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Cadrenal Therapeutics (CVKD) investor relations material
Cadrenal Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Focused on developing novel anticoagulation therapeutics, with tecarfarin as the lead candidate and recent acquisition of frunexian and other Factor XIa inhibitors from eXIthera Pharmaceuticals.
Tecarfarin targets orphan cardiovascular conditions where current therapies are inadequate, and has received orphan drug and fast-track designations from the FDA.
Advanced clinical development of tecarfarin, completing cGMP manufacturing and supporting a Phase 2 study in LVAD patients in collaboration with Abbott.
The eXIthera acquisition expands the pipeline with Phase 2-ready and preclinical assets, enhancing the company’s position in the $38 billion global anticoagulation market.
Focused on progressing tecarfarin into clinical applications with significant anticoagulation challenges and developing a broader strategy with key partners.
Financial highlights
Net loss for the nine months ended September 30, 2025 was $10.2 million, up 46% year-over-year.
Net loss for Q3 2025 was $2.7 million, compared to $2.4 million in Q3 2024.
Operating expenses for the nine months were $10.4 million, a 56% increase from the prior year period, driven by higher G&A and R&D costs.
Cash and cash equivalents were $3.9 million as of September 30, 2025, down from $10.0 million at year-end 2024.
Accumulated deficit reached $35.9 million as of September 30, 2025.
Outlook and guidance
Management expects continued operating losses and negative cash flows as clinical and regulatory activities advance.
Existing cash resources are not sufficient to fund operations for the next 12 months; additional capital will be sought through partnerships, equity, or debt.
Ongoing activities support a single-site U.S. Phase 2 study of tecarfarin in LVAD patients and potential multi-site Phase 2 study in dialysis patients.
Strategic focus on advancing differentiated anticoagulants to address gaps in care and unlock shareholder value.
If additional financing is not obtained, development programs may be delayed or reduced, or operations may cease.
Cash runway given current burn rate
Tecarfarin Phase 2 study prioritization
Frunexian Phase 2 initiation timeline
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Next Cadrenal Therapeutics earnings date
Q4 202512 Mar, 2026
Next Cadrenal Therapeutics earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Cadrenal Therapeutics, Inc. is a biopharmaceutical company focused on the development of tecarfarin, an advanced oral anticoagulant. Tecarfarin is designed to prevent heart attacks, strokes, and deaths caused by blood clots, particularly in patients with rare cardiovascular conditions that require long-term anticoagulation therapy. These conditions include end-stage kidney disease (ESKD), atrial fibrillation, and complications related to left ventricular assist devices (LVADs). The company aims to address the limitations of existing anticoagulants like warfarin, offering a more stable and reliable treatment option through an alternative metabolic pathway. The company is headquartered in Ponte Vedra, Florida, and its shares are listed on the NASDAQ.
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