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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stock-Based Compensation Expense

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

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2023						2022						2023						2022
Included in research and development expense			$	294					$	286					$	985					$	746
Included in selling, general and administrative expense			661						751						2,615						2,498
Total stock-based compensation expense			$	955					$	1,037					$	3,600					$	3,244

Schedule of Assumptions to Estimate Fair Value of Stock Option Awards

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 weighted-average assumptions during the following periods indicated:

			Nine Months Ended September 30,
			2023						2022
Risk-free interest rate			3.62		%				1.87		%
Dividend yield			0		%				0		%
Expected volatility of Cardiff Oncology common stock			109		%				106		%
Expected term(1)			5.3 years						6.0 years

(1)The expected term for options granted after January 1, 2023 is estimated based on the Company's historical employee data. Prior to January 1, 2023, the Company used the "simplified method" to estimate expected term.

Summary of Stock Option Activity and of Changes in Stock Options Outstanding

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, 2022			5,069,458						$	5.92					$	19,322
Granted			2,138,624						$	1.70
Forfeited and expired			(555,655)						$	8.40
Balance outstanding, September 30, 2023			6,652,427						$	4.36					$	18,747
Exercisable at September 30, 2023			2,944,474						$	5.88					$	18,169
Vested and expected to vest at September 30, 2023			6,459,779						$	4.42					$	18,718

Summary of Warrant Activity and Changes in Warrants Outstanding

A summary of warrant activity and changes in warrants outstanding, including both liability and equity classifications is presented below:

			Total Warrants						Weighted-Average Exercise Price Per Share						Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2022			4,360,968						$	5.33					2.1 years
Expired			(1,553,020)						$	10.54
Balance outstanding, September 30, 2023			2,807,948						$	2.45					2.2 years

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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