卡德纳尔治疗公司2025年季度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller CADRENAL THERAPEUTICS, INC.Notes to Financial Statements 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 Cadrenal is pursuing a pipeline-in-a-product approach with tecarfarin. Tecarfarin received Orphan Drug designation (ODD) foradvanced heart failure patients with implanted left ventricular assist devices (LVADs). The Company also received ODD and fast-track Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in theUnitedStates of America (“GAAP”) and applicable rules and regulations of the U.S.Securities and Exchange Commission (“SEC”) The Company’s accompanying financial statements are unaudited. The unaudited interim financial statements have been prepared onthe same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which includeonly 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. Theresults for the three months ended March 31, 2025, are not necessarily indicative of results to be expected for the year ending Liquidity The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, whichcontemplates 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 benecessary 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, which From April 1, 2025 through May 7, 2025, the Company sold56,943shares of its common stock through its at-the-market (ATM)facility with H.C. Wainwright & Co., LLC (“H.C.W.”) These sales were made at a weighted average price of $15.92per share, The Company’s cash and cash equivalents balance of approximately $6.9million as of May 8, 2025 is expected to be sufficient to fundits operations for at least the next twelvemonths from the date of the filing of its Quarterly Report on Form 10-Q, however, the Management intends to raise additional funds through partnering, the sale of equity, and debt financing. However, there can be noassurance 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 Emerging Growth Company Status As an “emerging growth company” (“EGC”) under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company may elect totake 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 those Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statementsand the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accomp