Overview

• US cancer therapy developer's Q1 royalty revenue declined yr/yr

• Net loss for Q1 narrowed compared to prior year

• Operating expenses fell, mainly due to lower R&D costs

Outlook

• Company expects current cash resources to fund operations into Q1 2027

• Cardiff Oncology to share additional Phase 3 trial details and regulatory strategy in mid-2026

• Company to present updated Phase 2 trial data at ASCO Annual Meeting in late May 2026

Result Drivers

• LOWER R&D SPENDING - Q1 operating expenses fell mainly due to a $3.7 mln decrease in R&D costs, primarily clinical trial and preclinical activities

• HIGHER SG&A COSTS - SG&A expenses rose by $2.1 mln, mainly due to employee severance agreements and stock option modifications

Company press release: ID:nGNX26YNPk

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Royalty Revenue		$41,000
Q1 Basic EPS		-$0.18

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Cardiff Oncology Inc is $10.00, about 478% above its May 14 closing price of $1.73

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