Based mostly on our chance adjusted DCF mannequin that takes under consideration potential future revenues for tecarfarin in LVADs, ESKD+AFib, and mechanical coronary heart valves, CVKD is valued at $30.00/share. This mannequin is very dependent upon continued scientific success of tecarfarin and can be adjusted accordingly based mostly upon future scientific outcomes.
Spotlight
Based mostly on our chance adjusted DCF
mannequin that takes under consideration potential
future revenues for tecarfarin in LVADs, ESKD+AFib,
OUTLOOK
On September 15, 2025, Cadrenal Therapeutics, Inc. (CVKD) introduced the acquisition of belongings from eXIthera Prescribed drugs that features a portfolio of intravenous (IV) and oral Issue XIa inhibitors. The lead asset, frunexian, is a
Cadrenal additionally lately introduced prioritizing scientific trial plans for tecarfarin for sufferers with Finish-Stage Kidney Illness (ESKD) transitioning to dialysis, a cohort with a big unmet want for efficient anticoagulant therapies. We anticipate a Section 2 trial initiating within the first quarter of 2026
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Cadrenal Therapeutics, Inc. Value
Cadrenal Therapeutics, Inc. value | Cadrenal Therapeutics, Inc. Quote
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WHAT’s NEW
Enterprise
Replace Acquires Portfolio of Issue XIa Inhibitors On September 15, 2025, Cadrenal Therapeutics, Inc. (CVKD) introduced it had acquired a portfolio of Issue XIa inhibitors from eXIthera Prescribed drugs. Included within the acquired belongings is frunexian, a Section 2-ready asset that’s being developed as an acute anticoagulant remedy for prevention of coagulation the place medical gadgets play a big position reminiscent of in cardiopulmonary bypass and catheter thrombosis. The portfolio additionally contains EP-7327, an oral Issue XIa inhibitor for the prevention and remedy of main thrombotic circumstances.
Anticoagulation remedy is utilized for the prevention and remedy of thrombosis with out disrupting hemostasis. Present anticoagulants goal FXa or thrombin, that are enzymes within the extrinsic pathway of coagulation. Nonetheless, inhibition of Issue XIa is a brand new space of focus since epidemiological and animal knowledge help the idea that Issue XIa is crucial for thrombosis however not required for hemostasis. People with congenital FXI deficiency should not have an elevated threat for spontaneous bleeding, whereas on the identical time these sufferers are at a decrease threat for venous thromboembolism (VTE) and ischemic stroke. Conversely, sufferers with elevated FXI ranges are at a better threat for VTE and stroke.
Frunexian is a small-molecule inhibitor of Issue XIa and is designed for intravenous administration. Whereas there are a selection of different FXIa inhibitors in growth (as proven within the following desk), frunexian is the one one we’re conscious of that’s being developed within the acute care setting.
Frunexian has been efficiently examined in two Section 1 scientific trials in wholesome volunteers. The outcomes confirmed that the drug was properly tolerated at doses as much as 2.25 mg/kg/h and there have been no studies of great opposed occasions. Regular-state plasma ranges of the drug had been quickly achieved, and importantly the drug was rapidly cleared following cessation of dosing, an vital issue to be used within the acute care setting. The corporate has extra work to carry out concerning the manufacturing of frunexian earlier than initiating the scientific trial plan, which can initially concentrate on complicated cardiac surgical procedure.
Medical Trial Deliberate in ESKD w/ Atrial Fibrilation Transitioning to Dialysis
In August 2025, Cadrenal introduced plans for a scientific trial for tecarfarin in sufferers with end-stage kidney illness (ESKD) which might be transitioning to dialysis. We anticipate enrollment initiating within the first quarter of 2026 and topline knowledge may very well be accessible roughly one 12 months following the beginning of the trial.
Sufferers with continual kidney illness (CKD) have a excessive threat for cardiovascular occasions: roughly half of CKD stage 4 and 5 (ESKD) have heart problems (CVD) (Stevens et al., 2007), and cardiovascular Web page 2 scr.zacks.com Zacks Funding Analysis mortality is among the main causes of dying in sufferers with superior CKD (Webster et al., 2016). There’s conflicting knowledge accessible as as to if present anticoagulation remedy choices (each warfarin and DOACs) are efficient at stopping CV occasions in these sufferers. The RENAL-AF trial in contrast apixaban to warfarin in dialysis sufferers with atrial fibrillation (AF), nevertheless the examine had insufficient energy to attract any conclusion concerning charges of main or clinically related nonmajor bleeding, though it was famous that bleeding occasions had been rather more widespread than stroke occasions in that inhabitants (Pokorney et al., 2022). Pooled commentary knowledge counsel that DOACs could have comparable stroke prevention and doubtlessly decrease main bleeding vs. warfarin, nevertheless the proof is low-quality and heterogeneous (Shen et al., 2023). The underside line is {that a} new remedy possibility is important for dialysis sufferers with ESKD. Tecarfarin exercise just isn’t affected in ESKD sufferers, thus making it an appropriate compound to check as an anticoagulant remedy in that inhabitants.
Monetary Replace
On August 11, 2025, Cadrenal introduced monetary outcomes for the second quarter of 2025. As anticipated, the corporate didn’t document any revenues for the three months ending June 30, 2025. R&D bills within the second quarter of 2025 had been $1.1 million in comparison with $1.3 million within the second quarter of 2024. The lower was primarily on account of decreased consulting bills partially offset by a rise in CMC prices. G&A bills had been $2.7 million within the second quarter of 2025 in comparison with $1.2 million within the second quarter of 2024. The rise was primarily on account of elevated public firm bills and non-cash stock-based compensation As of June 30, 2025, Cadrenal had roughly $5.6 million in money and money equivalents Whereas the corporate has ample capital to fund operations for the subsequent 12 months, it might want to elevate extra capital to conduct the deliberate scientific trials for tecarfarin and frunexian. The corporate at present has roughly 2.0 million shares excellent and, when factoring in inventory choices and warrants, a completely diluted share depend of roughly 3.1 million.
Conclusion
Cadrenal has now enhanced its pipeline with the acquisition of frunexian and the opposite Issue XIa inhibitors and we stay up for extra info concerning their growth. The shift to specializing in ESKD sufferers for tecarfarin is vital as there’s a important want for efficient anticoagulant remedy for these sufferers and we imagine constructive outcomes might additionally serve to de-risk the event of tecarfarin in different indications reminiscent of in LVAD sufferers. Earlier than incorporating frunexian into our mannequin we’ll wait and see what growth path the corporate decides to pursue with it, thus our valuation stays at $30 per share.
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