CVKD

Cadrenal is a clinical-stage biopharma with no product revenue (none in any of FY2022–FY2025) and a widening loss: net income fell to -$13.2M in FY2025 from -$10.7M in FY2024, driven by a 39% jump in G&A to $9.35M even as R&D was roughly flat at $4.1M. The company is pre-commercial and its entire value rests on a pipeline — lead asset CAD-1005, a 12-LOX inhibitor for HIT acquired from Veralox in December 2025, plus tecarfarin and frunexian. That is a legitimate but binary, multi-year, capital-intensive path: a Phase 3 pivotal trial is only now being scoped after the March 26, 2026 EOP2 FDA meeting, with the protocol still subject to final meeting minutes.

The balance sheet cannot fund that path. Cash was just $4.01M at FY2025 (down 60% YoY) against $12.6M of annual operating cash burn — roughly a third of a year of runway. Total assets collapsed to $4.33M and stockholders' equity to $2.74M, producing a -483% ROE. Management is already scrambling to fund operations by every available channel: a $2.2M registered direct offering in December 2025 with warrants for 414,748 more shares, $4.9M of ATM sales in 2025, and another $1.4M of ATM sales in Q1 2026. Share count rose 33.4% in a single year, and the Veralox deal layers on up to $15M of contingent milestones plus royalties. This is a company that must continuously sell equity at low prices to survive, so existing holders face near-certain, heavy dilution regardless of clinical outcome.