CVKDHIGH SIGNALFINANCIAL10-K

CVKD shows severe financial deterioration with cash declining 60% to $4M, stockholders' equity falling 63% to $2.7M, and operating cash outflows increasing 71% to -$12.6M, creating significant going concern risks.

The company is burning through cash at an accelerating rate with only $4M remaining, potentially providing less than 12 months of runway based on current burn rates. The added going concern language and emphasis on limited operating history signals heightened liquidity concerns and potential dilutive financing needs.

Comparing 2026-03-31 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

CVKD's financial position has deteriorated dramatically across all metrics, with total assets shrinking 57% to $4.3M primarily driven by the 60% cash decline to $4M. Operating losses deepened 23% to -$13.5M while operating cash outflows surged 71% to -$12.6M, indicating accelerating cash burn. The 63% collapse in stockholders' equity to just $2.7M, combined with the company's clinical-stage status and lack of revenue, signals an urgent need for additional capital raising that will likely be highly dilutive to existing shareholders.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-71.3%
-$7.4M→-$12.6M

Operating cash flow fell 71.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
-63.2%
$7.4M→$2.7M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Cash & Equivalents
Balance Sheet
-59.9%
$10.0M→$4.0M

Cash declined 59.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Assets
Balance Sheet
-57.3%
$10.1M→$4.3M

Total assets contracted 57.3% — asset sales, write-downs, or balance sheet optimization underway.

Current Assets
Balance Sheet
-57.3%
$10.1M→$4.3M

Current assets declined 57.3% — monitor working capital adequacy and short-term liquidity.

Total Liabilities
Balance Sheet
-40.8%
$2.7M→$1.6M

Liabilities reduced 40.8% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-40.8%
$2.7M→$1.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Net Income
P&L
-24.3%
-$10.7M→-$13.2M

Net income declined 24.3% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-22.8%
-$11.0M→-$13.5M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Capital Expenditure
Cash Flow
-21.9%
$7K→$5K

Capex reduced 21.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-13
ADDED
As of March 27, 2026, there were 2,506,817 shares of Common Stock, $0.001 par value per share, outstanding.
Risks Related to Our Financial Position and Need for Capital Our financial statements have been prepared assuming that we will continue as a going concern.
We are a clinical development biopharmaceutical company with a limited operating history.
We have a limited operating history upon which to evaluate our ability to commercialize our product candidate.
We have a limited operating history, a history of losses and expect to continue to incur losses.
We may never become profitable or, if achieved, be able to sustain profitability.
Our cash and the proceeds from our financings will only fund our operations for a limited time.
Our need for future financing may result in the issuance of additional securities, which will cause investors to experience dilution.
Risks Related to Product Development, Regulatory Approval, Manufacturing and Commercialization Our future success depends heavily on review of our Phase 3 trial protocol by the U.S.
Food and Drug Administration (the FDA ) and commencement of our Phase 3 clinical trial.
REMOVED
Shares of the registrant s common stock held by each executive officer, director and holder of 5% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates.
This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.
As of March 13, 2025, there were 1,879,710 shares of Common Stock, $0.001 par value per share, outstanding.
Risks Related to Our Financial Position and Need for Capital We have a limited operating history, a history of losses and expect to continue to incur losses; Our cash and the proceeds from our financings will only fund our operations for a limited time; and We will need to raise additional capital.
1 Risks Related to Product Development, Regulatory Approval, Manufacturing and Commercialization Our business is dependent upon the success of tecarfarin, which requires additional clinical testing; All of our current data for tecarfarin are the results of clinical trials conducted by third parties; Our development efforts may not generate data sufficient to support regulatory approval and the U.S.
Food and Drug Administration (the FDA ) may require additional clinical testing; Even if we complete our clinical trials, we may not receive regulatory approval for tecarfarin; Fast Track designation and Orphan Drug Designation by the FDA does not assure FDA approval; Even if we obtain regulatory approval, we may not enjoy marketing exclusivity and we may face development, regulatory or labeling difficulties; Clinical trials are very expensive, time-consuming and difficult to design and implement.
2 Risks Related to Our Intellectual Property We may be unable to obtain and maintain market exclusivity or patent protection for tecarfarin; We may become involved in intellectual property lawsuits, which could be costly and time consuming; Patent law changes in the United States and other jurisdictions could diminish the value of patents; Patent protection depends on compliance with requirements imposed by governmental patent agencies; We may not be able to enforce our intellectual property rights throughout the world; and Our U.S.
patents have expired and our foreign patents will expire in April 2025.
Overview We are developing tecarfarin, our drug candidate, for unmet needs in anticoagulation therapy.
Tecarfarin is a late-stage novel oral and reversible anticoagulant (blood thinner) designed to prevent heart attacks, strokes, and deaths due to blood clots in patients with rare cardiovascular conditions requiring chronic anticoagulation.
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