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Cadrenal Therapeutics(CVKD) - 2024 Q3 - Quarterly Report

Financial Performance - The net loss for the three months ended September 30, 2024, was $2,407,829, compared to a net loss of $1,036,451 for the same period in 2023[109]. - The net loss for the nine months ended September 30, 2024, was $6,464,099, which included $656,987 of non-cash expenses[117]. - Cash used in operating activities totaled $5,566,844 for the nine months ended September 30, 2024, compared to $2,835,878 in the same period of 2023[118]. - Cash flows from operating activities showed a net loss adjusted for non-cash items using $5,807,112 in cash for the nine months ended September 30, 2024[119]. Research and Development - Tecarfarin is being developed as a new Vitamin K Antagonist (VKA) chronic anticoagulant to prevent heart attacks, strokes, and deaths due to thrombosis in patients with implanted cardiac devices or rare cardiovascular conditions[90]. - Tecarfarin has been evaluated in eleven clinical trials involving over 1,000 individuals, with only 1.6% of patients experiencing major bleeding in the largest trial[95]. - The average time in the therapeutic range for patients using warfarin was only 56%, significantly below the target of 70%, indicating a need for improved anticoagulation options[99]. - The company expects to require additional funding to complete its planned Phase 3 clinical trial and submit its New Drug Application[117]. Expenses - The company reported a 222% increase in research and development expenses, totaling $784,646 for the three months ended September 30, 2024, compared to $243,948 for the same period in 2023[107]. - General and administrative expenses rose by 87% to $1,674,905 for the three months ended September 30, 2024, up from $898,051 in the prior year[106]. - General and administrative expenses increased by $1,365,929, or 52%, to $4,013,336 for the nine months ended September 30, 2024, compared to $2,647,407 for the same period in 2023[112]. - Research and development expenses decreased to $2,667,382 for the nine months ended September 30, 2024, down from $3,720,222 in the prior year, primarily due to a $3.0 million expense in 2023 related to stock issuance[113]. Financing Activities - The company generated gross proceeds of $7,000,000 from its initial public offering (IPO) on January 24, 2023, selling 93,333 shares at $75.00 per share[100]. - In a private placement on July 12, 2023, the company raised approximately $7.5 million by selling 86,667 shares and warrants[101]. - The company sold 154,144 shares through its at-the-market (ATM) facility, generating gross proceeds of $1,635,777 during the quarter ended September 30, 2024[103]. - Net cash provided by financing activities was $1,528,244 for the nine months ended September 30, 2024, significantly lower than $11,915,991 in the prior year due to the completion of the IPO[122]. - The company utilized its ATM facility, generating proceeds of $1,527,946 during the nine months ended September 30, 2024[121]. Cash Position - As of November 7, 2024, the company had cash and cash equivalents of approximately $11.3 million, expected to fund operations for at least the next twelve months[117]. - The company recorded a $740,139 loss on extinguishment of debt during the nine months ended September 30, 2023, with no such activity in 2024[116].