On August 4, 2022 Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage biotechnology company leveraging PLK1 inhibition to develop novel therapies across a range of cancers, reported company highlights and financial results for the second quarter ended June 30, 2022 (Press release, Cardiff Oncology, AUG 4, 2022, View Source [SID1234617553]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"We remain focused on advancing our research and development priorities, in particular our lead clinical trial program in KRAS-mutated metastatic colorectal cancer (mCRC)," said Mark Erlander, PhD, chief executive officer of Cardiff Oncology. "In addition, our recent AACR (Free AACR Whitepaper) presentation highlighted preclinical data from patient-derived ovarian cancer xenograft models in which onvansertib was shown to combine synergistically with a PARP inhibitor to overcome PARP inhibitor resistance. Also presented at AACR (Free AACR Whitepaper) were updated data from our Phase 2 clinical trial of onvansertib in combination with abiraterone in metastatic castration-resistant prostate cancer that showed clinically meaningful disease control rates in patients showing initial abiraterone resistance. We look forward to building on these preclinical and clinical results and believe our talented leadership team and strong cash position have us well-positioned for continued success."

Program highlights for the quarter ended June 30, 2022, include:

Ovarian Cancer Preclinical Program:

Reported new preclinical data that show onvansertib combining with a PARP inhibitor to overcome PARP inhibitor (PARPi) resistance in BRCA1-mutant and wild-type patient-derived xenograft ovarian cancer models

Preclinical studies featured in a poster presentation at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting evaluated onvansertib in combination with the PARPi olaparib in three olaparib-resistant patient-derived xenograft (PDX) ovarian cancer models. Two of the three PDX models studied were cisplatin-sensitive with a mutated BRCA1 gene, while the third was cisplatin-resistant with wild type BRCA1. Results showed that treatment with onvansertib plus olaparib led to a statistically significant survival benefit compared to treatment with either agent alone in each of the three evaluated PDX models. The combination regimen was also shown to be well tolerated in mice.

Metastatic Castration-resistant Prostate Cancer (mCRPC) Clinical Program:

Reported updated clinical and new biomarker data from Phase 2 clinical trial of onvansertib plus abiraterone/prednisone in mCRPC patients showing initial abiraterone resistance at the AACR (Free AACR Whitepaper) Annual Meeting

Data featured in a poster presentation showed clinically meaningful disease control rates that rose with increasing onvansertib dose density. 75% (15 of 20) of evaluable patients in Arm C, which represents the trial’s most dose-dense treatment schedule, showed radiographic stable disease (SD) or a radiographic partial response (PR) at 12-weeks, compared to 53% (9 of 17) and 58% (11 of 19) of evaluable patients in the less dose-dense Arms A and B, respectively.

Additional highlights from the announcement include:

Treatment response (SD/PR) correlated with mutations in PTEN and MTOR, key genes in the PI3K signaling pathway
Treatment response correlated with gene signatures corresponding to the ERG+ and Notch pathways, which are involved in cell invasion, epithelial-mesenchymal transition, and metastasis
Genes related to mitochondrial and immune functions were downregulated in patients achieving SD or a PR compared to those showing progressive disease
Onvansertib in combination with abiraterone/prednisone has been well tolerated in the trial
Second Quarter 2022 Financial Results:

Liquidity and cash burn

As of June 30, 2022, Cardiff Oncology had approximately $122 million in cash, cash equivalents, and short-term investments.

Net cash used in operating activities for the second quarter of 2022 was approximately $6.7 million, an increase of approximately $2.4 million from $4.3 million for the same period in 2021.

The overall increase in research and development expenses was primarily related to chemistry, manufacturing, and controls ("CMC") and clinical pharmacology studies to support the development of our lead drug candidate, onvansertib. Salaries and staff costs increased primarily due to additional hires in senior management and our clinical operations team.

The overall increase in selling, general and administrative expense was primarily due to higher salaries costs from merit increases and additional new hires. An increase in D&O insurance costs and higher operating lease costs also contributed to higher selling, general and administrative expenses in the current period, offset by a reduction in recruiting fees from the prior period.