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Cadrenal Therapeutics, Inc. Acquisition and Valuation
On September 15, 2025, Cadrenal Therapeutics, Inc. (CVKD) announced its acquisition of assets from eXIthera Pharmaceuticals, including a portfolio of Factor XIa inhibitors. The lead asset, frunexian, is being developed as an acute anticoagulant therapy and is Phase 2-ready. The company’s valuation stands at $30.00 per share, based on a probability-adjusted DCF model factoring potential future revenues for tecarfarin in various indications.
Cadrenal plans to initiate a clinical trial for tecarfarin in patients with end-stage kidney disease transitioning to dialysis, with expected enrollment starting in Q1 of 2026. This follow-up trial aims to address substantial unmet medical needs in anticoagulant therapy for this patient cohort.
As of June 30, 2025, Cadrenal has approximately $5.6 million in cash, with R&D expenses of $1.1 million in Q2 2025. The company will seek additional capital to fund its clinical trials.
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