Cadrenal Therapeutics, Inc.CVKD

Cadrenal Therapeutics Inc. (CVKD) spent $3.0 million of operating cash in the three months to 31 March 2026 while generating $2.5 million of net losses, leaving $2.3 million in cash and $1.8 million in shareholders’ equity against $1.1 million of liabilities. The company’s latest 10-Q is explicit: it has no revenues, no product approvals, and operates as a clinical-stage biotech betting on a single asset, CAD-1005 (source: 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1937993/000121390026067823/ea0295747-10q.htm).

CAD-1005 is Cadrenal’s only pipeline programme, a small-molecule candidate aimed at reducing thrombotic events in heparin-induced thrombocytopenia. In February 2026 the company touted “greater than 25% absolute reduction in thrombotic events versus placebo” on a background of standard anticoagulation, and scheduled an End-of-Phase 2 meeting for March 2026. The release sits on the company’s newsroom alongside a product image, but the only filing proof is the 8-K and the Phase 2 announcement itself-no protocol, no FDA minutes, no data tables. The company has not filed any revenue or sales data for CAD-1005, because there is none (source: Cadrenal Therapeutics Announces Phase 2 Results with Encouraging Reductions in Thrombotic Events for CAD-1005 in HIT, Supporting Clinical Advancement, https://www.cadrenal.com/cadrenal-therapeutics-announces-phase-2-results-with-encouraging-reductions-in-thrombotic-events-for-cad-1005-in-hit-supporting-clinical-advancement/).

Filing evidence shows Cadrenal raised up to $8.8 million via an at-the-market private placement priced under Nasdaq rules, with $3 million upfront and the balance via warrants exercisable into shares. Management states the proceeds should extend the cash runway into the first quarter of 2027; if the warrants are exercised in full for cash, the runway extends further. The press release is careful to note that the placement is not a product launch-it’s financing for a Phase 2 asset still years from any commercial milestone. The filing trail also includes a 2025 annual report and a trading policy posted on the website, but neither changes the cash arithmetic. There is no dividend, no buyback, no revenue, and no SEC filing lists any product revenue for CVKD (source: Cadrenal Therapeutics Announces up to $8.8 Million Private Placement Priced At-The-Market Under Nasdaq Rules, https://www.cadrenal.com/cadrenal-therapeutics-announces-up-to-8-8-million-private-placement-priced-at-the-market-under-nasdaq-rules/).

Trading mechanics are straightforward: CVKD lists on Nasdaq under the ticker CVKD with thin liquidity typical of micro-cap biotech. The company’s most recent 10-Q shows 2.4 million diluted shares outstanding at 31 March 2026 and an EPS of -$1.04. There are no chart levels or valuation commentary in the evidence set; the only market mechanism supplied is the Nasdaq at-the-market placement window and the company’s disclosure of its own trading policy on the website. No exchange-traded fund, index, or options product is cited in the filings (source: 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1937993/000121390026067823/ea0295747-10q.htm; Trading Policy, https://www.cadrenal.com/wp-content/uploads/2025/09/Cadrenal-Trading-Policy.pdf).

The evidence set does not supply segment revenues, customer counts, manufacturing scale, or any regulatory approvals beyond the Phase 2 headline. The company’s 2025 annual report is referenced in the PRE 14A but is not included in the evidence pack, so the file cannot analyse its contents. What is established: CAD-1005 is the sole asset; CVKD has no revenues; operating cash burn was $3.0 million in Q1 2026; cash at quarter-end was $2.3 million; the company raised up to $8.8 million via warrants-heavy financing; and the board features a CMO with prior rare-disease experience. The next material inflection is the End-of-Phase 2 meeting scheduled for March 2026; any FDA minutes, protocol amendments, or partnering discussions would deepen the file. Until then, CVKD’s market story is a bet on a single unapproved drug and a balance sheet that prefers warrants to revenues (source: PRE 14A (2026-07-23), https://www.sec.gov/Archives/edgar/data/1937993/000121390026081012/ea0298910-01.htm; SEC EDGAR index, https://www.sec.gov/edgar/browse/?CIK=1937993).