v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

5. Stockholders’ Equity

Stock Options

Stock-based compensation expense related to Cardiff Oncology equity awards have been recognized in operating results as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Included in research and development expense

 

$

470

 

 

$

672

 

 

$

788

 

 

$

1,187

 

Included in selling, general and administrative expense

 

 

450

 

 

 

1,011

 

 

 

1,792

 

 

 

1,861

 

Total stock-based compensation expense

 

$

920

 

 

$

1,683

 

 

$

2,580

 

 

$

3,048

 

 

The unrecognized compensation cost related to non-vested stock options outstanding at June 30, 2026, net of estimated forfeitures, was $7.1 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.9 years. The weighted-average remaining contractual term of outstanding options as of June 30, 2026, was approximately 5.8 years. The total fair value of stock options vested during the six months ended June 30, 2026 and 2025, were $3.9 million and $3.7 million, respectively.

The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following assumptions during the following periods indicated:

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

3.67% - 4.15%

 

 

3.88% - 4.11%

 

Dividend yield

 

 

0

%

 

 

0

%

Expected volatility

 

96% - 102%

 

 

104% - 106%

 

Expected term (in years)

 

5.1 - 5.9

 

 

6.1 - 6.3

 

The weighted-average fair value per share of all options granted during the six months ended June 30, 2026 and 2025, estimated as of the grant date using the Black-Scholes option valuation model, was $1.25 and $2.99 per share, respectively.

 

A summary of stock option activity and changes in stock options outstanding is presented below:

 

 

 

Total Options

 

 

Weighted-Average
Exercise Price
Per Share

 

 

Intrinsic
Value

 

Balance outstanding, December 31, 2025

 

 

10,757,293

 

 

$

3.87

 

 

$

2,678,115

 

Granted

 

 

2,961,459

 

 

$

1.62

 

 

 

 

Exercised

 

 

(64,761

)

 

$

1.63

 

 

 

 

Forfeited

 

 

(1,513,962

)

 

$

3.32

 

 

 

 

Expired

 

 

(351,494

)

 

$

7.17

 

 

 

 

Balance outstanding, June 30, 2026

 

 

11,788,535

 

 

$

3.29

 

 

$

14,239

 

Exercisable at June 30, 2026

 

 

7,468,715

 

 

$

3.86

 

 

$

14,239

 

Vested and expected to vest at June 30, 2026

 

 

11,412,387

 

 

$

3.33

 

 

$

14,239

 

 

2021 Equity Incentive Plan

In June 2021, the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). As of June 30, 2026, the number of authorized shares in the 2021 Plan is equal to the sum of (i) 15,150,000 shares, plus (ii) the number of shares of Common Stock reserved, but unissued under the 2014 Plan; and (iii) the number of shares of Common Stock underlying forfeited awards under the 2014 Plan. As of June 30, 2026, there were 7,514,663 shares available for issuance under the 2021 Plan.

2014 Equity Incentive Plan

Subsequent to the adoption of the 2021 Plan, no additional equity awards can be made under the terms of the 2014 Plan.

Inducement Grants

The Company issues equity awards to certain new employees as inducement grants outside of its 2021 Plan. As of June 30, 2026, an aggregate of 2,276,826 shares were issuable upon the exercise of inducement grant stock options approved by the Company.

Stock Option Modifications

The Company recorded $0.5 million of additional stock based compensation expense during the six months ended June 30, 2026 from stock option modifications. These modifications were the result of separation agreements entered into with Dr. Mark Erlander, former CEO, and James Levine, former CFO, on March 27, 2026 ("Agreement Date"). The modification date and valuation inputs were based on the Agreement Date. Dr. Erlander's stock options continued to vest through June 11, 2026, and all vested options will be exercisable until June 11, 2027. Mr. Levine's vested stock options will be exercisable until March 27, 2027. All of the additional stock based compensation expense from these modifications was recorded during the six months ended June 30, 2026.

Warrants

A summary of warrant activity and changes in warrants outstanding, classified as equity is presented below:

 

 

 

Total Warrants

 

 

Weighted-Average Exercise Price Per Share

 

 

Weighted-Average Remaining Contractual Term

Balance outstanding, December 31, 2025

 

 

432

 

 

$

348.48

 

 

0.6 years

Balance outstanding, June 30, 2026

 

 

432

 

 

$

348.48

 

 

0.1 years