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    SEC Form 10-Q filed by Cadrenal Therapeutics Inc.

    5/8/25 6:17:43 AM ET
    $CVKD
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $CVKD alert in real time by email

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    FORM 10-Q

     

    ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    For the quarterly period ended March 31, 2025

     

    OR

     

    ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934‌

     

    For the transition period from                  to               

     

    Commission file number 001-41596

     

    CADRENAL THERAPEUTICS, INC.

    (Exact name of registrant as specified in its charter)

     

    Delaware   88-0860746
    (State or other jurisdiction of
    incorporation or organization)
      (I.R.S. Employer
    Identification No.)

     

    822 A1A North, Suite 306
    Ponte Vedra, Florida
      32082
    (Address of principal executive offices)   (Zip Code)

     

    Registrant’s telephone number, including area code: (904) 300-0701

     

    Securities registered pursuant to Section 12(b) of the Act:

     

    Title of each class   Trading symbol(s)   Name of each exchange on which registered
    Common Stock, par value $0.001 per share   CVKD   The Nasdaq Stock Market, LLC
    (The Nasdaq Capital Market)

     

    Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

     

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

     

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

     

    Large accelerated filer ☐   Accelerated filer ☐
    Non-accelerated filer ☒   Smaller reporting company ☒
          Emerging growth company ☒

     

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period to comply with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

     

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

     

    As of May 8, 2025, there were 1,966,675 outstanding shares of common stock, par value $0.001 per share, of Cadrenal Therapeutics, Inc.

     

     

     

     

     

     

    CADRENAL THERAPEUTICS, INC.

     

    QUARTERLY REPORT ON FORM 10-Q

     

    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025

     

    TABLE OF CONTENTS

     

        Page
      PART I. FINANCIAL INFORMATION 1
         
    Item 1. Financial Statements (Unaudited) 1
         
      Balance Sheets at March 31, 2025 and December 31, 2024 1
      Statements of Operations and Comprehensive Loss for the Three Months ended March 31, 2025 and 2024 2
      Statements of Changes in Stockholders’ Equity for the Three Months ended March 31, 2025 and 2024 3
      Statements of Cash Flows for the Three Months ended March 31, 2025 and 2024 4
      Notes to Financial Statements 5
    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
    Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
    Item 4. Controls and Procedures 20
         
      PART II. OTHER INFORMATION 21
         
    Item 1. Legal Proceedings 21
    Item 1A. Risk Factors 21
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
    Item 3. Defaults Upon Senior Securities 21
    Item 4. Mine Safety Disclosures 21
    Item 5. Other Information 21
    Item 6. Exhibits 22
         
    SIGNATURES 23

     

    i

     

     

    PART I. FINANCIAL INFORMATION

     

    CADRENAL THERAPEUTICS, INC.

    BALANCE SHEETS

     

       March 31,
    2025
    (unaudited)
       December 31,
    2024
     
    Assets:        
    Current assets:        
    Cash and cash equivalents  $7,336,072   $10,017,942 
    Interest receivable   24,664    38,153 
    Prepaid expenses and other current assets   575,605    42,257 
    Deferred offering costs   8,451    14,445 
    Total current assets   7,944,792    10,112,797 
    Property, plant and equipment, net   4,678    6,944 
    Other assets   3,792    3,792 
    Total assets  $7,953,262   $10,123,533 
    Liabilities and Stockholders’ Equity:          
    Current liabilities:          
    Accounts payable  $1,278,402   $1,502,468 
    Accrued liabilities   561,764    1,181,490 
    Total current liabilities   1,840,166    2,683,958 
    Total liabilities   1,840,166    2,683,958 
    Stockholders’ equity:          
    Preferred stock, $0.001 par value, 7,500,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024   
    -
        
    -
     
    Common stock, $0.001 par value; 75,000,000 shares authorized, 1,909,732  shares issued and outstanding as of March 31, 2025; 1,782,486 shares issued and outstanding as of December 31, 2024   1,909    1,782 
    Additional paid-in capital   35,679,350    33,160,576 
    Accumulated deficit   (29,568,163)   (25,722,783)
    Total stockholders’ equity   6,113,096    7,439,575 
    Total liabilities and stockholders’ equity  $7,953,262   $10,123,533 

     

    The accompanying notes are an integral part of these financial statements.

     

    1

     

     

    CADRENAL THERAPEUTICS, INC.

    STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (unaudited)

     

       Three Months Ended
    March 31,
     
       2025   2024 
    Operating expenses:        
    General and administrative expenses  $2,254,577   $1,125,993 
    Research and development expenses   1,667,882    629,025 
    Depreciation expense   5,517    597 
    Total operating expenses   3,927,976    1,755,615 
    Loss from operations   (3,927,976)   (1,755,615)
    Other income          
    Interest and dividend income   82,596    92,327 
    Total other income   82,596    92,327 
    Net loss and comprehensive loss  $(3,845,380)  $(1,663,288)
               
    Net loss per common share, basic and diluted (1)  $(2.09)  $(1.56)
    Weighted average number of common shares used in computing net loss per common share, basic and diluted (1)   1,844,072    1,067,231 

     

    (1)All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

     

    The accompanying notes are an integral part of these financial statements.

     

    2

     

     

    CADRENAL THERAPEUTICS, INC.

    STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

    (unaudited)

     

       For the Three Months Ended March 31, 2025 
       Common Stock (1)   Additional
    Paid-In
       Accumulated    Total
    Stockholders’
     
       Shares   Amount   Capital   Deficit   Equity 
    Balance, December 31, 2024   1,782,486   $1,782   $33,160,576   $(25,722,783)  $7,439,575 
    Equity-based compensation - options   -    
    -
        518,890    
    -
        518,890 
    Issuance of common stock for consulting services   25,000    25    29,850    
    -
        29,875 
    Proceeds from sale of common stock, net of issuance costs of $85,335   102,246    102    1,970,034    
    -
        1,970,136 
    Net loss   -    
    -
        
    -
        (3,845,380)   (3,845,380)
    Balance, March 31, 2025   1,909,732   $1,909   $35,679,350   $(29,568,163)  $6,113,096 

     

       For the Three Months Ended March 31, 2024 
       Common Stock (1)   Additional
    Paid-In
       Accumulated    Total
    Stockholders’
     
       Shares   Amount   Capital (1)   Deficit   Equity 
    Balance, December 31, 2023   868,184   $868   $22,762,922   $(15,071,415)  $7,692,375 
    Issuance of common shares from exercise of pre-funded warrants   199,047    199    99    
    -
        298 
    Equity-based compensation - options   
    -
        
    -
        162,731    
    -
        162,731 
    Net loss   -    
    -
        
    -
        (1,663,288)   (1,663,288)
    Balance, March 31, 2024   1,067,231   $1,067   $22,925,752   $(16,734,703)  $6,192,116 

      

    (1)All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

     

    The accompanying notes are an integral part of these financial statements.

      

    3

     

     

    CADRENAL THERAPEUTICS, INC.

    STATEMENTS OF CASH FLOWS

    (unaudited)

     

       Three Months Ended
    March 31,
     
       2025   2024 
    Cash flows from operating activities:        
    Net loss  $(3,845,380)  $(1,663,288)
    Adjustments to reconcile net loss to net cash used in operating activities:          
    Depreciation expense   5,517    597 
    Equity-based compensation   548,765    162,731 
    Non-cash lease expense   
    -
        (105)
    Changes in operating assets and liabilities:          
    Interest receivable   13,489    8,337 
    Prepaid expenses   (533,348)   (212,431)
    Deferred offering costs   5,994    (167,844)
    Accounts payable   (224,066)   233,054 
    Accrued liabilities   (619,726)   (197,431)
    Net cash used in operating activities   (4,648,755)   (1,836,380)
    Cash flows used in investing activities:          
    Investment in property and equipment   (3,251)   
    -
     
    Net cash used in investing activities   (3,251)   
    -
     
    Cash flows from financing activities:          
    Proceeds from sale of common stock   2,055,471    
    -
     
    Issuance costs from sale of common stock   (85,335)   
    -
     
    Proceeds from exercise of warrants   
    -
        298 
    Net cash provided by financing activities   1,970,136    298 
    Net change in cash   (2,681,870)   (1,836,082)
    Cash and cash equivalents – beginning of the period   10,017,942    8,402,500 
    Cash and cash equivalents – end of the period  $7,336,072   $6,566,418 

     

    The accompanying notes are an integral part of these financial statements.

      

    4

     

     

    CADRENAL THERAPEUTICS, INC.
    Notes to Financial Statements

    (unaudited)

     

    Note 1. Description of Business and Summary of Significant Accounting Policies

     

    Cadrenal Therapeutics, Inc. (the “Company” or “Cadrenal”) was incorporated on January 25, 2022, in the State of Delaware and is headquartered in Ponte Vedra, Florida. Cadrenal Therapeutics, Inc. is a biopharmaceutical company that develops therapeutics for patients with certain cardiovascular conditions. The Company is developing its late-stage asset, tecarfarin, a new oral vitamin K antagonist (VKA) designed to be a better and safer anticoagulant than warfarin. Although warfarin is widely used off-label for several rare cardiovascular conditions, extensive clinical and real-world data have shown it to have significant serious side effects. With its innovation, Cadrenal aims to meet the unmet needs of this patient population by relieving them and their healthcare providers of some of warfarin’s most significant clinical challenges.

     

    Cadrenal is pursuing a pipeline-in-a-product approach with tecarfarin. Tecarfarin received Orphan Drug designation (ODD) for advanced heart failure patients with implanted left ventricular assist devices (LVADs). The Company also received ODD and fast-track status for tecarfarin in end-stage kidney disease and atrial fibrillation (ESKD+AFib).

     

    Basis of Presentation

     

    The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for the fair presentation of the Company’s financial statements for the periods presented. The Company’s fiscal year-end is December 31.

     

    The Company’s accompanying financial statements are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2025, the results of its operations for the three months ended March 31, 2025 and 2024, the statements of stockholders’ equity for the three months ended March 31, 2025 and 2024, and its cash flows for the three months ended March 31, 2025 and 2024. The financial data and other information disclosed in these notes related to the three months ended March 31, 2025, and 2024 are also unaudited. The results for the three months ended March 31, 2025, are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2024, and notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2025.

     

    Liquidity

     

    The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since its inception, the Company has incurred operating losses and negative cash flows from operations. For the three months ended March 31, 2025, the Company had a net loss of $3.8 million, which included $0.6 million of non-cash expenses. Cash used in operations totaled $4.6 million. As of March 31, 2025, the Company had cash and cash equivalents of $7.3 million, net working capital of $6.1 million, and an accumulated deficit of $29.6 million.

     

    From April 1, 2025 through May 7, 2025, the Company sold 56,943 shares of its common stock through its at-the-market (ATM) facility with H.C. Wainwright & Co., LLC (“H.C.W.”) These sales were made at a weighted average price of $15.92 per share, resulting in total gross proceeds of approximately $907,000 and net proceeds of approximately $876,000. 

     

    5

     

     

    The Company’s cash and cash equivalents balance of approximately $6.9 million as of May 8, 2025 is expected to be sufficient to fund its operations for at least the next twelve months from the date of the filing of its Quarterly Report on Form 10-Q, however, the Company will require additional funding to conduct any further late-stage clinical trials, including a Phase 3 clinical trial for tecarfarin.

     

    Management intends to raise additional funds through partnering, the sale of equity, and debt financing. However, there can be no assurance that the Company will be able to complete partnering transactions or financings on terms acceptable to the Company or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

     

    Emerging Growth Company Status

     

    As an “emerging growth company” (“EGC”) under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company may elect to take advantage of certain forms of relief from various reporting requirements that apply to public companies. The relief under the JOBS Act includes an extended transition period for implementing new or revised accounting standards. The Company has elected to take advantage of this extended transition period and, as a result, the Company’s financial statements may not be comparable to those of companies that implement accounting standards as of the effective dates for public companies. The Company may take advantage of the relief afforded under the JOBS Act up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC.

     

    Use of Estimates

     

    Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of stock-based awards, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actual results could differ from those estimates.

     

    Concentration of Credit and Other Risks and Uncertainties

     

    Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents. Cash is maintained at high-credit-quality financial institutions; at times, balances may exceed federally insured limits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000 at each financial institution. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

     

    The Company is subject to several risks common for early-stage biopharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of its product candidate, ability to obtain regulatory approval of its product candidate, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities.

     

    6

     

     

    Segment Reporting

     

    Operating segments are defined as components of an entity where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews financial information on a company-wide basis for purposes of allocating resources and assessing financial performance. The Company manages its business activities as a single entity and operates in one reportable segment.

     

    The CODM assesses the performance of its one reportable segment and decides how to allocate resources based on the loss from operations and net loss.   The CODM utilizes loss from operations and net loss, as presented on the Company’s statement of operations and comprehensive loss, to evaluate the Company’s business plan, which includes clinical development roadmaps and long-range financial models as key inputs to decisions on resource allocation and its assessment of the performance of the business.  

     

    Significant expenses within loss from operations and net loss include research and development and general and administrative expenses, which are each separately presented on the Company’s statement of operations and comprehensive loss. Other segment items include depreciation expense and interest and dividend income as presented on the Company’s statement of operations and comprehensive loss. The accounting policies used to measure the segment’s profit and loss are the same as those described in the summary of significant accounting policies.

     

    The measure of segment assets is reported on the balance sheets as total assets.

     

    Cash and Cash Equivalents

     

    The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash and cash equivalents include cash and money market funds.

     

    Stock-Based Compensation

     

    The Company measures its stock-based awards granted to employees, consultants, and directors based on the estimated grant-date fair values of the awards and recognizes the compensation over the requisite service period using the straight-line method. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. The Company accounts for forfeitures as they occur.

     

    The Black-Scholes model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based payment awards, including the option’s expected term and the price volatility of the underlying stock. The Company estimates the fair value of options granted by using the Black-Scholes model with the following assumptions:

     

    Expected Volatility—The Company estimated volatility for option grants by evaluating the historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’ expected term.

     

    Expected Term—The expected term of the Company’s options represents the period that the stock-based payment awards are expected to be outstanding. The expected term was estimated using the simplified method for employee stock options since the Company does not have adequate historical exercise data to estimate the expected term.

      

    Deferred Offering Costs

     

    The Company capitalizes certain legal, professional, and other third-party costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss.

     

    7

     

     

    Income Taxes

     

    Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and net losses, the net deferred tax assets have been fully offset by a valuation allowance.

     

    The Company recognizes uncertain income tax positions at the largest amount, which is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes.

     

    Net Loss Per Common Share

     

    Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents of potentially dilutive securities outstanding for the period determined using the treasury stock or if-converted methods. Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share since the effects of potentially dilutive securities are anti-dilutive. Shares of common stock subject to repurchase are excluded from the weighted-average shares.

     

    Comprehensive Loss

     

    Comprehensive loss is defined as the change in equity during a period from transactions and other events or circumstances from non-owner sources. Net loss and comprehensive loss were the same for the periods presented in the accompanying financial statements.

     

    Research and Development Expenses

     

    Research and development costs are expensed as incurred and consist of fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Acquired intangible assets are expensed as research and development costs if, at the time of payment, the technology is under development; is not approved by the United States Food and Drug Administration (“FDA”) or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed.

      

    Patents

     

    Patent costs are comprised primarily of external legal fees, filing fees incurred to file patent applications, and periodic renewal fees to keep the patent in force. They are expensed as incurred as a component of general and administrative expenses.

     

    8

     

     

    Note 2. Recent Accounting Pronouncements

     

    Recently Adopted Accounting Pronouncements

     

    In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires greater disaggregation of information about a reporting entity’s effective tax rate reconciliation and information on income taxes paid. The ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU on January 1, 2025, had no material impact on the Company’s financial statements.

     

    Accounting Pronouncements Not Yet Adopted

     

    In November 2024, the FASB issued ASU 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The ASU aims to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. In January 2025, the ASU was subsequently amended by ASU 2025-01 to clarify the effective date by which all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

     

    Note 3. Fair Value Measurements

     

    Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

     

      ● Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

     

      ● Level 2 —  Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

     

      ● Level 3 —  Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

     

    9

     

     

    Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:

     

       March 31, 2025 
       Level 1   Level 2   Level 3   Fair Value 
                     
    Financial Assets:                
    Money market funds  $6,942,275   $
    -
       $
    -
       $6,942,275 
    Total financial assets  $6,942,275   $
         -
       $
      -
       $6,942,275 

     

       December 31, 2024 
       Level 1   Level 2   Level 3   Fair Value 
                     
    Financial Assets:                
    Money market funds  $9,946,189   $
    -
       $
    -
       $9,946,189 
    Total financial assets  $9,946,189   $
        -
       $
       -
       $9,946,189 

     

    The carrying amounts of cash and cash equivalents, prepaid expenses, deferred offering costs, accounts payable, and accrued liabilities approximate their fair values due to their short-term nature. There were no transfers of liabilities among the fair value measurement categories during any of the periods presented.

     

    Note 4. Accrued Liabilities

     

    Accrued liabilities consist of the following:

     

       March 31,
    2025
       December 31,
    2024
     
    Accrued compensation  $227,565   $966,575 
    Accrued severance   196,790    
    -
     
    Accrued consulting fees   112,606    162,606 
    Other   24,803    52,309 
    Total accrued liabilities  $561,764   $1,181,490 

     

    Note 5. Leases, Commitments, and Contingencies

     

    Leases

     

    In accordance with ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

     

    At lease inception, the Company determines whether an arrangement is an operating or capital lease. For operating leases, the Company recognizes rent expense, inclusive of rent escalation, on a straight-line basis over the lease term.

     

    The Company classifies leases at the lease commencement date as operating or finance leases and records a right-of-use asset and a lease liability on the balance sheet for all leases with an initial lease term of greater than 12 months. Leases with an initial term of 12 months or less are not recorded in the balance sheet pursuant to the practical expedient available under ASC 842, but payments are recognized as expenses on a straight-line basis over the lease term.

     

    Finance and operating right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based upon the available information at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease expense is recognized on a straight-line basis over the lease term.

      

    In October 2024, the Company amended its lease for office space to extend the lease term for one additional year. The lease agreement (as amended) has a term that extends through October 31, 2025 with no option to renew. Operating lease expenses were $6,656 and $6,555 for the three months ended March 31, 2025 and 2024, respectively. Cash paid for the office lease was $6,656 for the three months ended March 31, 2025 and $6,696 for the three months ended March 31, 2024.

     

    10

     

     

    Future annual lease payments under non-cancellable operating leases as of March 31, 2025 were as follows:

     

    2025  $15,531 
    Total lease payments  $15,531 

     

    Contingencies

     

    In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown, because it involves claims that may be made against the Company in the future, but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

     

    Indemnification

     

    In accordance with the Company’s certificate of incorporation and bylaws, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. In addition, the Company has entered into indemnification agreements with its officers and directors. There have been no claims to date, and the Company has a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

     

    Note 6. Stockholders’ Equity and Warrants

     

    Reverse Stock Split

     

    On July 29, 2024, the Company’s stockholders approved amendments to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of its shares of common stock, and its Board of Directors subsequently approved a final reverse stock split ratio of 1-for-15. The reverse stock split became effective on August 20, 2024. On the effective date, every 15 shares of issued and outstanding common stock were combined and converted into one issued and outstanding share of common stock. The number of authorized shares of common stock was not reduced and the par value per share of common stock remained unchanged. Fractional shares were canceled, and stockholders received cash in lieu thereof. A proportionate adjustment was also made to the maximum number of shares of common stock issuable under the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan. As a result, the number of common shares, stock options, warrants, net loss per share, and exercise prices disclosed throughout these notes to the financial statements, as well as the Quarterly Report on Form 10-Q to which these financial statements and notes thereto are attached, have been retrospectively adjusted to reflect the reverse stock split.

     

    Common Stock

     

    The Company is authorized to issue a total of 75,000,000 shares of common stock, par value of $0.001 per share, and 7,500,000 shares of preferred stock, par value $0.001 per share.

     

    Holders of common stock are entitled to one vote for each share of common stock held of record for the election of the Company’s directors and all other matters requiring stockholder action. Holders of common stock will be entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board in its discretion out of funds legally available therefor.

     

    11

     

     

    On January 24, 2023, the Company consummated its initial public offering (“IPO”) and issued 93,333 shares of its common stock at a public offering price of $75.00 per share, generating gross proceeds of $7.0 million and net proceeds of $5.4 million.  

     

    In connection with the IPO, on January 19, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Boustead Securities, LLC, as representative of the underwriters (the “Representative”). Pursuant to the Underwriting Agreement, the Company issued to the underwriters a five-year warrant (the “Representative’s Warrant”) to purchase an aggregate of 5,600 shares of the Company’s common stock, which was equal to six percent (6%) of the shares of common stock sold in the IPO. The Representative’s Warrant has an exercise price of $90.00, which was equal to 120% of the public offering price of the common stock in the IPO.

     

    On July 12, 2023, the Company entered into a securities purchase agreement with an institutional investor (the “Investor Selling Stockholder”) pursuant to which the Company sold to the Investor Selling Stockholder in a private placement (the “Private Placement”) (i) an aggregate of 86,667 shares of common stock (the “Shares”), (ii) in lieu of additional Shares, pre-funded warrants to purchase up to an aggregate of 199,047 shares of common stock (the “Pre-Funded Warrants”), and (iii) accompanying common warrants to purchase up to an aggregate of 285,715 shares of common stock (the “Common Warrants”). The combined purchase price of each Share and accompanying Common Warrants was $26.25. The combined purchase price of each Pre-Funded Warrant and accompanying Common Warrants was $26.25.

     

    The Private Placement closed on July 14, 2023. The Company received aggregate gross proceeds from the Private Placement of approximately $7.5 million before deducting the placement agent commissions and offering expenses payable by the Company. H.C.W. acted as the placement agent in the Private Placement, and as part of its compensation, the Company issued to designees of H.C.W. Placement Agent Warrants to purchase up to 18,571 shares of common stock at an exercise price of $32.81.

     

    Each Pre-Funded Warrant had an exercise price equal to $0.0015 per share. The Pre-Funded Warrants were exercisable at any time after their original issuance and would not expire until exercised in full. Each Common Warrant has an exercise price equal to $26.25 per share. The Common Warrants are exercisable at any time after their original issuance and will expire on January 16, 2029. The exercise price and number of shares of common stock issuable upon exercise of the Common Warrant and Pre-Funded Warrant are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events.

     

    During the year ended December 31, 2024, the Company received notice of the exercise of all of the 199,047 Pre-Funded Warrants. As a result of the respective Pre-Funded Warrant exercises, the Company issued 199,047 shares of common stock. As of March 31, 2025 and December 31, 2024, there are no Pre-Funded Warrants outstanding.

      

    The Common Warrants issued in the Private Placement provide that a holder of Common Warrants, as applicable, will not have the right to exercise any portion of its Common Warrants if such holder, together with its affiliates, and any other party whose holdings would be aggregated with those of the holder for purposes of Section 13(d) or Section 16 of the Exchange Act would beneficially own in excess of 4.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that the holder may increase or decrease the Beneficial Ownership Limitation by giving notice to the Company, with any such increase not taking effect until the sixty-first day after such notice is delivered to the Company but not to any percentage in excess of 9.99%. The Common Warrants may be exercised on a cashless basis if a registration statement registering the shares of common stock underlying the Common Warrants is not effective at the time of exercise.

     

    ATM Facility

     

    During the three months ended March 31, 2025, the Company sold 102,246 shares of its Common Stock through its at-the-market (ATM) facility with H.C.W. These sales were made at a weighted average price of $20.10 per share, resulting in total gross proceeds of approximately $2,055,000 and net proceeds of approximately $1,970,000.

     

    12

     

     

    Warrant Inducement

     

    On November 1, 2024, the Company entered into a warrant inducement letter agreement (the “Inducement Agreement”) with a holder of the Company’s warrants to purchase shares of the Company’s common stock, issued in a private placement offering that closed on July 14, 2023 (the “Existing Warrants”). Pursuant to the Inducement Agreement, the holder of the Existing Warrants agreed to exercise for cash the Existing Warrants to purchase up to an aggregate of 285,715 registered shares of common stock, at the adjusted exercise price of $16.50 per share (reduced from the initial exercise price of $26.25 per share).

     

    In consideration of the holder’s agreement to exercise the Existing Warrants at the reduced exercise price per share in accordance with the Inducement Agreement, the Company issued to the holder new unregistered Series A-1 common stock warrants (the “Series A-1 Warrants”) to purchase 285,715 shares of common stock and new unregistered Series A-2 common stock warrants (the “Series A-2 Warrants”) to purchase an aggregate of 285,715 shares of common stock, at an exercise price of $16.50 per share. The Series A-1 Warrants were immediately exercisable for a term of five years from the date of issuance, and the Series A-2 Warrants were immediately exercisable for a term of 18 months from the date that the Company’s registration statement on Form S-3, has been declared effective (November 22, 2024) by the SEC.  The New Warrants contain customary provisions for anti-dilution adjustments to the exercise price, including stock splits, stock dividends, rights offerings, and pro rata distributions.

     

    On November 4, 2024, the transactions contemplated by the Inducement Agreement closed, and the Company received aggregate gross proceeds of approximately $4.7 million for the exercise of the Existing Warrants, before deducting placement agent fees and other expenses totaling $0.5 million.

     

    H.C.W. acted as the placement agent in the Inducement Agreement, and as part of its compensation, the Company issued to designees of H.C.W. Placement Agent Warrants to purchase up to 18,571 shares of common stock at an exercise price of $20.625. The Placement Agent Warrants expire five years after issuance and contain customary provisions for anti-dilution adjustments to the exercise price, including for stock splits, stock dividends, rights offerings, and pro rata distributions.  

     

    The Series A-1 Warrants, Series A-2 Warrants, and Placement Agent Warrants were classified as equity, and the offering costs were recorded as debit to additional paid-in capital.

     

    All of the Company’s outstanding warrants provide that the holder thereof has the right to participate in distributions or dividends paid on the Company’s shares of common stock on an as-converted basis.

     

    Warrant Summary

     

    The following table summarizes the total warrants outstanding at March 31, 2025, all of which are classified as equity:

     

          Exercise     Outstanding
    as of
              Outstanding
    as of
     
       Issue Date  Price
    Per Share
      

    Expiration

    Date

      December 31,
    2024
      

    New

    Issuance

       Exercised   March 31,
    2025
     
    Placement agent warrants  July - Sept 2022  $45.00   July - Sept 2027   767    
       -
        
        -
        767 
    Placement agent warrants  Nov 2022  $15.00   Nov 2027   1,000    
    -
        
    -
        1,000 
    Representative warrants  Jan 2023  $90.00   Jan 2028   5,600    
    -
        
    -
        5,600 
    Placement agent warrants  July 2023  $32.81   Jan 2029   18,572    
    -
        
    -
        18,572 
    New Series A-1 warrants  Nov 2024  $16.50   Nov 2029   285,715    
    -
        
    -
        285,715 
    New Series A-2 warrants  Nov 2024  $16.50   May 2026   285,715    
    -
        
    -
        285,715 
    Placement agent warrants  Nov 2024  $20.625   Nov 2029   18,571    
    -
        
    -
        18,571 
                   615,940    
    -
        
    -
        615,940 

     

    Issuance of Restricted Common Stock

     

    In October 2024, the Company engaged consultants to perform certain public and investor relations services in partial consideration of 50,000 shares of restricted common stock. The Company issued 25,000 shares of fully vested, nonrefundable restricted common stock on October 9, 2024 and the remaining 25,000 shares of restricted common stock were issued on January 8, 2025.

     

    13

     

     

    Note 7. Equity-Based Compensation

     

    The Company adopted the Cadrenal Therapeutics, Inc. 2022 Equity Incentive Plan (the “Initial Plan”), on July 11, 2022, which was later amended and restated on October 16, 2022, for purposes of clarifying the application of certain of the rules of the Initial Plan to awards approved before such amendment and restatement of the Initial Plan and to facilitate the transition to the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan (the “Successor Plan”) for the issuance and approval of awards after consummation of the IPO. On October 16, 2022, the Board adopted and the Company’s stockholders approved the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan (the “2022 Plan”), which is a successor to and continuation of the Initial Plan and became effective on January 19, 2023. Upon the effectiveness of the 2022 Plan, it replaced the Initial Plan, except with respect to awards outstanding under the Initial Plan, and no further awards will be available for grant under the Initial Plan.

     

    Subject to certain adjustments, the maximum number of shares of common stock that initially could have been issued under the Initial Plan and 2022 Plan was initially 133,333 shares. The maximum number of shares of common stock that may be issued under the 2022 Plan initially automatically increased on January 1 of each calendar year for a period of ten years commencing on January 1, 2024 and ending on (and including) January 1, 2033, to a number of shares of common stock equal to 20% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; provided, however that the board of directors, or the compensation committee, may act prior to January 1 of a given calendar year to provide that the increase for such year will be a lesser number of shares of common stock. On January 1, 2024, the maximum number of shares of common stock that may be issued under the 2022 Plan increased to 173,636. On July 29, 2024, the Company held its 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the Company’s stockholders approved an amendment to the 2022 Plan to increase the number of shares of the Company’s common stock that will be available for awards under the 2022 Plan by 133,333 shares to 306,969 shares and to amend the “evergreen provision” such that the number of reserved shares of common stock available for issuance each year will be 20% of: (i) the shares of common stock outstanding at December 31; plus (ii) the shares of common stock issuable upon exercise of warrants and pre-funded warrants outstanding at December 31. As of March 31, 2025, 40,019 remained available for future issuance. All available shares may be utilized toward the grant of any award under the 2022 Plan.

     

    Weighted average assumptions used in the Black-Scholes model are set forth below:

     

        Three Months Ended
    March 31,
    2025
        Three Months Ended
    March 31,
    2024
     
    Risk-free interest rate   4.18%  - 4.40%    4.09% - 4.83% 
    Dividend yield   
    -
        
    -
     
    Expected term (years)   5.27-5.31    5.27-5.31 
    Volatility   73.0% - 75.4%    76.4% - 77.7% 

     

    Activity under the Plans for the period from December 31, 2024 to March 31, 2025 is set forth below:

     

       Number
    Outstanding
       Average
    Exercise
    Price Per
    Share
       Weighted-Average
    Remaining
    Contractual Life
    (Years)
       Aggregate
    Intrinsic
    Value
     
    Outstanding at December 31, 2024   156,334   $13.20    8.35   $420,720 
    Granted   280,000    19.78    9.82    
    -
     
    Exercised   
    -
        
    -
        -    
    -
     
    Canceled/forfeited/expired   
    -
        
    -
        -    
    -
     
    Outstanding at March 31, 2025   436,334   $17.42    9.21   $885,444 
                         
    Options vested and exercisable at March 31, 2025   124,587   $13.72    8.10   $48,020 
    Options vested and expected to vest as of March 31, 2025   436,334   $17.42    9.21   $885,444 

     

    The weighted average grant date fair value of options granted during the quarter ended March 31, 2025 was $12.93. At March 31, 2025, the Company had $3.7 million of unrecognized stock-based compensation expense related to stock options, which will be recognized over the weighted average remaining requisite service period of 2.25 years. The Company settles employee stock option exercises with newly issued shares of common stock.

      

    Total stock-based compensation expense and the allocation of stock-based compensation for the periods presented below were as follows:

     

       Three Months Ended
    March 31,
     
       2025   2024 
             
    General and adminstrative  $276,830   $67,029 
    Research and development   271,935    95,702 
    Total stock-based compensation  $548,765   $162,731 

     

    14

     

     

    Note 8. Net Loss Per Share

     

    The following table sets forth the computation of the basic and diluted net loss per common share:

     

       Three Months Ended
    March 31,
     
       2025   2024 
             
    Numerator:        
    Net loss  $(3,845,380)  $(1,663,288)
    Denominator:          
    Weighted average common shares outstanding   1,844,072    1,067,231 
    Net loss per common share, basic and diluted  $(2.09)  $(1.56)

     

    Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive securities would have been anti-dilutive. For the periods presented, there were no potential dilutive securities other than stock options and warrants.

     

    The following common stock equivalents were excluded from the calculation of diluted net loss per share applicable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

     

       As of March 31, 
       2025   2024 
    Anti-dilutive common stock equivalents:        
    Stock options to purchase common stock   436,334    146,334 
    Warrants to purchase common stock   615,940    311,652 
    Total anti-dilutive common stock equivalents   1,052,274    457,986 

     

    Note 9. Subsequent Events

     

    The Company has evaluated events that occurred through May 8, 2025, the date that the financial statements were issued, and determined that there have been no events that have occurred that would require adjustments to its disclosures in the financial statements except for the transactions described below.

      

    From April 1, 2025 through May 7, 2025, the Company sold 56,943 shares of its common stock through its at-the-market (ATM) facility with H.C.W. These sales were made at a weighted average price of $15.92 per share, resulting in total gross proceeds of approximately $907,000 and net proceeds of approximately $876,000. 

     

    15

     

      

    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     

    You should read the following management’s discussion and analysis of our financial condition and results of operations in conjunction with our unaudited financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our audited financial statements and notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 13, 2025 (the “Annual Report”) with the U.S. Securities and Exchange Commission (the “SEC”). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy, plans and objectives for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special note regarding forward-looking statements” in this Quarterly Report on Form 10-Q. You should review the disclosure under Part 1, Item 1A of the Annual Report for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. References in this Quarterly Report on Form 10-Q to “we,” “us,” “our” and similar first-person expressions refer to Cadrenal Therapeutics, Inc. (“Cadrenal”).

     

    Special Note Regarding Forward-Looking Statements

     

    This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. The statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would” and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified under Part 1, Item 1A of the Annual Report. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

     

    Company Overview

     

    We are developing tecarfarin, our lead drug candidate, for unmet needs in anticoagulation therapy. Tecarfarin is a late-stage novel oral and reversible anticoagulant (blood thinner) designed to prevent heart attacks, strokes, and deaths due to blood clots in patients requiring chronic anticoagulation.

     

    There is a lack of approved anticoagulation therapies for certain conditions requiring chronic anticoagulation, such as patients with mechanical heart valves and conditions predisposing them to poor warfarin metabolism, patients with left ventricular assist devices (LVADs), and patients with end-stage kidney disease (ESKD) and atrial fibrillation (AFib). For patients with these conditions, treatment guidelines, and not FDA-approved labeling, recommend using a vitamin K antagonist (VKA) such as warfarin, despite warfarin’s acknowledged challenges in achieving sufficiently stable and reliable anticoagulation in these patients. Additionally, direct-acting oral anticoagulants (DOACs) like Eliquis and Xarelto have either not shown clinical benefits in these and certain other patient populations, or their efficacy and safety remain uncertain.

     

    16

     

     

    At the time the initial investigational new drug (IND) application for tecarfarin was filed by its initial sponsor, warfarin was the only marketed oral anticoagulant, and the strategy was to develop tecarfarin as an alternative VKA with superior efficacy and safety over warfarin for a broad range of indications including AFib, deep vein thrombosis (DVT), pulmonary embolism (PE), prevention of pulmonary embolism in patients with venous thrombosis, DVT prevention in patients undergoing certain surgical procedures, thrombosis prevention in patients with mechanical heart valves, and prevention of thrombotic complications in patients after a myocardial infarction (heart attack), among others.

     

    While tecarfarin clinical trials were being conducted by the initial IND sponsor, the DOACs were advancing through clinical trials and ultimately approved after demonstrating that they were non-inferior to warfarin in certain indications, including AFib in the general population, prevention of pulmonary embolism in patients with venous thrombus, and prevention of deep vein thrombosis in patients undergoing certain surgical procedures, among others. These DOAC clinical studies resulted in a change in the standard of care for a large percentage of the population that had been previously treated with warfarin, and some of the same population that was initially targeted by the prior tecarfarin IND sponsor. Thus, the original broad-label development plan for tecarfarin became much more challenging.

     

    Accordingly, we are focusing on the development of tecarfarin for rare cardiovascular conditions where patients are unable to achieve sufficiently reliable chronic anticoagulation with warfarin, and where DOACs have either failed or their efficacy and safety remain unproven. These include patients with mechanical heart valves and conditions predisposing them to poor warfarin metabolism, patients with left ventricular assist devices (LVADs), and patients with end-stage kidney disease (ESKD) and atrial fibrillation (AFib), where the need for VKA-dependent chronic anticoagulation has been underscored by recent clinical studies. While warfarin-treated patients have fared better than DOAC-treated patients in comparative studies in certain of these cardiovascular conditions, the event rates in these studies remain unacceptably high and the quality of anticoagulation in warfarin-treated patients has repeatedly been shown to be sub-optimal – hence, there continues to be unmet medical needs surrounding the use of warfarin in these patients that are not addressed – or not addressable - by DOACs.

     

    Cadrenal is pursuing a pipeline-in-a-product approach with tecarfarin. Tecarfarin has an orphan drug designation from the FDA for the prevention of thrombosis and thromboembolism (blood clots) in patients with an implanted mechanical circulatory support device, which includes left ventricular assist device (LVAD), a heart pump. Tecarfarin also has orphan drug and fast-track designations from the FDA for the prevention of systemic thromboembolism of cardiac origin in patients with end-stage kidney disease (ESKD) and atrial fibrillation (AFib).

     

    Tecarfarin has been evaluated in eleven (11) human clinical trials in over 1,000 individuals; (269 patients were treated for at least six months and 129 patients were treated for one year or more). In Phase 1, Phase 2 and Phase 2/3 clinical trials, tecarfarin has generally been well-tolerated in both healthy adult subjects and patients with chronic kidney disease (CKD). In the Phase 2/3 trial, EMBRACE-AC, the largest tecarfarin trial with 607 patients having completed it, including those with mechanical heart valves, only 1.6% of the blinded tecarfarin subjects suffered from major bleeding and there were no thrombotic events.

     

    ATM Facility

     

    From January 1, 2025 through March 31, 2025, we sold 102,246 shares of our Common Stock through our at-the-market (ATM) facility with H.C. Wainwright & Co., LLC (“H.C.W.”). These sales were made at a weighted average price of $20.10 per share, resulting in total gross proceeds of approximately $2,055,000 and net proceeds of approximately $1,970,000.

     

    From April 1, 2025 through May 7, 2025, we sold 56,943 shares of our common stock through our at-the-market (ATM) facility with H.C.W. These sales were made at a weighted average price of $15.92 per share, resulting in total gross proceeds of approximately $907,000 and net proceeds of approximately $876,000. 

     

    17

     

     

    Results of Operations

     

    The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024.

     

       Three Months Ended
    March 31,
         
       2025   2024   Change 
    Operating expenses:            
    General and administrative expenses  $2,254,577   $1,125,993   $1,128,584 
    Research and development expenses   1,667,882    629,025    1,038,857 
    Depreciation expense   5,517    597    4,920 
    Total operating expenses   3,927,976    1,755,615    2,172,361 
    Loss from operations   (3,927,976)   (1,755,615)   (2,172,361)
    Other income               
    Interest and dividend income   82,596    92,327    (9,731)
    Total other income   82,596    92,327    (9,731)
    Net loss and comprehensive loss  $(3,845,380)  $(1,663,288)  $(2,182,092)

     

    General and administrative expenses

     

    General and administrative expenses for the three months ended March 31, 2025 and 2024 were $2.3 million and $1.1 million, respectively, representing an increase of approximately $1.1 million, or 100%. The increase can be primarily attributed to a $0.7 million increase in expenses related to being a public company, a $0.2 million increase in stock-based compensation, and a $0.2 million increase in personnel-related expenses as we hired a Chief Operating Officer in February 2024 and implemented annual pay raises for management in January 2025.

     

    Research and development expenses

     

    Research and development expenses for the three months ended March 31, 2025, and 2024 were $1.7 million and $0.6 million, respectively, representing an increase of $1.0 million, or 165%. The increase is primarily attributed to a $0.5 million increase in expenses associated with chemistry, manufacturing, and controls (“CMC), $0.1 million of clinical trial preparation costs, a $0.2 million increase in stock-based compensation, and a $0.3 million increase in personnel-related expenses related to our prior Chief Medical Officer’s severance agreement entered into in February 2025.  

     

    Interest and dividend income

     

    Interest and dividend income for the three months ended March 31, 2025, and 2024 were $0.1 million and $0.1 million, respectively. This represents the interest and dividend income earned from our investments in money market funds.   

     

    Liquidity and Capital Resources

     

    Since inception, we have incurred losses and utilized cash in operations. To date, we have funded our operations from the proceeds of the sale of convertible and promissory notes, our initial public offering completed in January 2023, our Private Placement completed in July 2023, our Warrant Inducement completed in November 2024, and the sale of Common Stock through our ATM facility. We recognized a net loss of $3.8 million for the three months ended March 31, 2025 which included $0.6 million of non-cash expenses. Cash used in operating activities for the three months ended March 31, 2025 totaled $4.6 million. As of May 8, 2025, we had cash and cash equivalents of approximately $6.9 million, which is expected to be sufficient to fund our operations for at least the next twelve months from the date of the filing of this Quarterly Report on Form 10-Q, however, we will require additional funding to conduct any further late-stage clinical trials, including a Phase 3 clinical trial for tecarfarin.

     

    18

     

     

    Cash Flows

     

    The following table summarizes our cash flow for the period presented:

     

       Three Months Ended
    March 31,
     
       2025   2024 
     Cash used in operating activities  $(4,648,755)  $(1,836,380)
     Cash used in investing activities   (3,251)   - 
     Cash provided by financing activities   1,970,136    298 
     Net change in cash   (2,681,870)   (1,836,082)
     Cash and cash equivalents, beginning of period   10,017,942    8,402,500 
     Cash and cash equivalents, end of period  $7,336,072   $6,566,418 

     

    Operating activities

     

    During the three months ended March 31, 2025, cash used in operating activities was $4.6 million. Net loss adjusted for the non-cash items as detailed on the statement of cash flows, used $3.3 million in cash, and the changes in operating assets and liabilities, as detailed on the statement of cash flows, used $1.3 million in cash primarily from a $0.6 million decrease in accrued liabilities, a $0.2 million decrease in accounts payable and a $0.5 million increase in prepaid expenses.

     

    During the three months ended March 31, 2024, cash used in operating activities was $1.8 million. Net loss adjusted for the non-cash items as detailed on the statement of cash flows, used $1.5 million in cash, and the changes in operating assets and liabilities, as detailed on the statement of cash flows, used $0.3 million in cash primarily from a $0.2 million decrease in accrued liabilities, a $0.2 million increase in prepaid expenses, and a $0.2 million increase in deferred offering costs partially offset by a $0.2 million increase in accounts payable. 

     

    Financing activities

     

    During the three months ended March 31, 2025, net cash provided by financing activities totaled $2.0 million from the use of our ATM facility.


    During the three months ended March 31, 2024, net cash provided by financing activities totaled $298 from the exercise of Pre-Funded Warrants. 

     

    Critical Accounting Estimates  

     

    This discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of financial instruments, the fair value of stock-based awards, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimated under different assumption or conditions.

     

    19

     

     

    Stock-Based Compensation

     

    We measure our stock-based awards granted to employees, consultants and directors based on the estimated grant-date fair values of the awards and recognize the compensation over the requisite service period. We use the Black-Scholes option-pricing model to estimate the fair value of our stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. We account for forfeitures as they occur.

     

    OFF-BALANCE SHEET ARRANGEMENTS

     

    We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under SEC rules.

     

    Item 3. Quantitative and Qualitative Disclosures About Market Risk.

     

    Not applicable because we are a smaller reporting company.

      

    Item 4. Controls and Procedures.

     

    Evaluation of Disclosure Controls and Procedures

     

    Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. We have adopted and maintain disclosure controls and procedures (as defined Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Annual Report, is collected, recorded, processed, summarized, and reported within the time periods specified in the rules of the SEC. Our disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2025, our Chief Executive Officer and Chief Financial Officer concluded that, as of such a date, our disclosure controls and procedures were effective at the reasonable assurance level.

      

    Changes in Internal Control over Financial Reporting

     

    During the quarter ended March 31,2025, there were no changes in our internal control over financial reporting (as defined in Rules 13a 15(f) and 15d 15(f) of the Exchange Act) that occurred that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

     

    20

     

     

    PART II: OTHER INFORMATION 

     

    Item 1. Legal Proceedings

     

    We are not currently subject to any material legal proceedings.

     

    Item 1A. Risk Factors

     

    Investing in our securities involves a high degree of risk. Please refer to Part I, Item 1A, “Risk Factors,” contained in our Annual Report for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject. There have been no material changes from these risk factors as of the date of filing of this Quarterly Report on Form 10-Q.

     

    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

     

    (a) Unregistered Sales of Equity Securities

     

    We did not sell any equity securities during the quarter ended March 31, 2025 and up to the date of the filing of this Quarterly Report on Form 10-Q in transactions that were not registered under the Securities Act other than as set forth below and as previously disclosed in our filings with the SEC.

     

     On January 8, 2025, we issued 25,000 shares of restricted common stock to a consultant as partial compensation for services. The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act.

     

    On January 23, 2025, we issued stock options to purchase an aggregate of 220,000 shares of Common Stock to officers and directors pursuant to our 2022 Successor Equity Incentive Plan, of which 72,697 were unregistered at the time of issuance. The options have an exercise price of $19.79 per share. The options granted to officers will vest over a period of four (4) years, with 25% vesting on February 1, 2026, and thereafter 1/36 on a monthly basis. The options granted to directors will vest pro rata on a monthly basis over 12 months commencing February 1, 2025. The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act.

     

    (b) Use of Proceeds

     

    Not applicable.

     

    (c) Issuer Purchases of Equity Securities

     

    Not applicable.

     

    Item 3. Defaults Upon Senior Securities.

     

    Not applicable.

     

    Item 4. Mine Safety Disclosures.

     

    Not applicable.

     

    Item 5. Other Information.

     

    During the three months ended March 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “nonRule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. 

     

    21

     

     

    Item 6. Exhibits.

     

    The exhibits filed or furnished as part of this Quarterly Report on Form 10-Q are set forth on the Exhibit Index, which Exhibit Index is incorporated herein by reference.

     

    Exhibit No.   Description
    3.1   Amended and Restated Certificate of Incorporation (Incorporated by reference as Exhibit 3.3 to the Registration Statement on Form S-1 (File No. 333-267562) filed on September 22, 2022)
    3.2   Amended and Restated Bylaws (Incorporated by reference as Exhibit 3.2 to the Registration Statement on Form S-1 (File No. 333-267562) filed on December 6, 2022)
    3.3    Certificate of Amendment of the Amended and Restated Certificate of Incorporation of Cadrenal Therapeutics, Inc. (Incorporated by reference as Exhibit 3.1 to the Current Report on Form 8-K filed on August 20, 2024)
    10.1   Employment Agreement between Cadrenal Therapeutics, Inc. and James J. Ferguson III, effective February 5, 2025 (Incorporated by reference as Exhibit 10.1 to the Current Report on Form 8-K filed on February 7, 2025)
    10.2   Severance and Release Letter Agreement, dated February 7, 2025, between Cadrenal Therapeutics, Inc. and Douglas Losordo (Incorporated by reference as Exhibit 10.2 to the Current Report on Form 8-K filed on February 7, 2025)
    10.3   Collaboration Agreement between Abbott Global Enterprises Limited and Cadrenal Therapeutics, Inc. (Incorporated by reference as Exhibit 10.1 to the Current Report on Form 8-K filed on March 4, 2025)
    31.1*   Certification of the Principal Executive Officer Pursuant to Rule 13a-14 and 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    31.2*   Certification of the Principal Financial Officer and Principal Accounting Officer Pursuant to Rule 13a-14 and 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    32.1*   Certification by the Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    32.2*   Certification by the Principal Financial Officer and Principal Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    101.INS   Inline XBRL Instance*
    101.SCH   Inline XBRL Taxonomy Extension Schema*
    101.CAL   Inline XBRL Taxonomy Extension Calculation*
    101.DEF   Inline XBRL Taxonomy Extension Definition*
    101.LAB   Inline XBRL Taxonomy Extension Labeled*
    101.PRE   Inline XBRL Taxonomy Extension Presentation*
    104   Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

     

    * Filed herewith.
    # Management contract or compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report.

     

    22

     

     

    SIGNATURES

     

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

     

      Cadrenal Therapeutics, Inc.
      (Registrant)
         
    Dated: May 8, 2025   /s/ Quang X. Pham
        Quang X. Pham
       

    Chairman of the Board and Chief Executive Officer

     

     Dated: May 8, 2025 /s/ Matthew Szot
        Matthew Szot
        Chief Financial Officer
        (Principal Financial and Accounting Officer)

     

     

    23

     

     

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      Recent Collaboration Agreement with Abbott Global Enterprises Limited ("Abbott") in support of Phase 3 randomized, multicenter study, entitled TECH-LVAD Recent FDA Type D Meeting provides additional guidance for advancing clinical development of tecarfarin Leadership appointments to strengthen development capabilities Cadrenal Therapeutics, Inc. (NASDAQ:CVKD), a biopharmaceutical company focused on the development of tecarfarin, a new Phase 3 ready oral vitamin K antagonist, today reported full year results for the period ended December 31, 2024, and provided a business update and highlights of the path forward for the clinical advancement of tecarfarin. "2024 for Cadrenal was a year of

      3/13/25 4:05:00 PM ET
      $ABT
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      Biotechnology: Pharmaceutical Preparations
      Health Care

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    Leadership Updates

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    • Cadrenal Therapeutics Announces Chief Medical Officer Transition to Advance Clinical Development of Tecarfarin

      James J. Ferguson, MD, FACC, FAHA, joins as Chief Medical Officer Extensive experience provides strong support for advancing specialized cardiovascular assets, including leading the late-stage clinical development of tecarfarin and other business development opportunities Cadrenal Therapeutics, Inc. (NASDAQ:CVKD), a late-stage biopharmaceutical company focused on the development of specialized cardiovascular therapies, with the late-stage asset tecarfarin, a new Vitamin K antagonist, today announced a leadership transition appointing James J. Ferguson, MD, FACC, FAHA, as its new Chief Medical Officer, effective immediately. Dr. Ferguson is a distinguished medical expert with over 25

      2/6/25 9:00:00 AM ET
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      Biotechnology: Pharmaceutical Preparations
      Health Care
    • Cadrenal Therapeutics Gears Up for the 43rd Annual J.P. Morgan Healthcare Conference Week with Event Participation and Investor/Partner Meetings

      Lays out Phase 3 Clinical and Regulatory Path for Tecarfarin and Three-Year Strategic Plan Cadrenal Therapeutics, Inc. (NASDAQ:CVKD), announced today its engagement in three key events leading up to and during the 43rd Annual J.P. Morgan Healthcare Conference Week, to be held on January 13-16, 2025 in San Francisco, California. Cadrenal Therapeutics is a biopharmaceutical company focused on developing tecarfarin, a novel oral vitamin K antagonist (VKA) in advanced clinical development and designed to be a superior and safer chronic anticoagulant therapeutic for warfarin-dependent patients with implanted cardiac devices or rare cardiovascular conditions. Quang X. Pham, Chairman and Chief

      12/18/24 9:00:00 AM ET
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      Biotechnology: Pharmaceutical Preparations
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    • Cadrenal Therapeutics Appoints Jeff Cole as Chief Operating Officer in Advance of Tecarfarin Phase 3 Pivotal Trial

      PONTE VEDRA, Fla., Feb. 8, 2024 /PRNewswire/ -- Cadrenal Therapeutics, Inc. (NASDAQ:CVKD), a biopharmaceutical company developing tecarfarin, a novel Vitamin K Antagonist (VKA) for unmet needs in anticoagulation (blood thinning) therapy, today announced the appointment of Jeff Cole to the newly created position of Chief Operating Officer. In this role, Mr. Cole will be responsible for the Company's manufacturing and supply chain operations, intellectual property, commercialization strategies, and supporting partnering activities for tecarfarin. Mr. Cole brings over 25 years of

      2/8/24 9:00:00 AM ET
      $CVKD
      Biotechnology: Pharmaceutical Preparations
      Health Care