CVKD — Cadrenal Therapeutics Q4 2025 Earnings

Cadrenal reported Q4 results this morning and dropped a corporate update on the CAD-1005 program.

The data is working. Phase 2 showed a greater than 25% absolute reduction in thrombotic events versus placebo in HIT patients on top of standard anticoagulant therapy. First-in-class 12-LOX inhibitor. No one else is running this mechanism. Orphan Drug and Fast Track from FDA. Orphan status from EMA. The unmet need is severe, HIT mortality runs 18-20% in some patient groups with survivors facing amputations.

FDA meeting done. End-of-Phase 2 meeting completed March 26. They're incorporating FDA feedback into the Phase 3 protocol now. The regulatory path is being clarified for a pivotal trial.

The cash problem. $4.0 million on hand as of December 31. They burned $3.0 million in Q4 alone. R&D spend actually dropped from $1.5M to $0.7M quarter over quarter because they're conserving cash. G&A was $2.4M. That's roughly one quarter of runway without a raise. The company said it's "evaluating financing and strategic alternatives." At a $9.7M market cap with 2.3M shares outstanding, any dilutive raise at these levels would be painful.

What strategic alternatives means at this size. A sub-$10M market cap company with first-in-class data, orphan designation, FDA alignment on a Phase 3 path, and no money to fund it. The options are a dilutive raise, a partnership to fund the pivotal trial, or an outright sale. The 12-LOX platform has broader potential beyond HIT, including early research in obesity and type 2 diabetes showing improvements in glycemic control and beta-cell preservation. They also have tecarfarin, a late-stage oral vitamin K antagonist, and frunexian, a parenteral Factor XIa inhibitor. A buyer wouldn't just be getting HIT. They'd be getting a pipeline.

The setup. This is either a takeout candidate or a dilution trap. The data is there. The FDA path is there. The cash is not. Something has to give in the next quarter. Worth watching closely.