Cardiol Therapeutics (CRDL) Registration Filing summary

Company overview and business model

• Clinical-stage life sciences company focused on anti-inflammatory and anti-fibrotic therapies for heart diseases, with lead candidate CardiolRx (cannabidiol) in clinical development for recurrent pericarditis and acute myocarditis.

• CardiolRx is an oral solution targeting inflammasome pathway, with ongoing Phase II studies (MAVERIC-Pilot and ARCHER trials) and Orphan Drug Designation from the FDA for pericarditis.

• Developing a novel subcutaneous cannabidiol formulation for heart failure, addressing a significant unmet need and large market.

• Common shares are listed on TSX and Nasdaq under the symbol CRDL.

Financial performance and metrics

• As of March 31, 2024: cash and cash equivalents of $28.6 million, share capital of $151.1 million, and a deficit of $151.8 million.

• Negative operating cash flow in recent years, with ongoing negative cash flows from operations.

• Sufficient non-contingent financial resources to fund near-term milestones; additional milestones may require further financing.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used to advance business objectives, fund operations, working capital, repay debt, discretionary capital programs, and potential acquisitions.

• Estimated costs for key milestones: $500,000 to complete Phase II MAVERIC-Pilot, $20 million for Phase III pericarditis study, $5 million for Phase II ARCHER trial, $10 million for Phase III ARCHER trial, $4 million to advance CRD-38, and $2.5 million for Phase I CRD-38 study.

• No specific planned acquisitions at this time.