Cardiff Oncology, Inc. (NASDAQ: CRDF) had an eventful trading day, starting with a minor decline of 3.02% before rallying strongly by 33.71% in the afterhours. This sudden turnaround came on the heels of the company’s positive earnings report earlier in the day.
Earnings Exceed Projections
The biotech company surpassed analysts’ expectations, reporting a quarterly loss of $0.21 per share, compared to the anticipated loss of $0.26 per share, marking a significant improvement from the previous year’s loss of $0.20 per share.
It is important to point out that Cardiff Oncology has consistently exceeded earnings estimates, with three out of the last four quarters showing positive surprises.
Future Prospects
CEO Mark Erlander expressed confidence in Cardiff Oncology’s future outlook, particularly highlighting the upcoming randomized data readout for first-line RAS-mutated mCRC expected in mid-2024. Recent updates on the ONSEMBLE trial and the initiation of new trials underscore the company’s commitment to advancing cancer treatments.
Financial Stability
Despite an increase in operating expenses to $45.9 million for the full year 2023, Cardiff Oncology maintains a strong financial position with approximately $75 million in cash reserves. With a net cash burn of $30.9 million for 2023 and sufficient resources to fund operations into Q3 2025, the company is well-equipped to pursue its strategic goals.
Conclusion
Cardiff Oncology’s strong performance in the market, as well as its promising developments in its pipeline positions it as a company worth keeping an eye on. It is very likely to keep this winning streak pushing ahead.
