Dilution profile // every instrument, one screen, from SEC filings

Cadrenal Therapeutics, Inc. (CVKD)

CIK 1937993 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed sub-ratings (cash need)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
MEDIUM$17.8M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 1% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
LOW-73% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
HIGH~2.3 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2023-03-292026-08-13

Latest: 3.6M shares as of Aug 13, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-08-13
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Open the source document →
Share count fell from 16.0M to 1.7M between Aug 7, 2024 and Nov 7, 2024, a pattern consistent with a reverse split (roughly 1-for-10); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Pre Funded Warrant960,000$0.0001——
Series C1 Warrant960,000$3.9063——
Common Warrants960,000not tagged——
Pre Funds Warrants960,000not tagged——
Series C One Warrant960,000$3.1249——
Series C Two Warrant960,000not tagged——
Existing Warrant571,430$4.5——
Series B1 Warrant571,430not tagged——
New Warrant571,430$4.5——
June Two Thousand Twenty Six Warrant Issuance62,400not tagged——
April Two Thousand Twenty Six Warrant Inducement37,143$5.625——
Placement Agent Warrant13,479$13.56255y—

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 13, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 18,571 underlying shares, as reported Sep 30, 2025 (10-Q).

Reported exercise price: $20.625 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 3.6M = 3.6M O/S + 18,571 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 13, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding3.6MAug 13, 2026
+ Pre Funded Warrant (if exercised)960,000Jun 30, 2026
+ Series C1 Warrant (if exercised)960,000Jun 30, 2026
+ Common Warrants (if exercised)960,000Jun 30, 2026
+ Pre Funds Warrants (if exercised)960,000Jul 1, 2026
+ Series C One Warrant (if exercised)960,000Jul 1, 2026
+ Series C Two Warrant (if exercised)960,000Jul 1, 2026
+ Existing Warrant (if exercised)571,430Jun 30, 2026
+ Series B1 Warrant (if exercised)571,430Jun 30, 2026
+ New Warrant (if exercised)571,430Jun 30, 2026
+ June Two Thousand Twenty Six Warrant Issuance (if exercised)62,400Jun 30, 2026
+ April Two Thousand Twenty Six Warrant Inducement (if exercised)37,143Jun 30, 2026
+ Placement Agent Warrant (if exercised)13,479Jun 30, 2026
Fully diluted estimate11.2M+212.7% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $17.8Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Jul 13, 2026$8.9M registeredfiling →
S-3Apr 21, 2026$5.7M registeredfiling →
S-1Dec 29, 2025$3.2M registeredfiling →

Last 12 months: 8 executed · 3 registered.

UPDATEJul 20, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVEJul 20, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDJul 13, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDJul 1, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
UPDATEApr 29, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVEApr 29, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDApr 21, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDApr 1, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDApr 1, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
UPDATEJan 2, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVEDec 31, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDDec 29, 2025S-1 registration — capacity to sell shares, not a sale yetS-1 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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