The company continues to report substantial net losses, with operating expenses reaching $1.7 million in SG&A costs during 2026Q1, while failing to generate any top-line revenue.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 956 | 0 | 0 | 0 | 1.27K |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -956 | 0 | 0 | 0 | -1.27K |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | 100% | - |
| Operating Expenses | 12.05M | 13.46M | 10.96M | 7.63M | 2.7M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 8.84M | 9.35M | 6.75M | 3.55M | 2.31M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 3.2M | 4.1M | 4.21M | 4.08M | 392.86K |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 1.91K | 6.87K | 1.88K | 1.98K | 0 |
| Operating Income | -12.05M | -13.46M | -10.96M | -7.63M | -2.7M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | -22.81% | -43.6% | -182.53% | - |
| EBITDA | -12.05M | -13.45M | -10.96M | -7.63M | -2.7M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | 8.23% | -22.77% | -43.61% | -182.59% | - |
| D&A (Non-Cash Add-back) | 1.91K | 6.87K | 1.88K | 1.98K | 1.27K |
| EBIT | -12M | -13.46M | -10.65M | -8.34M | -6.61M |
| Net Interest Income | 159.06K | 223.81K | 309.25K | 231.99K | -107.11K |
| Interest Income | 159.06K | 223.81K | 309.25K | 249.09K | 0 |
| Interest Expense | 0 | 0 | 0 | 17.1K | 107.11K |
| Other Income/Expense | 159.06K | 223.81K | 309.25K | -724.24K | -4.01M |
| Pretax Income | -11.89M | -13.24M | -10.65M | -8.36M | -6.71M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -11.89M | -13.24M | -10.65M | -8.36M | -6.71M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | 7.36% | -24.28% | -27.45% | -24.47% | - |
| Net Income (Continuing) | -11.89M | -13.24M | -10.65M | -8.36M | -6.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.94 | -6.64 | -8.73 | -9.63 | -8.66 |
| EPS Growth % | 39.2% | 23.94% | 9.35% | -11.2% | - |
| EPS (Basic) | - | -6.64 | -8.73 | -9.63 | -8.66 |
| Diluted Shares Outstanding | 2.41M | 1.99M | 1.22M | 868.18K | 775.64K |
| Basic Shares Outstanding | 2.41M | 1.99M | 1.22M | 868.18K | 775.64K |
| Dividend Payout Ratio | - | - | - | - | - |
Binary clinical trial dependency
As reported in recent financial statements, CVKD's operating expenses have consistently outpaced R&D investment, with SG&A reaching $1.7 million in 2026Q1, reflecting the heavy administrative burden required to sustain a pre-revenue clinical-stage entity without a diversified pipeline to offset these recurring overhead costs.
The company's cost structure is heavily skewed toward SG&A, which suggests that a significant portion of capital is being consumed by corporate maintenance rather than direct clinical advancement. This expense discipline warrants concern, as the lack of revenue generation means every dollar spent on overhead directly accelerates the timeline toward potential liquidity exhaustion.
Based on the company's reported figures, stock-based compensation remains a persistent feature of the income statement, totaling $252.4K in 2026Q1 alone, which effectively serves to dilute existing shareholders while the firm continues to report substantial net losses without any offsetting commercial revenue streams.
The reliance on equity-based incentives in a pre-revenue environment indicates a strategy to preserve cash, yet it creates a compounding dilution risk for investors. Analysts should monitor whether these compensation levels remain proportional to clinical progress, as high non-cash expenses in a loss-making entity often mask the true economic cost of operations.
According to the provided income statement data, CVKD's operating losses have fluctuated between $1.3 million and $4.3 million per quarter, demonstrating that the company lacks the scale to achieve operating leverage as it continues to fund pivotal trial preparations without any top-line revenue contribution.
The absence of revenue means that any increase in R&D or SG&A spending flows directly to the bottom line as an expanded loss. Investors should interpret the current operating margin profile as a reflection of a high-fixed-cost business model that is entirely dependent on future regulatory milestones to justify its ongoing cash burn.
As indicated by the 2026Q1 financial data, the company's cash position of approximately $4 million appears insufficient to support the high-intensity capital requirements of Phase 3 clinical trials, suggesting that the firm may face significant financing risks in the near term to maintain its going concern status.
Short-sellers would likely focus on the widening gap between the company's cash reserves and the projected costs of its clinical program. The lack of a commercialized product leaves the firm vulnerable to dilutive financing events, which may be necessary to bridge the gap until potential regulatory approval or a strategic partnership is secured.
Quick answers to the most common questions about buying CVKD stock.
For fiscal year 2025, Cadrenal Therapeutics, Inc. Common Stock (CVKD) reported total revenue of $0.0M.
Cadrenal Therapeutics, Inc. Common Stock (CVKD) reported a net loss of $13.2M for the fiscal year ending 2025.