卡德纳尔治疗公司2025年季度报告

Emerging growth company☒If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period to Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ PARTI. FINANCIAL INFORMATION Shares868,184$ Cash flows from financing activities:Proceeds from sale of common stock Issuance costs from sale of common stock(85,335)Proceeds from exercise of warrants-Net cash provided by financing activities1,970,136Net change in cash(2,681,870)(1,836,082)Cash and cash equivalents – beginning of the period10,017,9428,402,500 4 Note1. Description of Business and Summary of Significant Accounting Policies Cadrenal Therapeutics, Inc. (the “Company” or “Cadrenal”) was incorporated on January25, 2022, in the State of Delaware and isheadquartered in Ponte Vedra, Florida. Cadrenal Therapeutics, Inc.is a biopharmaceutical company that develops therapeutics forpatients with certain cardiovascular conditions. The Company is developing its late-stage asset, tecarfarin, a new oral vitamin Kantagonist (VKA) designed to be a better and safer anticoagulant than warfarin. Although warfarin is widely used off-label for severalrare cardiovascular conditions, extensive clinical and real-world data have shown it to have significant serious side effects. With its status for tecarfarin in end-stage kidney disease and atrial fibrillation (ESKD+AFib).Basis of Presentation only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2025, theresults of its operations for the three months ended March 31, 2025 and 2024, the statements of stockholders’ equity for the threemonths ended March 31, 2025 and 2024, and its cash flows for the three months ended March 31, 2025 and 2024. The financial dataand other information disclosed in these notes related to the three months ended March 31, 2025, and 2024 are also unaudited. The December 31, 2025, any other interim periods, or any future year or period. These interim financial statements should be read inconjunction with the audited financial statements as of and for the year ended December 31, 2024, and notes thereto, which areincluded in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2025. contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financialstatements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since its inception, the Company has incurred operating losses andnegative cash flows from operations. For the three months ended March 31, 2025, the Company had a net loss of $3.8million, whichincluded $0.6million of non-cash expenses. Cash used in operations totaled $4.6million. As of March 31, 2025, the Company hadcash and cash equivalents of $7.3million, net working capital of $6.1million, and an accumulated deficit of $29.6million. assurance that the Company will be able to complete partnering transactions or financings on terms acceptable to the Company or atall. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. The financial statements do not include any adjustmentsthat might result from the outcome of this uncertainty. take advantage of certain forms of relief from various reporting requirements that apply to public companies. The relief under theJOBS Act includes an extended transition period for implementing new or revised accounting standards. The Company has elected totake advantage of this extended transition period and, as a result, the Company’s financial statements may not be comparable to thoseof companies that implement accounting standards as of the effective dates for public companies. The Company may take advantage financial statements include, but are not limited to, the fair value of stock-based awards, deferred tax assets and valuation allowance,income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actualresults could differ from those estimates.Concentration of Credit and Other Risks and Uncertainties cash equivalents. Cash is maintained at high-credit-quality financial institutions; at times, balances may exceed federally insuredlimits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000at each financial institution. Any lossincurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results ofoperations,