Cardiff Oncology misses earnings by $0.02, revenue beats forecasts

Cardiff Oncology reported second-quarter results that fell short of earnings expectations but exceeded revenue forecasts, according to preliminary figures released on Friday.

The San Diego-based biotech company posted a loss of $0.42 per share, missing the consensus estimate of $0.40 by $0.02. Revenue for the period totaled $3.1 million, topping the $2.8 million projected by analysts, driven by continued development of its lead drug candidate, onvansertib.

Cardiff Oncology, which focuses on precision oncology treatments, has been advancing onvansertib through clinical trials for metastatic colorectal cancer and other solid tumors. The company has highlighted the drug’s potential in combination therapies, though it has not yet generated commercial revenue.

Chief Executive Officer Saeho Chong stated that the revenue outperformance reflects progress in its clinical and operational strategy, while acknowledging the earnings miss as a result of ongoing R&D investments.

Shares of Cardiff Oncology were down 5% in pre-market trading following the release, as investors weighed the mixed results against the company’s long-term pipeline prospects.

Analysts at William Blair maintained an Outperform rating on the stock, citing the revenue beat and the potential for onvansertib in underserved cancer indications. The firm set a price target of $12, unchanged from prior guidance.

Cardiff Oncology has not provided a full financial report or detailed guidance for the quarter, with management expected to discuss results in an earnings call scheduled for next week.