Free cash flow remains deeply negative, with quarterly outflows frequently exceeding $10 million, as evidenced by the $12.3 million outflow recorded in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Jan'06 |
|---|
| Cash from Operations | -37.42M | -37.92M | -37.69M | -30.89M | -33.82M | -23.04M | -16.32M | -13.27M | -13.2M | -23.28M | -31.04M | -22.12M | -12.73M | -7.32M | -4.93M | -1.93M | -2.09M | -1.23M | -4.4M |
| Operating CF Margin % | - | -6395.11% | -5518.74% | -6329.3% | -8761.66% | -6417.83% | -4457.65% | -5423.66% | -3492.06% | -4610.1% | -8146.98% | -7066.78% | -4545.49% | -2822.51% | -1096.59% | -749.06% | -786.22% | -189.23% | - |
| Operating CF Growth % | 51.99% | -0.61% | -22.04% | 8.67% | -46.79% | -41.22% | -22.96% | -0.52% | 43.3% | 25% | -40.33% | -73.79% | -73.94% | -48.28% | -155.64% | 7.58% | -69.81% | 72.04% | - |
| Net Income | -44.77M | -45.85M | -45.43M | -41.44M | -38.7M | -28.29M | -19.31M | -16.41M | -16.46M | -24.91M | -39.2M | -27.47M | -14.33M | -11.81M | -11.57M | -2.24M | -5.45M | -2.48M | -7.84M |
| Depreciation & Amortization | 1.17M | 904K | 404K | 398K | 236K | 451K | 466K | 494K | 859K | 1.25M | 1.07M | 378.71K | 234.81K | 130.52K | 37.84K | 10.29K | 8.39K | 50K | 28.95K |
| Stock-Based Compensation | 5.99M | 5.69M | 4.76M | 4.51M | 4.26M | 3.23M | 1.76M | 885K | 2.17M | 4.01M | 7.5M | 3.95M | 2.07M | 1.98M | 532.14K | 250.98K | 325.93K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.32M | 0 | -28K | -635K | -1.75M | -2.46M | 730.98K | -1.45M | 1.11M | 0 | 1.62M | 5.67M | 0 | -27.62K |
| Other Non-Cash Items | -804K | -848K | -598K | -921K | 772K | 2.03M | 1.42M | 703K | 764K | 1.24M | 964K | 434.28K | 305.92K | 198.79K | 6.89M | -2.18M | -2.69M | 1.56M | -174.69K |
| Working Capital Changes | 994K | 2.18M | 3.17M | 6.57M | -380K | -1.79M | -654K | 1.09M | 98K | -3.13M | 1.09M | -137.93K | 437.87K | 1.08M | -824.38K | 610.07K | 48.36K | -360K | 27.62K |
| Change in Receivables | 214K | 591K | -484K | 483K | -236K | -215K | -117K | -35.73M | 19.26M | 23.36K | -1.72K | -42.04K | 22.3K | 89.39K | -69.24K | -24.14K | -47.03K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.42B | -255.62M | 0 | -2.16B | -361.49M | -631.88M | -1.05B | 0 | 108.37K | 0 | 0 | 0 |
| Change in Payables | 5.21M | 2.2M | 2.98M | 2.83M | 1.35M | 719K | 0 | 1.46B | 236.48M | -2.94B | 2.16B | 361.43M | 632.3M | 1.06B | -737.75K | 504.19K | 0 | 0 | 27.62K |
| Cash from Investing | 19.18M | 1.34M | 13.73M | 36.2M | 38.15M | -131.45M | -211K | -68K | 23K | 23.96M | -24.83M | -2.23M | -299.79K | -649.28K | -270.08K | -1.53K | -132.45K | -10K | -72.98K |
| Capital Expenditures | -44K | -44K | -80K | -582K | -892K | -205K | -211K | -68K | -5.1K | -100K | -823K | -2.24M | -363.29K | -649.28K | -270.08K | -1.53K | -27.75K | -10K | 0 |
| CapEx % of Revenue | 8.38% | 7.42% | 11.71% | 119.26% | 231.09% | 57.1% | 57.65% | 27.8% | 1.35% | 19.8% | 216.01% | 716% | 129.75% | 250.45% | 60.02% | 0.59% | 10.44% | 1.54% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -114K | 205K | 0 | 0 | 5.1K | 109.91M | 809.73M | 7.6K | 0 | 0 | 0 | 0 | -104.7K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -744K | -744K | 0 | 0 | 114K | -205K | 0 | 0 | 23K | -101.1M | -823.48M | 7.6K | 63.5K | 500 | 4K | 0 | 0 | 0 | -72.98K |
| Cash from Financing | 2.68M | 2.58M | 53.78M | 0 | 75K | 35.45M | 137.31M | 12.08M | 16.4M | -6.38M | 2.3M | 64.55M | 14.48M | 22.98M | 15.32M | 2.57M | 1.73M | 1.65M | 5.11M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.38M | -17.24M | -351K | 1.09M | 14.48M | 515.96K | 0 | 0 | 0 | 44.55K | 0 |
| Equity Issued (Net) | 2.66M | 2.58M | 53.41M | 0 | 75K | 34.19M | 112.3M | 8.82M | 16.17M | 11.73M | 2.36M | 61.22M | 0 | 0 | 15.32M | 2.57M | 1.73M | 1.47M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -414K | -24K | 0 | -24.24M | -24.24M | -24.24M | -24.24M | -24.24M | -23.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.47M | 0 |
| Other Financing | 25K | 0 | 373K | 0 | 414K | 1.29M | 25.01M | 27.5M | 25.85M | -866.04K | 24.53M | 26.49M | 0 | 22.47M | 600 | 0 | 0 | 140.45K | 5.11M |
| Net Change in Cash | -15.55M | -34M | 29.82M | 5.31M | 4.4M | -119.04M | 120.79M | -1.26M | 3.23M | -5.69M | -53.58M | 40.2M | 1.46M | 15.02M | 10.12M | 641.67K | -486.46K | 410K | 638.13K |
| Free Cash Flow | -37.46M | -37.97M | -37.77M | -31.47M | -34.71M | -23.25M | -16.53M | -13.34M | -13.21M | -23.38M | -31.86M | -24.36M | -13.09M | -7.97M | -5.2M | -1.93M | -2.12M | -1.24M | -4.4M |
| FCF Margin % | -7135.43% | -6402.53% | -5530.45% | -6448.57% | -8992.75% | -6474.93% | -4515.3% | -5451.45% | -3493.41% | -4629.9% | -8362.99% | -7782.78% | -4675.24% | -3072.96% | -1156.61% | -749.65% | -796.67% | -190.77% | - |
| FCF Growth % | 12.37% | -0.51% | -20.03% | 9.34% | -49.33% | -40.66% | -23.92% | -0.99% | 43.52% | 26.62% | -30.8% | -86.09% | -64.32% | -53.06% | -169.42% | 8.72% | -70.68% | 71.81% | - |
| FCF per Share | -0.55 | -0.57 | -0.79 | -0.70 | -0.80 | -0.60 | -0.79 | -2.23 | -5.67 | -48.54 | -75.76 | -66.31 | -49.42 | -33.78 | -28.68 | -14.32 | -21.29 | -17.71 | -4.24 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.83x | 0.83x | 0.75x | 0.87x | 0.81x | 0.85x | 0.81x | 0.80x | 0.93x | 0.79x | 0.81x | 0.89x | 0.62x | 0.43x | 0.86x | 0.38x | 0.50x | 0.56x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.48K | 668.47K | 1.1M | 1.06M | 425.26K | 9.46K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 1K | 2K | 1K | 1K | 800 | 800 | 800 | 4.56K | 16.93K | 2.4K | 7.65K | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding insolvency
According to quarterly financial statements, CRDF consistently reports operating cash flow that closely tracks net losses, with the OCF/NI ratio hovering near 0.90, indicating that the company lacks meaningful non-cash accruals to bridge the gap between accounting losses and actual cash outflows for clinical development.
The tight correlation between net income and operating cash flow suggests that the company's burn is driven by immediate, cash-settled expenses rather than accounting adjustments. Investors should monitor this high conversion ratio as it confirms that the reported losses are a direct proxy for the rapid depletion of the company's limited cash reserves.
As reported in recent filings, CRDF's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $10 million, reflecting a structural inability to generate internal capital to support the ongoing clinical trial programs required for the development of onvansertib.
The consistent negative FCF trajectory underscores the company's reliance on external financing to sustain operations. Without a commercial product to generate revenue, this cash burn appears likely to continue until clinical milestones are achieved or the company secures a strategic partnership.
Based on the provided cash flow data, working capital changes have shown significant quarterly volatility, swinging from a $4.0 million inflow in 2025Q2 to a $1.7 million outflow in 2026Q1, which suggests inconsistent timing in vendor payments and clinical trial site management expenses.
This volatility may indicate that management is actively managing the timing of payments to CROs and other clinical partners to preserve liquidity. Such fluctuations warrant further investigation, as they may mask the underlying intensity of the cash burn during periods of accelerated trial enrollment.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $1.7 million in 2026Q1, consistently offsets a portion of the reported net loss, effectively diluting shareholders to fund operational expenses that would otherwise be paid in cash.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through equity dilution. The reliance on this mechanism suggests that the company is attempting to preserve its limited cash runway by shifting compensation costs away from the balance sheet.
Quick answers to the most common questions about buying CRDF stock.
Cardiff Oncology, Inc. (CRDF) generated $-37.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cardiff Oncology, Inc. (CRDF) reported negative free cash flow of $38.0M in 2025, indicating capital requirements exceeded cash from operations.
Cardiff Oncology, Inc. (CRDF) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.