Detailed financial statements for Cadrenal Therapeutics, Inc. Common Stock (CVKD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cadrenal Therapeutics, Inc. operates as a biopharmaceutical enterprise primarily engaged in clinical development. The company's core focus is the advancement of Tecarfarin, a novel therapeutic agent that has received orphan drug designation. This treatment is engineered to prevent systemic thromboembolism originating from cardiac issues in patients suffering from both end-stage renal disease and atrial fibrillation.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.08, CVKD has negative trailing earnings (P/E not meaningful) and an ROE of -406.38%. Market capitalisation stands at $4M.
Balance sheet quality for CVKD: current ratio of 2.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Cost of Revenue | $1266 | 0 | 0 | 0 |
| Gross Profit | -$1266 | 0 | 0 | 0 |
| Research & Development | $392859 | $4.1M | $4.2M | $4.1M |
| Selling, General & Admin | $2.3M | $3.5M | $6.8M | $9.4M |
| Operating Expenses | $2.7M | $7.6M | $11.0M | $13.5M |
| Operating Income | -$2.7M | -$7.6M | -$11.0M | -$13.5M |
| EBITDA | -$6.6M | -$8.3M | -$10.6M | -$13.2M |
| Interest Expense | $107105 | $17101 | 0 | 0 |
| Pre-tax Income | -$6.7M | -$8.4M | -$10.7M | -$13.2M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$6.7M | -$8.4M | -$10.7M | -$13.2M |
| EPS | $-8.66 | $-9.63 | $-8.73 | $-6.64 |
| EPS (Diluted) | $-8.66 | $-9.63 | $-8.73 | $-6.64 |
| Shares Outstanding (Diluted) | $775638 | $868183 | $1.2M | $2.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$401 | 0 | -$555 | 0 |
| Operating Income | -$2.7M | -$3.1M | -$2.5M | -$3.3M |
| EBITDA | -$2.7M | -$3.0M | -$2.5M | -$3.3M |
| Net Income | -$2.7M | -$3.0M | -$2.5M | -$3.3M |
| EPS | $-1.31 | $-1.41 | $-1.04 | $-1.14 |
| EPS (Diluted) | $-1.31 | $-1.41 | $-1.04 | $-1.14 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $32586 | $8.4M | $10.0M | $4.0M |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | 0 | $37248 | $38153 | $5096 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $727596 | $8.5M | $10.1M | $4.3M |
| Property, Plant & Equipment | $44591 | $23285 | $6944 | $5174 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $778174 | $8.5M | $10.1M | $4.3M |
| Accounts Payable | $404897 | $167319 | $1.5M | $650663 |
| Short-term Debt | $43728 | 0 | 0 | 0 |
| Total Current Liabilities | $1.3M | $826875 | $2.7M | $1.6M |
| Long-term Debt | $553340 | 0 | 0 | 0 |
| Total Liabilities | $6.3M | $826875 | $2.7M | $1.6M |
| Retained Earnings | -$6.7M | -$15.1M | -$25.7M | -$39.0M |
| Total Equity | -$5.6M | $7.7M | $7.4M | $2.7M |
| Total Debt | $640706 | $21350 | 0 | 0 |
| Net Debt | $608120 | -$8.4M | -$10.0M | -$4.0M |
| Working Capital | -$606881 | $7.7M | $7.4M | $2.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $3.9M | $4.0M | $2.3M | $2.4M |
| Total Assets | $4.1M | $4.3M | $2.9M | $5.6M |
| Total Liabilities | $1.4M | $1.6M | $1.1M | $1.5M |
| Total Equity | $2.7M | $2.7M | $1.8M | $4.1M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.3M | -$8.4M | -$10.7M | -$13.2M |
| Depreciation & Amortization | $74377 | $1980 | $1880 | $6874 |
| Stock-based Compensation | $1.0M | $710381 | $1.4M | $1.9M |
| Change in Working Capital | $221278 | $144309 | $1.9M | -$1.3M |
| Operating Cash Flow | -$1.3M | -$3.5M | -$7.4M | -$12.6M |
| Capital Expenditure | -$2486 | -$3254 | -$6537 | -$5104 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$291883 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$3.5M | -$7.4M | -$12.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.4M | -$2.6M | -$3.0M | -$2.2M |
| Capital Expenditure | -$1853 | 0 | -$3 | 0 |
| Free Cash Flow | -$2.4M | -$2.6M | -$3.0M | -$2.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $473384 | $325103 | $252364 | $672102 |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -24.5% | -27.5% | -24.3% |
| EPS Growth (YoY) | | -11.2% | +9.3% | +23.9% |
| Shares Change (YoY) | | +11.9% | +40.5% | +63.5% |
| FCF Growth (YoY) | | -168.3% | -108.4% | -71.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.70 | $-4.07 | $-6.04 | $-6.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $775638 | $868183 | $1.2M | $2.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -406.38% |
| Return on Invested Capital | -284.81% |
| Return on Assets | -206.55% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.73 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.14 | -1.15 | -1.66 | -1.02 |
| P/B | -8.64 | 1.25 | 2.38 | 4.94 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% |