Full Press Release Details
Cadrenal Therapeutics Reports Third Quarter
2025 Financial Results and Provides Corporate Update
PONTE VEDRA, Fla., November 10, 2025 - 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.
"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 $0.7 million compared to $0.8 million for the same period in 2024. General and administrative expenses for the quarter ended
September 30, 2025, were $2.0 million compared to $1.7 million for the same period in 2024. Cadrenal reported a net loss of $2.7 million
for the quarter ending September 30, 2025, compared to $2.4 million for the same period in 2024.
On September 30, 2025, Cadrenal had cash and cash equivalents of $3.9
million. The Company had approximately 2.1 million shares of common stock outstanding as of September 30, 2025.
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.
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 suffcient funding to achieve itsclinical 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
Cadrenal Therapeutics, Inc.
| September 30, 2025 (unaudited) | December 31, 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, $0.001 par value, 7,500,000 shares authorized, no shares issued and outstanding at September 30, 2025 and December 31, 2024 | - | - | ||||||
| Common stock, $0.001 par value; 75,000,000 shares authorized, 2,059,754 shares issued and outstanding as of September 30, 2025; 1,782,486 shares issued and outstanding as of December 31, 2024 | 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,
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 |