Cadrenal Therapeutics, Inc. Earnings Per Share Disclosure
Note 8. Net Loss Per Share
The following table sets forth the computation of the basic and diluted net loss per common share:
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Numerator: | ||||||||
| Net loss | $ | (13,237,362 | ) | $ | (10,651,368 | ) | ||
| Denominator: | ||||||||
| Weighted average common shares outstanding | 1,993,757 | 1,219,550 | ||||||
| Net loss per common share, basic and diluted | $ | (6.64 | ) | $ | (8.73 | ) | ||
Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive securities would have been anti-dilutive. For the periods presented, there were no potential dilutive securities other than stock options and warrants.
The following common stock equivalents were excluded from the calculation of diluted net loss per share applicable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
| As of December 31, | ||||||||
| 2025 | 2024 | |||||||
| Anti-dilutive common stock equivalents: | ||||||||
| Stock options to purchase common stock | 403,000 | 156,334 | ||||||
| Warrants to purchase common stock | 1,044,167 | 615,940 | ||||||
| Total anti-dilutive common stock equivalents | 1,447,167 | 772,274 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 11, 2024 | |
| 2022 | Mar 30, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.