Cadrenal Therapeutics Reports $10.7 Million Net Loss for Fiscal Year 2024

Cadrenal Therapeutics, Inc. reported a net loss of $10.7 million for the fiscal year ending December 31, 2024, compared to a net loss of $8.4 million in the previous year. The company's total operating expenses increased to approximately $11 million, up from $7.6 million in 2023, primarily driven by a 90% rise in general and administrative expenses, which reached $6.8 million. This increase was attributed to higher personnel-related costs, public company expenses, and stock-based compensation. Research and development expenses saw a modest increase of 3%, totaling $4.2 million, reflecting ongoing investments in the development of tecarfarin, the company's lead product candidate.

Cadrenal's financial position showed a significant increase in cash and cash equivalents, which rose to $10 million by the end of 2024, compared to $8.4 million in 2023. The company has been actively raising capital, generating approximately $9 million from financing activities during the year, including proceeds from its at-the-market facility and a warrant inducement agreement. As of March 13, 2025, Cadrenal reported cash reserves of about $7.9 million, which it expects will fund operations for at least the next twelve months. However, the company anticipates needing additional capital to support its planned Phase 3 clinical trial for tecarfarin.

In terms of strategic developments, Cadrenal entered into a collaboration agreement with Abbott Global Enterprises on March 3, 2025, to support a Phase 3 study evaluating tecarfarin in patients with left ventricular assist devices (LVADs). This partnership aims to leverage Abbott's data and expertise to enhance the trial's design and execution. The FDA has granted tecarfarin orphan drug and fast-track designations for specific indications, including its use in patients with end-stage kidney disease and atrial fibrillation, which underscores the potential market for the product.

Operationally, Cadrenal has conducted eleven clinical trials involving over 1,000 participants, with tecarfarin showing promising results in terms of safety and efficacy. The company is focusing on rare cardiovascular conditions where existing treatments, such as warfarin and direct-acting oral anticoagulants, have proven inadequate. As of the end of 2024, Cadrenal had a small workforce of four employees and approximately 35 consultants, reflecting its current stage as a development-focused biopharmaceutical company.

Looking ahead, Cadrenal's management is optimistic about the potential for tecarfarin to address unmet medical needs in anticoagulation therapy. However, the company acknowledges the challenges of securing regulatory approval and achieving market acceptance, particularly in a competitive landscape dominated by established anticoagulants. The success of tecarfarin will depend on the outcomes of its upcoming clinical trials and the ability to navigate the complexities of the regulatory environment.