Cadrenal Therapeutics closes $3 million private placement, warrants could add $5.8 million

Cadrenal Therapeutics, Inc. (Nasdaq: CVKD) announced on June 30, 2026 that it had priced a private placement expected to raise up to $8.8 million, structured with $3 million upfront and up to approximately $5.8 million more if warrants are exercised in full. According to the company's 8-K, on June 30, 2026 Cadrenal entered into a securities purchase agreement with an institutional investor to sell pre-funded warrants to purchase up to 960,000 shares of common stock, along with series C-1 warrants for up to 960,000 shares and series C-2 warrants for up to 960,000 shares, at a combined purchase price of $3.1249 per pre-funded warrant and accompanying common warrants.¹

The private placement generated gross proceeds of approximately $3.0 million and closed on July 1, 2026, upon satisfaction of customary closing conditions.¹ The company said it intends to use the net proceeds for working capital purposes.¹

The pre-funded warrants carry an exercise price of $0.0001 per share and are exercisable at any time after issuance, with no expiration until fully exercised.¹ The common warrants have an exercise price of $3.00 per share.¹ Specifically, the series C-1 warrants become exercisable upon stockholder approval and expire five years after the later of that approval date or the effectiveness of a resale registration statement,¹ while the series C-2 warrants are exercisable immediately and expire twenty-four months after the deal's "Effective Date."¹

H.C. Wainwright & Co. served as exclusive placement agent. Per the company, net proceeds are anticipated to extend its cash runway into the first quarter of 2027, or into the second half of 2027 if the warrants are fully exercised for cash, to support partnering efforts for tecarfarin in Kawasaki disease and CAD-1005 in CSA-AKI and HIT.