Cadrenal Therapeutics, Inc. Common Stock (CVKD) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document Information Line Items
Entity Registrant Name	CADRENAL THERAPEUTICS, INC.
Trading Symbol	CVKD
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		13,022,754
Amendment Flag	false
Entity Central Index Key	0001937993
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41596
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0860746
Entity Address, Address Line One	822 A1A North
Entity Address, Address Line Two	Suite 306
Entity Address, City or Town	Ponte Vedra
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32082
City Area Code	(904)
Local Phone Number	300-0701
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 9,109,445	$ 32,586
Prepaid expenses	168,602	22,715
Deferred offering costs		672,295
Total current assets	9,278,047	727,596
Property, plant and equipment	2,884	1,013
Right of use assets	26,895	43,578
Other assets	3,792	5,987
Total assets	9,311,618	778,174
Current liabilities:
Accounts payable	141,658	404,897
Accrued liabilities	396,917	863,564
Operating lease liability	24,991	22,288
Promissory note payable, net of debt discount		43,728
Total current liabilities	563,566	1,334,477
Convertible note payable, net of debt discount		110,380
Derivative liabilities		4,379,944
Accrued interest		40,213
Operating lease liability, noncurrent	2,232	21,350
Total liabilities	565,798	6,329,324
Stockholders’ equity (deficit):
Common stock, $0.001 par value; 75,000,000 shares authorized, 13,022,754 shares issued and outstanding as of September 30, 2023; 8,193,875 shares issued and outstanding as of December 31, 2022	13,022	8,194
Additional paid-in capital	22,660,153	1,154,985
Accumulated deficit	(13,927,355)	(6,714,329)
Total stockholders’ equity (deficit)	8,745,820	(5,551,150)
Total liabilities and stockholders’ equity (deficit)	9,311,618	778,174
Related Party
Current liabilities:
Convertible note payable, net of debt discount		$ 442,960

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	13,022,754	8,193,875
Common stock, shares outstanding	13,022,754	8,193,875

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Operating expenses:
General and administrative expenses	$ 898,051	$ 915,897	$ 1,348,670	$ 2,647,407
Research and development expenses	243,948	56,388	276,482	3,720,222
Depreciation expense	597	506	506	1,383
Total operating expenses	1,142,596	972,791	1,625,658	6,369,012
Loss from operations	(1,142,596)	(972,791)	(1,625,658)	(6,369,012)
Other (income) expense:
Interest and dividend income	(106,145)	(3)	(20)	(129,321)
Interest expense		13,544	22,088	3,534
Interest expense, amortization of debt discount		18,470	29,302	13,567
Change in fair value of derivative liabilities		21,312	27,874	216,095
Loss on extinguishment of debt				740,139
Total other (income) expenses	(106,145)	53,323	79,244	844,014
Net loss and comprehensive loss	$ (1,036,451)	$ (1,026,114)	$ (1,704,902)	$ (7,213,026)
Net loss per common share, basic (in Dollars per share)	$ (0.07)	$ (0.13)	$ (0.22)	$ (0.57)
Weighted average number of common shares used in computing net loss per common share, basic (in Shares)	15,396,224	8,037,218	7,778,778	12,640,815

Statements of Operations and _2

Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Income Statement [Abstract]
Net loss per common share, diluted	$ (0.07)	$ (0.13)	$ (0.22)	$ (0.57)
Weighted average number of common shares used in computing net loss per common share, diluted	15,396,224	8,037,218	7,778,778	12,640,815

Statements of Changes in Stockh

Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Jan. 24, 2022
Balance (in Shares) at Jan. 24, 2022
Issuance of founder shares	$ 7,950			7,950
Issuance of founder shares (in Shares)	7,950,000
Equity-based compensation - options, restricted stock and RSUs	$ 177	478,507		478,684
Equity-based compensation - options, restricted stock and RSUs (in Shares)	176,875
Issuance of placement agent warrants		38,445		38,445
De-recognition of derivative liabilities
Net loss			(1,704,902)	(1,704,902)
Balance at Sep. 30, 2022	$ 8,127	516,952	(1,704,902)	(1,179,823)
Balance (in Shares) at Sep. 30, 2022	8,126,875
Balance at Jun. 30, 2022	$ 7,950		(678,788)	(670,838)
Balance (in Shares) at Jun. 30, 2022	7,950,000
Equity-based compensation - options, restricted stock and RSUs	$ 177	478,507		478,684
Equity-based compensation - options, restricted stock and RSUs (in Shares)	176,875
Issuance of placement agent warrants		38,445		38,445
Net loss			(1,026,114)	(1,026,114)
Balance at Sep. 30, 2022	$ 8,127	516,952	(1,704,902)	(1,179,823)
Balance (in Shares) at Sep. 30, 2022	8,126,875
Balance at Dec. 31, 2022	$ 8,194	1,154,985	(6,714,329)	$ (5,551,150)
Balance (in Shares) at Dec. 31, 2022	8,193,875			8,193,875
Equity-based compensation - options, restricted stock and RSUs	$ 61	498,929		$ 498,990
Equity-based compensation - options, restricted stock and RSUs (in Shares)	60,839
Issuance of common shares in initial public offering, net of offering costs	$ 1,400	5,407,175		5,408,575
Issuance of common shares in initial public offering, net of offering costs (in Shares)	1,400,000
Issuance of common shares to settle convertible debt	$ 1,140	1,139,560		1,140,700
Issuance of common shares to settle convertible debt (in Shares)	1,140,700
De-recognition of derivative liabilities		4,596,039		4,596,039
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees	$ 1,300	6,506,116		6,507,416
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees (in Shares)	1,300,000
Issuance of common shares from exercise of warrants	$ 250	249,750		$ 250,000
Issuance of common shares from exercise of warrants (in Shares)	250,000
Issuance of common shares to settle asset purchase obligation	$ 600	2,999,400		$ 3,000,000
Issuance of common shares to settle asset purchase obligation (in Shares)	600,000
Issuance of restricted common shares for consulting services	$ 77	108,199		108,276
Issuance of restricted common shares for consulting services (in Shares)	77,340
Net loss			(7,213,026)	(7,213,026)
Balance at Sep. 30, 2023	$ 13,022	22,660,153	(13,927,355)	$ 8,745,820
Balance (in Shares) at Sep. 30, 2023	13,022,754			13,022,754
Balance at Jun. 30, 2023	$ 11,722	16,055,104	(12,890,904)	$ 3,175,922
Balance (in Shares) at Jun. 30, 2023	11,722,754
Equity-based compensation - options, restricted stock and RSUs		98,933		98,933
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees	$ 1,300	6,506,116		6,507,416
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees (in Shares)	1,300,000
Net loss			(1,036,451)	(1,036,451)
Balance at Sep. 30, 2023	$ 13,022	$ 22,660,153	$ (13,927,355)	$ 8,745,820
Balance (in Shares) at Sep. 30, 2023	13,022,754			13,022,754

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	8 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (1,704,902)	$ (7,213,026)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	506	1,383
Equity-based compensation	478,684	607,266
Amortization of debt discount	29,302	13,567
Change in fair value of derivative liabilities	27,874	216,095
Loss on extinguishment of debt		740,139
Non-cash lease expense		268
Issuance of shares to settle asset purchase agreement		3,000,000
Changes in operating assets and liabilities:
Prepaid expenses	(24,033)	(145,887)
Deferred offering costs	(414,240)	672,295
Other assets	(2,195)	2,196
Accounts payable	308,221	(263,239)
Accrued liabilities	364,141	(466,935)
Accrued interest	22,088
Net cash used in operating activities	(914,554)	(2,835,878)
Cash flows used in investing activities:
Investment in property and equipment	(2,278)	(3,254)
Net cash used in investing activities	(2,278)	(3,254)
Cash flows from financing activities:
Proceeds from issuance of convertible notes, net of debt issuance costs	1,011,964
Proceeds from issuance of founder shares	7,950
Proceeds from issuance of common shares, pre-funded warrants and warrants in private placement, net of fees		6,507,416
Proceeds from exercise of warrants		250,000
Repayment of promissory notes		(250,000)
Proceeds from sale of common stock in initial public offering, net of offering costs		5,408,575
Net cash provided by financing activities	1,019,914	11,915,991
Net change in cash	103,082	9,076,859
Cash and cash equivalents – beginning of the period		32,586
Cash and cash equivalents – end of the period	103,082	9,109,445
Supplemental disclosure of non-cash financing activities:
Issuance of common shares to settle convertible debt		1,140,700
De-recognition of derivative liabilities		4,596,039
Issuance of common shares for consulting services		$ 108,276

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Description of Business and Summary of Significant Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Cadrenal Therapeutics, Inc. (the “Company” or “Cadrenal”) was incorporated on January 25, 2022 (inception) in the State of Delaware and is headquartered in Ponte Vedra, Florida. Cadrenal is developing tecarfarin, a late-stage novel oral and reversible anticoagulant (blood thinner), to prevent heart attacks, strokes, and deaths due to blood clots in patients with certain rare medical conditions. Tecarfarin has orphan drug and Fast Track designations for the prevention of systemic thromboembolism (blood clots) of cardiac origin in patients with ESKD and AFib. Tecarfarin is specifically designed to leverage a different metabolism pathway than the oldest and most commonly prescribed Vitamin K Antagonist (warfarin) used in the prevention of thrombosis. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for the fair presentation of the Company’s financial statements for the periods presented. The Company’s date of inception was January 25, 2022 and the fiscal year-end is December 31. Liquidity The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since inception, the Company has incurred operating losses, and negative cash flows from operations. For the nine months ended September 30, 2023, the Company had a net loss of $7,213,026, which included $4,578,450 of non-cash expenses. Cash used in operations for the nine months ended September 30, 2023 totaled $2,835,878. As of September 30, 2023, the Company had cash and cash equivalents of $9,109,445, net working capital of $8,714,481, and an accumulated deficit of $13,927,355. The Company’s cash and cash equivalents balance of approximately $8.9 million as of November 9, 2023 is expected to be sufficient to fund its operations for at least the next twelve months from the date of the filing of its Quarterly Report on Form 10-Q, however, the Company will require additional funding to complete its planned Phase 3 clinical trial and submit its NDA. Management intends to raise additional funds through partnering and equity and debt financings. However, there can be no assurance that the Company will be able to complete partnering transactions or financings on terms acceptable to the Company or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. Emerging Growth Company Status As an “emerging growth company” (“EGC”) under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company may elect to take advantage of certain forms of relief from various reporting requirements that are applicable to public companies. The relief afforded under the JOBS Act includes an extended transition period for the implementation of new or revised accounting standards. The Company has elected to take advantage of this extended transition period and, as a result, the Company’s financial statements may not be comparable to those of companies that implement accounting standards as of the effective dates for public companies. The Company may take advantage of the relief afforded under the JOBS Act up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of financial instruments, the fair value of common stock, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actual results could differ from those estimates. Concentration of Credit and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents. Cash is maintained at high credit quality financial institutions and, at times, balances may exceed federally insured limits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000 per depositor at each financial institution. The Company has never experienced any losses related to these balances. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. The Company is subject to a number of risks common for early-stage biopharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of its product candidate, ability to obtain regulatory approval of its product candidate, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash and cash equivalents include cash and money market funds. Derivative Financial Instruments The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. The Company accounts for certain redemption features that are associated with convertible notes as liabilities at fair value and adjusts the instruments to their fair value at the end of each reporting period. Derivative financial liabilities are initially recorded at fair value, with gains and losses arising from changes in the fair value recognized in other income (expense) in the accompanying statements of operations and comprehensive loss for each reporting period while such instruments are outstanding. The embedded derivative liabilities are valued using a probability-weighted expected return model. If the Company repays the noteholders or if, during the next round of financing, the noteholders convert the debt into equity, the derivative financial liabilities will be de-recognized and reclassified to stockholders’ equity (deficit) on that date. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Concurrent with the closing of the initial public offering in January 2023 (the “IPO”), the note holders converted the debt into common stock, accordingly, the derivative financial liabilities were de-recognized and reclassified to stockholders’ equity (deficit) on January 24, 2023. Stock-Based Compensation The Company measures its stock-based awards granted to employees, consultants, and directors based on the estimated fair values of the awards and recognizes the compensation over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. The Company accounts for forfeitures as they occur. Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. The Company completed its initial public offering on January 24, 2023, and the offering costs were recorded against the proceeds of the offering. As of September 30, 2023, there were no deferred offering costs. Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The Company also evaluates which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. When a transaction accounted for as an asset acquisition includes an in-process research and development (“IPR&D”) asset, the IPR&D asset is only capitalized if it has an alternative future use other than in a particular research and development project. For an IPR&D asset to have an alternative future use: (a) the Company must reasonably expect that it will use the asset acquired in an alternative manner and anticipate economic benefit from that alternative use, and (b) the Company’s use of the asset acquired is not contingent on the further development of the asset subsequent to the acquisition date (that is, the asset can be used in an alternative manner in the condition in which it existed at the acquisition date). Otherwise, amounts allocated to IPR&D that have no alternative use are expensed to research and development. Asset acquisitions may include contingent consideration arrangements that encompass obligations to make future payments to sellers contingent upon the achievement of future financial targets. Contingent consideration is not recognized until all contingencies are resolved and the consideration is paid or probable of payment, at which point the consideration is allocated to the assets acquired on a relative fair value basis. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and net losses, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents of potentially dilutive securities outstanding for the period determined using the treasury stock or if-converted methods. Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share since the effects of potentially dilutive securities are anti-dilutive. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events or circumstances from non-owner sources. Net loss and comprehensive loss were the same for the periods presented in the accompanying financial statements. Research and Development Expenses Research and development costs are expensed as incurred and consist of fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Acquired intangible assets are expensed as research and development costs if, at the time of payment, the technology is under development; is not approved by the United States Food and Drug Administration (“FDA”) or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed. Patents Patent costs are comprised primarily of external legal fees, filing fees incurred to file patent applications, and periodic renewal fees to keep the patent in force and are expensed as incurred as a component of general and administrative expenses.

Recent Accounting Guidance

Recent Accounting Guidance	9 Months Ended
	Sep. 30, 2023
Recent Accounting Guidance [Abstract]
Recent Accounting Guidance	Note 2. Recent Accounting Guidance Recently Issued Accounting Pronouncements Not Yet Adopted Accounting standards that have been issued by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: ● Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. ● Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company classified its embedded derivative liability as a Level 3 financial instrument and measured and reported its embedded derivatives at fair value. Concurrent with the closing of the initial public offering in January 2023, the note holders converted the debt into common stock, accordingly, the derivative financial liabilities were de-recognized and reclassified to stockholders’ equity (deficit) on January 24, 2023. Financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table: September 30, 2023 Level 1 Level 2 Level 3 Fair Financial Liabilities: Derivative liabilities $ - $ - $ - $ - Total financial liabilities $ - $ - $ - $ - December 31, 2022 Level 1 Level 2 Level 3 Fair Financial Liabilities: Derivative liabilities $ - $ - $ 4,379,944 $ 4,379,944 Total financial liabilities $ - $ - $ 4,379,944 $ 4,379,944 Derivative Balance at January 25, 2022 $ - Fair value of financial instruments at issuance 474,348 Change in fair value 3,905,596 Balance at December 31, 2022 $ 4,379,944 Derivative Balance at December 31, 2022 $ 4,379,944 Change in fair value 216,095 Settlement of derivative liability (4,596,039 ) Balance at September 30, 2023 $ - The carrying amounts of cash and cash equivalents, prepaid expenses, deferred offering costs, accounts payable, and accrued liabilities approximate their fair values due to their short-term nature. There were no transfers of liabilities among the fair value measurement categories during any of the periods presented.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities [Abstract]
Accrued Liabilities	Note 4. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, Accrued consulting fees $ 3,571 $ 165,192 Accrued compensation 355,528 605,290 Other 37,818 93,082 Total accrued liabilities $ 396,917 $ 863,564

Asset Purchase Agreement

Asset Purchase Agreement	9 Months Ended
	Sep. 30, 2023
Asset Purchase Agreement [Abstract]
Asset Purchase Agreement	Note 5. Asset Purchase Agreement On April 1, 2022, the Company completed an asset purchase agreement with HESP LLC, the assignee of tecarfarin and related assets (the “Asset Purchase Agreement”). Pursuant to the terms of the Asset Purchase Agreement, the Company acquired all of the assets of HESP LLC, including all intellectual property and other rights related to tecarfarin, the tecarfarin IND 77041, all rights under the license, development and commercialization agreement dated as of September 16, 2015 by and between Armetheon, Inc. (“Armetheon”) (which was later assigned by Armetheon to Espero BioPharma, Inc. (“Espero”), and China Cardiovascular Focus Ltd, an affiliate of Lee’s Pharmaceutical Holdings Limited (“Lee’s Pharmaceutical”), relating to tecarfarin and related trademarks. In consideration of the purchase of the assets, the Company paid HESP LLC $100,000 on the closing date and paid an additional $100,000 on June 1, 2022. As additional consideration, the Asset Purchase Agreement initially provided for a cash payment by the Company to HESP LLC upon achievement of the following development milestone payments, which cash payment was later amended to be a payment in shares of the Company’s common stock upon consummation of its IPO: Development Milestones Milestone Completion of enrollment of Lee’s Pharmaceutical Phase 3 clinical trial $ 250,000 First MAA submitted in the People’s Republic of China $ 350,000 First Commercial Sale to a Third Party $ 1,200,000 Financing Milestones As additional consideration, the Company agreed to pay the following amounts, up to $2,000,000, upon each financing milestone as follows (i) 35% of any proceeds received from any licensing or partnering revenue; and (ii) IPO proceeds. The aggregate payments under the development milestone payments and financing milestone payments shall not exceed $2,000,000. The Company accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified in-process research and development asset, the tecarfarin asset, thus satisfying the requirements of the screen test in accordance with the criteria under ASC 805-10-55-5C. The assets acquired in the transaction were measured based on the fair value of the consideration paid including the direct transaction costs of $20,095, as the fair value of the consideration paid was more readily determinable than the fair value of the assets acquired. The following table summarizes the initial purchase price of the assets acquired: In process research and development $ 200,000 Transaction costs 20,095 Total $ 220,095 All costs the Company incurred in connection with this Asset Purchase Agreement were recognized as research and development expenses in the Company’s statement of operations and comprehensive loss as these assets had no alternative future use at the time of the acquisition transaction. Due to the nature of the regulatory, sales and financing-based milestones, the contingent consideration was not included in the initial cost of assets purchased as they are contingent upon events that are outside the Company’s control. However, upon achievement or anticipated achievement of each milestone, the Company will recognize the related appropriate payment as additional research and development expense. Contingent consideration will not be recorded until it is probable the milestone events occur. On August 18, 2022, the Company entered into an Amendment to Asset Purchase Agreement, whereby in lieu of the $1,800,000 cash payment that would have been due to HESP LLC pursuant to the Asset Purchase Agreement as a result of an initial public offering, HESP LLC agreed to accept shares of the Company’s common stock, such number of shares to be calculated based upon a 40% discount to the price of the Company’s common stock sold in the initial public offering. On January 19, 2023, the Company issued 600,000 shares of common stock to HESP LLC, pursuant to the terms of an Amendment to the Asset Purchase Agreement, dated August 18, 2022, between the Company and HESP LLC. The Company recognized the stock payment of $3.0 million as research and development expense on January 19, 2023. This payment settled all obligations under the Amendment to the Asset Purchase Agreement.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt [Abstract]
Debt	Note 6. Debt Debt outstanding is presented on the balance sheets as follows: September 30, December 31, Convertible notes payable - related parties $ - $ 550,000 Debt issuance costs - (107,040 ) - 442,960 Convertible note payable - 575,000 Debt issuance costs - (464,620 ) - 110,380 Promissory note payable - 250,000 Debt issuance costs - (206,272 ) - 43,728 Total debt, net $ - $ 597,068 March 2022 Convertible Note In March 2022, the Company entered into a convertible promissory note agreement (the “March 2022 Note”) and received cash proceeds of $500,000. The March 2022 Note bore interest at a rate equal to simple interest of 5.0% per annum computed on the basis of the 360-day year of twelve (12) 30-day months. The March 2022 Note was due and payable on March 1, 2025, unless earlier converted or repaid. Pursuant to the March 2022 Note, the principal and accrued but unpaid interest was to be automatically converted into equity securities sold in the Next Equity Financing of the Company comprising a single transaction or a series of related transactions in which total proceeds of at least $3.0 million is raised. The principal and unpaid and accrued interest of the March 2022 Note at the date of conversion was to be converted into shares at a conversion price equal to 80% of the price per share paid by investors purchasing such shares in the Next Equity Financing. If the Company consummated a Change of Control (as defined in the March 2022 Note) prior to repayment in full of the March 2022 Note, immediately prior to the Change of Control, the outstanding principal and any unpaid and accrued interest would be automatically converted into common equity of the Company (or directly into proceeds paid to the holders of common equity in connection with the Change of Control) at a price per share that is 80% of the price per share of common equity paid at the Change of Control. The Company evaluated whether the March 2022 Note contained embedded features that met the definition of derivatives under FASB ASC 815, Derivatives and Hedging. The Company determined that these redemption features contained rights and obligations for conversion contingent upon a potential future financing event or a change in control. Thus, the embedded put options were bifurcated from the face value of the March 2022 Note and accounted for as a derivative liability to be remeasured at the end of each reporting period with the change in the fair value included in other expense, in the accompanying statement of operations and comprehensive loss. The fair value of the put option derivative liability at issuance was $104,883, with the offsetting amount being recorded as a debt discount. Debt issuance costs totaled $1,460. The debt discount and debt issuance costs were being amortized to interest expense using the effective interest method over the expected term of the March 2022 Note. The effective interest rate of the March 2022 Note was 12.1% compared to a stated interest rate of 5.0%. June 2022 Convertible Note In June 2022, the Company entered into a convertible promissory note agreement (the “June 2022 Note”) and received cash proceeds of $50,000. The June 2022 Note bore interest at a rate equal to simple interest of 6.0% per annum computed on the basis of the 360-day year of twelve (12) 30-day months. The June 2022 Note was due and payable on June 13, 2025, unless earlier converted or repaid. Pursuant to the June 2022 Note, the principal and accrued but unpaid interest was to be automatically converted into equity securities sold in the Next Equity Financing of the Company comprising a single transaction or a series of related transactions in which total proceeds of at least $3.0 million is raised. The principal and unpaid and accrued interest of the June 2022 Note at the date of conversion was to be converted into shares at a conversion price equal to 60% of the price per share paid by investors purchasing such shares in the Next Equity Financing. If the Company consummated a Change of Control (as defined in the June 2022 Note) prior to repayment in full of the June 2022 Note, immediately prior to the Change of Control, the outstanding principal and any unpaid and accrued interest would automatically convert into common equity of the Company (or directly into proceeds paid to the holders of common equity in connection with the Change of Control) at a price per share that is 60% of the price per share of common equity paid at the Change of Control. The Company evaluated whether the June 2022 Note contained embedded features that meet the definition of derivatives under FASB ASC 815, Derivatives and Hedging. The Company determined that these redemption features contained rights and obligations for conversion contingent upon a potential future financing event or a change in control. Thus, the embedded put options were bifurcated from the face value of the June 2022 Note and accounted for as a derivative liability to be remeasured at the end of each reporting period with the change in the fair value included in other expenses, in the accompanying statement of operations and comprehensive loss. The fair value of the put option derivative liability at issuance was $29,532, with the offsetting amount being recorded as a debt discount. The debt discount was amortized to interest expense using the effective interest method over the expected term of the June 2022 Note. The effective interest rate of the June 2022 Note was 25.7% compared to a stated interest rate of 6.0%. Boustead Private Placement Notes In July 2022, the Company issued convertible promissory notes in the aggregate amount of $450,000 (the “July 2022 Notes”), in August 2022, the Company issued a convertible promissory note in the amount of $50,000 (the “August 2022 Note”) and in September 2022, the Company issued convertible promissory notes in the aggregate amount of $75,000 (the “September 2022 Notes” and together with the July 2022 Note and the August 2022 Note, the “Private Placement Notes”). The July 2022 Notes, the August 2022 Note and the September 2022 Note bore interest at 6% and mature on September 13, 2025 (“Maturity Date”). The principal amount due under the July 2022 Notes, the August 2022 Note and the September 2022 Notes (and, at the Company’s option, any accrued but unpaid interest under the July 2022 Notes, the August 2022 Note and the September 2022 Notes) was to be automatically converted, on or before the Maturity Date, into Next Equity Securities in the Next Equity Financing. The July 2022 Notes, the August 2022 Note and September 2022 Notes were convertible into shares of common stock at a conversion price equal to the quotient obtained by dividing (i) the entire principal amount of the July 2022 Notes, the August 2022 Note and the September 2022 Notes, plus (if applicable) any accrued but unpaid interest under the July 2022 Notes, the August 2022 Note and the September 2022 Notes by (ii) sixty percent (60%) of the price per share of the Next Equity Securities sold in the Next Equity Financing. In the event of a Change of Control (as defined in the Private Placement Notes) which occurred prior to repayment in full of the July 2022 Notes, the August 2022 Note or the September 2022 Notes, immediately prior to the Change of Control, the outstanding principal and any accrued but unpaid interest on the July 2022 Notes, the August 2022 Note and the September 2022 Notes was to convert directly into our common equity (or directly into proceeds paid to the holders of our common equity in connection with the Change of Control) at a price per share that is 60% of the price per share of common equity paid at the Change of Control. Boustead Securities, LLC (“Boustead”) acted as the placement agent for the private placement and received as part of its compensation and five-year warrants to purchase shares of the Company’s common stock at a price equal to the conversion price of the Private Placement Notes in an amount equal to 6% of the shares of common stock underlying the Private Placement Notes. The Company has determined that the warrants issued to the placement agent receive equity treatment. The warrants were recorded at fair value at issuance and recorded as debt issuance costs associated with the Boustead Private Placement Notes. The Company had determined the redemption features in the Private Placement Notes contained rights and obligations for conversion contingent upon a potential future financing event or a change in control, and that such features were required to be bifurcated from the host debt instrument and accounted for as a derivative liability to be remeasured at the end of each reporting period. The Company evaluated whether the July, August, and September 2022 Notes contained embedded features that meet the definition of derivatives under FASB ASC 815, Derivatives and Hedging. The Company determined that these redemption features contained rights and obligations for conversion contingent upon a potential future financing event or a change in control. Thus, the embedded put options were bifurcated from the face value of the July, August and September Notes and accounted for as derivative liabilities to be remeasured at the end of each reporting period with the change in the fair value included in other expenses, in the accompanying statements of operations and comprehensive loss. The fair value of the put option derivative liabilities at issuance was $339,934, with the offsetting amount being recorded as a debt discount. The debt discount was being amortized to interest expense using the effective interest method over the expected term of the July, August and September 2022 Notes. The effective interest rates of the July, August and September 2022 Notes were 36.3%, 26.1%, and 28.8%, respectively, compared to a stated interest rate of 6.0%. Non-Convertible Promissory Note On November 30, 2022, the Company closed a $250,000 note offering (the “November Private Placement”) pursuant to which the Company sold to two accredited investors units consisting of (i) notes in the aggregate principal amount of $250,000, which bore interest at the rate of 10%, repayable at the earlier of the time of the completion of the IPO or November 30, 2023 (the “November Notes”) and (ii) warrants to purchase up to an aggregate of 250,000 shares of common stock exercisable at $1.00 per common share, which were exercisable at any time and were automatically exercised into shares of the Company’s common stock upon the consummation of the IPO (the “November Warrants”). At the time the November Notes and November Warrants were sold, it was intended that the principal amount of the November Notes would be repaid upon the consummation of the IPO out of the proceeds of the November Warrants exercise. The issuance of the November Warrants triggered an adjustment to the conversion price of the Private Placement Notes (the July 2022 Notes, August 2022 Note and September 2022 Notes) to $1.00 per share, pursuant to down-round protection included in those notes. As a result of the adjustment of the conversion price of the Private Placement Notes, the five The Company also issued 15,000 warrants to Boustead for the placement of the November financing. The November placement agent warrants have an exercise price of $1.00 per common share. In December 2022, the Company entered into amendments to the March 2022 Note and the June 2022 Note to adjust the conversion price of the March 2022 Note and the June 2022 Note to $1.00 per common share. The March 2022 Note and June 2022 Note originally had a conversion price equal to 80% and 60%, respectively, of the IPO price. While this amendment was not required, as the March 2022 Note and June 2022 did not have down-round protection like the Private Placement Notes, the amendment was entered into to provide the investors in the March and June Notes with the same conversion price as the Private Placement Notes. The Company incurred debt issuance costs attributed to the November Notes, which were recorded as a debt discount. January 2023 Settlement of Debt On January 24, 2023, concurrent with the consummation of the IPO, the Company issued 1,140,700 shares of common stock upon conversion of the convertible promissory notes. All convertible notes and related accrued interest were settled in full on January 24, 2023. On January 24, 2023, the Company issued 250,000 shares of common stock upon the exercise of the November Warrants. The $250,000 of proceeds of the warrant exercise were used to concurrently pay off the $250,000 November Notes. All of the November Notes were settled in full on January 24, 2023. Upon pay-off and settlement of the convertible promissory notes and November Notes, the Company had $740,139 of unamortized debt discount costs remaining on the balance sheet. During January 2023, the Company recorded a $740,139 loss on the extinguishment of debt for the unamortized debt issuance costs.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions On January 25, 2022, the Company entered into an agreement with Phamace, LLC, a consulting firm of which Quang Pham, the Company’s Chief Executive Officer, is the sole member, for an initial term of January 25, 2022 through February 28, 2022. Pursuant to the agreement, the Company shall pay the sum of $115,000 to Phamace, LLC for advisory and administrative services rendered relating to preparing the Company to launch as an operating company, which was due and payable on September 30, 2022. The Company settled this obligation in January 2023. On January 25, 2022, the Company issued 7,500,000 shares of common stock, pursuant to a subscription agreement, to Quang Pham, the Company’s Chief Executive Officer, of which 3,000,000 were subsequently transferred to a related trust, of which Mr. Pham’s child is a beneficiary and Mr. Pham is the trustee with sole voting and disposition power with respect to the shares owned by the trust, 1,100,000 were subsequently transferred to friends, family and a trust of which Mr. Pham’s child is a beneficiary, but of which Mr. Pham has no voting or disposition power, and 125,000 were transferred to non-profit organizations. Mr. Pham paid a total of $7,500 for such founders shares. On March 1, 2022, the Company issued a convertible promissory note in the amount of $500,000 to John Murphy, a member of the Company’s board of directors, which bore interest at 5% and matures on March 1, 2025. The note, as amended in December 2022, converted into 514,792 shares of the Company’s common stock at a conversion price equal to $1.00 upon consummation of the initial public offering. See Note 6 for further discussion. On May 17, 2022, the Company issued 450,000 shares of restricted common stock, pursuant to a restricted stock purchase agreement, to Matthew Szot its Chief Financial Officer, which shares shall vest quarterly over a period of two years, subject to certain adjustments, as provided in the Restricted Stock Purchase Agreement dated May 17, 2022. On August 22, 2022, the Company issued a convertible promissory note in the amount of $50,000 to Glynn Wilson, a member of the Company’s board of directors, which bears interest at 6% and matures on September 13, 2025. The note was converted into 50,000 shares of the Company’s common Stock at a conversion price equal to $1.00 upon consummation of the initial public offering. See Note 6 for further discussion.

Leases, Commitments, and Contin

Leases, Commitments, and Contingencies	9 Months Ended
	Sep. 30, 2023
Leases, Commitments, and Contingencies [Abstract]
Leases, Commitments, and Contingencies	Note 8. Leases, Commitments, and Contingencies Leases At lease inception, the Company determines if an arrangement is an operating or capital lease. For operating leases, the Company recognized rent expense, inclusive of rent escalation, on a straight-line basis over the lease term. In accordance with ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company classifies leases at the lease commencement date as operating or finance leases and records a right-of-use asset and a lease liability on the balance sheet for all leases with an initial lease term of greater than 12 months. Leases with an initial term of 12 months or less are not recorded in the balance sheet, but payments are recognized as expenses on a straight-line basis over the lease term. The Company has elected not to recognize leases with terms of 12 months or less. A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases. The Company enters into contracts that contain both lease and non-lease components. Non-lease components may include maintenance, utilities, and other operating costs. The Company combines the lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, such as utilities or maintenance costs, are not included in the measurement of right-of-use assets and lease liabilities but rather are expensed when the event determining the amount of variable consideration to be paid occurs. Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based upon the available information at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. The Company’s operating lease ROU assets and liabilities as of September 30, 2023 and December 31, 2022 are as follows: September 30, December 31, Assets Operating lease ROU assets $ 26,895 $ 43,578 Liabilities Current Operating lease liabilities $ 24,991 $ 22,288 Noncurrent Operating lease liabilities 2,232 21,350 Total operating lease liabilities $ 27,223 $ 43,638 Operating lease expenses were $6,618 and $19,892 for the three and nine months ended September 30, 2023, respectively. Operating lease expense was $3,761 for the three months ended September 30, 2022 and $8,650 for the period from January 25, 2022 (inception) to September 30, 2022. Cash paid for amounts included in the measurement of operating lease liabilities included in operating cash flows was $6,501 for the three months ended September 30, 2023. The remaining operating lease term was 13 months, and the operating lease discount rate was 12% as of September 30, 2023. Future annual lease payments under non-cancellable operating leases as of September 30, 2023 were as follows: 2023 $ 6,566 2024 22,319 Total lease payments 28,885 Less: Imputed interest 1,662 Total operating lease liabilities $ 27,223 Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown, because it involves claims that may be made against the Company in the future, but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification In accordance with the Company’s certificate of incorporation and bylaws, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. In addition, the Company has entered into indemnification agreements with its officers and directors. There have been no claims to date, and the Company has a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Stockholders' Equity and Warran

Stockholders' Equity and Warrants	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity and Warrants [Abstract]
Stockholders' Equity and Warrants	Note 9. Stockholders’ Equity and Warrants Common Stock Pursuant to the Certificate of Incorporation filed on January 25, 2022, the Company was authorized to issue a total of 10,000,000 shares of common stock with a par value of $0.001 per share. On December 5, 2022, the Company filed an Amended and Restated Certificate of Incorporation to increase the authorized capital stock of the Company to 82,500,000 shares, consisting of 75,000,000 shares of common stock, par value $0.001 per share, and 7,500,000 shares of preferred stock, par value $0.001 per share, which was approved by the Company’s Board of Directors, as well as a majority of the Company’s shareholders, on December 5, 2022. Holders of common stock are entitled to one vote for each share of common stock held of record for the election of the Company’s directors and all other matters requiring stockholder action. Holders of common stock will be entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board in its discretion out of funds legally available therefor. On January 24, 2023, the Company consummated its IPO of 1,400,000 shares of its common stock at a public offering price of $5.00 per share, generating gross proceeds of $7,000,000 and net proceeds of $5,408,575. The Company’s shares of common stock commenced trading on the Nasdaq Capital Market on January 20, 2023, under the symbol “CVKD.” In connection with the IPO, on January 19, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Boustead, as representative of the underwriters (the “Representative”). Pursuant to the Underwriting Agreement, the Company agreed to issue to the underwriters a five-year warrant (the “Representative’s Warrant”) to purchase an aggregate of 84,000 shares of the Company’s common stock, which is equal to six percent (6%) of the shares of common stock sold in the IPO. Such Representative’s Warrant has an exercise price of $6.00, which is equal to 120% of the public offering price of the common stock in the IPO. On July 12, 2023, the Company entered into a securities purchase agreement with an institutional investor (the “Investor Selling Stockholder”) pursuant to which the Company sold to the Investor Selling Stockholder in a private placement (the “Private Placement”) (i) an aggregate of 1,300,000 shares of Common Stock (the “Shares”), (ii) in lieu of additional Shares, the Pre-Funded Warrants to purchase up to an aggregate of 2,985,715 shares of Common Stock, and (iii) accompanying Common Warrants to purchase up to an aggregate of 4,285,715 shares of Common Stock (the “Common Warrants”). The combined purchase price of each Share and accompanying Common Warrants was $1.75. The combined purchase price of each Pre-Funded Warrant and accompanying Common Warrants was $1.7499. The Private Placement closed on July 14, 2023. The Company received aggregate gross proceeds from the Private Placement of approximately $7.5 million before deducting the placement agent commissions and offering expenses payable by the Company. H.C. Wainwright & Co., LLC (“H.C.W.”) acted as the placement agent in the Private Placement and as part of its compensation the Company issued to designees of H.C.W. Placement Agent Warrants to purchase up to 278,571 shares of Common Stock at an exercise price of $2.1875. Each Pre-Funded Warrant has an exercise price equal to $0.0001 per share. The Pre-Funded Warrants are exercisable at any time after their original issuance and will not expire until exercised in full. Each Common Warrant has an exercise price equal to $1.75 per share. The Common Warrants are exercisable at any time after their original issuance and will expire on January 16, 2029. The exercise price and number of shares of Common Stock issuable upon exercise of the Common Warrant and Pre-Funded Warrant are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events. The Pre-Funded Warrants and the Common Warrants issued in the Private Placement provide that a holder of Pre- Funded Warrants or Common Warrants, as applicable, will not have the right to exercise any portion of its Pre-Funded Warrants or Common Warrants if such holder, together with its affiliates, and any other party whose holdings would be aggregated with those of the holder for purposes of Section 13(d) or Section 16 of the Exchange Act would beneficially own in excess of 9.99% for the Pre-Funded Warrants and 4.99% for the Common Warrants of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that the holder may increase or decrease the Beneficial Ownership Limitation by giving notice to the Company, with any such increase not taking effect until the sixty-first day after such notice is delivered to the Company but not to any percentage in excess of 9.99%. The Common Warrants may be exercised on a cashless basis if a registration statement registering the shares of Common Stock underlying the Common Warrants is not effective. The Pre-Funded Warrants may be exercised on a cashless basis. Warrant Summary The following table summarizes the total warrants outstanding at September 30, 2023: Issue Date Exercise Price Expiration Outstanding New Exercised Outstanding Placement agent warrants July - Sept 2022 $ 3.00 July - Sept 2027 11,500 - - 11,500 Placement agent warrants Nov 2022 $ 1.00 Nov 2027 15,000 - - 15,000 Investor warrants Nov 2022 $ 1.00 Earlier of IPO or Nov 2027 250,000 - (250,000 ) - Representative warrants Jan 2023 $ 6.00 Jan 2028 - 84,000 - 84,000 Pre-funded investor warrants July 2023 $ 0.0001 Once exercised - 2,985,715 - 2,985,715 Investor warrants July 2023 $ 1.75 Jan 2029 - 4,285,715 - 4,285,715 Placement agent warrants July 2023 $ 2.1875 Jan 2029 - 278,571 - 278,571 276,500 7,634,001 (250,000 ) 7,660,501

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2023
Equity-Based Compensation [Abstract]
Equity-Based Compensation	Note 10. Equity-Based Compensation The Company adopted the Cadrenal Therapeutics, Inc. 2022 Equity Incentive Plan (the “Initial Plan”), on July 11, 2022, which was later amended and restated on October 16, 2022, for purposes of clarifying the application of certain of the rules of the Initial Plan to awards approved before such amendment and restatement of the Initial Plan and to facilitate the transition to the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan (the “Successor Plan”) for the issuance and approval of awards after consummation of the IPO. On October 16, 2022, the Board adopted and the Company’s stockholders approved the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan (the “2022 Plan”), which is a successor to and continuation of the Initial Plan and became effective on January 19, 2023. Upon the effectiveness of the 2022 Plan, it replaced the Initial Plan, except with respect to awards outstanding under the Initial Plan, and no further awards will be available for grant under the Initial Plan. Subject to certain adjustments, the maximum number of shares of common stock that could have been issued under the Plans in connection with awards was 2,000,000 shares, of which 685,000 remained available for issuance as of September 30, 2023. The maximum number of shares of common stock that may be issued under the 2022 Plan will automatically increase on January 1 of each calendar year for a period of ten years commencing on January 1, 2024 and ending on (and including) January 1, 2033, to a number of shares of common stock equal to 20% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; provided, however that the board of directors, or the compensation committee, may act prior to January 1 of a given calendar year to provide that the increase for such year will be a lesser number of shares of common stock. All available shares may be utilized toward the grant of any type of award under the 2022 Plan. The Company measures its stock-based awards granted to employees, consultants and directors based on the estimated fair values of the awards and recognizes the compensation over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. The Company accounts for forfeitures as they occur. Weighted average assumptions used in the Black-Scholes model are set forth below: September 30, Risk-free interest rate 2.98% – 4.51 % Dividend yield — Expected term (years) 5.27 – 5.81 Volatility 62.4% – 70.7 % Activity under the Plans for the period from December 31, 2022 to September 30, 2023 is set forth below: Number Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 1,100,000 $ 0.84 9.57 $ 4,578,000 Granted 75,000 1.20 9.81 - Exercised - - - - Canceled/forfeited/expired - - - - Outstanding at September 30, 2023 1,175,000 $ 0.86 8.89 $ 42,000 Options vested and exercisable at September 30, 2023 495,834 $ 0.64 8.81 $ 4,216 Options vested and expected to vest as of September 30, 2023 1,175,000 $ 0.86 8.89 $ 42,000 The weighted average grant date fair value of options granted to date was $1.09. At September 30, 2023, the Company had $779,594 of unrecognized stock-based compensation expense related to stock options which will be recognized over the weighted average remaining requisite service period of 1.6 years. The Company settles employee stock option exercises with newly issued shares of common stock. On January 24, 2023, the Company granted 50,000 shares of the Company’s common stock to the Company’s Chief Financial Officer. The shares were fully vested on the date of grant. On March 30, 2023, the Company issued 10,839 shares of its common stock to a consultant for services rendered. On March 31, 2023, the Company issued 77,340 shares of its common stock for services to be performed from April through September 2023. Total stock-based compensation expense and the allocation of stock-based compensation for the periods presented below were as follows: Three Months Three Months Nine Months January 25, 2022 2023 2022 2023 2022 General and administrative $ 60,763 $ 435,642 $ 329,420 $ 435,642 Research and development 92,309 43,042 277,846 43,042 Total stock-based compensation $ 153,072 $ 478,684 $ 607,266 $ 478,684

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2023
Net Loss Per Share [Abstract]
Net Loss Per Share	Note 11. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per common share: Three Months Ended Nine Months January 25, 2023 2022 2023 2022 Numerator: $ $ $ $ Net loss (1,036,451 ) (1,026,114 ) (7,213,026 ) (1,704,902 ) Denominator: Weighted average common shares outstanding 15,396,224 8,037,218 12,640,815 7,778,778 Net loss per share, basic and diluted $ (0.07 ) $ (0.13 ) $ (0.57 ) $ (0.22 ) 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 convertible notes, 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 September 30, 2023 2022 Anti-dilutive common stock equivalents: Stock options to purchase common stock 1,175,000 1,050,000 Warrants to purchase common stock 7,660,501 11,500 Total anti-dilutive common stock equivalents 8,835,501 1,061,500

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events The Company has evaluated events that occurred through November 9, 2023, the date that the financial statements were issued, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the financial statements.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2023
Description of Business and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for the fair presentation of the Company’s financial statements for the periods presented. The Company’s date of inception was January 25, 2022 and the fiscal year-end is December 31.
Liquidity	Liquidity The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since inception, the Company has incurred operating losses, and negative cash flows from operations. For the nine months ended September 30, 2023, the Company had a net loss of $7,213,026, which included $4,578,450 of non-cash expenses. Cash used in operations for the nine months ended September 30, 2023 totaled $2,835,878. As of September 30, 2023, the Company had cash and cash equivalents of $9,109,445, net working capital of $8,714,481, and an accumulated deficit of $13,927,355. The Company’s cash and cash equivalents balance of approximately $8.9 million as of November 9, 2023 is expected to be sufficient to fund its operations for at least the next twelve months from the date of the filing of its Quarterly Report on Form 10-Q, however, the Company will require additional funding to complete its planned Phase 3 clinical trial and submit its NDA. Management intends to raise additional funds through partnering and equity and debt financings. However, there can be no assurance that the Company will be able to complete partnering transactions or financings on terms acceptable to the Company or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations.
Emerging Growth Company Status	Emerging Growth Company Status As an “emerging growth company” (“EGC”) under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company may elect to take advantage of certain forms of relief from various reporting requirements that are applicable to public companies. The relief afforded under the JOBS Act includes an extended transition period for the implementation of new or revised accounting standards. The Company has elected to take advantage of this extended transition period and, as a result, the Company’s financial statements may not be comparable to those of companies that implement accounting standards as of the effective dates for public companies. The Company may take advantage of the relief afforded under the JOBS Act up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of financial instruments, the fair value of common stock, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actual results could differ from those estimates.
Concentration of Credit and Other Risks and Uncertainties	Concentration of Credit and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents. Cash is maintained at high credit quality financial institutions and, at times, balances may exceed federally insured limits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000 per depositor at each financial institution. The Company has never experienced any losses related to these balances. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. The Company is subject to a number of risks common for early-stage biopharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of its product candidate, ability to obtain regulatory approval of its product candidate, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities.
Segments	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash and cash equivalents include cash and money market funds.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. The Company accounts for certain redemption features that are associated with convertible notes as liabilities at fair value and adjusts the instruments to their fair value at the end of each reporting period. Derivative financial liabilities are initially recorded at fair value, with gains and losses arising from changes in the fair value recognized in other income (expense) in the accompanying statements of operations and comprehensive loss for each reporting period while such instruments are outstanding. The embedded derivative liabilities are valued using a probability-weighted expected return model. If the Company repays the noteholders or if, during the next round of financing, the noteholders convert the debt into equity, the derivative financial liabilities will be de-recognized and reclassified to stockholders’ equity (deficit) on that date. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Concurrent with the closing of the initial public offering in January 2023 (the “IPO”), the note holders converted the debt into common stock, accordingly, the derivative financial liabilities were de-recognized and reclassified to stockholders’ equity (deficit) on January 24, 2023.
Stock-Based Compensation	Stock-Based Compensation The Company measures its stock-based awards granted to employees, consultants, and directors based on the estimated fair values of the awards and recognizes the compensation over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. The Company accounts for forfeitures as they occur.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. The Company completed its initial public offering on January 24, 2023, and the offering costs were recorded against the proceeds of the offering. As of September 30, 2023, there were no deferred offering costs.
Acquisitions	Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The Company also evaluates which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. When a transaction accounted for as an asset acquisition includes an in-process research and development (“IPR&D”) asset, the IPR&D asset is only capitalized if it has an alternative future use other than in a particular research and development project. For an IPR&D asset to have an alternative future use: (a) the Company must reasonably expect that it will use the asset acquired in an alternative manner and anticipate economic benefit from that alternative use, and (b) the Company’s use of the asset acquired is not contingent on the further development of the asset subsequent to the acquisition date (that is, the asset can be used in an alternative manner in the condition in which it existed at the acquisition date). Otherwise, amounts allocated to IPR&D that have no alternative use are expensed to research and development. Asset acquisitions may include contingent consideration arrangements that encompass obligations to make future payments to sellers contingent upon the achievement of future financial targets. Contingent consideration is not recognized until all contingencies are resolved and the consideration is paid or probable of payment, at which point the consideration is allocated to the assets acquired on a relative fair value basis.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and net losses, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents of potentially dilutive securities outstanding for the period determined using the treasury stock or if-converted methods. Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share since the effects of potentially dilutive securities are anti-dilutive. Shares of common stock subject to repurchase are excluded from the weighted-average shares.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events or circumstances from non-owner sources. Net loss and comprehensive loss were the same for the periods presented in the accompanying financial statements.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred and consist of fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Acquired intangible assets are expensed as research and development costs if, at the time of payment, the technology is under development; is not approved by the United States Food and Drug Administration (“FDA”) or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed.
Patents	Patents Patent costs are comprised primarily of external legal fees, filing fees incurred to file patent applications, and periodic renewal fees to keep the patent in force and are expensed as incurred as a component of general and administrative expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements [Abstract]
Schedule of Financial Liabilities Subject to Fair Value Measurements	Financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table: September 30, 2023 Level 1 Level 2 Level 3 Fair Financial Liabilities: Derivative liabilities $ - $ - $ - $ - Total financial liabilities $ - $ - $ - $ - December 31, 2022 Level 1 Level 2 Level 3 Fair Financial Liabilities: Derivative liabilities $ - $ - $ 4,379,944 $ 4,379,944 Total financial liabilities $ - $ - $ 4,379,944 $ 4,379,944
Schedule of Fair Value Financial Instruments	Derivative Balance at January 25, 2022 $ - Fair value of financial instruments at issuance 474,348 Change in fair value 3,905,596 Balance at December 31, 2022 $ 4,379,944 Derivative Balance at December 31, 2022 $ 4,379,944 Change in fair value 216,095 Settlement of derivative liability (4,596,039 ) Balance at September 30, 2023 $ -

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: September 30, December 31, Accrued consulting fees $ 3,571 $ 165,192 Accrued compensation 355,528 605,290 Other 37,818 93,082 Total accrued liabilities $ 396,917 $ 863,564

Asset Purchase Agreement (Table

Asset Purchase Agreement (Tables)	9 Months Ended
	Sep. 30, 2023
Asset Purchase Agreement [Abstract]
Schedule of Development Milestone Payments	As additional consideration, the Asset Purchase Agreement initially provided for a cash payment by the Company to HESP LLC upon achievement of the following development milestone payments, which cash payment was later amended to be a payment in shares of the Company’s common stock upon consummation of its IPO: Development Milestones Milestone Completion of enrollment of Lee’s Pharmaceutical Phase 3 clinical trial $ 250,000 First MAA submitted in the People’s Republic of China $ 350,000 First Commercial Sale to a Third Party $ 1,200,000
Schedule of Purchase Price of the Assets	The following table summarizes the initial purchase price of the assets acquired: In process research and development $ 200,000 Transaction costs 20,095 Total $ 220,095

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt [Abstract]
Schedule of Debt Outstanding	Debt outstanding is presented on the balance sheets as follows: September 30, December 31, Convertible notes payable - related parties $ - $ 550,000 Debt issuance costs - (107,040 ) - 442,960 Convertible note payable - 575,000 Debt issuance costs - (464,620 ) - 110,380 Promissory note payable - 250,000 Debt issuance costs - (206,272 ) - 43,728 Total debt, net $ - $ 597,068

Leases, Commitments, and Cont_2

Leases, Commitments, and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Leases, Commitments, and Contingencies [Abstract]
Schedule of Operating Lease ROU Assets and Liabilities	The Company’s operating lease ROU assets and liabilities as of September 30, 2023 and December 31, 2022 are as follows: September 30, December 31, Assets Operating lease ROU assets $ 26,895 $ 43,578 Liabilities Current Operating lease liabilities $ 24,991 $ 22,288 Noncurrent Operating lease liabilities 2,232 21,350 Total operating lease liabilities $ 27,223 $ 43,638
Schedule of Future Annual Lease Payments Under Non-Cancellable Operating Leases	Future annual lease payments under non-cancellable operating leases as of September 30, 2023 were as follows: 2023 $ 6,566 2024 22,319 Total lease payments 28,885 Less: Imputed interest 1,662 Total operating lease liabilities $ 27,223

Stockholders' Equity and Warr_2

Stockholders' Equity and Warrants (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity and Warrants [Abstract]
Schedule of Summarizes the Total Warrants Outstanding	The following table summarizes the total warrants outstanding at September 30, 2023: Issue Date Exercise Price Expiration Outstanding New Exercised Outstanding Placement agent warrants July - Sept 2022 $ 3.00 July - Sept 2027 11,500 - - 11,500 Placement agent warrants Nov 2022 $ 1.00 Nov 2027 15,000 - - 15,000 Investor warrants Nov 2022 $ 1.00 Earlier of IPO or Nov 2027 250,000 - (250,000 ) - Representative warrants Jan 2023 $ 6.00 Jan 2028 - 84,000 - 84,000 Pre-funded investor warrants July 2023 $ 0.0001 Once exercised - 2,985,715 - 2,985,715 Investor warrants July 2023 $ 1.75 Jan 2029 - 4,285,715 - 4,285,715 Placement agent warrants July 2023 $ 2.1875 Jan 2029 - 278,571 - 278,571 276,500 7,634,001 (250,000 ) 7,660,501

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Equity-Based Compensation [Abstract]
Schedule of Weighted Average Assumptions Used in the Black-Scholes Model	Weighted average assumptions used in the Black-Scholes model are set forth below: September 30, Risk-free interest rate 2.98% – 4.51 % Dividend yield — Expected term (years) 5.27 – 5.81 Volatility 62.4% – 70.7 %
Schedule of Activity Under the Plans	Activity under the Plans for the period from December 31, 2022 to September 30, 2023 is set forth below: Number Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 1,100,000 $ 0.84 9.57 $ 4,578,000 Granted 75,000 1.20 9.81 - Exercised - - - - Canceled/forfeited/expired - - - - Outstanding at September 30, 2023 1,175,000 $ 0.86 8.89 $ 42,000 Options vested and exercisable at September 30, 2023 495,834 $ 0.64 8.81 $ 4,216 Options vested and expected to vest as of September 30, 2023 1,175,000 $ 0.86 8.89 $ 42,000
Schedule of Allocation Share Based Compensation Periods	Total stock-based compensation expense and the allocation of stock-based compensation for the periods presented below were as follows: Three Months Three Months Nine Months January 25, 2022 2023 2022 2023 2022 General and administrative $ 60,763 $ 435,642 $ 329,420 $ 435,642 Research and development 92,309 43,042 277,846 43,042 Total stock-based compensation $ 153,072 $ 478,684 $ 607,266 $ 478,684

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Net Loss Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Common Share	The following table sets forth the computation of the basic and diluted net loss per common share: Three Months Ended Nine Months January 25, 2023 2022 2023 2022 Numerator: $ $ $ $ Net loss (1,036,451 ) (1,026,114 ) (7,213,026 ) (1,704,902 ) Denominator: Weighted average common shares outstanding 15,396,224 8,037,218 12,640,815 7,778,778 Net loss per share, basic and diluted $ (0.07 ) $ (0.13 ) $ (0.57 ) $ (0.22 )
Schedule of Common Stock Equivalents	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 September 30, 2023 2022 Anti-dilutive common stock equivalents: Stock options to purchase common stock 1,175,000 1,050,000 Warrants to purchase common stock 7,660,501 11,500 Total anti-dilutive common stock equivalents 8,835,501 1,061,500

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Details)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Nov. 09, 2023 USD ($)	Dec. 31, 2022 USD ($)
Description of Business and Summary of Significant Accounting Policies (Details) [Line Items]
Net loss	$ (1,036,451)	$ (1,026,114)	$ (1,704,902)	$ (7,213,026)
Non-cash expenses	4,578,450			4,578,450
Cash used in operations			$ (914,554)	(2,835,878)
Cash	9,109,445			9,109,445
Net working capital	8,714,481			8,714,481
Accumulated deficit	$ (13,927,355)			(13,927,355)		$ (6,714,329)
Financial institution depositor				$ 250,000
Operating segment				1
Income tax position				50%
Subsequent Event [Member]
Description of Business and Summary of Significant Accounting Policies (Details) [Line Items]
cash and cash equivalents balance					$ 8,900,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Financial Liabilities Subject to Fair Value Measurements - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Financial Liabilities:
Derivative liabilities		$ 4,379,944
Total financial liabilities		4,379,944
Level 1 [Member]
Financial Liabilities:
Derivative liabilities
Total financial liabilities
Level 2 [Member]
Financial Liabilities:
Derivative liabilities
Total financial liabilities
Level 3 [Member]
Financial Liabilities:
Derivative liabilities		4,379,944
Total financial liabilities		$ 4,379,944

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Schedule of Fair Value Financial Instruments - USD ($)	9 Months Ended	11 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule of Fair Value Financial Instruments [Abstract]
Balance beginning	$ 4,379,944
Fair value of financial instruments at issuance		474,348
Change in fair value	216,095	3,905,596
Settlement of derivative liability	(4,596,039)
Balance ending		$ 4,379,944

Accrued Liabilities (Details) -

Accrued Liabilities (Details) - Schedule of Accrued Liabilities - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Accrued Liabilities Consist [Abstract]
Accrued consulting fees	$ 3,571	$ 165,192
Accrued compensation	355,528	605,290
Other	37,818	93,082
Total accrued liabilities	$ 396,917	$ 863,564

Asset Purchase Agreement (Detai

Asset Purchase Agreement (Details) - USD ($)				9 Months Ended
	Jan. 19, 2023	Aug. 18, 2022	Jun. 01, 2022	Sep. 30, 2023
Asset Purchase Agreement (Details) [Line Items]
Purchase of assets			$ 100,000
Additional paid			$ 100,000
Agreement pay				$ 2,000,000
Proceeds received from partnering revenue				35%
Direct transaction cost				$ 20,095
Issued shares (in Shares)	600,000			685,000
Research and development expense	$ 3,000,000
IPO [Member]
Asset Purchase Agreement (Details) [Line Items]
Financing payments				$ 2,000,000
HESP LLC [Member]
Asset Purchase Agreement (Details) [Line Items]
Cash payment		$ 1,800,000
Common stock discount price percentage		40%

Asset Purchase Agreement (Det_2

Asset Purchase Agreement (Details) - Schedule of Development Milestone Payments	9 Months Ended
	Sep. 30, 2023 USD ($)
Completion of enrollment of Lee’s Pharmaceutical Phase 3 clinical trial [Member]
Asset Purchase Agreement (Details) - Schedule of Development Milestone Payments [Line Items]
Milestone Payments	$ 250,000
First MAA submitted in the People’s Republic of China [Member]
Asset Purchase Agreement (Details) - Schedule of Development Milestone Payments [Line Items]
Milestone Payments	350,000
First Commercial Sale to a Third Party [Member]
Asset Purchase Agreement (Details) - Schedule of Development Milestone Payments [Line Items]
Milestone Payments	$ 1,200,000

Asset Purchase Agreement (Det_3

Asset Purchase Agreement (Details) - Schedule of Purchase Price of the Assets	9 Months Ended
	Sep. 30, 2023 USD ($)
Schedule of Purchase Price of the Assets [Abstract]
In process research and development	$ 200,000
Transaction costs	20,095
Total	$ 220,095

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended							9 Months Ended
	Jan. 31, 2023	Jan. 24, 2023	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022	Nov. 30, 2022
Debt (Details) [Line Items]
Note offering (in Dollars)									$ 672,295
WarrantsTerms								5 years
Warrants issued (in Shares)								15,000
Exercise price per common share (in Dollars per share)								$ 1
Percentage of conversion price						60%	80%
Shares of common stock (in Shares)		1,140,700
Warrant exercise (in Dollars)		$ 250,000
Concurrently pay off (in Dollars)		$ 250,000
Unamortized debt discount costs (in Dollars)								$ 740,139
Loss on the extinguishment of debt (in Dollars)	$ 740,139
March 2022 Convertible Note [Member]
Debt (Details) [Line Items]
Cash proceeds (in Dollars)							$ 500,000
Simple interest rate							5%
Total proceeds (in Dollars)							$ 3,000,000
Conversion price percentage							80%
Price per share percentage							80%
Derivative liability at issuance (in Dollars)							$ 104,883
Debt issuance costs (in Dollars)							$ 1,460
Effective interest rate							12.10%
Interest rate							5%
June 2022 Convertible Note [Member]
Debt (Details) [Line Items]
Cash proceeds (in Dollars)						$ 50,000
Simple interest rate						6%
Total proceeds (in Dollars)						$ 3,000,000
Conversion price percentage						60%
Price per share percentage						60%
Derivative liability at issuance (in Dollars)						$ 29,532
Effective interest rate						25.70%
Interest rate						6%
Boustead Private Placement Notes [Member]
Debt (Details) [Line Items]
Price per share percentage								60%
Derivative liability at issuance (in Dollars)								$ 339,934
Effective interest rate			28.80%	26.10%	36.30%
Aggregate amount (in Dollars)			$ 75,000	$ 50,000	$ 450,000
Bear interest percentage			6%	6%	6%
Maturity date			Sep. 13, 2025	Sep. 13, 2025	Sep. 13, 2025
Common equity percentage								60%
Common stock								6%
Interest rate percentage								6%
Non-Convertible Promissory Note [Member]
Debt (Details) [Line Items]
Note offering (in Dollars)										$ 250,000
Aggregate principal amount (in Dollars)										$ 250,000
Interest rate										10%
Aggregate shares (in Shares)								11,500		250,000
Exercisable per common share (in Dollars per share)										$ 1
Per share amount (in Dollars per share)			$ 1	$ 1	$ 1
Percentage of exercise price								60%
Conversion Price [Member]
Debt (Details) [Line Items]
Conversion price (in Dollars per share)						$ 1	$ 1
November Warrants [Member]
Debt (Details) [Line Items]
Shares of common stock (in Shares)		250,000

Debt (Details) - Schedule of De

Debt (Details) - Schedule of Debt Outstanding - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Debt Outstanding [Abstract]
Convertible notes payable - related parties		$ 550,000
Debt issuance costs		(107,040)
Convertible note payable, net of debt discount		442,960
Convertible note payable		575,000
Debt issuance costs		(464,620)
Convertible note payable, net of debt discount		110,380
Promissory note payable		250,000
Debt issuance costs		(206,272)
Promissory note payable, net of debt discount		43,728
Total debt, net		$ 597,068

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)					1 Months Ended		9 Months Ended
	Aug. 22, 2022	May 17, 2022	Mar. 01, 2022	Jan. 25, 2022	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023
Related Party Transactions (Details) [Line Items]
Common stock, shares		450,000		125,000
Founders shares (in Dollars)				$ 7,500
Converted common stock					514,792		50,000
Common Stock [Member]
Related Party Transactions (Details) [Line Items]
Common stock, shares				7,500,000
Chief Executive Officer [Member]
Related Party Transactions (Details) [Line Items]
Common stock, shares				3,000,000
Board of Directors [Member]
Related Party Transactions (Details) [Line Items]
Percentage of interest	6%		5%
Initial Public Offering [Member]
Related Party Transactions (Details) [Line Items]
Maturity date	Sep. 13, 2025		Mar. 01, 2025
Conversion price (in Dollars per share)					$ 1		$ 1
Phamace, LLC [Member]
Related Party Transactions (Details) [Line Items]
Administrative services (in Dollars)						$ 115,000
Mr. Pham [Member]
Related Party Transactions (Details) [Line Items]
Common stock, shares				1,100,000
John Murphy [Member]
Related Party Transactions (Details) [Line Items]
Convertible promissory note (in Dollars)			$ 500,000
Glynn Wilson [Member]
Related Party Transactions (Details) [Line Items]
Convertible promissory note (in Dollars)	$ 50,000

Leases, Commitments, and Cont_3

Leases, Commitments, and Contingencies (Details) - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023
Leases, Commitments, and Contingencies [Abstract]
Operating lease expense	$ 6,618	$ 3,761	$ 8,650	$ 19,892
Operating lease liabilities	$ 6,501
Operating lease discount rate	12%		12%	12%

Leases, Commitments, and Cont_4

Leases, Commitments, and Contingencies (Details) - Schedule of Operating Lease ROU Assets and Liabilities - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets
Operating lease ROU assets	$ 26,895	$ 43,578
Current
Operating lease liabilities	24,991	22,288
Noncurrent
Operating lease liabilities	2,232	21,350
Total operating lease liabilities	$ 27,223	$ 43,638

Leases, Commitments, and Cont_5

Leases, Commitments, and Contingencies (Details) - Schedule of Future Annual Lease Payments Under Non-Cancellable Operating Leases - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Future Annual Lease Payments Under Non Cancellable Operating Leases [Abstract]
2023	$ 6,566
2024	22,319
Total lease payments	28,885
Less: Imputed interest	1,662
Total operating lease liabilities	$ 27,223	$ 43,638

Stockholders' Equity and Warr_3

Stockholders' Equity and Warrants (Details) - USD ($)					9 Months Ended
	Jul. 14, 2023	Jul. 12, 2023	Jan. 24, 2023	Jan. 19, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 05, 2022	Jan. 25, 2022
Stockholders' Equity and Warrants (Details) [Line Items]
Company authorized to issue					75,000,000	75,000,000
Common stock par value					$ 0.001	$ 0.001
Common stock outstanding					13,022,754	8,193,875
Preferred stock, shares							7,500,000
Preferred stock par value							$ 0.001
Common stock vote					one
Gross proceeds			$ 7,000,000
Net proceeds			$ 5,408,575
Purchase of aggregate shares				84,000
Shares of common stock percentage				6%
Warrant exercise price				$ 6
Public offering price percentage				120%
Combined purchase price of warrants		$ 1.7499
Gross proceeds from private placement	$ 7,500,000
Excess warrants own percentage					9.99%
IPO [Member]
Stockholders' Equity and Warrants (Details) [Line Items]
Shares of common stock			1,400,000
Public offering price			$ 5
Private Placement [Member]
Stockholders' Equity and Warrants (Details) [Line Items]
Common stock shares		1,300,000
Pre-Funded Warrant [Member]
Stockholders' Equity and Warrants (Details) [Line Items]
Common stock shares		2,985,715
Common warrant price per share	$ 0.0001
Excess warrants own percentage					9.99%
Common Warrant [Member]
Stockholders' Equity and Warrants (Details) [Line Items]
Common stock shares		4,285,715
Common warrant price per share	$ 1.75	$ 1.75
Excess warrants own percentage					4.99%
H.C.W. Placement Agent Warrant [Member]
Stockholders' Equity and Warrants (Details) [Line Items]
Common stock shares	278,571
Common warrant price per share	$ 2.1875
Common Stock [Member]
Stockholders' Equity and Warrants (Details) [Line Items]
Company authorized to issue							82,500,000	10,000,000
Common stock par value							$ 0.001	$ 0.001
Common stock outstanding							75,000,000

Stockholders' Equity and Warr_4

Stockholders' Equity and Warrants (Details) - Schedule of Summarizes the Total Warrants Outstanding	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Exercise Price Per Share (in Dollars per share) | $ / shares
Outstanding, Beginning	276,500
New Issuance	7,634,001
Exercised	(250,000)
Outstanding, Ending	7,660,501
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	July - Sept 2022
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 3
Expiration Date	July - Sept 2027
Outstanding, Beginning	11,500
New Issuance
Exercised
Outstanding, Ending	11,500
Placement Agent Warrants One [Member]
Class of Warrant or Right [Line Items]
Issue Date	Nov 2022
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 1
Expiration Date	Nov 2027
Outstanding, Beginning	15,000
New Issuance
Exercised
Outstanding, Ending	15,000
Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	Nov 2022
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 1
Expiration Date	Earlier of IPO or Nov 2027
Outstanding, Beginning	250,000
New Issuance
Exercised	(250,000)
Outstanding, Ending
Representative Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	Jan 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 6
Expiration Date	Jan 2028
Outstanding, Beginning
New Issuance	84,000
Exercised
Outstanding, Ending	84,000
Pre-Funded Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	July 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 0.0001
Expiration Date	Once exercised
Outstanding, Beginning
New Issuance	2,985,715
Exercised
Outstanding, Ending	2,985,715
Investor Warrants One [Member]
Class of Warrant or Right [Line Items]
Issue Date	July 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 1.75
Expiration Date	Jan 2029
Outstanding, Beginning
New Issuance	4,285,715
Exercised
Outstanding, Ending	4,285,715
Placement Agent Warrants Two [Member]
Class of Warrant or Right [Line Items]
Issue Date	July 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 2.1875
Expiration Date	Jan 2029
Outstanding, Beginning
New Issuance	278,571
Exercised
Outstanding, Ending	278,571

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 24, 2023	Sep. 30, 2023	Mar. 31, 2023	Mar. 30, 2023	Jan. 19, 2023
Equity-Based Compensation (Details) [Line Items]
Common stock for gross proceeds		2,000,000
Shares issued		685,000			600,000
Stock options granted shares term		10 years
Weighted average grant (in Dollars per share)		$ 1.09
Principal amount (in Dollars)		$ 779,594
Service period		1 year 7 months 6 days
Stock options granted	50,000
Common Stock [Member]
Equity-Based Compensation (Details) [Line Items]
Shares issued				10,839
Common Stock Outstanding [Member]
Equity-Based Compensation (Details) [Line Items]
Conversion secured percentage		20%
Director [Member]
Equity-Based Compensation (Details) [Line Items]
Shares issued			77,340

Equity-Based Compensation (De_2

Equity-Based Compensation (Details) - Schedule of Weighted Average Assumptions Used in the Black-Scholes Model	9 Months Ended
	Sep. 30, 2023
Equity-Based Compensation (Details) - Schedule of Weighted Average Assumptions Used in the Black-Scholes Model [Line Items]
Dividend yield
Minimum [Member]
Equity-Based Compensation (Details) - Schedule of Weighted Average Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate	2.98%
Expected term (years)	5 years 3 months 7 days
Volatility	62.40%
Maximum [Member]
Equity-Based Compensation (Details) - Schedule of Weighted Average Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate	4.51%
Expected term (years)	5 years 9 months 21 days
Volatility	70.70%

Equity-Based Compensation (De_3

Equity-Based Compensation (Details) - Schedule of Activity Under the Plans	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Schedule of Activity Under the Plans [Abstract]
Number Outstanding Beginning | shares	1,100,000
Weighted- Average Exercise Price Per Share Beginning | $ / shares	$ 0.84
Weighted- Average Remaining Contractual Life (Years) Beginning	9 years 6 months 25 days
Aggregate Intrinsic Value Beginning | $	$ 4,578,000
Number Outstanding Ending | shares	1,175,000
Weighted- Average Exercise Price Per Share Ending | $ / shares	$ 0.86
Weighted- Average Remaining Contractual Life (Years) Ending	8 years 10 months 20 days
Aggregate Intrinsic Value Ending | $	$ 42,000
Number Outstanding Options vested and exercisable | shares	495,834
Weighted- Average Exercise Price Per Share Options vested and exercisable | $ / shares	$ 0.64
Weighted- Average Remaining Contractual Life (Years) Options vested and exercisable	8 years 9 months 21 days
Aggregate Intrinsic Value Options vested and exercisable | $	$ 4,216
Number Outstanding Options vested and expected to vest | shares	1,175,000
Weighted- Average Exercise Price Per Share Options vested and expected to vest | $ / shares	$ 0.86
Weighted- Average Remaining Contractual Life (Years) Options vested and expected to vest	8 years 10 months 20 days
Aggregate Intrinsic Value Options vested and expected to vest | $	$ 42,000
Number Outstanding Granted | shares	75,000
Weighted- Average Exercise Price Per Share Granted | $ / shares	$ 1.2
Weighted- Average Remaining Contractual Life (Years) Granted	9 years 9 months 21 days
Aggregate Intrinsic Value Granted | $
Number Outstanding Exercised | shares
Weighted- Average Exercise Price Per Share Exercised | $ / shares
Weighted- Average Remaining Contractual Life (Years) Exercised
Aggregate Intrinsic Value Exercised | $
Number Outstanding Canceled/forfeited/expired | shares
Weighted- Average Exercise Price Per Share Canceled/forfeited/expired | $ / shares
Weighted- Average Remaining Contractual Life (Years) Canceled/forfeited/expired
Aggregate Intrinsic Value Canceled/forfeited/expired | $

Equity-Based Compensation (De_4

Equity-Based Compensation (Details) - Schedule of Allocation Share Based Compensation Periods - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Schedule of Allocation Share Based Compensation Periods [Abstract]
General and administrative	$ 60,763	$ 435,642	$ 435,642	$ 329,420
Research and development	92,309	43,042	43,042	277,846
Total stock-based compensation	$ 153,072	$ 478,684	$ 478,684	$ 607,266

Net Loss Per Share (Details) -

Net Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Common Share - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Numerator:
Net loss	$ (1,036,451)	$ (1,026,114)	$ (1,704,902)	$ (7,213,026)
Denominator:
Weighted average common shares outstanding, basic	15,396,224	8,037,218	7,778,778	12,640,815
Net loss per share, basic	$ (0.07)	$ (0.13)	$ (0.22)	$ (0.57)

Net Loss Per Share (Details) _2

Net Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Common Share (Parentheticals) - $ / shares	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Schedule of Basic and Diluted Net Loss Per Common Share [Abstract]
Weighted average common shares outstanding, diluted	15,396,224	8,037,218	7,778,778	12,640,815
Net loss per share, diluted	$ (0.07)	$ (0.13)	$ (0.22)	$ (0.57)

Net Loss Per Share (Details) _3

Net Loss Per Share (Details) - Schedule of Common Stock Equivalents - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Anti-dilutive common stock equivalents:
Total anti-dilutive common stock equivalents	8,835,501	1,061,500
Stock options to purchase common stock [Member]
Anti-dilutive common stock equivalents:
Total anti-dilutive common stock equivalents	1,175,000	1,050,000
Warrants to purchase common stock [Member]
Anti-dilutive common stock equivalents:
Total anti-dilutive common stock equivalents	7,660,501	11,500