Logo

CRDL

Cardiol Therapeutics Inc.

CRDL

Cardiol Therapeutics Inc. • NASDAQ
$1.05 ▲ 1.94% (+0.02)
Market Cap $91.76 M
52w High $1.67
52w Low $0.77
Dividend Yield 0%
P/E -3.62
Volume 494.83K
Outstanding Shares 87.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $10.18M ▲ $-9.964M ▼ 0% $-0.12 ▼ $-9.939M ▼
Q2-2025 $0 $7.676M ▼ $-8.354M ▼ 0% $-0.1 $-7.651M ▲
Q1-2025 $0 $8.429M ▲ $-8.288M ▼ 0% $-0.1 ▲ $-8.404M ▼
Q4-2024 $0 $6.908M ▼ $-5.683M ▲ 0% $-0.12 ▲ $-5.649M ▲
Q3-2024 $0 $14.14M $-12.728M 0% $-0.18 $-13.939M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.622M ▼ $12.948M ▼ $3.387M ▼ $9.561M ▼
Q2-2025 $18.195M ▼ $19.938M ▼ $8.13M ▲ $11.808M ▼
Q1-2025 $23.293M ▼ $25.455M ▼ $7.867M ▲ $17.588M ▼
Q4-2024 $30.58M ▲ $31.864M ▲ $7.135M ▲ $24.728M ▲
Q3-2024 $15.885M $17.52M $7.088M $10.431M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.964M ▼ $-6.925M ▼ $-3.018K ▲ $-13.844K ▼ $-6.573M ▼ $-6.928M ▼
Q2-2025 $-8.354M ▼ $-4.551M ▲ $-6.439K ▲ $20.416K ▲ $-5.098M ▲ $-4.557M ▲
Q1-2025 $-8.288M ▼ $-7.154M ▼ $-11.939K ▼ $-13.844K ▼ $-7.287M ▼ $-7.166M ▼
Q4-2024 $-8.178M ▲ $-5.593M ▲ $-6.159K ▲ $18.691M ▲ $14.695M ▲ $-5.599M ▲
Q3-2024 $-12.728M $-7.769M $-7.871K $-4.615K $-8.136M $-7.777M

Five-Year Company Overview

Income Statement

Income Statement Cardiol is still a pure R&D story with no product sales yet. The income statement is dominated by research and administrative expenses, which lead to steady, modest-sized losses each year. These losses have been relatively stable rather than sharply growing, suggesting disciplined spending, but they are ongoing and will likely continue until a drug is approved and commercialized. Profitability is entirely dependent on successful clinical outcomes and future market launches, not on current operations.

Balance Sheet

Balance Sheet The balance sheet is simple and lean. Assets are small and mostly held in cash, with no financial debt reported, which reduces balance sheet risk but also highlights limited resources. Shareholders’ equity is positive but not large, reflecting a typical early-stage biotech profile: funded mainly by past equity raises rather than by internally generated profits. The company appears financially conservative, but its ability to fund long clinical programs will hinge on continued access to capital markets or partnerships.

Cash Flow

Cash Flow Cash flow reflects a classic clinical‑stage biotech pattern: money consistently flows out to fund trials and operations, with no offsetting inflow from product sales. Operating cash burn has been steady and moderate, and the company has not been tying up money in large physical investments. A flat year in operating cash flow looks more like timing or one‑off items than a structural shift. Over time, Cardiol will likely need additional funding rounds or strategic deals to sustain its development pipeline, especially if trials expand or move into later stages.

Competitive Edge

Competitive Edge Cardiol is trying to build an edge in a very specific corner of cardiology: inflammatory heart diseases that currently have limited treatment options. Its focus on recurrent pericarditis and acute myocarditis, combined with orphan drug status, gives it regulatory advantages and a more protected niche if its lead drug succeeds. The main competition today comes from a small number of specialized therapies and from broader anti‑inflammatory approaches developed by other biotechs and large pharma. Cardiol’s oral, CBD‑based, inflammasome‑targeting approach is differentiated, but the company is still pre‑commercial and heavily reliant on clinical data to prove it can stand out and gain adoption against existing and future treatments.

Innovation and R&D

Innovation and R&D Innovation is the core of Cardiol’s story. Its lead candidate, CardiolRx, is a pharmaceutical‑grade CBD formulation aiming to treat the underlying inflammation in heart disease rather than just symptoms, targeting a well‑defined inflammatory pathway. Early and mid‑stage trial results have been encouraging in both recurrent pericarditis and acute myocarditis, supporting further development in broader heart conditions. On top of that, Cardiol is working on a long‑acting injectable version for heart failure, which opens a much larger potential market. A growing patent estate, including protection that extends well into the next decade, underpins this strategy. The key uncertainty is typical for biotech: whether late‑stage trials will confirm the early promise and whether regulators, doctors, and payers will ultimately embrace these therapies.

Summary

Cardiol Therapeutics is an early‑stage, research‑driven biotech focused on inflammatory heart diseases, with no current product revenue and a financial profile built around controlled but persistent cash burn. The balance sheet is clean and mostly cash‑based, with no debt but limited absolute resources, implying an ongoing need for external funding as development progresses. The investment case revolves around its clinical program: a differentiated oral CBD‑based drug targeting orphan cardiovascular conditions, supportive mid‑stage data so far, and a follow‑on injectable program for heart failure, all backed by long‑dated intellectual property. The largest strengths are its focused strategy, regulatory advantages in niche indications, and clear scientific rationale; the main risks are dependence on a small number of key programs, binary clinical and regulatory outcomes, and the need to repeatedly access capital before any potential commercialization.

NEWS

November 13, 2025 · 7:45 AM UTC

Cardiol Therapeutics Receives U.S. Patent Allowance Broadly Protecting its Heart Drugs to Late 2040

Read more

November 5, 2025 · 7:45 AM UTC

Cardiol Therapeutics' Phase II ARCHER Trial Results to be Presented at the European Society of Cardiology Scientific Meeting on Myocardial & Pericardial Diseases

Read more

October 21, 2025 · 7:27 AM UTC

Cardiol Therapeutics Completes US$11.4 Million Financing and Extends Cash Runway into Q3 2027

Read more

October 17, 2025 · 4:34 PM UTC

Cardiol Therapeutics Secures US$11 Million Financing and Extends Cash Runway into Q3 2027

Read more