Cadrenal Therapeutics, Inc. (CVKD)·Q4 2024 Earnings Summary

Executive Summary

• Cadrenal ended Q4 2024 as a pre-revenue, development-stage company focused on Phase 3 readiness for tecarfarin; FY 2024 net loss was $10.7M and cash was $10.0M at year-end .
• Operational progress and funding were notable: Q3 OpEx $2.5M, cash used in operations $2.2M, and cumulative financing of ~$9.8M in Q4 via ATM ($5.1M) and warrant exercises ($4.7M) to support pivotal trial plans .
• Strategic catalysts built into and after Q4: FDA interactions on Phase 3 protocol (Q3 discussions; Type D meeting Feb 3, 2025) and an Abbott collaboration supporting the TECH-LVAD trial (announced Mar 4, 2025) .
• No Q4 earnings call transcript was found; results were communicated via press releases and the FY 2024 8-K/Exhibit 99.1, limiting direct estimate comparisons and Q&A insights .

What Went Well and What Went Wrong

What Went Well

• Strengthened liquidity and runway with ~$9.8M raised in Q4 (ATM $5.1M, warrants $4.7M), increasing flexibility for Phase 3 activities .
• Manufacturing and operational readiness achieved with CDMO to supply clinical materials per cGMP; cash balance cited at ~$11.3M as of Nov 7, 2024 .
• Engagement with regulators and ecosystem: FDA protocol discussions in Q3; AC Forum Corporate Council membership; industry recognition as “Anticoagulation Therapy Company of the Year” in November .
• “Momentum is building from our achievement of several critical milestones…” — Quang X. Pham, CEO (Nov 7 press release) .
• “We have made significant progress with advancing our planned pivotal trial…” — Quang Pham (Aug 7 press release) .
• “2024… laying the foundations for advancing tecarfarin into Phase 3 clinical development.” — Quang X. Pham (Mar 13, 2025 Exhibit 99.1) .

What Went Wrong

• FY 2024 net loss expanded to $10.7M versus $8.4M in FY 2023; G&A rose to $6.8M from $3.5M, reflecting higher corporate scale-up costs .
• Working capital pressure evident: accounts payable increased to $1.50M at year-end 2024 vs. $0.17M in 2023 .
• No Q4 earnings call transcript available; limited quantitative quarterly detail (e.g., no Q4 EPS or revenue disclosures), constraining vs. estimates analysis .

Financial Results

Annual Results (FY 2023 → FY 2024)

Notes: All share/per share info retroactively adjusted for 1-for-15 reverse split on Aug 20, 2024 .

Quarterly Operating Metrics Context (Q2 → Q3 → Q4 2024)

Notes: Q3 cash balance is as of press release date (Nov 7, 2024), not quarter-end .

Revenue, EPS, Margins vs. Estimates

• CVKD did not disclose Q4 2024 revenue or EPS; the FY 2024 press release included annual net loss and per-share loss but no quarterly EPS or revenue. Therefore, quarterly vs. estimates comparisons are not available .
• S&P Global consensus estimates for Q4 2024 could not be retrieved due to access limits at the time of analysis; therefore, comparisons to consensus are unavailable (values would be from S&P Global if accessible).

Guidance Changes

No numeric guidance (revenue, margins, OpEx, OI&E, tax rate, dividends) was provided in Q4 materials .

Earnings Call Themes & Trends

Note: No Q4 earnings call transcript found; themes synthesized from press releases and FY 8-K Exhibit 99.1 .

Management Commentary

• “Momentum is building from our achievement of several critical milestones toward beginning a pivotal clinical trial to evaluate tecarfarin’s superiority to warfarin in LVAD patients.” — Quang X. Pham, CEO (Nov 7, 2024) .
• “We have made significant progress with advancing our planned pivotal trial to evaluate tecarfarin’s effectiveness for LVAD patients, including collaborative efforts with Abbott.” — Quang Pham (Aug 7, 2024) .
• “2024 for Cadrenal was a year of focus and laying the foundations for advancing tecarfarin into Phase 3 clinical development… Throughout 2025, our primary focus is on execution…” — Quang X. Pham (Mar 13, 2025 Exhibit 99.1) .

Q&A Highlights

• No Q4 2024 earnings call transcript was available, so Q&A themes and guidance clarifications cannot be assessed .

Estimates Context

• Wall Street consensus estimates via S&P Global for Q4 2024 could not be retrieved due to access limits; therefore, comparisons to consensus EPS and revenue are unavailable at this time. If accessible, values would be retrieved from S&P Global and used as the anchor for comparisons.

Key Takeaways for Investors

• Funding runway improved into and through Q4 with ~$9.8M raised; year-end cash of $10.0M provides flexibility to progress trial readiness, though burn (Q3 cash use $2.2M) suggests ongoing financing needs depending on Phase 3 timing .
• Regulatory and ecosystem momentum continues: ongoing FDA engagement (Q3) and Type D meeting guidance (Feb 2025) de-risks trial design steps; AC Forum participation may aid clinician awareness and recruitment .
• Abbott collaboration (Mar 2025) is a strategic validation and operational support for TECH-LVAD, potentially accelerating site selection and trial execution; watch for protocol finalization and trial initiation catalysts .
• Operating scale-up is visible: FY G&A rose to $6.8M; investors should monitor OpEx trajectory and cash conversion as the pivotal program begins .
• With no Q4 call and limited quarterly disclosures, stock may trade on regulatory/partnering headlines and financing events rather than near-term financial beats/misses; catalysts include protocol submission/acceptance, first patient in, and trial site announcements .
• Scientific advocacy around tecarfarin’s potential benefits vs. warfarin in LVAD/renal impairment contexts is growing; continued data visibility (e.g., EACTS) can support investor confidence ahead of Phase 3 readouts .
• Risk factors: development-stage status, rising payables, and absence of revenue; financing cadence and regulatory timelines remain key to de-risking the medium-term thesis .