Cadrenal Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update
Rhea-AI Summary
Cadrenal Therapeutics (Nasdaq: CVKD) reported Q3 2025 results and clinical and corporate updates on November 10, 2025. Key development milestones include cGMP manufacturing completion for tecarfarin, ongoing activities supporting a single-site U.S. Phase 2 tecarfarin study in LVAD patients with Abbott, and investigator discussions for a potential multi-site Phase 2 dialysis study.
In September 2025 Cadrenal acquired eXIthera assets, adding a Phase 2-ready IV Factor XIa inhibitor, frunexian, aimed at acute care and device-related thrombosis settings. Q3 financials: R&D $0.7M, G&A $2.0M, net loss $2.7M, cash and equivalents $3.9M, and ~2.1M shares outstanding.
Positive
- Acquired frunexian, a Phase 2-ready IV Factor XIa inhibitor
- Completed cGMP manufacturing for tecarfarin drug product
- Ongoing Phase 2 LVAD study activities under collaboration with Abbott
Negative
- Net loss increased to $2.7M in Q3 2025 from $2.4M a year prior
- General and administrative expenses rose to $2.0M from $1.7M year-over-year
- Cash and cash equivalents of $3.9M as of September 30, 2025
News Market Reaction
On the day this news was published, CVKD declined 3.17%, reflecting a moderate negative market reaction. Argus tracked a trough of -7.1% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $848K from the company's valuation, bringing the market cap to $26M at that time.
Data tracked by StockTitan Argus on the day of publication.
PONTE VEDRA, Fla., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Cadrenal Therapeutics, Inc. (Nasdaq: CVKD), a biopharmaceutical company developing transformative therapeutics to overcome current gaps in anticoagulation therapy, today reported its financial results for the third quarter ended September 30, 2025, and provided an update on the clinical development of tecarfarin and the acquisition and development of frunexian.
Highlights
- Progressed clinical development of tecarfarin.
- Completed the manufacturing of tecarfarin drug product in accordance with current good manufacturing practices (cGMP).
- Ongoing activities in support of a single-site U.S. Phase 2 study of tecarfarin in LVAD patients as part of the collaboration agreement with Abbott.
- Investigator discussions for a potential multi-site Phase 2 study of tecarfarin in dialysis patients already treated with warfarin.
- Expanded Cadrenal’s portfolio through the acquisition of the assets of eXIthera Pharmaceuticals, including its proprietary portfolio of investigational intravenous (IV) and oral Factor XIa inhibitors, in September 2025.
- The lead asset, frunexian, is a first-in-class, Phase 2-ready IV Factor XIa inhibitor designed for acute care settings where contact activation of coagulation by medical devices plays a significant role, such as cardiopulmonary bypass, catheter thrombosis, and other blood-contacting implanted cardiac devices.
“We have uniquely positioned ourselves to address gaps in anticoagulation treatment of multiple indications through the development of two differentiated anticoagulants (tecarfarin and frunexian) while benefitting from pathways that provide clear regulatory designations,” commented Quang X. Pham, Chairman & CEO. “Having multiple pathways has allowed us to be prudent and flexible in our strategic approach to achieving critical development milestones as we look to advance our therapies for patients where conventional anticoagulation does not provide sufficient safety or efficacy.”
“Our focus as we finish 2025 is the progression of tecarfarin into clinical applications where significant anticoagulation challenges exist,” Pham continued. “We are in discussions with key partners to move forward a development strategy which we believe is critical to the broader anticoagulation industry to address gaps in care and unlock key value for shareholders.”
Third Quarter 2025 Financial Highlights
Research and development expenses for the quarter ended September 30, 2025, were
On September 30, 2025, Cadrenal had cash and cash equivalents of
About Cadrenal Therapeutics, Inc.
Cadrenal Therapeutics, Inc. is a biopharmaceutical company with a mission to develop novel and differentiated biopharmaceutical products that bridge critical gaps in current acute and chronic anticoagulant therapy. We bridge these gaps by developing novel and differentiated anticoagulants, or blood thinners, designed to provide greater predictability, increased stability, more precise control, and fewer bleeding complications. We currently have two clinical-stage assets: tecarfarin, an oral vitamin K antagonist (VKA) for chronic use, and frunexian, a parenteral small-molecule Factor XIa antagonist for use in acute hospital settings. By targeting underserved patient populations and advancing therapies designed for both chronic and acute use, we aim to reshape standards of care in anticoagulation. 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 the Company’s ability to develop transformative therapeutics to overcome current gaps in anticoagulation therapy, the Company’s ongoing activities supporting a single-site U.S. Phase 2 study of tecarfarin in LVAD patients as part of the collaboration agreement with Abbott; the potential initiation of a multi-site Phase 2 study of tecarfarin in dialysis patients already treated with warfarin; the Company being uniquely positioned to address gaps in anticoagulation treatment of multiple indications through development of two differentiated anticoagulants (tecarfarin and frunexian); the Company achieving critical development milestones; the progression of tecarfarin into clinical applications where significant anticoagulation challenges exist; moving forward with a development strategy with key partners; addressing gaps in care and unlocking key value for shareholders. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to develop novel and differentiated biopharmaceutical products that bridge critical gaps in current acute and chronic anticoagulant therapy; the Company’s ability to achieve critical development milestones and commence clinical trials as anticipated; the Company having sufficient funding to achieve its clinical goals; the Company’s ability to target underserved patient populations and advance therapies designed for both chronic and acute use and to reshape standards of care in anticoagulation and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s subsequent filings with the Securities and Exchange Commission, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
For more information, please contact:
Lytham Partners, LLC
Robert Blum, Managing Partner
602-889-9700
CVKD@lythampartners.com
| Cadrenal Therapeutics, Inc. | ||||||||
| Balance Sheets | ||||||||
| September 30, 2025 | December 31, | |||||||
| (unaudited) | 2024 | |||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,860,082 | $ | 10,017,942 | ||||
| Interest receivable | 12,791 | 38,153 | ||||||
| Prepaid expenses and other current assets | 116,015 | 42,257 | ||||||
| Deferred offering costs | 90,838 | 14,445 | ||||||
| Total current assets | 4,079,726 | 10,112,797 | ||||||
| Property, plant and equipment, net | 5,729 | 6,944 | ||||||
| Other assets | 2,167 | 3,792 | ||||||
| Total assets | $ | 4,087,622 | $ | 10,123,533 | ||||
| Liabilities and Stockholders' Equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 614,127 | $ | 1,502,468 | ||||
| Accrued liabilities | 738,548 | 1,181,490 | ||||||
| Total current liabilities | 1,352,675 | 2,683,958 | ||||||
| Total liabilities | 1,352,675 | 2,683,958 | ||||||
| Stockholders equity: | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 2,059 | 1,782 | ||||||
| Additional paid-in capital | 38,654,043 | 33,160,576 | ||||||
| Accumulated deficit | (35,921,155 | ) | (25,722,783 | ) | ||||
| Total stockholders equity | 2,734,947 | 7,439,575 | ||||||
| Total liabilities and stockholders equity | $ | 4,087,622 | $ | 10,123,533 | ||||
| CADRENAL THERAPEUTICS, INC. | ||||||||||||||
| STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating expenses: | ||||||||||||||
| General and administrative expenses | $ | 2,044,937 | $ | 1,674,905 | $ | 6,955,907 | $ | 4,013,336 | ||||||
| Research and development expenses | 688,465 | 784,646 | 3,433,845 | 2,667,382 | ||||||||||
| Depreciation expense | 401 | 407 | 6,319 | 1,473 | ||||||||||
| Total operating expenses | 2,733,803 | 2,459,958 | 10,396,071 | 6,682,191 | ||||||||||
| Loss from operations | (2,733,803 | ) | (2,459,958 | ) | (10,396,071 | ) | (6,682,191 | ) | ||||||
| Other income | ||||||||||||||
| Interest and dividend income | 48,098 | 52,129 | 197,699 | 218,092 | ||||||||||
| Total other income | 48,098 | 52,129 | 197,699 | 218,092 | ||||||||||
| Net loss and comprehensive loss | $ | (2,685,705 | ) | $ | (2,407,829 | ) | $ | (10,198,372 | ) | $ | (6,464,099 | ) | ||
| Net loss per common share, basic and diluted (1) | $ | (1.31 | ) | $ | (2.18 | ) | $ | (5.23 | ) | $ | (5.24 | ) | ||
| Weighted average number of common shares used in computing net loss per common share, basic and diluted (1) | 2,044,033 | 1,104,005 | 1,950,703 | 1,234,672 | ||||||||||
FAQ
What did Cadrenal (CVKD) announce on November 10, 2025 about tecarfarin?
What is frunexian and how did Cadrenal acquire it (CVKD)?
What were Cadrenal's key Q3 2025 financial figures (CVKD)?
How many Cadrenal shares were outstanding as of Sept 30, 2025 (CVKD)?
What clinical studies is Cadrenal pursuing for tecarfarin (CVKD) in 2025–2026?
