CRDL Stock — Cardiol Therapeutics Inc.: Cash, EV, Pipeline

What they do

INFORMATION ON THE COMPANY History and Development of the Company Name, Address and Incorporation The Corporation was incorporated under the Business Corporations Act (Ontario) on January 19, 2017. The Corporation has one wholly owned subsidiary, Cardiol Therapeutics USA Inc., incorporated under the laws of Delaware on March 30, 2022.

Source: 20-F FY2023 via SEC EDGAR

Share price

$0.99

Market cap

$120.1M

Cash

$15.1M

Enterprise value

$105.0M

Balance sheet

Cash	$15.1M
Debt	$0.0M
Net cash	$15.1M
Enterprise value	$105.0M
Basic shares	81.4M shares
Fully diluted shares	102.4M shares
Fully diluted market cap	$101.4M
Cash per share	$0.19

Cash figures as of 2025-12-31. Database snapshot: 2026-11-07.

Share structure

Common

81.4M

Pre-funded warrants

0.0M

Options

16.0M

RSUs

0.0M

Warrants

5.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

102.4M

Cap table as of 2025-09-30.

Price history

Loading CRDL daily closes…

Loading price history…

Next catalyst

CardiolRx · Now - Dec 14, 2026 Now · Phase 3 · Recurrent Pericarditis

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Dec 14, 2026 Now	CardiolRx	Phase 3	Recurrent Pericarditis	mid-2027 Est. Jun 1, 2027 · PCD + 6 wks (Jun 1-Jun 1)

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

CardiolRx

Phase 2 · Active

Indications

Acute myocarditis (Phase 2)
Recurrent pericarditis (Phase 2)

Status note Lead product candidate; pharmaceutical cannabidiol formulation per filing. ARCHER is the Phase II multi-national, double-blind, placebo-controlled study in acute myocarditis; MAvERIC-Pilot is the Phase II open-label pilot study in recurrent pericarditis. Filing is a 20-F from April 2024 (period 2023-12-31); stages may have advanced since.

Subcutaneous product candidate (unnamed)

Preclinical · Active

Status note Filing states the company's prospects depend on the success of its subcutaneous product candidate, which is in early stages of development; no name, indication, or stage beyond that is stated.

Per-asset detail extracted from the 20-F filed 2024-04-01. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	CardiolRx
Lead indication	Recurrent Pericarditis
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06708299	Phase 3	Recruiting	Sponsor	Cardiol Therapeutics Inc.	—	Recurrent Pericarditis	mid-2027 Est. Jun 1, 2027 · PCD + 6 wks (Jun 1-Jun 1)

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Cardiol Therapeutics Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	3,325,000	+600,000	0.58%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

CRDL — Cardiol Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

CRDL — Cardiol Therapeutics Inc.