Executive Summary

Q2 2019 total revenues were $0.138M, up year-over-year from $0.112M, and down sequentially from $0.162M; diluted EPS improved to $(0.79) vs $(1.02) in Q1 2019 and $(5.27) in Q2 2018 .
Operating expenses were $4.4M (R&D $2.8M; SG&A $1.5M); loss from operations was $(4.22)M; period-end cash and cash equivalents were $10.8M, providing near-term liquidity for clinical programs .
Pipeline milestones included initiation of a Phase 1b/2 mCRC trial (KRAS-mutant) at USC/Mayo, acceptance of three ESMO abstracts (including an oral presentation for AML), and preclinical synergy with venetoclax in AML; management did not host an earnings call and instead issued a press release .
Near-term catalysts: ESMO oral AML presentation (Sep 27–Oct 1, 2019) and preliminary safety/efficacy readouts later in 2019 from ongoing trials (AML, mCRPC, mCRC) .

What Went Well and What Went Wrong

What Went Well

Strong clinical momentum: “We continue to make great progress with our clinical development of onvansertib with three clinical trials actively enrolling patients and advancing as planned,” including mCRC enrollment initiation and upcoming ESMO presentations .
AML progress: Updated Phase 1b/2 AML data show complete responses (CR and CRi) at higher doses with decitabine and no dose-limiting toxicities; ~90% clinical benefit to-date, supporting continued dose escalation .
Emerging combinations: Preclinical data demonstrated significant synergy of onvansertib with venetoclax in AML models; collaboration initiated with Nektar to evaluate onvansertib + ONZEALD in CRC models .

What Went Wrong

Continued operating losses: Loss from operations $(4.22)M and net loss $(4.13)M persist as R&D scales across programs; SG&A declined, but absolute OpEx remains elevated for a development-stage oncology company .
Sequential revenue dip: Revenues decreased to $0.138M from $0.162M in Q1 2019 (royalties and services/other), reflecting limited commercial activity during clinical focus .
Financing needs flagged: Risk factors reiterated include need for additional financing and ability to continue as a going concern, underscoring capital dependence to fund trials .

Financial Results

Metric (USD)	Q4 2018	Q1 2019	Q2 2019
Total Revenues ($000s)	$78	$162	$138
Royalties ($000s)	$76	$62	$37
Services & Other ($000s)	$2	$100	$101
Cost of Revenues ($000s)	$0	$0	$0
Research & Development ($000s)	$2,497	$2,649	$2,830
SG&A ($000s)	$1,685	$1,475	$1,528
Total Operating Expenses ($000s)	$4,182	$4,124	$4,358
Loss from Operations ($000s)	$(4,104)	$(3,962)	$(4,220)
Net Loss ($000s)	$(4,159)	$(3,905)	$(4,125)
EPS – Basic/Diluted ($)	$(1.09)	$(1.02)	$(0.79)
Weighted Avg Diluted Shares (000s)	3,832	4,087	5,242
Cash & Cash Equivalents ($000s, period-end)	$11,453	$11,330	$10,791

Year-over-Year comparison (Q2 2019 vs Q2 2018):

Metric (USD)	Q2 2018	Q2 2019
Total Revenues ($000s)	$112	$138
EPS – Basic/Diluted ($)	$(5.27)	$(0.79)
Total Operating Expenses ($000s)	$4,551	$4,358

Segment breakdown: Not applicable; no reportable segments disclosed .

KPIs:

Net cash used in operating activities: Q2 2019 $3.4M vs $3.3M in Q2 2018 (press release narrative) .
Weighted-average diluted shares: 5.242M in Q2 2019 (reflecting capital raises/exercises) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Formal Revenue/EPS Guidance	FY/Q2 2019	None disclosed	None disclosed (press release only; no call)	Maintained (none)
R&D Spending Direction	FY 2019	Not previously quantified	“We expect increases in research and development costs as we advance the onvansertib clinical development programs in AML, mCRPC and mCRC.”	Raised (directional)
Cash Runway/Capital Plan	FY 2019	Not quantified	Equity investments of $3.0M at premium in April/May 2019; exercises of warrants YTD; cash $10.8M at 6/30	Update (liquidity actions)

No tax, margin, OI&E, or dividend guidance was provided .

Earnings Call Themes & Trends

No earnings call was held for Q2 2019; the company issued a press release in lieu of conducting a conference call . The table below tracks narrative themes across prior quarters and the current press release.

Topic	Previous Mentions (Q4 2018)	Previous Mentions (Q1 2019)	Current Period (Q2 2019)	Trend
R&D execution (AML, mCRPC, mCRC)	AML showing activity in >88% evaluable patients; mCRPC opened to full enrollment; mCRC IND cleared, mid-year start expected	AML dose escalation with CR/CRi at higher doses; mCRC study may proceed; mCRPC responses emerging	Three trials actively enrolling; AML CR/CRi at highest doses; mCRC enrollment initiated; mCRPC first patient achieved disease stabilization	Strengthening
Regulatory/Scientific presentations	ASH AML poster; ASCO-GU mCRPC poster	AACR AML update; ASCO-GU mCRPC poster	ESMO acceptance (3 abstracts; AML oral presentation)	Positive visibility
Partnerships/Combinations	MIT license for PLK inhibitor + anti-androgen; biomarker approach initiatives	PoC Capital funding for mCRC study	Nektar collaboration (ONZEALD) in CRC models; venetoclax synergy in AML	Expanding
Financing/Liquidity	Cash $11.5M at 12/31; noted OpEx trends	Cash $11.3M at 3/31; operating cash usage	$3.0M equity investments at premium; cash $10.8M at 6/30; warrant exercises	Active capital management
Risk/Disclosures	Need for financing; going concern; trial risks reiterated	Same language reiterated	Same language reiterated	Ongoing

Management Commentary

“We continue to make great progress with our clinical development of onvansertib with three clinical trials actively enrolling patients and advancing as planned.” — Dr. Thomas Adams, CEO .
“We initiated enrollment in our third study, a Phase 1b/2 clinical trial in metastatic Colorectal Cancer (mCRC)… and look forward to providing preliminary safety and efficacy readouts later this year.” .
“Preclinical data demonstrating significant synergy of onvansertib in combination with venetoclax… [and] updates to our Phase1b/2 AML trial showing patients achieving a complete response (CR and CRi)… early data from our Phase 2 study… demonstrating response to treatment and the first patient to achieve the primary efficacy endpoint…” .

Q&A Highlights

No earnings call was conducted; the company issued the press release in lieu of an earnings call. Therefore, no Q&A session or additional guidance clarifications were provided .

Estimates Context

Wall Street consensus (S&P Global) for Q2 2019 could not be retrieved during this session; therefore, comparisons to consensus for revenue and EPS are unavailable at this time. Values retrieved from S&P Global were unavailable due to system limits.*

Key Takeaways for Investors

Clinical traction is building: mCRC enrollment initiation and AML/mCRPC signals, plus ESMO oral AML presentation, should drive data flow and potential sentiment improvement in 2H19 .
Operating losses are consistent with development-stage oncology; R&D spend is increasing as trials advance, while SG&A is trending lower YoY, reflecting focus on clinical execution .
Liquidity actions (premium equity investments; warrant exercises) and ~$10.8M cash at quarter-end support near-term operations, but management reiterates financing risks typical of clinical-stage companies .
Revenue remains immaterial and variable (royalties and services), underscoring that value creation hinges on clinical data, regulatory progress, and partnership optionality rather than near-term sales .
Absent an earnings call, the press release was the sole source for Q2 disclosures; investors should monitor upcoming conference presentations and trial updates for catalysts and risk management cues .
Partnerships and combination strategies (venetoclax in AML, ONZEALD in CRC) broaden the therapeutic rationale and could support differentiated positioning if clinical efficacy translates .

Notes:

CRDF operated as Trovagene, Inc. during the period; all figures are from company filings/press releases .
No non-GAAP adjustments were disclosed; tables reflect GAAP condensed statements from exhibits .

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