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Derivative Financial Instruments - Warrants (Tables) - Black Scholes Option Pricing Method
12 Months Ended
Dec. 31, 2022
Derivative financial instruments  
Schedule of Assumptions Used to Determine the Fair Value of Warrants
The assumptions used to determine the fair value of the warrants using the Black-Scholes option pricing model were:
As of December 31,
20222021
Fair value of Cardiff Oncology common stock$1.40$6.01
Expected warrant term0.1 years1.1 years
Risk-free interest rate4.12 %0.41 %
Expected volatility of Cardiff Oncology common stock54 %83 %
Dividend yield%%
Schedule of Components of Changes in the Company’s Derivative Financial Instruments Liability Balance
The following table sets forth the components of changes in the Company’s derivative financial instrumentswarrants liability balance, valued using the Black-Scholes option pricing method, for the periods indicated.
(in thousands, except for number of warrants)
DateDescriptionNumber of WarrantsDerivative
Instrument
Liability
December 31, 2020
Balance of derivative financial instrumentswarrants liability
64,496 $285 
 
Change in fair value of derivative financial instrumentswarrants during the year recognized as a gain in the statement of operations
— (285)
December 31, 2021
Balance of derivative financial instrumentswarrants liability
64,496 — 
 
Change in fair value of derivative financial instrumentswarrants during the year recognized as a loss in the statement of operations
— — 
December 31, 2022
Balance of derivative financial instrumentswarrants liability
64,496 $—