Cadrenal Therapeutics Reports Second Quarter 2026 Financial Results; Provides a Corporate Update on the Cardiac Acute Critical Care Franchise and the Strategic Partnering Process
Rhea-AI Summary
Cadrenal Therapeutics (Nasdaq: CVKD) reported second quarter 2026 results and detailed progress across its Cardiac Acute Critical Care Franchise. Late-breaking Phase 2 data for CAD-1005 presented at the ISTH 2026 Congress showed a randomized, blinded, placebo-controlled study with an absolute reduction of more than 25% in thrombotic events when CAD-1005 was added to standard anticoagulant therapy, alongside a favorable safety profile and renal-protective baseline.
Cadrenal launched a structured partnering process to explore development, licensing and commercialization deals for CAD-1005, frunexian and tecarfarin, signed an agreement with a global non-dilutive funding specialist, and completed a private placement generating approximately $3.0 million in gross proceeds. Q2 2026 operating expenses declined to $3.3 million from $3.7 million a year earlier, with net loss narrowing to $3.3 million from $3.7 million. According to Cadrenal, cash and cash equivalents were about $4.2 million in early August 2026, expected to fund operations through the first quarter of 2027, though not sufficient to bring product candidates to clinical trial readiness.
Positive
- CAD-1005 Phase 2 cut thrombotic events by >25% vs placebo
- Q2 2026 operating expenses decreased to $3.3M from $3.7M year over year
- Q2 2026 net loss narrowed to $3.3M from $3.7M in Q2 2025
- Private placement raised about $3.0M, plus up to $5.8M via warrants
- Cash runway expected to fund operations through Q1 2027
- Partnering process initiated for CAD-1005, frunexian and tecarfarin
Negative
- Net loss of $3.3M in Q2 2026 and $5.8M for six months
- Cash and equivalents of about $4.2M as of early August 2026
- Existing cash not sufficient to reach clinical trial readiness for product candidates
- Future trials contingent on securing full funding before commencement
- Accumulated deficit of $44.8M as of June 30, 2026
News Explained
As of June 30, cash was $2.388 million versus a $2.685 million warrant receivable, while issued shares had risen to 3,098,592.
The June 30 balance sheet records 3,098,592 common shares issued and outstanding, versus 2,338,127 on December 31, 2025, while the company reports a signed private placement that generated approximately
Because issuing additional shares increases the total share count, the disclosed increase reduces existing holders’ percentage ownership absent offsetting changes.
The balance sheet lists
The specific line items to follow are cash and equivalents, the warrant receivable, and common shares outstanding in the next financial update, because they will show whether the disclosed liquidity and ownership position has changed.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | -3.2% | Clinical and manufacturing milestones accompanied quarterly loss and cash disclosure |
| Aug 11 | Q2 2025 earnings | Negative | -1.9% | Higher net loss and G&A expense accompanied tecarfarin trial planning |
| May 08 | Q1 2025 earnings | Negative | -4.8% | FDA guidance and Abbott collaboration contrasted with higher operating expenses |
| Mar 13 | FY2024 earnings | Positive | +9.4% | Abbott collaboration and FDA guidance accompanied development progress |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were negative in three of four events; the FY2024 earnings event was the positive exception.
Key Terms
12-lipoxygenase medical
heparin-induced thrombocytopenia medical
cardiac surgery-associated acute kidney injury medical
orphan drug designation regulatory
rare pediatric disease designation regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Late-breaking Phase 2 CAD-1005 data presented at ISTH support a late-stage portfolio organized around preoperative safety, orphan regulatory acceleration, and postoperative shielding
PONTE VEDRA, Fla., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Cadrenal Therapeutics, Inc. (Nasdaq: CVKD), a late-stage biopharmaceutical company advancing specialized therapies for critical care cardiology and orphan cardiovascular conditions, today reported financial results for the second quarter ended June 30, 2026, and provided a corporate update on the launch of a structured strategic partnering process following significant clinical, regulatory, and portfolio progress across its Cardiac Acute Critical Care Franchise.
"The second quarter and subsequent weeks marked an important milestone for Cadrenal," said Quang X. Pham, Chairman and Chief Executive Officer of Cadrenal Therapeutics. "Our objective is to convert clinical and regulatory progress into strategic value while remaining capital disciplined. We are also pursuing multiple nondilutive grants to advance our programs. With CAD-1005, frunexian, and tecarfarin addressing complementary acute, critical care, and orphan cardiovascular opportunities, and CAD-2000 extending the 12-LOX platform to treat chronic conditions, we believe Cadrenal offers a differentiated pipeline that addresses critical unmet needs for high-risk patients."
“Having achieved regulatory guidance on the Phase 3 path for CAD-1005, we delivered a late-breaking presentation to the global thrombosis community on Phase 2 data for CAD-1005, which demonstrated an absolute reduction of more than
The strategic alignment of the Cardiac Acute Critical Care (CACC) Franchise organizes Cadrenal’s portfolio into three commercial pillars.
| Strategic pillar | Program / focus | Key point | ||
| Pre-Operative Safety | Frunexian IV for HIT-susceptible patients undergoing coronary artery bypass graft (CABG) surgery | Intended to replace volatile alternative anticoagulation protocols and establish a predictable safety profile before surgery. | ||
| Orphan Regulatory Acceleration | Orphan Drug Designation strategy for HIT patients undergoing cardiac surgery | Intended to support seven years of post-approval market exclusivity, fee waivers, and targeted tax credits. | ||
| Post-Operative Shield | CAD-1005 for Cardiac Surgery-Associated HIT and Cardiac Surgery-Associated Acute Kidney Injury | Described as supported by clinical data presented at the ISTH congress in July 2026 regarding its renal-protective profile. |
Recent Highlights
- Presented late-breaking Phase 2 data on CAD-1005 at the International Society of Thrombosis and Hemostasis (ISTH) 2026 Congress in Paris. The randomized, blinded, placebo-controlled study demonstrated an absolute reduction of more than
25% in thrombotic events when CAD-1005 was added to standard anticoagulant therapy, with a favorable safety profile and renal-protective baseline. - Launched a structured partnering process to explore development, licensing, and commercialization transactions for CAD-1005, frunexian, and tecarfarin. Cadrenal is pursuing a capital-efficient model focused on strategic out-licensing, portfolio monetization, and commercial co-development rather than independently funding large late-stage clinical trials.
- Solidified a multi-indication strategy for CAD-1005 in heparin-induced thrombocytopenia (HIT) and Cardiac Surgery-Associated Acute Kidney Injury (CSA-AKI). The Company believes that the shared cardiac intensive care infrastructure, intravenous administration, and complementary thrombotic and inflammatory mechanisms may create a differentiated critical care asset package for prospective partners.
- Submitted a request to the U.S. Food and Drug Administration on July 8, 2026, for Rare Pediatric Disease Designation for tecarfarin for the prevention of life-threatening blood clots inside coronary artery aneurysms in children with Kawasaki Disease.
- Signed an agreement with a global firm that has collectively secured over
$500 million in non-dilutive funding for life science companies. - Continued advancing CAD-2000, a highly selective, orally bioavailable preclinical 12-lipoxygenase (12-LOX) inhibitor designed for chronic cardiorenal inflammatory and thrombotic indications, as a potential follow-on companion to the Company's intravenous acute care platform.
- Signed a private placement that generated approximately
$3.0 million in gross proceeds, with up to approximately$5.8 million in additional gross proceeds if the associated warrants are exercised in full for cash. There can be no assurance that any warrants will be exercised.
Second Quarter 2026 Financial Highlights
Research and development expenses for the quarter ended June 30, 2026, were
As of early August 2026, Cadrenal had approximately
About Cadrenal Therapeutics, Inc.
Cadrenal Therapeutics, Inc. is a late-stage biopharmaceutical company advancing specialized therapies for critical care cardiology and orphan cardiovascular conditions. The Company’s pipeline includes CAD-1005, tecarfarin, and frunexian. CAD-1005 is a novel investigational therapeutic in development for the treatment of heparin-induced thrombocytopenia (HIT) and Cardiac Surgery-Associated Acute Kidney Injury (CSA-AKI). CAD-1005 is designed to selectively inhibit 12-lipoxygenase (12-LOX), an enzyme central to platelet immune activation and thrombo-inflammatory signaling in HIT. CAD-1005 is intended to be used alongside existing standards of care and is being developed to address the underlying biological mechanisms that drive disease progression. CAD-1005 has an Orphan Drug Designation (“ODD”) from the U.S. Food and Drug Administration (“FDA”) for prophylaxis of thrombosis in patients with HIT, FDA Fast Track designation for the treatment and prevention of HIT, and an orphan designation from the European Medicines Agency for the treatment of platelet-activating factor 4 disorders. Second-generation 12-LOX oral therapeutics (CAD-2000) are also in development for chronic indications.
The Company’s broader pipeline includes tecarfarin, a late-stage oral vitamin K antagonist designed to prevent heart attacks, strokes, and deaths from blood clots in patients requiring chronic anticoagulation, including those with end-stage kidney disease and atrial fibrillation, those with left ventricular assist devices, and potentially those with Kawasaki disease (KD), an acute, self-limited, febrile illness that primarily affects children under 5 years old and is the leading cause of acquired heart disease in developed countries. The Company recently submitted a request for Rare Pediatric Disease Designation (RPDD) to the FDA for tecarfarin for “Prevention of the Formation of Life-Threatening Blood Clots Inside Coronary Artery Aneurysms in Children with Kawasaki Disease”. Tecarfarin has also received Orphan Drug and Fast Track designations from the FDA.
For more information, visit https://www.cadrenal.com/ and connect with the Company on LinkedIn.
Safe Harbor
Any statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include, without limitation, statements regarding the Company converting clinical and regulatory progress into strategic value while remaining capital disciplined; pursuing multiple nondilutive grants to advance the Company’s programs; Cadrenal offering a differentiated pipeline that addresses critical unmet needs for high-risk patients; the CACC Franchise demonstrating to prospective partners how the Company’s assets can address multiple high-value needs across the cardiac surgery continuum; frunexian IV replacing volatile alternative anticoagulation protocols for HIT-susceptible patients undergoing CABG surgery and establishing a predictable safety profile; ODD for HIT supporting seven years of post-approval market exclusivity, fee waivers and targeted tax credits; CAD-1005 serving as a post-operative shield for Cardiac Surgery-Associated HIT and CSA-AKI; the Company’s ability to enter into development, licensing, and commercialization transactions for CAD-1005, frunexian, and tecarfarin; the shared cardiac intensive care infrastructure, intravenous administration, and complementary thrombotic and inflammatory mechanisms creating a differentiated critical care asset package for prospective partners; the FDA’s ultimate decision regarding the Company’s request for RPDD for tecarfarin for the prevention of life-threatening blood clots inside coronary artery aneurysms in children with Kawasaki Disease; CAD-2000 potentially being a follow-on companion to the Company's intravenous acute care platform; the potential exercise of the warrants issued in the Company’s private placement resulting in gross proceeds of up to
For more information, please contact:
Lytham Partners, LLC
Robert Blum, Managing Partner
602-889-9700
CVKD@lythampartners.com
| CADRENAL THERAPEUTICS, INC. | ||||||||
| BALANCE SHEETS | ||||||||
| June 30, 2026 | December 31, | |||||||
| (unaudited) | 2025 | |||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,388,135 | $ | 4,007,789 | ||||
| Receivable from issuance of warrants | 2,684,904 | - | ||||||
| Interest receivable | 5,305 | 5,096 | ||||||
| Prepaid expenses and other current assets | 410,105 | 200,140 | ||||||
| Deferred offering costs | 95,674 | 106,342 | ||||||
| Total current assets | 5,584,123 | 4,319,367 | ||||||
| Property, plant and equipment, net | 2,675 | 5,174 | ||||||
| Other assets | 2,167 | 2,167 | ||||||
| Total assets | $ | 5,588,965 | $ | 4,326,708 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 871,913 | $ | 650,663 | ||||
| Accrued liabilities | 625,344 | 937,319 | ||||||
| Total current liabilities | 1,497,257 | 1,587,982 | ||||||
| Total liabilities | 1,497,257 | 1,587,982 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, issued and outstanding as of June 30, 2026 and December 31, 2025 | - | - | ||||||
| Common stock, 3,098,592 shares issued and outstanding as of June 30, 2026; 2,338,127 shares issued and outstanding as of December 31, 2025 | 3,098 | 2,338 | ||||||
| Additional paid-in capital | 48,867,860 | 41,696,533 | ||||||
| Accumulated deficit | (44,779,250 | ) | (38,960,145 | ) | ||||
| Total stockholders’ equity | 4,091,708 | 2,738,726 | ||||||
| Total liabilities and stockholders’ equity | $ | 5,588,965 | $ | 4,326,708 | ||||
| CADRENAL THERAPEUTICS, INC. | |||||||||||||||||
| STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| General and administrative expenses | $ | 2,634,745 | $ | 2,656,392 | $ | 4,377,060 | $ | 4,910,970 | |||||||||
| Research and development expenses | 705,151 | 1,077,498 | 1,476,659 | 2,745,379 | |||||||||||||
| Depreciation expense | 504 | 401 | 1,059 | 5,918 | |||||||||||||
| Total operating expenses | 3,340,400 | 3,734,291 | 5,854,778 | 7,662,267 | |||||||||||||
| Loss from operations | (3,340,400 | ) | (3,734,291 | ) | (5,854,778 | ) | (7,662,267 | ) | |||||||||
| Other income | |||||||||||||||||
| Interest and dividend income | 17,835 | 67,004 | 35,673 | 149,600 | |||||||||||||
| Total other income | 17,835 | 67,004 | 35,673 | 149,600 | |||||||||||||
| Net loss and comprehensive loss | $ | (3,322,565 | ) | $ | (3,667,287 | ) | $ | (5,819,105 | ) | $ | (7,512,667 | ) | |||||
| Net loss per common share, basic and diluted | $ | (1.14 | ) | $ | (1.87 | ) | $ | (2.19 | ) | $ | (3.95 | ) | |||||
| Weighted average number of common shares used in computing net loss per common share, basic and diluted | 2,913,225 | 1,961,642 | 2,661,857 | 1,903,222 | |||||||||||||
