -$5.1K | -$68.0K | -$211.0K | -$205.0K | -$892.0K | -$582.0K | -$80.0K | -$44.0K | -$62.0K | |
| Free Cash Flow | -$31.9M | -$23.4M | -$13.2M | -$13.3M | -$16.5M | -$23.2M | -$34.7M | -$31.5M | -$37.8M | -$38.0M | -$40.9M | |
| Investing Cash Flow | -$24.8M | $24.0M | $23.0K | -$68.0K | -$211.0K | -$131.4M | $38.1M | $36.2M | $13.7M | $1.3M | $36.4M | |
| Financing Cash Flow | $2.3M | -$6.4M | $16.4M | $12.1M | $137.3M | $35.5M | $75.0K | $0.00 | $53.8M | $2.6M | $2.8M | |
| Issuance of Stock | $2.4M | $11.7M | $11.8M | $8.8M | $112.3M | $34.2M | $75.0K | $0.00 | $53.4M | $2.6M | $2.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$351.0K | -$17.2M | -$1.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $7.5M | $4.0M | $2.2M | $885.0K | $1.8M | $3.2M | $4.3M | $4.5M | $4.8M | $5.7M | $5.2M | |
| Net Change in Cash | -$53.6M | -$5.7M | $3.2M | -$1.3M | $120.8M | -$119.0M | $4.4M | $5.3M | $29.8M | -$34.0M | -$1.6M |
Dilution Tracker
Shares outstanding grew 220.2% over 5 years — significant dilution
Shares Outstanding
78M
5-Year Share Growth
+220.2%
Stock Issuance (TTM)
$2.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.42 | 0.48 | 2.33 | 5.97 | 20.88 | 39.03 | 43.60 | 44.68 | 47.65 | 66.84 | 68.40 | |
| Change vs Prior % | — | 14.5% | 383.8% | 156.4% | 249.4% | 87.0% | 11.7% | 2.5% | 6.7% | 40.3% | 2.3% | |
| Stock Issuance | $2.4M | $11.7M | $11.8M | $8.8M | $112.3M | $34.2M | $75.0K | $0.00 | $53.4M | $2.6M | $2.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $7.5M | $4.0M | $2.2M | $885.0K | $1.8M | $3.2M | $4.3M | $4.5M | $4.8M | $5.7M | $5.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -354.1% | -258.6% | -57.9% | 100.0% | 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% | -8320.1% | |
| Net Margin % | -10289.8% | -4932.1% | -4354.8% | -6709.7% | -5275.1% | -7880.5% | -10026.9% | -8492.0% | -6651.7% | -7732.0% | -7884.1% | |
| EBITDA Margin % | -9569.5% | -4480.2% | -4120.7% | -6507.7% | -5147.3% | -7754.9% | -9965.8% | -8410.5% | -6592.5% | -7579.6% | -7655.7% | |
| FCF Margin % | -8363.0% | -4629.9% | -3493.4% | -5451.5% | -4515.3% | -6474.9% | -8992.7% | -6448.6% | -5530.5% | -6402.5% | -8054.3% | |
| ROE % | -198.3% | -382.8% | -163.2% | -224.5% | -15.1% | -20.1% | -36.4% | -59.4% | -54.8% | -101.0% | -103.1% | |
| ROA % | -89.2% | -202.7% | -116.2% | -125.4% | -14.3% | -18.9% | -33.3% | -50.8% | -46.7% | -74.1% | -107.3% | |
| ROIC % | -103.5% | -264.7% | -152.2% | -181.9% | -14.7% | -20.1% | -36.6% | -63.2% | -57.6% | -105.9% | -156.6% | |
| R&D / Revenue % | 3938.8% | 1561.0% | 2159.8% | 4562.9% | 3069.7% | 4840.1% | 7022.5% | 6733.0% | 5395.6% | 5957.7% | 5108.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 21.7% | 32.5% | -25.1% | -35.3% | 49.6% | -1.9% | 7.5% | 26.4% | 40.0% | -13.2% | |
| Gross Profit | -326.9% | 3.2% | 83.2% | 211.7% | 49.6% | -1.9% | 7.5% | 26.4% | 40.0% | -13.2% | |
| Operating Income | -58.8% | 36.2% | 33.4% | 2.2% | -14.4% | -51.2% | -38.3% | -13.8% | -7.1% | -0.6% | |
| Net Income | -42.7% | 36.5% | 33.9% | 0.3% | -17.6% | -46.5% | -36.8% | -7.1% | -9.6% | -0.9% | |
| EPS (Diluted) | -24.7% | 44.5% | 86.3% | 61.8% | 60.0% | 32.4% | -21.9% | -4.5% | -2.2% | 27.4% | |
| Operating Cash Flow | -40.3% | 25.0% | 43.3% | -0.5% | -23.0% | -41.2% | -46.8% | 8.7% | -22.0% | -0.6% | |
| Free Cash Flow | -30.8% | 26.6% | 43.5% | -1.0% | -23.9% | -40.7% | -49.3% | 9.3% | -20.0% | -0.5% | |
| R&D Expense | 41.7% | -47.5% | 3.6% | 36.7% | 0.7% | 54.7% | 56.0% | 21.2% | 12.2% | -4.1% | |
| SG&A Expense | 60.1% | -38.1% | -43.7% | -28.0% | 42.6% | 44.1% | 11.3% | -1.0% | -4.3% | 14.0% | |
| Total Assets | -38.5% | -72.0% | 15.4% | -7.7% | 929.5% | 11.0% | -22.3% | -29.7% | 19.1% | -36.3% | |
| Book Value / Share | -64.8% | -71.4% | -68.0% | -71.7% | 401.6% | -41.4% | -32.2% | -36.0% | 11.5% | -61.0% | |
| Debt | 0.4% | -91.9% | -100.0% | 0.0% | -49.7% | 258.9% | -13.0% | -20.8% | -29.1% | -45.4% | |
| Diluted Shares | 14.5% | 14.5% | 383.8% | 156.4% | 249.4% | 87.0% | 11.7% | 2.5% | 6.7% | 40.3% |
Valuation
P/E (TTM)At Loss
P/S121.79
10Y Low / Med / High19.60 / 166.32 / 1026.07
P/B2.05
10Y Low / Med / High0.57 / 1.67 / 4.14
EV/EBITDAAt Loss
EV/Revenue104.59
10Y Low / Med / High7.64 / 229.65 / 670.57
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.03
Tangible Book / Share
$0.39
Net Current Assets / Share
$0.32
Graham Net-Net
$0.35
Cash / Share
$0.50
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.62 | -0.43 | -0.45 | -0.46 | -16.66 | -8.23 | -1.57 | -1.59 | -4.57 | -4.07 | -1.33 | |
| P/S Ratio | 166.32 | 21.29 | 19.60 | 30.28 | 1026.07 | 653.40 | 158.13 | 135.50 | 302.78 | 316.73 | 121.79 | |
| P/B Ratio | 3.21 | 1.65 | 0.73 | 1.01 | 2.93 | 1.67 | 0.57 | 0.95 | 2.49 | 4.14 | 2.05 | |
| EV/EBITDA | -1.15 | -0.17 | 0.26 | 0.07 | -13.03 | -8.11 | -1.23 | -1.14 | -3.48 | -3.81 | -1.37 | |
| EV/Revenue | 110.26 | 7.64 | -10.70 | -4.34 | 670.57 | 628.82 | 122.82 | 95.52 | 229.65 | 288.68 | 104.59 |
Analyst Estimates & Quality
Altman Z-Score
-16.23
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $292.1K | $320.8K | $287.5K |
| Net Income | -$38.6M | -$53.4M | -$58.5M |
| EPS | $-0.58 | $-0.61 | $-0.87 |
| # Analysts (EPS) | 4 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2019 | 2020 |
|---|---|---|
| Service | $1.5K | — |
| Royalty | $243.1K | $366.0K |