Cadrenal Therapeutics

What Cadrenal Therapeutics does

Cadrenal Therapeutics, Inc. (Nasdaq: CVKD) is a late-stage, pre-revenue biopharmaceutical company headquartered in Ponte Vedra Beach, Florida, developing novel therapies for life-threatening immune and thrombotic conditions. The company's pipeline consists of three clinical-stage assets and one preclinical program: CAD-1005, a first-in-class 12-lipoxygenase (12-LOX) inhibitor acquired from Veralox Therapeutics in December 2025 and Phase 3-ready for heparin-induced thrombocytopenia (HIT); tecarfarin, a novel oral vitamin K antagonist metabolized via the human carboxylesterase 2 (HCES2) pathway rather than CYP450, Phase 3-ready for chronic anticoagulation in end-stage kidney disease patients with atrial fibrillation and in left ventricular assist device recipients; and frunexian, a parenteral small-molecule Factor XIa inhibitor acquired from eXIthera Pharmaceuticals in November 2025, positioned as the only IV Factor XIa inhibitor exclusively targeting acute hospital settings. CAD-1005 has FDA Orphan Drug and Fast Track designations plus EMA orphan status; tecarfarin holds two FDA Orphan Drug Designations.

Cadrenal's commercial model is anchored on pharmaceutical partnering and licensing rather than direct sales today. The company has no approved products and no revenue, with negative free cash flow of approximately $11.83 million over the LTM period and a Q1 2026 cash balance of only $2.3 million following a $2.5 million financing in April 2026. Cumulative equity raised since 2023 totals roughly $19.8 million through a $7.5 million private placement, an at-the-market facility, and follow-on issuances. The go-to-market motion targets large pharmaceutical partners through BIO International Convention, J.P. Morgan Healthcare Conference, and Lytham Partners investor events, with a Phase 3 trial for CAD-1005 planned across up to 50 clinical centers worldwide and NDA submission projected for 2029.

The company is pursuing a multi-indication strategy for CAD-1005, adding a Phase 2a trial in cardiac surgery-associated acute kidney injury (CSA-AKI) in 2026 and supporting a planned Rare Pediatric Disease Designation filing for tecarfarin in Kawasaki disease — a designation that could unlock a Priority Review Voucher valued at $180-205 million. Management is led by Chairman and CEO Quang X. Pham (2025 BioFlorida Executive of the Year), with James Ferguson, M.D. as Chief Medical Officer, Matthew Szot as CFO, Jeff Cole as COO, Matthew Boxer, Ph.D. as EVP of Corporate Development, and Dr. Lee Golden joining the Board in December 2025. Headcount is 1-10 employees and the market capitalization is approximately $19.1 million as of early 2026.

Name

Cadrenal Therapeutics

Legal name

Cadrenal Therapeutics, Inc.

Website

https://cadrenal.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Cadrenal Therapeutics (Nasdaq: CVKD) is a pre-revenue, late-stage biopharmaceutical company developing first-in-class 12-LOX inhibitor CAD-1005 for heparin-induced thrombocytopenia, the novel oral VKA tecarfarin for ESKD/AFib and LVAD patients, and the IV Factor XIa inhibitor frunexian for acute hospital settings.

Ownership category

akta.pro rank

Headquarters

HQ city

Ponte Vedra Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Others

Revenue model

1. Pharmaceutical Product Sales: Cadrenal is a pre-revenue late-stage biopharmaceutical company developing drugs for immune and thrombotic conditions. Revenue will be generated through product sales upon regulatory approval. Lead programs CAD-1005 (Phase 3-ready for HIT), tecarfarin (Phase 3-ready for ESKD/AFib and LVAD), and frunexian (Phase 2-ready for acute care) target multi-billion dollar markets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Cadrenal Therapeutics develops a portfolio of late-stage, clinical-stage investigational drugs for life-threatening immune and thrombotic conditions. The pipeline consists of CAD-1005 (Phase 3-ready first-in-class 12-LOX inhibitor for heparin-induced thrombocytopenia), tecarfarin (Phase 3-ready oral VKA for chronic anticoagulation in ESKD/AFib and LVAD patients), and frunexian (clinical-stage parenteral Factor XIa inhibitor for acute hospital settings), supported by second-generation 12-LOX oral therapeutics.

Product overview

Cadrenal Therapeutics is a late-stage biopharmaceutical company developing a portfolio of novel anticoagulation and immunomodulatory therapies. The company's pipeline consists of three clinical-stage products: CAD-1005 (a Phase 3-ready first-in-class 12-LOX inhibitor for heparin-induced thrombocytopenia), tecarfarin (a Phase 3-ready oral vitamin K antagonist for chronic anticoagulation in patients with end-stage kidney disease or left ventricular assist devices), and frunexian (a clinical-stage parenteral Factor XIa inhibitor for acute hospital settings). Second-generation 12-LOX oral therapeutics (CAD-2000) are also in development for chronic indications. The portfolio addresses life-threatening immune and thrombotic conditions across acute hospital care, critical care, and chronic anticoagulation settings.

Differentiator

Problem solved

Functional benefit

Products and services

• CAD-1005 A first-in-class selective 12-lipoxygenase (12-LOX) inhibitor for the treatment of heparin-induced thrombocytopenia (HIT), a deadly immune-mediated thrombotic disorder. Phase 3-ready with FDA Orphan Drug and Fast Track designations and EMA orphan drug status. CAD-1005 selectively inhibits 12-LOX, a pathway integral to the primary immune mechanisms driving HIT, addressing the underlying cause rather than just preventing thrombotic complications.
• Tecarfarin A novel late-stage, reversible oral vitamin K antagonist (VKA) with a proven warfarin-like mechanism but metabolized via the human carboxylesterase 2 (HCES2) pathway rather than CYP450. Developed for chronic anticoagulation in patients with end-stage kidney disease and atrial fibrillation (ESKD/AFib) and patients with implanted left ventricular assist devices (LVADs). Phase 3-ready with FDA Orphan Drug and Fast Track designations.
• Frunexian A parenteral small molecule inhibitor of Factor XIa, and the only intravenous (IV) small molecule Factor XIa inhibitor exclusively being developed for the acute/critical care hospital setting. Designed for acute/critical care environments including complex cardiac surgeries where contact activation of coagulation by medical devices plays a significant role.
• CAD-2000 (Second-generation oral 12-LOX therapeutics) Second-generation oral 12-LOX inhibitors under development for chronic indications, targeting larger market opportunities in metabolic conditions, atherosclerosis, and microvascular thrombosis.

Quantifiable outcome

• >25% absolute reduction in thrombotic events with CAD-1005 vs placebo (>75% placebo vs 50% treatment arm)
• +3 more outcomes

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Veralox TherapeuticscoreOthers · 1 December 2025Cadrenal acquired the CAD-1005 (formerly VLX-1005) program from Veralox Therapeutics in December 2025. This acquisition provided Cadrenal with its lead Phase 3-ready asset, a first-in-class 12-LOX inhibitor for heparin-induced thrombocytopenia, including Phase 2 trial data and related IP.
• eXIthera PharmaceuticalscoreOthers · 1 November 2025Cadrenal acquired the eXIthera Pharmaceuticals portfolio including frunexian and related Factor XIa inhibitor assets. This expanded Cadrenal's pipeline with a clinical-stage parenteral Factor XIa inhibitor for acute hospital settings.

Scale indicators20 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Pfizer: Pfizer co-markets Eliquis (apixaban) with BMS, the #1 DOAC by global revenue. Eliquis's continued label expansion and life-cycle management pose a structural threat to any new oral anticoagulant including tecarfarin.
• Bayer: Bayer co-developed and markets Xarelto (rivaroxaban) with Janssen, one of the top-selling DOACs globally. As a major player in chronic anticoagulation, Bayer represents an obvious potential pharma partner or strategic competitor for tecarfarin.
• Johnson & Johnson: J&J's Janssen Pharmaceuticals commercializes Xarelto (rivaroxaban), the second-leading DOAC, through a partnership with Bayer. Xarelto's deep physician adoption and ongoing label expansions affect competitive dynamics for tecarfarin.
• Daiichi Sankyo: Daiichi Sankyo markets Lixiana/Savaysa (edoxaban), one of the four major DOACs, and has deep cardiovascular and thrombosis R&D capability. As a leader in oral anticoagulation, it is a relevant comparator for tecarfarin's positioning.
• Boehringer Ingelheim: Boehringer Ingelheim markets Pradaxa (dabigatran), the first DOAC, and has a long-standing cardiovascular franchise. Pradaxa's established position is part of the competitive backdrop for any new oral anticoagulant like tecarfarin.
• Bristol-Myers Squibb: BMS co-markets Eliquis (apixaban) with Pfizer, the leading DOAC and the dominant incumbent in oral anticoagulation. Any new oral anticoagulant entrant like tecarfarin must compete against Eliquis's installed base, real-world evidence, and physician familiarity.

Emerging players

• Tenax Therapeutics: Tenax Therapeutics is a small-cap, late-stage clinical cardiovascular biopharma with no currently approved products — closely analogous to Cadrenal in stage, capital structure, and reliance on financing and clinical readouts.
• Ionis Pharmaceuticals: Ionis has a Factor XI-targeted antisense oligonucleotide program (e.g., fesomersen in collaboration with Bayer) for thrombosis prevention, representing a different modality but the same Factor XI pathway targeted by frunexian. Comparable mechanism, different format.

Others

• Veralox Therapeutics: Veralox Therapeutics is the original developer of VLX-1005 (now CAD-1005), sold to Cadrenal in December 2025. As the asset-transfer counterparty and continuing developer of related 12-LOX chemistry, Veralox is an ecosystem participant with deep familiarity with Cadrenal's lead asset.

Direct peers

• Anthos Therapeutics (Novartis): Anthos Therapeutics developed abelacimab, a Factor XI/XIa antibody in Phase 3 for stroke prevention, making it the most direct competitor to Cadrenal's frunexian in the anticoagulation space. It was acquired by Novartis in 2025 and represents the leading Factor XI program against which frunexian will be benchmarked.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@CadrenalTherapeutics
• LinkedInlinkedin.com/company/cadrenal

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cadrenal Therapeutics