CDIOHIGH SIGNALFINANCIAL10-K

CDIO executed a 1-for-30 reverse stock split while experiencing substantially reduced revenue and continued significant operating losses, suggesting acute financial distress.

The reverse stock split combined with declining revenue signals potential compliance issues with exchange listing requirements and deteriorating business fundamentals. While operating losses improved modestly, the company continues burning cash at an unsustainable rate with substantially lower revenue generation, indicating possible going-concern risks for this small-cap entity.

Comparing 2026-03-13 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS

CDIO's financial position deteriorated meaningfully with revenue declining substantially while operating losses, though improved, remained severe at $6.5M against only $15K in revenue. The company's balance sheet contracted across all major categories, with current assets falling to $5.9M and total assets declining to $7.8M, while operating cash flow worsened to -$5.7M, painting a picture of a company struggling with fundamental business viability and cash burn management.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
-57.5%
$35K→$15K

Revenue declined 57.5% — significant demand weakness or market share loss warrants investigation.

Accounts Receivable
Balance Sheet
-56.3%
$19K→$8K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
-32.6%
$8.8M→$5.9M

Current assets declined 32.6% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-27%
$9.6M→$7.0M

Equity decreased 27% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
-26.8%
$10.6M→$7.8M

Total assets contracted 26.8% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
-25%
$1.1M→$793K

Liabilities reduced 25% — deleveraging improves balance sheet strength and financial flexibility.

Operating Income
P&L
+22.5%
-$8.4M→-$6.5M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+22.5%
-$8.4M→-$6.5M

Net income grew 22.5% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
-20.6%
$19K→$15K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
-14.7%
-$5.0M→-$5.7M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-20
ADDED
As of March 13, 2026, there were 2,959,469 shares of common stock, par value $0.00001 issued and outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 59 Item 8.
The Company effected a 1-for-30 reverse stock split effective May 12, 2025 (the "Reverse Stock Split ).
Unless otherwise indicated, all issued and outstanding stock and per share amounts referred to in this Annual Report on Form 10-K have been adjusted to reflect the Reverse Stock Split for all prior periods presented.
See Note 1 for information and disclosures relating to adjustments related to the Reverse Stock Split.
Recent Developments At the Market Sales Agreement On January 26, 2024, the Company entered into the Sales Agreement with Craig-Hallum Capital Group, LLC ( Craig-Hallum ).
Pursuant to the Sales Agreement, the Company may sell, at its option, shares of its Common Stock through Craig-Hallum, as sales agent.
Sales of the Common Stock were made pursuant to the Sales Agreement initially up to an aggregate of $17 million under the Company s Registration Statement on Form S-3 filed on January 26, 2024 (File No.
333-276725), and declared effective by the SEC on February 1, 2024 (the Initial Registration Statement ).
Additional sales have been, and may continue to be made, pursuant to the Sales Agreement up to an aggregate of $9,476,508 under the Company s Registration Statement on Form S-3 filed on February 7, 2025 (File No.
REMOVED
As of March 20, 2025, there were 52,145,416 shares of common stock, par value $0.00001 issued and outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 58 Item 7A.
The forward-looking statements contained in this Form 10-K are based on our current expectations and beliefs concerning future developments and their potential effects on us.
Our business depends on customers increasing their use of our existing and future products, and we may experience loss of customers or a decline in their use of our solutions.
We rely on a limited number of suppliers, contract manufacturers, and logistics providers, and our tests are currently performed by a single contract high complexity Clinical Laboratory Improvement Amendments (CLIA) laboratory.
("Legacy Cardio ) was founded in 2017 in Coralville, Iowa by Meeshanthini (Meesha) Dogan, PhD, and Robert (Rob) Philibert, MD PhD.
It was formed in January 2017 as an Iowa LLC and was subsequently incorporated as a Delaware C Corp in September 2019.
Cardio was formed to further develop and commercialize a series of products for major types of cardiovascular disease and associated co-morbidities, including coronary heart disease ( CHD ), stroke, heart failure and diabetes, by leveraging our Artificial Intelligence ( AI )-driven Integrated Genetic-Epigenetic Engine .
Cardio aims to become one of the leading medical technology companies for enabling improved prevention, detection, treatment and management of cardiovascular disease and associated co-morbidities.
We believe that incorporating our solutions into routine clinical practice in and prevention efforts can help alter the trajectory that nearly one in two Americans is expected to develop some form of cardiovascular disease by 2035.
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