Cadrenal Therapeutics Sees 36% Stock Drop as It Secures $2.25M ATM Financing
By ATTN Desk · Editorial oversight: Sean Han
Introduction to Cadrenal Therapeutics, Inc.
Cadrenal Therapeutics, Inc. (NASDAQ: CVKD) is a late-stage biopharmaceutical company headquartered in Ponte Vedra, Florida. The firm develops anticoagulant therapies for both chronic and acute care settings. Its lead asset, tecarfarin, is an oral vitamin K antagonist (VKA) designed to offer reliable anticoagulation for patients with narrow therapeutic windows. The company’s pipeline also includes frunexian, an intravenous small-molecule Factor XIa inhibitor intended for acute hospital use, and VLX-1005, a Phase 2 12-LOX inhibitor targeting heparin-induced thrombocytopenia.
Corporate Structure
Cadrenal operates with a compact team of approximately two to ten employees and a focused leadership roster.
• Quang X. Pham serves as Chairman and Chief Executive Officer, with prior experience in founding biopharmaceutical and digital marketing firms.
• Matthew Szot, Chief Financial Officer and Co-Founder, has expertise in mergers and acquisitions, equity and debt financings, and SEC compliance.
• Jeff Cole, Chief Operating Officer, has over 25 years of experience in global pharmaceutical manufacturing and commercial operations.
On December 1, 2025, Lee Scott Golden, M.D., joined the Board of Directors, contributing to clinical development and regulatory strategy.
Anticoagulant therapy by little plant
Recent Developments and News
• September 15, 2025: Cadrenal announced the acquisition of frunexian and EP-7327 from eXIthera Pharmaceuticals. This acquisition includes a Phase 2 IV Factor XIa inhibitor for acute care and an oral Factor XIa program.
• November 10, 2025: The company reported third-quarter results for the period ended September 30, 2025, and outlined manufacturing readiness for pivotal tecarfarin trials in patients with LVADs.
• November 19, 2025: CEO Quang X. Pham received the Executive of the Year Award from BioFlorida, Inc., acknowledging contributions to the life sciences sector.
• December 1, 2025: Lee Scott Golden, M.D., was appointed to the Board of Directors.
• December 11, 2025: Cadrenal announced the acquisition of VLX-1005 and related 12-LOX assets from VERALOX Therapeutics, advancing research into heparin-induced thrombocytopenia with orphan and Fast Track designations.
Financial and Strategic Analysis
On December 16, 2025, CVKD closed at $7.79, reflecting a decline of 36.62% on a volume of 107,583 shares. The company’s market capitalization stood at approximately $16.17 million, with 2.08 million shares outstanding and a 52-week trading range of $7.43 to $22.90.
| Metric | Value |
|---|---|
| Share Price (Dec 16, 2025) | $7.79 |
| Daily Change | –36.62% |
| Volume | 107,583 |
| Market Capitalization | $16.17 M |
| 52-Week Range | $7.43 – $22.90 |
A probability-adjusted discounted cash-flow (DCF) model published in 2025 valued CVKD at $30.00 per share, contingent upon successful commercialization of tecarfarin in patients with LVADs, end-stage kidney disease coupled with atrial fibrillation, and mechanical heart valves. To support clinical development, Cadrenal filed a Rule 424(b)(5) prospectus supplement on December 16, 2025, proposing an at-the-market offering of up to 207,374 common shares and warrants, aimed at raising approximately $2.25 million at a proposed price of $10.85 per share, with H.C. Wainwright & Co. as the placement agent.
Market Position and Industry Context
The global anticoagulation market is significantly influenced by warfarin and direct-acting oral anticoagulants (DOACs), though there remain unmet needs for patients requiring precise control of anticoagulation therapies. Tecarfarin’s unique metabolic profile and reversible mechanism aim to address complications associated with VKAs. Frunexian’s focus on Factor XIa inhibition in acute care sets Cadrenal apart from competitors targeting Factor Xa or thrombin. The addition of VLX-1005 broadens the company’s portfolio into immune-mediated thrombocytopenia, positioning Cadrenal across various anticoagulation indications.
tl;dr
On December 16, 2025, CVKD shares were priced at $7.79 (–36.62%) on 107,583 shares. The company aims to raise $2.25 million through an at-the-market offering of equity and warrants priced at $10.85 per share. Its 2025 pipeline expansions include frunexian for acute anticoagulation, EP-7327 for thrombotic conditions, and VLX-1005, a Phase 2 12-LOX inhibitor for heparin-induced thrombocytopenia. Phase 2 trials of tecarfarin targeting patients with LVADs and end-stage kidney disease with atrial fibrillation are planned to commence in early 2026.