• Epi+Gen CHD™ test: An AI-driven, epigenetic-genetic test designed to assess an individual's risk for coronary heart disease (CHD).
• Precision Cardiovascular Medicine Platform: A comprehensive platform that integrates diagnostic tests and analytics to provide personalized cardiovascular risk assessment and management solutions.

Major Customers of Cardio Diagnostics (CDIO)

• Healthcare Providers and Health Systems: This includes physician groups, clinics, and hospitals that integrate Cardio Diagnostics' tests into their patient care pathways for early detection and prevention of cardiovascular disease.
• Self-Insured Employers: Companies that directly bear the cost of their employees' healthcare may offer Cardio Diagnostics' tests as part of their corporate wellness and preventive health programs.
• National Laboratories: These larger laboratories process tests for a wide network of healthcare providers and clients, acting as a channel for Cardio Diagnostics' tests to reach a broader patient population.

• Revere Health: Utah’s largest independent multispecialty physician group. (Note: Revere Health is a private company, not publicly traded).
• An unnamed major national laboratory: Cardio Diagnostics announced an agreement with a major national laboratory to expand access to its Anumana™ Heart Health Test, though the name of this laboratory has not been disclosed.

Meeshanthini Dogan, PhD Chief Executive Officer

Dr. Meesha Dogan is the Co-Founder and Chief Executive Officer of Cardio Diagnostics Holdings, Inc., serving as CEO and a director since the company's inception in 2017. She is a co-inventor of the company's proprietary Integrated Genetic-Epigenetic Engine™, a core technology for cardiovascular solutions. Her background includes extensive work in AI/ML applications within biomedical engineering. Dr. Dogan holds a PhD in Biomedical Engineering and BSE/MS degrees in Chemical Engineering from the University of Iowa. She has been recognized with several awards, including Nature/Merck "One To Watch" (2020), Biotech Breakthrough "Clinical Diagnostics Solution of the Year" (2021), and Fast Company "Next Big Things in Tech" (2022).

Elisa Luqman Chief Financial Officer

Elisa Luqman has served as the Chief Financial Officer of Cardio Diagnostics Holdings, Inc. on a part-time basis since March 2021. Ms. Luqman was a co-founder of bigVault Storage Technologies, a cloud-based file hosting company that was acquired by Digi-Data Corporation in February 2006. Following the acquisition, she served as Chief Operating Officer of Digi-Data's Vault Services Division and later as General Counsel for the corporation. She also served as Chief Financial Officer and General Counsel of Clinigence Holdings, Inc. (CLNH) since October 2019, overseeing SEC and FINRA filings through its reverse merger with Clinigence Holdings, Inc. Since April 2022, she has also been Chief Legal Officer (SEC) for Nutex Health, Inc.

Timur Dogan, PhD Chief Technology Officer

Dr. Timur (Tim) Dogan has served as the Chief Technology Officer of Cardio Diagnostics Holdings, Inc. since May 2022. He joined the company in August 2019 as its first employee, initially as a Senior Data Scientist, and was instrumental in developing and advancing the Integrated Genetic-Epigenetic Engine™. Dr. Dogan is also a co-inventor of several patent-pending technologies in cardiovascular disease and diabetes. He holds joint B.S.E./M.S. and Ph.D. degrees in Mechanical Engineering from the University of Iowa, where his research focused on complex fluid flows and machine learning models on high-performance computing systems.

Robert Philibert, MD, PhD Chief Medical Officer

Dr. Robert Philibert is a Co-Founder and Chief Medical Officer of Cardio Diagnostics Holdings, Inc. He is a co-inventor of the Integrated Genetic-Epigenetic Engine™ that forms the core of Cardio Diagnostics' cardiovascular solutions. In 2009, Dr. Philibert founded Behavioral Diagnostics, LLC, a company providing epigenetic testing services that successfully introduced two epigenetic tests, Smoke Signature© and Alcohol Signature™, to the commercial market. He is widely published with over 200 peer-reviewed manuscripts and holds numerous NIH grant awards and national and international patents for his pioneering work in epigenetics, including the discovery of epigenetic signatures for cigarette and alcohol consumption. He holds joint appointments in Neuroscience, Molecular Medicine, and Biomedical Engineering.

1. Limited Operating History, Financial Viability, and Dependence on Capital Raising: Cardio Diagnostics has a limited operating history and an unproven business model, with no assurance of profitability. The company has reported minimal sales and significant net losses, indicating a challenging financial environment. Furthermore, Cardio Diagnostics has engaged in ongoing capital raises through "at-the-market" sales agreements, which can lead to dilution for existing shareholders and highlights a continuous reliance on external funding to support operations and growth.
2. Regulatory Risks for Laboratory-Developed Tests (LDTs): The company faces significant regulatory risks, particularly concerning potential changes in FDA rules for laboratory-developed tests. As Cardio Diagnostics specializes in AI-driven multi-omics diagnostic tests, any new or altered regulatory scrutiny could materially affect its commercialization efforts and ability to bring products to market.
3. Market Adoption, Reimbursement, and Competition: The success of Cardio Diagnostics' innovative AI-driven diagnostic tests is contingent upon widespread market adoption and securing favorable reimbursement from government and commercial payors. The company's market opportunity estimates may also be inaccurate. Additionally, the biotechnology and diagnostic markets are competitive, requiring the company to successfully expand its product portfolio, gain market acceptance, and navigate a competitive landscape to achieve sustained growth and profitability.

Cardio Diagnostics (NASDAQ: CDIO) specializes in precision cardiovascular medicine, utilizing epigenetics and artificial intelligence to offer advanced blood tests for the prevention and early detection of heart disease.

The company's primary products and their addressable markets in the U.S. are as follows:

• Epi+Gen CHD: This AI-powered blood test estimates a patient's three-year risk of coronary heart disease. The estimated total addressable market for Epi+Gen CHD in the U.S. is approximately $125 billion, with about 146 million eligible Americans.
• PrecisionCHD: This AI-powered blood test serves as a diagnostic aid for the early detection of coronary heart disease. The estimated total addressable market for PrecisionCHD in the U.S. is approximately $51 billion, with about 60 million eligible Americans.

Combined, the total addressable market across both Epi+Gen CHD and PrecisionCHD in the U.S. is over $176 billion.

Here are 3-5 expected drivers of future revenue growth for Cardio Diagnostics (CDIO) over the next 2-3 years:

1. Expansion of Reimbursement and Payer Coverage: Cardio Diagnostics anticipates revenue growth by leveraging CPT PLA codes and actively expanding reimbursement agreements with both government and commercial payers. The company is prioritizing health economics evidence generation to support the adoption of its diagnostic tests, Epi+Gen CHD™ and PrecisionCHD™.
2. New Product Development and Pipeline Expansion: The company's strategic initiatives include the development of additional AI-driven multi-omics diagnostic products for other significant cardiovascular diseases such as stroke, heart failure, and diabetes. This expansion of its product pipeline is expected to create new revenue streams.
3. Market Expansion (Geographical and Channel): Cardio Diagnostics is pursuing significant market expansion, exemplified by its first international entry into India through strategic partnerships with Aimil Ltd. and Dr. Lal PathLabs, with a commercial rollout expected in 2026. Domestically, the company is also focused on increasing adoption across health systems, self-insured employers, and various provider organizations.
4. Increased Adoption of Existing AI-driven Diagnostic Tests: Growth is expected from the wider adoption of its current cutting-edge blood tests, Epi+Gen CHD™ for CHD risk assessment and PrecisionCHD™ for earlier detection. The company is expanding its evidence portfolio and engaging in partnerships to drive this adoption among clinicians, health systems, payers, and self-insured employers.

Share Issuance

• Shareholders approved a proposal on October 15, 2025, to authorize future issuances of common stock and/or convertible or exercisable securities representing 20% or more of outstanding common stock in non-public transactions.
• The number of shares outstanding increased by 123.64% in one year to 1.83 million shares.
• Cardio Diagnostics raised over $15 million in capital through sales of common stock as of November 12, 2025, with $3.5 million from sales of common stock and warrants in the nine months ended September 30, 2025.

Inbound Investments

• As of November 12, 2025, the company had raised more than $15 million in capital through sales of common stock.
• Cash from sales of common stock and warrants amounted to $3.5 million for the nine months ended September 30, 2025.
• The company reported cash of $6,355,218 as of September 30, 2025, and relies on At-The-Market (ATM) funding to support its cash position.

Capital Expenditures

• Capital expenditures were reported as $163K in Q3 2025.
• In the last 12 months, capital expenditures were -$190,955.
• The primary focus of capital expenditures is on the development of the company's AI-driven Integrated Genetic-Epigenetic Engine for cardiovascular disease, including $29,264 spent on office and computer equipment for the nine months ended September 30, 2025.