Cadrenal Therapeutics (CVKD) Q4 2025 earnings summary

Executive summary

• Reported encouraging Phase 2 results for CAD-1005 in HIT, showing a significant reduction in thrombotic events versus placebo on top of standard anticoagulant therapy.

• Completed End-of-Phase 2 FDA meeting, clarifying the regulatory path for a planned Phase 3 pivotal trial of CAD-1005.

• CAD-1005 remains the near-term development priority, with broader 12-LOX platform opportunities under evaluation.

Financial highlights

• Research and development expenses for Q4 2025 were $0.7 million, down from $1.5 million in Q4 2024.

• General and administrative expenses for Q4 2025 were $2.4 million, compared to $2.7 million in Q4 2024.

• Net loss for Q4 2025 was $3.0 million, improved from $4.2 million in Q4 2024.

• Cash and cash equivalents as of December 31, 2025, totaled $4.0 million.

Outlook and guidance

• Incorporating FDA feedback into the Phase 3 protocol for CAD-1005 is underway.

• Evaluating financing and strategic alternatives to support planned clinical development activities.

• Continuing to assess longer-term opportunities for the 12-LOX platform in indications beyond HIT.