Clinical-stage precision oncology startup Cardiff Oncology has reported a net loss per share of USD 0.89 for the full-year 2022, beating analysts’ expectations by 4.3%. For the financial year 2022, net losses increased by 36.8% YoY to USD 38.7 million.

Revenue for the year rose 7.5% YoY to USD 0.4 million mainly due to higher royalty revenue. The company is a clinical-stage biotechnology company that is yet to generate any revenue from drug sales. 

Total operating expenses amounted to USD 40.3 million for the year, up 38% YoY, primarily due to the development of its flagship drug candidate, onvansertib, through manufacturing and controls (CMC), as well as pharmacology and other development programs. Additionally, there were higher costs associated with salaries and staff due to an increase in the number of employees and an increase in facility costs due to insurance. R&D expenses for the year 2022 also increased by 56% to USD 0.27 million.

Additionally, Cardiff highlighted some milestones for the year, including the announcement of ONSEMBLE, a Phase II randomized clinical trial for the treatment of KRAS/NRAS-mutated mCRC patients that have already undergone one line of treatment and completed an analysis of a subset of patients from the Phase Ib/II clinical trial for mCRC.

The cash and cash equivalents at the end of the year 2022 stood at USD 0.16 million; an increase of 37% YoY. The company did not provide guidance for 2023.