Cadrenal Therapeutics Reports $3.8 Million Net Loss in Q1 2025, Increases Focus on Tecarfarin Development

Cadrenal Therapeutics, Inc. reported a net loss of $3.8 million for the first quarter of 2025, a significant increase from the $1.7 million loss recorded in the same period of 2024. The company's total operating expenses rose to $3.9 million, up from $1.8 million year-over-year, primarily driven by a 100% increase in general and administrative expenses, which reached $2.3 million. Research and development expenses also surged by 165% to $1.7 million, reflecting increased costs associated with clinical trial preparations and personnel-related expenses.

The company's financial position showed a decline in cash and cash equivalents, which decreased to $7.3 million as of March 31, 2025, down from $10.0 million at the end of 2024. Total current assets also fell to $7.9 million, compared to $10.1 million in the previous quarter. On the liabilities side, current liabilities decreased significantly to $1.8 million from $2.7 million, indicating improved management of payables and accrued liabilities.

In terms of strategic developments, Cadrenal Therapeutics is advancing its lead product candidate, tecarfarin, which has received Orphan Drug designation from the FDA for specific cardiovascular conditions. The company is focusing on a "pipeline-in-a-product" approach, targeting patients with mechanical heart valves and those with end-stage kidney disease who require chronic anticoagulation. The company has conducted eleven clinical trials involving over 1,000 patients, with tecarfarin showing promising results in terms of safety and efficacy.

Operationally, Cadrenal has been active in raising capital through its at-the-market (ATM) facility, generating approximately $2.1 million in gross proceeds from the sale of common stock during the first quarter of 2025. The company also reported a weighted average price of $20.10 per share for these sales. As of May 8, 2025, Cadrenal's cash balance was approximately $6.9 million, which is expected to fund operations for at least the next twelve months. However, the company anticipates needing additional funding to support further clinical trials, including a Phase 3 trial for tecarfarin.

Looking ahead, Cadrenal Therapeutics aims to continue its focus on developing tecarfarin while managing its financial resources effectively. The company plans to explore additional funding avenues, including partnerships and equity sales, to support its clinical development efforts. The management remains cautious about the need for further financing, emphasizing that failure to secure adequate funding could impact the scope of its research programs and overall operations.