Cardiff Oncology, Inc. Fair Value Disclosure
7. Fair Value Measurements
The following table presents the Company’s assets and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2025 and 2024:
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|
Fair Value Measurements at |
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|||||||||||||
(in thousands) |
|
Quoted Prices in Active Markets for Identical Assets and Liabilities |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
|
Total |
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Assets: |
|
|
|
|
|
|
|
|
|
|
|
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Money market fund |
|
$ |
17,169 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,169 |
|
Total included in cash and cash equivalents |
|
|
17,169 |
|
|
|
— |
|
|
|
— |
|
|
|
17,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available for sale investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Certificate of deposit |
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
143 |
|
Corporate debt securities |
|
|
— |
|
|
|
28,669 |
|
|
|
— |
|
|
|
28,669 |
|
Commercial paper |
|
|
— |
|
|
|
413 |
|
|
|
— |
|
|
|
413 |
|
U.S. government agencies |
|
|
— |
|
|
|
2,876 |
|
|
|
— |
|
|
|
2,876 |
|
U.S. treasury securities |
|
|
8,733 |
|
|
|
— |
|
|
|
— |
|
|
|
8,733 |
|
Total available for sale investments |
|
|
8,733 |
|
|
|
32,101 |
|
|
|
— |
|
|
|
40,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets measured at fair value on a recurring basis |
|
$ |
25,902 |
|
|
$ |
32,101 |
|
|
$ |
— |
|
|
$ |
58,003 |
|
|
|
Fair Value Measurements at |
|
|||||||||||||
(in thousands) |
|
Quoted Prices in Active Markets for Identical Assets and Liabilities |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market fund |
|
$ |
50,499 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
50,499 |
|
U.S. treasury securities |
|
|
393 |
|
|
|
— |
|
|
|
— |
|
|
|
393 |
|
Total included in cash and cash equivalents |
|
|
50,892 |
|
|
|
— |
|
|
|
— |
|
|
|
50,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available for sale investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate debt securities |
|
|
— |
|
|
|
23,489 |
|
|
|
— |
|
|
|
23,489 |
|
Commercial paper |
|
|
— |
|
|
|
313 |
|
|
|
— |
|
|
|
313 |
|
U.S. treasury securities |
|
|
16,474 |
|
|
|
— |
|
|
|
— |
|
|
|
16,474 |
|
Total available for sale investments |
|
|
16,474 |
|
|
|
23,802 |
|
|
|
— |
|
|
|
40,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets measured at fair value on a recurring basis |
|
$ |
67,366 |
|
|
$ |
23,802 |
|
|
$ |
— |
|
|
$ |
91,168 |
|
The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the years ended December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 6, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Mar 15, 2017 | |
| 2015 | Mar 10, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.