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Cadrenal Therapeutics Inc. (CVKD-0.67%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Cadrenal's focus on developing tecarfarin, a novel oral anticoagulant aimed at addressing unmet needs in anticoagulation therapy for rare cardiovascular conditions. Tecarfarin is designed to provide better and safer alternatives to warfarin in patients with implanted cardiac devices.
Cadrenal reported a net loss of $10.7 million for the year ended December 31, 2024, compared to a net loss of $8.4 million in the previous year. The increase in net loss is attributed to higher general and administrative expenses and increased research and development costs.
General and administrative expenses increased to $6.8 million from $3.5 million in the previous year, primarily due to increased personnel-related expenses, public company costs, and stock-based compensation.
Research and development expenses were $4.2 million, up from $4.1 million in the prior year. The increase was due to higher expenses associated with chemistry, manufacturing, and controls, and consulting fees.
Cadrenal's cash and cash equivalents as of December 31, 2024, were $10.0 million. The company raised additional funds through an at-the-market facility and a warrant inducement agreement, generating net proceeds of approximately $9.0 million during the year.
The company anticipates that its existing cash and cash equivalents will be sufficient to meet its anticipated cash requirements for at least the next twelve months. However, Cadrenal will require additional funding to complete its planned Phase 3 clinical trial and submit a new drug application.
Cadrenal's strategy involves focusing on rare cardiovascular conditions where current anticoagulation therapies, such as warfarin, are insufficient. The company aims to address these gaps with tecarfarin, which has received orphan drug and fast-track designations from the FDA for specific indications.
The company is pursuing partnerships and additional financings to support its clinical development and commercialization efforts. Cadrenal acknowledges the risks associated with its business, including the need for regulatory approval, competition, and the ability to secure additional funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cadrenal Therapeutics Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.