The free cash flow deficit remains deeply negative at $3.0 million for 2026Q1, highlighting an accelerating burn rate that necessitates immediate attention to liquidity management.
| Cash from Operations | -10.96M | -12.6M | -7.36M | -3.53M | -1.2M |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -113.04% | -71.28% | -108.41% | -193.03% | - |
| Net Income | -11.89M | -13.24M | -10.65M | -8.36M | -6.71M |
| Depreciation & Amortization | 1.91K | 6.87K | 1.88K | 1.98K | 1.27K |
| Stock-Based Compensation | 1.64M | 1.94M | 1.42M | 710.38K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | 0 | -352 | 3.97M | 4.9M |
| Working Capital Changes | -712.01K | -1.31M | 1.87M | 144.31K | 607.74K |
| Change in Receivables | 19.2K | 33.06K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -453.59K | -851.8K | 1.34M | -237.58K | 404.9K |
| Cash from Investing | -1.85K | -5.1K | -6.54K | -3.25K | -2.28K |
| Capital Expenditures | -1.85K | -5.1K | -6.54K | -3.25K | 0 |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 5.93M | 6.6M | 8.98M | 11.9M | 1.24M |
| Debt Issued (Net) | 0 | 0 | 0 | -250K | 0 |
| Equity Issued (Net) | 6.37M | 6.87M | 5.14M | 11.9M | 1.24M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -291.88K | 0 | 0 | 0 |
| Other Financing | -442.13K | -271.21K | 3.84M | 250K | 0 |
| Net Change in Cash | -5.03M | -6.01M | 1.62M | 8.37M | 32.59K |
| Free Cash Flow | -10.96M | -12.6M | -7.36M | -3.53M | -1.2M |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | -7.64% | -71.12% | -108.4% | -193.3% | - |
| FCF per Share | -4.55 | -6.32 | -6.04 | -4.07 | -1.55 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.95x | 0.69x | 0.42x | 0.18x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in recent financial filings, CVKD exhibits a consistent disconnect between net losses and operating cash outflows, with the OCF/NI ratio fluctuating significantly, reaching 1.20 in 2026Q1, which underscores the company's reliance on external financing to bridge the gap between accounting losses and actual cash burn.
The divergence between net income and operating cash flow suggests that non-cash expenses, such as stock-based compensation, are masking the true magnitude of the cash-based operational deficit. Investors should monitor this ratio closely, as the inability to generate internal cash flow necessitates ongoing dilution to sustain clinical development.
Based on the company's reported quarterly figures, the free cash flow trajectory remains deeply negative, with outflows reaching $3.0 million in 2026Q1, reflecting the escalating costs of clinical trial preparation that continue to outpace any potential for near-term self-sustaining financial performance or operational profitability.
The consistent negative FCF trend indicates that the company is in a high-intensity capital consumption phase with no offsetting revenue. This trajectory appears unsustainable without a fundamental change in the funding model or a successful clinical milestone that could attract non-dilutive capital or strategic partnerships.
According to recent financial statements, CVKD's working capital movements have been highly erratic, swinging from a $1.4 million outflow in 2025Q1 to a $1.6 million inflow in 2024Q4, suggesting that timing differences in clinical trial vendor payments significantly impact the company's short-term liquidity position.
This volatility in working capital appears to be a function of the lumpy nature of clinical research expenditures rather than operational efficiency. The reliance on these fluctuations to manage cash balances warrants further investigation into the company's ability to maintain stable liquidity as trial activity intensifies.
As indicated by the provided financial data, stock-based compensation has been a recurring feature of the cash flow statement, totaling $252.4K in 2026Q1, which effectively obscures the true economic cost of operations by shifting the burden of compensation from cash outlays to shareholder dilution.
While these adjustments are standard for pre-revenue biotech firms, they represent a significant hidden cost that is not captured in the headline operating cash flow figures. Analysts should interpret these figures as a form of non-cash financing that sustains the company's operations at the expense of existing equity holders.
Quick answers to the most common questions about buying CVKD stock.
Cadrenal Therapeutics, Inc. Common Stock (CVKD) generated $-12.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cadrenal Therapeutics, Inc. Common Stock (CVKD) reported negative free cash flow of $12.6M in 2025, indicating capital requirements exceeded cash from operations.
Cadrenal Therapeutics, Inc. Common Stock (CVKD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cadrenal Therapeutics, Inc. Common Stock (CVKD) spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.