
Corporate Update and Q1 2025 Highlights Cadrenal strengthened leadership, advanced tecarfarin's clinical development with FDA guidance and Abbott collaboration, and enhanced supply chain security Leadership and Regulatory Updates Cadrenal appointed a Chief Medical Officer and gained FDA guidance for its pivotal tecarfarin Phase 3 trial design - Appointed James J. Ferguson, M.D., FACC, FAHA, as Chief Medical Officer to lead business development review and the late-stage clinical development of tecarfarin4 - Following a Type D meeting in February 2025, the FDA provided additional guidance on the design for a Phase 3 tecarfarin trial and is open to reviewing a final study design5 Strategic Collaborations and Operational Milestones Cadrenal collaborated with Abbott for the TECH-LVAD trial, secured U.S. tecarfarin manufacturing, and confirmed market potential - Announced a Collaboration Agreement with Abbott in March 2025 to support the pivotal TECH-LVAD trial, with Abbott providing insights, trial design support, and HeartMate 3™ expertise6 - Successfully transferred the manufacturing of tecarfarin drug substance (API) from a CDMO in Asia to one in the United States to improve supply chain security7 - Market research indicates the LVAD market is projected to nearly double by 2032, positioning tecarfarin for significant clinical value8 Corporate Visibility and Development Cadrenal enhanced corporate visibility through conference participation and is exploring new pipeline and collaboration opportunities - Participated in key conferences including the J.P. Morgan Healthcare Conference and the BIO CEO and Investor Conference to build corporate visibility9 - The company is actively exploring opportunities to add to its clinical pipeline and collaborate with partners to advance tecarfarin development for LVADs and other indications10 First Quarter 2025 Financial Results Cadrenal reported an increased net loss in Q1 2025 due to higher R&D and G&A expenses, with reduced cash reserves Financial Performance (Statement of Operations) Cadrenal's Q1 2025 net loss increased to $3.8 million, or ($2.09) per share, driven by higher R&D and G&A expenses Financial Performance Summary | Metric | Q1 2025 (USD) | Q1 2024 (USD) | Change | | :--- | :--- | :--- | :--- | | Research and Development Expenses | $1.7 million | $0.6 million | +183% | | General and Administrative Expenses | $2.3 million | $1.1 million | +109% | | Net Loss | $3.8 million | $1.7 million | +123.5% | | Net Loss Per Share | ($2.09) | ($1.56) | Increased Loss | Financial Position (Balance Sheet) As of March 31, 2025, Cadrenal's cash decreased to $7.3 million, with total assets at $8.0 million and equity at $6.1 million Financial Position Summary | Metric | March 31, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $7.3 million | $10.0 million | | Total Assets | $8.0 million | $10.1 million | | Total Liabilities | $1.8 million | $2.7 million | | Total Stockholders' Equity | $6.1 million | $7.4 million | About Cadrenal Therapeutics, Inc. Cadrenal Therapeutics develops cardiovascular treatments, with tecarfarin as its lead product, holding Orphan Drug and Fast Track designations for multiple indications - Cadrenal's lead product is tecarfarin, a novel oral vitamin K antagonist anticoagulant designed to address unmet needs in chronic anticoagulation therapy13 - The company is pursuing a 'pipeline-in-a-product' approach with tecarfarin14 - Tecarfarin has received Orphan Drug Designation (ODD) for patients with LVADs and both ODD and Fast Track status for end-stage kidney disease with atrial fibrillation (ESKD+AFib)14