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Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
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 March 31,

 

(in thousands)

 

2025

 

 

2024

 

Included in research and development expense

 

$

515

 

 

$

389

 

Included in selling, general and administrative
   expense

 

 

850

 

 

 

735

 

Total stock-based compensation expense

 

$

1,365

 

 

$

1,124

 

 

The unrecognized compensation cost related to non-vested stock options outstanding at March 31, 2025, net of estimated forfeitures, was $12.8 million, which is expected to be recognized over a weighted-average remaining vesting period of 3.1 years. The weighted-average remaining contractual term of outstanding options as of March 31, 2025, was approximately 7.8 years. The total fair value of stock options vested during the three months ended March 31, 2025 and 2024, were $2.1 million and $1.4 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:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.06

%

 

 

4.04

%

Dividend yield

 

 

0

%

 

 

0

%

Expected volatility of Cardiff Oncology common stock

 

 

106

%

 

 

107

%

Expected term

 

6.1 years

 

 

5.8 years

 

 

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, 2024

 

 

8,334,765

 

 

$

3.88

 

 

$

11,668,989

 

Granted

 

 

2,490,202

 

 

$

3.58

 

 

 

 

Exercised

 

 

(1,672

)

 

$

1.72

 

 

 

 

Forfeited and expired

 

 

(223

)

 

$

516.96

 

 

 

 

Balance outstanding, March 31, 2025

 

 

10,823,072

 

 

$

3.80

 

 

$

4,704,171

 

Exercisable at March 31, 2025

 

 

5,448,050

 

 

$

4.35

 

 

$

2,995,890

 

Vested and expected to vest at March 31, 2025

 

 

10,549,833

 

 

$

3.82

 

 

$

4,590,620

 

 

2021 Equity Incentive Plan

In June 2021, the Company's stockholders approved the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). As of March 31, 2025 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 March 31, 2025, there were 668,803 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 March 31, 2025, an aggregate of 1,380,248 shares were issuable upon the exercise of inducement grant stock options approved by the Company.

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, 2024

 

 

2,807,353

 

 

$

2.40

 

 

0.9 years

Balance outstanding, March 31, 2025

 

 

2,807,353

 

 

$

2.40

 

 

0.7 years