Cadrenal Therapeutics Inc

For the period ended Dec 31, 2023. Filed Mar 11, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 11, 2024

CVKD$1.44+5.1%Stored close · as of Nov 10, 2026

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Contents

Balance Sheets at December 31, 2023 and 2022

BALANCE SHEETS

	December 31, 2023	December 31, 2022
Assets:
Current assets:
Cash and cash equivalents	$8,402,500	$32,586
Prepaid expenses	89,673	22,715
Deferred offering costs	-	672,295
Total current assets	8,492,173	727,596
Property, plant and equipment, net	2,287	1,013
Right of use assets	20,998	43,578
Other assets	3,792	5,987
Total assets	$8,519,250	$778,174
Liabilities and Stockholders’ Equity (Deficit):
Current liabilities:
Accounts payable	$167,319	$404,897
Accrued liabilities	638,206	863,564
Operating lease liability	21,350	22,288
Promissory note payable, net of debt discount	-	43,728
Total current liabilities	826,875	1,334,477
Convertible note payable, net of debt discount - related parties	-	442,960
Convertible note payable, net of debt discount	-	110,380
Derivative liabilities	-	4,379,944
Accrued interest	-	40,213
Operating lease liability, noncurrent	-	21,350
Total liabilities	826,875	6,329,324
Stockholders’ equity (deficit):
Common stock, $0.001 par value; 75,000,000 shares authorized, 13,022,754 shares issued and outstanding as of December 31, 2023; 8,193,875 shares issued and outstanding as of December 31, 2022	13,022	8,194
Additional paid-in capital	22,750,768	1,154,985
Accumulated deficit	(15,071,415)	(6,714,329)
Total stockholders’ equity (deficit)	7,692,375	(5,551,150)
Total liabilities and stockholders’ equity (deficit)	$8,519,250	$778,174

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Year Ended December 31, 2023	January 25, 2022 (inception) through December 31, 2022
Operating expenses:
General and administrative expenses	$3,549,514	$2,307,503
Research and development expenses	4,081,349	392,859
Depreciation expense	1,980	1,266
Total operating expenses	7,632,843	2,701,628
Loss from operations	(7,632,843)	(2,701,628)
Other (income) expense:
Interest and dividend income	(249,092)	(21)
Interest expense	3,534	40,213
Interest expense, amortization of debt discount	13,567	66,913
Change in fair value of derivative liabilities	216,095	3,905,596
Loss on extinguishment of debt	740,139	-
Total other (income) expense	724,243	4,012,701
Net loss and comprehensive loss	$(8,357,086)	$(6,714,329)
Net loss per common share, basic and diluted	$(0.62)	$(0.85)
Weighted average number of common shares used in computing net loss per common share, basic and diluted	13,491,980	7,890,507

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

For the year ended December 31, 2023
Common Stock · Additional Paid-In · Accumulated · Total Stockholders’ Equity
	Shares	Amount	Capital	Deficit	(Deficit)
Balance, December 31, 2022	8,193,875	$8,194	$1,154,985	$(6,714,329)	$(5,551,150)
Issuance of common shares in initial public offering, net of offering costs	1,400,000	1,400	5,407,175	-	5,408,575
Issuance of common shares to settle convertible debt	1,140,700	1,140	1,139,560	-	1,140,700
De-recognition of derivative liabilities	-	-	4,596,039	-	4,596,039
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees	1,300,000	1,300	6,493,616	-	6,494,916
Issuance of common shares from exercise of warrants	250,000	250	249,750	-	250,000
Issuance of common shares to settle asset purchase obligation	600,000	600	2,999,400	-	3,000,000
Issuance of restricted common shares for consulting services	77,340	77	108,199	-	108,276
Equity-based compensation - options, restricted stock and RSUs	60,839	61	602,044	-	602,105
Net loss	-	-	-	(8,357,086)	(8,357,086)
Balance, December 31, 2023	13,022,754	$13,022	$22,750,768	$(15,071,415)	$7,692,375

For the period from January 25, 2022 (inception) through December 31, 2022
Common Stock · Additional Paid-In · Accumulated · Total Stockholders’
	Shares	Amount	Capital	Deficit	Deficit
Balance, January 25, 2022 · - · $ · - · $ · - · $ · - · $ · -
Issuance of founder shares	7,950,000	7,950	-	-	7,950
Equity-based compensation - options, restricted stock and RSUs	243,875	244	927,805	-	928,049
Issuance of placement agent warrants	-	-	51,621	-	51,621
Issuance of investor warrants	-	-	175,559	-	175,559
Net loss	-	-	-	(6,714,329)	(6,714,329)
Balance, December 31, 2022	8,193,875	$8,194	$1,154,985	$(6,714,329)	$(5,551,150)

STATEMENTS OF CASH FLOWS

Year Ended December 31, 2023 · January 25, 2022 (inception) through December 31, 2022
Cash flows from operating activities:
Net loss		$(8,357,086)		$(6,714,329)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		1,980		1,266
Equity-based compensation		710,381		928,049
Amortization of debt discount		13,567		66,913
Change in fair value of derivative liabilities		216,095		3,905,596
Loss on extinguishment of debt		740,139		-
Non-cash lease expense		292		-
Issuance of shares to settle asset purchase agreement		3,000,000		-
Changes in operating assets and liabilities:
Prepaid expenses		(66,958)		(22,715)
Deferred offering costs		672,295		(672,295)
Other assets		2,195		(5,987)
Accounts payable		(237,578)		404,897
Accrued liabilities		(225,645)		863,622
Accrued interest		-		40,213
Net cash used in operating activities		(3,530,323)		(1,204,770)
Cash flows used in investing activities:
Purchase of property and equipment		(3,254)		(2,279)
Net cash used in investing activities		(3,254)		(2,279)
Cash flows from financing activities:
Proceeds from issuance of convertible notes, net of debt issuance costs		-		1,011,964
Proceeds from issuance of convertible notes, net of debt issuance costs		-		219,721
Proceeds from issuance of founder shares		-		7,950
Proceeds from issuance of common shares, pre-funded warrants and warrants in private placement, net of fees		6,494,916		-
Proceeds from exercise of warrants		250,000		-
Repayment of promissory notes		(250,000)		-
Proceeds from sale of common stock in initial public offering, net of offering costs		5,408,575		-
Net cash provided by financing activities		11,903,491		1,239,635
Net change in cash		8,369,914		32,586
Cash and cash equivalents – beginning of the period		32,586		-
Cash and cash equivalents – end of the period		$8,402,500		$32,586
Suplemental disclosure of non-cash investing activity:
Non-cash right of use assets and operating lease liabilities	$	-		$47,090
Supplemental disclosure of non-cash financing activity:
Issuance of common shares to settle convertible debt		$1,140,700	$	-
De-recognition of derivative liabilities		$4,596,039	$	-
Non-cash debt issuance costs - placement agent warrants	$	-		$51,621
Fair value of financial instruments at issuance	$	-		$474,349
Issuance of investor warrants	$	-		$175,559

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