Cadrenal Therapeutics Reports Significant Financial Decline in Q3 2024, Net Loss Increases

Cadrenal Therapeutics, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decrease in total current assets, which fell to $4.67 million from $8.49 million at the end of 2023. Total assets also declined to $4.68 million, down from $8.52 million. In contrast, total current liabilities increased to $1.27 million, compared to $826,875 at the end of 2023. Consequently, total stockholders’ equity decreased to $3.41 million from $7.69 million.

For the three months ended September 30, 2024, Cadrenal reported total operating expenses of $2.46 million, a significant rise from $1.14 million in the same period of 2023. General and administrative expenses surged to $1.67 million, up 87% from $898,051, while research and development expenses increased by 222% to $784,646. The loss from operations for the quarter was $(2.46 million), compared to $(1.14 million) in the prior year. The net loss for the quarter was $(2.41 million), compared to $(1.04 million) in 2023, resulting in a net loss per share of $(2.18), up from $(1.01).

For the nine months ending September 30, 2024, the net loss was $(6.46 million), a slight improvement from $(7.21 million) in the same period of 2023. The net loss per share for this period was $(5.99), compared to $(8.56) in the previous year. Cash used in operating activities increased to $(5.57 million) from $(2.84 million) in 2023, while cash and cash equivalents at the end of the period stood at $4.36 million, down from $9.11 million.

In terms of financing, Cadrenal raised $1.53 million through the sale of common stock during the quarter and generated additional proceeds of $3.51 million from a subsequent share sale in October 2024. A warrant inducement agreement entered on November 1, 2024, is expected to yield approximately $4.7 million in gross proceeds, aimed at supporting the company’s pivotal Phase 3 clinical trial for its product, tecarfarin.

The company also underwent a reverse stock split of 1-for-15 effective August 20, 2024, which adjusted the number of shares outstanding without changing the total number of authorized shares. As of September 30, 2024, Cadrenal had 1,234,672 shares of common stock outstanding. The accumulated deficit increased to $(21.54 million) from $(19.13 million) as of June 30, 2024.