Cadrenal Therapeutics, Inc.

CVKDdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Cadrenal Therapeutics, Inc. earns about -245% on equity, and has bought back 75% of its shares over 4 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—
Net income	−$6.71M¹	−$8.36M²	−$10.7M³	−$13.2M³
Operating cash flow	−$1.2M⁴	−$3.53M⁵	−$7.36M⁶	−$12.6M⁶
Capital expenditure	$2,279⁷	$3,254⁸	$6,537⁹	$5,104⁹
Free cash flow (derived)	−$1.21M⁴	−$3.53M⁵	−$7.36M⁶	−$12.6M⁶
Total debt	$597,068¹⁰	—	—	—
Cash & equivalents	$32,586¹¹	$8.4M¹¹	$10M¹²	$4.01M¹²
Diluted shares	7.9M	899,465	1.2M	2.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$13.74

your share of equity

Profit it earned you last year

−$66.39

Free cash flow it threw off

−$63.23

Debt you’d be carrying

—

10 shares is a claim on $13.74 of net worth that earned you −$66.39 and generated −$63.23 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-245% avg · 4y

FY22 —FY23 -109%FY24 -143%FY25 -483%

It earned an average -245% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−75% shares · 4y

Share count is down 75% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-12-31 · accession 0001213900-24-021133 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001213900-25-023759 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-036946 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-021133 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001213900-25-023759 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-036946 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-021133 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001213900-25-023759 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001213900-26-036946 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001213900-24-021133 (DebtCurrent)
10-K · period ending 2022-12-31 · accession 0001213900-24-021133 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-036946 (CashAndCashEquivalentsAtCarryingValue)