Cadrenal Therapeutics is a late-stage biopharmaceutical company focused on developing novel therapies for life-threatening immune and thrombotic conditions. The company's primary strategic focus has shifted to CAD-1005, a first-in-class selective 12-LOX inhibitor for heparin-induced thrombocytopenia (HIT). An End-of-Phase 2 (EOP2) meeting with the FDA on March 26, 2026, clarified a potential registrational path for the planned Phase 3 pivotal trial of CAD-1005 in HIT patients. CAD-1005 holds Orphan Drug Designation (ODD) and Fast Track designation from the FDA for HIT, and orphan designation from the EMA for platelet-activating factor 4 disorders. The company acquired the 12-LOX platform assets, including CAD-1005, from Veralox Therapeutics in December 2025 for $200,000 cash, assumed liabilities, up to $15 million in contingent milestones, and 5% royalties on net sales. The broader pipeline includes tecarfarin, an oral vitamin K antagonist for patients with kidney dysfunction or left ventricular assist devices (LVADs), and frunexian, a Phase 2-ready intravenous (IV) Factor XIa inhibitor for acute care settings. The eXIthera assets, including frunexian, were acquired in September 2025 for $50,000 cash, assumed liabilities, up to $15 million in contingent milestones, and 2% royalties on net sales (plus 50% of Haisco royalties). Cadrenal reported a net loss of $13.2 million for the fiscal year ended December 31, 2025, an increase from $10.6 million in 2024. Cash and cash equivalents decreased significantly to $4.0 million as of December 31, 2025, from $10.0 million at the end of 2024. Cash used in operating activities for 2025 was $12.6 million, up from $7.4 million in 2024. The company's auditors included an explanatory paragraph in their report, raising substantial doubt about Cadrenal's ability to continue as a going concern. Commencement of the CAD-1005 Phase 3 trial is contingent on obtaining sufficient financing.