☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-2004382 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
11055 Flintkote Avenue, San Diego, California
|
92121 | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
(858) 952-7570
|
||||||||
(Registrant’s telephone number, including area code) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||||||||
Common Stock | CRDF | Nasdaq Capital Market |
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
Page | ||||||||
June 30,
2021 |
December 31,
2020 |
||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 10,581 | $ | 130,981 | |||||||
Short-term investments | 129,470 | — | |||||||||
Accounts receivable and unbilled receivable | 308 | 320 | |||||||||
Prepaid expenses and other current assets | 2,512 | 2,055 | |||||||||
Total current assets | 142,871 | 133,356 | |||||||||
Property and equipment, net | 422 | 624 | |||||||||
Operating lease right-of-use assets | 178 | 343 | |||||||||
Other assets | 263 | 404 | |||||||||
Total Assets | $ | 143,734 | $ | 134,727 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 543 | $ | 1,366 | |||||||
Accrued expenses | 3,592 | 3,851 | |||||||||
Operating lease liabilities | 402 | 860 | |||||||||
Other current liabilities | 42 | 42 | |||||||||
Total current liabilities | 4,579 | 6,119 | |||||||||
Derivative financial instruments—warrants | 17 | 285 | |||||||||
Operating lease liabilities, net of current portion | 6 | 9 | |||||||||
Other liabilities | 214 | 156 | |||||||||
Total Liabilities | 4,816 | 6,569 | |||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, 20,000 shares authorized; (Note 7)
|
1 | 1 | |||||||||
Common stock, $0.0001 par value, 150,000 shares authorized; 39,552 and 36,781 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
|
4 | 4 | |||||||||
Additional paid-in capital | 383,611 | 361,819 | |||||||||
Service receivables | (1,245) | (2,171) | |||||||||
Accumulated other comprehensive loss | (10) | — | |||||||||
Accumulated deficit | (243,443) | (231,495) | |||||||||
Total stockholders’ equity | 138,918 | 128,158 | |||||||||
Total liabilities and stockholders’ equity | $ | 143,734 | $ | 134,727 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Royalties | $ | 68 | $ | 43 | $ | 140 | $ | 110 | |||||||||||||||
Total revenues | 68 | 43 | 140 | 110 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Research and development | 4,119 | 2,476 | 7,398 | 5,181 | |||||||||||||||||||
Selling, general and administrative | 2,838 | 1,669 | 5,073 | 3,155 | |||||||||||||||||||
Total operating expenses | 6,957 | 4,145 | 12,471 | 8,336 | |||||||||||||||||||
Loss from operations | (6,889) | (4,102) | (12,331) | (8,226) | |||||||||||||||||||
Interest income, net | 71 | 16 | 115 | 51 | |||||||||||||||||||
Gain (loss) from change in fair value of derivative financial instruments—warrants | 61 | (44) | 268 | (42) | |||||||||||||||||||
Other income (expense), net | — | 6 | 12 | 4 | |||||||||||||||||||
Net loss | (6,757) | (4,124) | (11,936) | (8,213) | |||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | (6) | (6) | (12) | (12) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series D Convertible Preferred Stock issuance | — | (602) | — | (602) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series E Convertible Preferred Stock issuance | — | (2,665) | — | (2,665) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (6,763) | $ | (7,397) | $ | (11,948) | $ | (11,492) | |||||||||||||||
Net loss per common share — basic and diluted | $ | (0.17) | $ | (0.51) | $ | (0.31) | $ | (0.94) | |||||||||||||||
Weighted-average shares outstanding — basic and diluted | 38,761 | 14,492 | 37,967 | 12,201 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (6,757) | $ | (4,124) | $ | (11,936) | $ | (8,213) | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Unrealized gain (loss) on securities available-for-sale | 57 | — | (10) | — | |||||||||||||||||||
Total comprehensive loss | (6,700) | (4,124) | (11,946) | (8,213) | |||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | (6) | (6) | (12) | (12) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series D Convertible Preferred Stock issuance | — | (602) | — | (602) | |||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series E Convertible Preferred Stock issuance | — | (2,665) | — | (2,665) | |||||||||||||||||||
Comprehensive loss attributable to common stockholders | $ | (6,706) | $ | (7,397) | $ | (11,958) | $ | (11,492) |
Preferred Stock
Shares |
Preferred Stock
Amount |
Common Stock
Shares |
Common Stock
Amount |
Additional
Paid-In Capital |
Service Receivable | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | 716 | $ | 1 | 36,781 | $ | 4 | $ | 361,819 | $ | (2,171) | $ | — | $ | (231,495) | $ | 128,158 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 268 | — | — | — | 268 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 771 | — | 1,263 | — | — | — | 1,263 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (67) | — | (67) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 380 | — | — | 380 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (5,179) | (5,179) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 716 | $ | 1 | 37,552 | $ | 4 | $ | 363,350 | $ | (1,791) | $ | (67) | $ | (236,680) | $ | 124,817 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,036 | — | — | — | 1,036 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net of expenses(1)
|
— | — | 2,000 | — | 19,225 | — | — | — | 19,225 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive gain | — | — | — | — | — | — | 57 | — | 57 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 546 | — | — | 546 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (6,757) | (6,757) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 716 | $ | 1 | 39,552 | $ | 4 | $ | 383,611 | $ | (1,245) | $ | (10) | $ | (243,443) | $ | 138,918 | |||||||||||||||||||||||||||||||||||||
Preferred Stock
Shares |
Preferred Stock
Amount |
Common Stock
Shares |
Common Stock
Amount |
Additional
Paid-In Capital |
Service Receivable | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | 61 | $ | — | 8,594 | $ | 8 | $ | 217,172 | $ | (972) | $ | — | $ | (208,898) | $ | 7,310 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 177 | — | — | — | 177 | |||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock and warrants | — | — | 800 | — | 1,000 | — | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 1,610 | — | 1,456 | — | — | — | 1,456 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 293 | — | — | 293 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (4,089) | (4,089) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 61 | $ | — | 11,011 | $ | 8 | $ | 219,805 | $ | (679) | $ | — | $ | (212,993) | $ | 6,141 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 282 | — | — | — | 282 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, preferred stock and warrants for clinical trial funding commitment | 155 | — | 603 | — | 2,292 | (2,300) | — | — | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series D Convertible Preferred Stock issuance | — | — | — | — | 602 | — | — | (602) | — | ||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend recognized on beneficial conversion features of Series E Convertible Preferred Stock issuance | — | — | — | — | 2,665 | — | — | (2,665) | — | ||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, preferred stock and warrants(2)
|
866 | 1 | 4,689 | 1 | 17,277 | — | — | — | 17,279 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 3,473 | — | 4,605 | — | — | — | 4,605 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of Series D Convertible Preferred Stock | (155) | — | 1,547 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Release of clinical trial funding commitment | — | — | — | — | — | 213 | — | — | 213 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (4,124) | (4,124) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 927 | $ | 1 | 21,325 | $ | 9 | $ | 247,528 | $ | (2,766) | $ | — | $ | (220,390) | $ | 24,382 | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (11,936) | $ | (8,213) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Loss on disposal of assets | 1 | — | |||||||||
Impairment loss | — | 34 | |||||||||
Depreciation | 228 | 234 | |||||||||
Stock-based compensation expense | 1,304 | 459 | |||||||||
Amortization of premiums on short-term investments | 698 | — | |||||||||
Change in fair value of derivative financial instruments—warrants | (268) | 42 | |||||||||
Release of clinical trial funding commitment | 926 | 506 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets | 141 | 5 | |||||||||
Accounts receivable and unbilled receivable | 12 | 94 | |||||||||
Prepaid expenses and other assets | 68 | — | |||||||||
Operating lease right-of-use assets | 165 | 161 | |||||||||
Accounts payable and accrued expenses | (1,121) | (513) | |||||||||
Operating lease liabilities | (461) | (418) | |||||||||
Other liabilities | 58 | (56) | |||||||||
Net cash used in operating activities | (10,185) | (7,665) | |||||||||
Investing activities: | |||||||||||
Maturities of short-term investments | 5,510 | — | |||||||||
Purchases of short-term investments | (141,948) | — | |||||||||
Sales of short-term investments | 5,735 | — | |||||||||
Net cash used in investing activities | (130,703) | — | |||||||||
Financing activities: | |||||||||||
Proceeds from sales of common stock, preferred stock and warrants, net of expenses of $776 and $93, respectively
|
19,225 | 18,802 | |||||||||
Costs related to the clinical trial funding commitment | — | (8) | |||||||||
Proceeds from exercise of warrants | 1,263 | 6,126 | |||||||||
Borrowings under note payable | — | 305 | |||||||||
Net cash provided by financing activities | 20,488 | 25,225 | |||||||||
Net change in cash and cash equivalents | (120,400) | 17,560 | |||||||||
Cash and cash equivalents—Beginning of period | 130,981 | 10,195 | |||||||||
Cash and cash equivalents—End of period | $ | 10,581 | $ | 27,755 | |||||||
Supplementary disclosure of cash flow activity: | |||||||||||
Cash paid for taxes | $ | 1 | $ | 1 | |||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Acquisition of property and equipment included in accounts payable and accrued expenses | $ | 27 | $ | 11 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Expenses from sales of common stock, preferred stock and warrants included in accounts payable and accrued liabilities | $ | — | $ | 523 | |||||||
Expenses from exercise of warrants included in accounts payable and accrued liabilities | $ | — | $ | 64 | |||||||
Preferred stock dividend payable on Series A Convertible Preferred Stock | $ | 12 | $ | 12 | |||||||
Deemed dividend recognized for beneficial conversion features of Series D Convertible Preferred Stock issuance | $ | — | $ | 602 | |||||||
Deemed dividend recognized for beneficial conversion features of Series E Convertible Preferred Stock issuance | $ | — | $ | 2,665 | |||||||
Common stock, Series D Convertible Preferred Stock and warrants issued in connection with clinical trial funding commitment, net of discount of $0 and $488, respectively
|
$ | — | $ | 2,300 | |||||||
Three Months
Ended June 30, |
Six Months
Ended June 30, |
||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss used for basic and diluted loss per share | $ | (6,763) | $ | (7,397) | $ | (11,948) | $ | (11,492) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used to compute basic and diluted net loss per share | 38,761 | 14,492 | 37,967 | 12,201 | |||||||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic and diluted | $ | (0.17) | $ | (0.51) | $ | (0.31) | $ | (0.94) | |||||||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Options to purchase Common Stock | 2,966,843 | 1,924,039 | |||||||||
Warrants to purchase Common Stock | 4,490,159 | 12,329,435 | |||||||||
Restricted Stock Units | — | 2,241 | |||||||||
Series A Convertible Preferred Stock | 877 | 877 | |||||||||
Series E Convertible Preferred Stock | 2,684,607 | 3,548,459 | |||||||||
10,142,486 | 17,805,051 |
Fair Value Measurements at
June 30, 2021 |
|||||||||||||||||||||||
(in thousands) |
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market fund | $ | 9,596 | $ | — | $ | — | $ | 9,596 | |||||||||||||||
Total included in cash and cash equivalents (1) | $ | 9,596 | $ | — | $ | — | $ | 9,596 | |||||||||||||||
Available for sale investments: | |||||||||||||||||||||||
Certificate of deposit | — | 1,740 | — | 1,740 | |||||||||||||||||||
Corporate debt securities | — | 87,678 | — | 87,678 | |||||||||||||||||||
Commercial paper | — | 12,782 | — | 12,782 | |||||||||||||||||||
Non U.S. government | — | 737 | — | 737 | |||||||||||||||||||
U.S. treasury securities | — | 26,533 | — | 26,533 | |||||||||||||||||||
Total available for sale investments (2) | $ | — | $ | 129,470 | $ | — | $ | 129,470 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 9,596 | $ | 129,470 | $ | — | $ | 139,066 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments—warrants (3)
|
$ | — | $ | — | $ | 17 | $ | 17 | |||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | — | $ | — | $ | 17 | $ | 17 |
Fair Value Measurements at
December 31, 2020 |
|||||||||||||||||||||||
(in thousands) |
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market fund (1) | $ | 129,988 | $ | — | $ | — | $ | 129,988 | |||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 129,988 | $ | — | $ | — | $ | 129,988 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative financial instruments—warrants (3)
|
$ | — | $ | — | $ | 285 | $ | 285 | |||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | — | $ | — | $ | 285 | $ | 285 |
As of June 30,
2021 |
|||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value | |||||||||||||||||||
Certificate of deposit | 1,739 | 1 | — | 1,740 | |||||||||||||||||||
Corporate debt securities | 87,689 | 10 | (21) | 87,678 | |||||||||||||||||||
Commercial paper | 12,780 | 3 | (1) | 12,782 | |||||||||||||||||||
Non U.S. government | 737 | — | — | 737 | |||||||||||||||||||
U.S. treasury securities | 26,535 | 2 | (4) | 26,533 | |||||||||||||||||||
Total short term investments | $ | 129,480 | $ | 16 | $ | (26) | $ | 129,470 |
(in thousands) |
As of June 30,
2021 |
As of December 31,
2020 |
|||||||||
Furniture and office equipment | $ | 825 | $ | 798 | |||||||
Leasehold improvements | 1,962 | 1,962 | |||||||||
Laboratory equipment | 853 | 868 | |||||||||
3,640 | 3,628 | ||||||||||
Less—accumulated depreciation and amortization | (3,218) | (3,004) | |||||||||
Property and equipment, net | $ | 422 | $ | 624 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating lease cost | $ | 92 | $ | 139 | $ | 187 | $ | 246 | |||||||||||||||
Operating sublease income | (101) | (73) | (202) | (146) | |||||||||||||||||||
Net operating lease cost | $ | (9) | $ | 66 | $ | (15) | $ | 100 |
(in thousands) |
As of June 30,
2021 |
As of December 31,
2020 |
|||||||||
Operating lease ROU assets | $ | 178 | $ | 343 | |||||||
Current operating lease liabilities | $ | 402 | $ | 860 | |||||||
Non-current operating lease liabilities | 6 | 9 | |||||||||
Total operating lease liabilities | $ | 408 | $ | 869 | |||||||
Weighted-average remaining lease term–operating leases | 0.5 years | 1.0 year | |||||||||
Weighted-average discount rate–operating leases | 6.5 | % | 6.5 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | 243 | $ | 236 | $ | 483 | $ | 469 |
As of June 30,
2021 |
As of December 31,
2020 |
||||||||||
Fair value of Cardiff Oncology common stock | $ | 6.65 | $ | 17.99 | |||||||
Expected warrant term | 1.6 years | 2.1 years | |||||||||
Risk-free interest rate | 0.16 | % | 0.13 | % | |||||||
Expected volatility of Cardiff Oncology common stock | 110 | % | 116 | % | |||||||
Dividend yield | 0 | % | 0 | % |
(in thousands, except for number of warrants) | ||||||||||||||||||||
Date | Description | Number of Warrants |
Derivative
Instrument Liability |
|||||||||||||||||
December 31, 2020 |
Balance of derivative financial instruments—warrants liability
|
64,496 | $ | 285 | ||||||||||||||||
Change in fair value of derivative financial instruments—warrants during the period recognized as a gain in the condensed statements of operations
|
— | (268) | ||||||||||||||||||
June 30, 2021 |
Balance of derivative financial instruments—warrants liability
|
64,496 | $ | 17 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Included in research and development expense | $ | 72 | $ | 70 | $ | 112 | $ | 147 | |||||||||||||||
Included in selling, general and administrative expense | 964 | 212 | 1,192 | 312 | |||||||||||||||||||
Total stock-based compensation expense | $ | 1,036 | $ | 282 | $ | 1,304 | $ | 459 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Risk-free interest rate | 0.94 | % | 0.44 | % | |||||||
Dividend yield | 0 | % | 0 | % | |||||||
Expected volatility of Cardiff Oncology common stock | 108 | % | 105 | % | |||||||
Expected term | 6.0 years | 5.9 years |
Total Options |
Weighted-Average
Exercise Price Per Share |
Intrinsic
Value |
|||||||||||||||
Balance outstanding, December 31, 2020 | 1,860,507 | $ | 7.43 | $ | 27,963,363 | ||||||||||||
Granted | 1,117,106 | $ | 7.98 | ||||||||||||||
Canceled / Forfeited | (10,770) | $ | 2.55 | ||||||||||||||
Balance outstanding, June 30, 2021 | 2,966,843 | $ | 7.65 | $ | 7,439,918 | ||||||||||||
Exercisable at June 30, 2021 | 1,282,401 | $ | 9.65 | $ | 5,076,084 | ||||||||||||
Vested and expected to vest at June 30, 2021 | 2,886,407 | $ | 7.72 | $ | 7,262,361 |
Total Restricted Stock Units |
Weighted-Average
Grant Date Fair Value Per Share |
Intrinsic Value | |||||||||||||||
Non-vested RSUs outstanding, December 31, 2020 | 491 | $ | 147.60 | $ | 8,833 | ||||||||||||
Vested | (491) | $ | 147.60 | ||||||||||||||
Non-vested RSUs outstanding, June 30, 2021 | — | $ | — | $ | — |
Total Warrants |
Weighted-Average
Exercise Price Per Share |
Weighted-Average
Remaining Contractual Term |
|||||||||||||||
Balance outstanding, December 31, 2020 | 5,260,992 | $ | 5.19 | 4.1 years | |||||||||||||
Exercised | (770,833) | $ | 1.64 | ||||||||||||||
Balance outstanding, June 30, 2021 | 4,490,159 | $ | 5.80 | 3.5 years |
Shares outstanding | ||||||||||||||||||||||||||||||||
Class | Par value | Shares designated | Liquidation preference |
As of June 30,
2021 |
As of December 31,
2020 |
|||||||||||||||||||||||||||
Series A Convertible Preferred Stock | $ | 0.001 | 277,100 | $ | 606,000 | 60,600 | 60,600 | |||||||||||||||||||||||||
Series B Convertible Preferred Stock | $ | 0.001 | 8,860 | None | — | — | ||||||||||||||||||||||||||
Series C Convertible Preferred Stock | $ | 0.001 | 200,000 | None | — | — | ||||||||||||||||||||||||||
Series D Convertible Preferred Stock | $ | 0.0001 | 154,670 | None | — | — | ||||||||||||||||||||||||||
Series E Convertible Preferred Stock | $ | 0.001 | 865,824 | None | 655,044 | 655,044 |
Three Months Ended June 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 292 | $ | 425 | $ | (133) | |||||||||||
Stock-based compensation | 72 | 70 | 2 | ||||||||||||||
Clinical trials, outside services, and lab supplies | 3,606 | 1,809 | 1,797 | ||||||||||||||
Facilities and other | 149 | 172 | (23) | ||||||||||||||
Total research and development | $ | 4,119 | $ | 2,476 | $ | 1,643 |
Three Months Ended June 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 513 | $ | 552 | $ | (39) | |||||||||||
Stock-based compensation | 964 | 212 | 752 | ||||||||||||||
Outside services and professional fees | 914 | 485 | 429 | ||||||||||||||
Facilities and other | 447 | 420 | 27 | ||||||||||||||
Total selling, general and administrative | $ | 2,838 | $ | 1,669 | $ | 1,169 |
Three Months Ended June 30, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Net loss | (6,757) | (4,124) | $ | 2,633 | |||||||||||||
Preferred stock dividend | $ | (6) | $ | (3,273) | $ | (3,267) | |||||||||||
Net loss attributable to common shareholders | $ | (6,763) | $ | (7,397) | $ | (634) | |||||||||||
Net loss per common share — basic and diluted | $ | (0.17) | $ | (0.51) | $ | (0.34) | |||||||||||
Weighted average shares outstanding — basic and diluted | 38,761 | 14,492 | 24,269 | ||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 574 | $ | 849 | $ | (275) | |||||||||||
Stock-based compensation | 112 | 147 | (35) | ||||||||||||||
Clinical trials, outside services, and lab supplies | 6,406 | 3,782 | 2,624 | ||||||||||||||
Facilities and other | 306 | 403 | (97) | ||||||||||||||
Total research and development | $ | 7,398 | $ | 5,181 | $ | 2,217 |
Six Months Ended June 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Salaries and staff costs | $ | 1,081 | $ | 1,045 | $ | 36 | |||||||||||
Stock-based compensation | 1,192 | 312 | 880 | ||||||||||||||
Outside services and professional fees | 1,886 | 980 | 906 | ||||||||||||||
Facilities and other | 914 | 818 | 96 | ||||||||||||||
Total selling, general and administrative | $ | 5,073 | $ | 3,155 | $ | 1,918 |
Six Months Ended June 30, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Net loss | $ | (11,936) | $ | (8,213) | $ | 3,723 | |||||||||||
Preferred stock dividend | (12) | (3,279) | (3,267) | ||||||||||||||
Net loss attributable to common shareholders | $ | (11,948) | $ | (11,492) | $ | 456 | |||||||||||
Net loss per common share — basic and diluted | $ | (0.31) | $ | (0.94) | $ | (0.63) | |||||||||||
Weighted average shares outstanding — basic and diluted | 37,967 | 12,201 | 25,766 | ||||||||||||||
Exhibit
Number |
Description of Exhibit | |||||||
10.1 | ||||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
104 | Cover Page Interactive Data File - the cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 is formatted in Inline XBRL |
CARDIFF ONCOLOGY, INC. | ||||||||
August 5, 2021 | By: | /s/ Mark Erlander | ||||||
Mark Erlander | ||||||||
Chief Executive Officer
|
||||||||
CARDIFF ONCOLOGY, INC. | ||||||||
August 5, 2021 | By: | /s/ James Levine | ||||||
James Levine | ||||||||
Chief Financial Officer
|
Type of Award
(“Award”) |
•An inducement grant under Nasdaq Rule 5635(c)(4).
•Executive’s Award to equal 200,000 shares.
•Award is evidenced by agreement executed by Executive and the Company.
|
||||
Vesting of Award |
•25% vest one year after date of grant and the remainder vest in monthly equal amounts over 36 months beginning one year and one month after date of grant
|
||||
Termination of Service for Cause, resignation with/without Cause, death & disability, etc. |
•ninety (90) days following the date of the Executive’s termination of employment with the Company and its Affiliates for any reason other than for Cause or due to the Executive’s death or Disability;
•six (6) months following the date of the Executive’s termination of employment with the Company and its Affiliates due to the Executive’s death or Disability.
•The entire Award (whether vested or unvested) held by the Executive immediately prior to the cessation of the Executive’s employment shall immediately terminate upon such cessation if such cessation of employment was for Cause
|
August 5, 2021 | /s/ Mark Erlander | ||||
Mark Erlander | |||||
Chief Executive Officer |
August 5, 2021 | /s/ James Levine | ||||
James Levine | |||||
Chief Financial Officer |
August 5, 2021 | /s/ Mark Erlander | ||||
Mark Erlander | |||||
Chief Executive Officer |
August 5, 2021 | /s/ James Levine | ||||
James Levine | |||||
Chief Financial Officer |