Cardiff Oncology, Inc. Leases Disclosure
4. Leases
As a lessee, the Company’s current lease includes its master facility lease which is considered an operating lease.
Master Facility Lease
The Company currently leases office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $67,000 per month with 3% annual escalation.
The components of lease expense were as follows:
(in thousands) |
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Operating lease cost |
|
$ |
620 |
|
|
$ |
667 |
|
Supplemental balance sheet information related to leases was as follows:
(in thousands) |
|
As of December 31,2025 |
|
|
As of December 31,2024 |
|
||
Operating lease ROU assets |
|
$ |
629 |
|
|
$ |
1,169 |
|
Current operating lease liabilities |
|
$ |
730 |
|
|
$ |
710 |
|
Non-current operating lease liabilities |
|
|
102 |
|
|
|
813 |
|
Total operating lease liabilities |
|
$ |
832 |
|
|
$ |
1,523 |
|
Weighted-average remaining lease term–operating leases |
|
1.2 years |
|
|
2.2 years |
|
||
Weighted-average discount rate–operating leases |
|
|
7 |
% |
|
|
7 |
% |
Supplemental cash flow and other information related to leases was as follows:
(in thousands) |
|
For the Year |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
||
Cash paid included in operating cash flows |
|
$ |
777 |
|
|
$ |
756 |
|
Total remaining annual commitments under non-cancelable operating lease agreements as of December 31, 2025, are summarized are as follows:
(in thousands) |
|
|
|
|
Year Ending December 31, |
|
Operating Leases |
|
|
2026 |
|
$ |
730 |
|
2027 |
|
|
136 |
|
Total future minimum lease payments |
|
|
866 |
|
Less imputed interest |
|
|
(34 |
) |
Total |
|
$ |
832 |
|
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 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.