CRDFHIGH SIGNALFINANCIAL10-K

CRDF experienced a severe cash burn with cash equivalents plummeting 66% to $17.5M while R&D expenses surged 56% to $27.1M, creating potential funding concerns.

The dramatic cash decline combined with increased R&D spending suggests CRDF is rapidly depleting its resources to fund clinical trials, particularly given the removal of specific trial details from risk disclosures. The company's runway appears significantly shortened, which may force dilutive equity raises or strategic alternatives in the near term.

Comparing 2026-02-24 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

CRDF shows classic biotech cash burn patterns with cash equivalents falling 66% to $17.5M while R&D expenses jumped 56% to $27.1M, indicating accelerated clinical trial spending. The balance sheet contracted significantly with total assets down 36% and stockholders' equity declining 45%, while current liabilities increased 22%, suggesting mounting operational pressures. Despite a 50% revenue increase, the modest $366K total is negligible against the $27M R&D spend, signaling CRDF remains heavily dependent on external financing to sustain operations.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
-76.5%
$773K→$182K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Cash & Equivalents
Balance Sheet
-66.1%
$51.5M→$17.5M

Cash declined 66.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

R&D Expense
P&L
+55.7%
$17.4M→$27.1M

R&D investment increased 55.7% — signals commitment to future product development, though near-term margin impact.

Revenue
P&L
+49.6%
$245K→$366K

Strong top-line growth of 49.6% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
-45.3%
$82.9M→$45.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Capital Expenditure
Cash Flow
-45%
$80K→$44K

Capex reduced 45% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
-36.7%
$95.1M→$60.1M

Current assets declined 36.7% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-36.3%
$97.2M→$61.9M

Total assets contracted 36.3% — asset sales, write-downs, or balance sheet optimization underway.

Current Liabilities
Balance Sheet
+22.1%
$13.4M→$16.4M

Current liabilities rose 22.1% — increased short-term obligations, watch current ratio.

Total Liabilities
Balance Sheet
+15.8%
$14.2M→$16.5M

Liabilities increased 15.8% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-27
ADDED
As of February 19, 2026, 68,364,979 shares of the registrant s common stock, $0.0001 par value per share, were issued and outstanding.
Inadequate funding for the FDA, the SEC and other government agencies could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
Healthcare reform measures could adversely affect our business.
If we are unable to protect our intellectual property effectively, we may be unable to prevent third parties from using our technologies, which would impair our competitive advantage.
Certain rights that we in-license from third-parties are not within our control, and we may be negatively impacted if we lose those rights.
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REMOVED
As of February 20, 2025 , 66,524,294 shares of the registrant s common stock, $0.0001 par value per share, were issued and outstanding.
Risks Related to Our Business We will need to raise substantial additional capital to develop and commercialize, our product candidate, onvansertib, and our failure to obtain funding when needed may force us to delay, reduce or eliminate our product development programs or collaboration efforts.
We are focusing our clinical program in indications such as RAS-mutated metastatic colorectal cancer ("mCRC"), as well as in investigator-initiated ongoing or planned trials in metastatic pancreatic ductal adenocarcinoma ("mPDAC"), small cell lung cancer ("SCLC"), and triple negative breast cancer ("TNBC").
There are several ongoing and planned clinical trials of onvansertib in multiple indications: one trial (CRDF-004) in first-line treatment in patients with RAS-mutated mCRC, and investigator-initiated trials in first-line mPDAC, relapsed SCLC and unresectable locally advanced or metastatic TNBC.
RAS-mutated mCRC Program: CRDF-004 Randomized Clinical Trial in First-Line RAS-mutated mCRC CRDF-004 is a Phase 2 open-label, randomized multi-center clinical trial of onvansertib in combination with SoC FOLFIRI and bevacizumab or SoC FOLFOX and bevacizumab for the first-line treatment of patients with RAS-mutated mCRC.
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