Cardiol Therapeutics (CRDL) Q2 2025 earnings summary

Executive summary

• Focused on developing anti-inflammatory and anti-fibrotic therapies for heart disease, with lead candidate CardiolRx™ in advanced clinical trials for recurrent pericarditis and acute myocarditis.

• Phase II MAVERIC-Pilot and ARCHER trials showed CardiolRx™ was well tolerated and demonstrated clinical proof of concept, supporting further development.

• Enrolled first patient in Phase III MAVERIC trial for recurrent pericarditis in April 2025; topline ARCHER results announced in August 2025.

• Cash and cash equivalents of $18.2M at June 30, 2025, expected to fund operations into Q3 2026.

Financial highlights

• Net loss for Q2 2025 was $8.4M, up from $6.6M in Q2 2024; six-month net loss was $16.6M, up from $15.8M year-over-year.

• No revenue generated; operating expenses driven by R&D ($2.7M in Q2, $6.5M YTD) and G&A ($4.9M in Q2, $9.6M YTD).

• Interest income for Q2 was $181K, down from $307K in Q2 2024.

• Cash used in operations for the first half of 2025 was $11.7M.

Outlook and guidance

• Anticipates completion of Phase III MAVERIC enrollment in H1 2026 and advancement of CRD-38 development.

• Current cash position expected to fund operations and milestones into Q3 2026.

• May seek pharmaceutical partners for commercialization and further clinical development.