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Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity 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)2024202320242023
Included in research and development expense$397 $297 $786 $691 
Included in selling, general and administrative expense782 1,284 1,517 1,954 
Total stock-based compensation expense$1,179 $1,581 $2,303 $2,645 
 
The unrecognized compensation cost related to non-vested stock options outstanding at June 30, 2024, net of estimated forfeitures, was $9.4 million, which is expected to be recognized over a weighted-average remaining vesting period of 2.5 years. The weighted-average remaining contractual term of outstanding options as of June 30, 2024, was approximately 8.0 years. The total fair value of stock options vested during the six months ended June 30, 2024 and 2023, were $2.7 million and $3.2 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 weighted-average assumptions during the following periods indicated:
 
Six Months Ended June 30,
20242023
Risk-free interest rate4.06 %3.61 %
Dividend yield0 %0 %
Expected volatility of Cardiff Oncology common stock106 %109 %
Expected term
5.8 years5.3 years

A summary of stock option activity and changes in stock options outstanding is presented below:
 
Total OptionsWeighted-Average
Exercise Price
Per Share		Intrinsic
Value
Balance outstanding, December 31, 20236,650,954 $4.27 $23,926 
Granted1,899,096 $3.40  
Exercised(133,614)$2.69  
Forfeited and expired(65,314)$13.96  
Balance outstanding, June 30, 20248,351,122 $4.02 $1,169,885 
Exercisable at June 30, 20244,124,114 $4.85 $468,750 
Vested and expected to vest at June 30, 20248,121,830 $4.05 $1,118,569 
 
2021 Equity Incentive Plan

In June 2021 the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). As of June 30, 2024 the number of authorized shares in the 2021 Plan is equal to the sum of (i) 8,150,000 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, 2024, there were 3,153,005 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, 2024, an aggregate of 1,380,248 shares were issuable upon the exercise of inducement grant stock options approved by the Company.

Rescinding and reissuance of March 2024 stock options

On May 30, 2024, the Board of Directors of the Company approved the rescinding of an aggregate of 1,697,712 shares of common stock issuable upon exercise of stock options granted on March 7, 2024 at an exercise price of $3.51 per share to employees and officers of the Company. On May 30, 2024, the Board of Directors of the Company approved the grant of an aggregate of 1,697,712 shares of common stock issuable upon exercise of stock options at an exercise price of $3.51 per share to employees and officers of the Company, subject to stockholder approval of an increase in the shares of common stock
available for issuance pursuant to the Company’s 2021 Equity Incentive Plan at the Company’s annual meeting on June 20, 2024. The increase of shares available was approved by shareholders at the June 20, 2024 meeting, thus completing the requirements for the reissuance of the grant. The terms of the reissued grant were identical to the rescinded grant, therefore the transaction does not represent a stock option modification.

Warrants
 
A summary of warrant activity and changes in warrants outstanding, classified as equity is presented below:
 
Total WarrantsWeighted-Average
Exercise Price
Per Share		Weighted-Average
Remaining Contractual
Term
Balance outstanding, December 31, 20232,807,948 $2.45 1.9 years
Expired(595)$252.72  
Balance outstanding, June 30, 20242,807,353 $2.40 1.4 years

Sale of Common Stock

During June 2024, the Company received net proceeds of $1.8 million from the sale of 0.8 million shares of its common stock under the Sales Agreement with Jefferies LLC.