Cadrenal Therapeutics (CVKD) Registration Filing summary

Company overview and business model

• Focuses on developing novel products for acute and chronic anticoagulation management in rare and high-risk patient populations, with three clinical-stage assets: VLX-1005 (12-LOX inhibitor for HIT), tecarfarin (oral VKA for chronic use), and frunexian (IV Factor XIa inhibitor for acute care settings).

• Recently acquired all rights and assets related to VLX-1005 and related compounds from Veralox Therapeutics.

• Incorporated in Delaware in January 2022, with principal offices in Ponte Vedra, Florida.

Financial performance and metrics

• Net tangible book value as of September 30, 2025, was $2.7 million ($1.33 per share); pro forma net tangible book value after recent offerings and warrant exercises would be $10.1 million ($3.64 per share).

• Gross proceeds from the December 2025 offering were approximately $2.2 million.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by selling stockholders; proceeds from any cash exercise of warrants will be used for working capital and general corporate purposes.

• Management retains broad discretion over allocation of net proceeds from warrant exercises.