Cardiol Therapeutics (CRDL) Registration filing summary

Company overview and business model

• Focuses on developing anti-inflammatory and anti-fibrotic therapies for heart disease, targeting conditions such as pericarditis, myocarditis, and heart failure.

• Lead drug candidate, CardiolRx™, is in late-stage clinical development, with ongoing pivotal Phase III trials for recurrent pericarditis and completed Phase II studies for myocarditis.

• Pipeline includes CRD-38, a novel subcutaneous formulation for inflammatory heart disease, with IND-enabling studies underway.

• May use securities for acquisitions or investments in complementary businesses, assets, or technologies.

Financial performance and metrics

• Financial statements prepared under IFRS and audited per Canadian and PCAOB standards.

• Reported negative operating cash flow and history of losses; expects to continue negative cash flow in the near term.

• General and administrative expenses decreased to $9.5M for the six months ended June 30, 2026, compared to $9.6M in the prior year period.

• Cash and cash equivalents as of June 30, 2026, were $10.1M; total capitalization $24.0M.

Use of proceeds and capital allocation

• Net proceeds from offerings will fund business objectives, general corporate purposes, working capital, debt repayment, and potential acquisitions.

• May reallocate proceeds based on evolving strategy and market conditions.

• Prior offering proceeds primarily supported clinical development of CardiolRx™ and general expenses.

• Estimated milestone costs include $5M for Phase III completion, $4M for CRD-38 IND work, and $3M for Phase I CRD-38 study.