Cadrenal Therapeutics reported a net loss of $2.7 million for the third quarter of 2025, a figure that widened from the $2.4 million loss recorded in the same period a year earlier. The company’s earnings per share for the quarter were $1.31, beating the consensus estimate of $1.39 by $0.08—an improvement that reflects disciplined cost management amid a challenging cash position.
Research and development spending fell to $0.7 million from $0.8 million in Q3 2024, while general and administrative costs rose to $2.0 million from $1.7 million. The decline in R&D expense is attributable to a shift in focus from early‑stage research to the preparation of tecarfarin for pivotal trials, whereas the increase in G&A reflects higher public‑company expenses and non‑cash stock‑based compensation that accompany the company’s transition to a listed entity.
Over the nine‑month period ending September 30, 2025, Cadrenal’s net loss expanded to $10.20 million from $6.46 million in 2024, and operating expenses grew to $10.40 million from $6.46 million. Cash and cash equivalents at the end of September were $3.9 million, down from $7.3 million at the end of March, a contraction of roughly $3.4 million. Management disclosed substantial doubt about the company’s ability to continue as a going concern, indicating that the current cash balance may not support operations for a full 12 months.
The company’s strategic outlook was reinforced by the September acquisition of eXIthera Pharmaceuticals’ assets, including the Phase 2‑ready IV Factor XIa inhibitor frunexian and the oral Factor XIa inhibitor EP‑7327. These additions broaden Cadrenal’s pipeline beyond its lead candidate tecarfarin, positioning the company to address unmet needs in anticoagulation therapy for patients with end‑stage kidney disease, atrial fibrillation, and left‑ventricular assist devices.
Cadrenal’s management emphasized that it is actively negotiating with potential partners to secure the capital required for the next development phase. While the company did not provide new guidance, the EPS beat and the continued focus on cost control suggest that management remains cautiously optimistic about the company’s ability to navigate the liquidity challenge while advancing its clinical program.
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