Cadrenal Therapeutics, Inc. reported a net loss of $3.8 million for the first quarter ended March 31, 2025, compared to a net loss of $1.7 million for the same period in 2024. Research and development expenses increased to $1.7 million from $0.6 million year-over-year, while general and administrative expenses rose to $2.3 million from $1.1 million.
The company's cash and cash equivalents stood at $7.3 million as of March 31, 2025, a decrease from $10.0 million at December 31, 2024. Cash used in operating activities totaled $4.65 million in Q1 2025, up from $1.84 million in Q1 2024. Cadrenal raised approximately $1.97 million in net proceeds through its at-the-market (ATM) facility during the quarter.
Key corporate updates included the appointment of James J. Ferguson as Chief Medical Officer in February 2025 and a Type D meeting with the FDA in February 2025, which provided guidance for a Phase 3 tecarfarin trial. Additionally, a Collaboration Agreement with Abbott was finalized in March 2025 to support the TECH-LVAD trial, and the technical transfer and manufacturing of tecarfarin drug substance were completed during Q1 2025.
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