Cadrenal Therapeutics (CVKD) Registration filing summary

Company overview and business model

• Late-stage biopharmaceutical company focused on therapies for immune and thrombotic conditions, with a primary focus on CAD-1005, a selective 12-LOX inhibitor for heparin-induced thrombocytopenia (HIT).

• CAD-1005 has orphan drug and Fast Track designations from the FDA and orphan designation from the EMA.

• Pipeline includes tecarfarin (oral VKA for patients with kidney dysfunction or LVADs) and frunexian (IV Factor XIa inhibitor for acute care settings).

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

Financial performance and metrics

• Net tangible book value as of December 31, 2025: $2.7 million ($1.17 per share); pro forma net tangible book value: $6.3 million ($2.03 per share).

• After offering and warrant exercises, as adjusted pro forma net tangible book value: $11.6 million ($2.73 per share).

• Immediate dilution to new investors: $1.77 per share for Investor Warrant Shares, $2.895 for Placement Agent Warrant Shares.

Use of proceeds and capital allocation

• No proceeds from resale of shares by selling stockholders; proceeds from 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.