Cardiol Therapeutics (CRDL) Q4 2025 earnings summary

Executive summary

• Advanced late-stage clinical programs for CardiolRx™ in recurrent pericarditis (MAVERIC) and acute myocarditis (ARCHER), with positive Phase II results and ongoing pivotal Phase III trial enrollment.

• Developed CRD-38, a novel subcutaneous cannabidiol formulation for heart failure, with promising preclinical data and IND-enabling studies underway.

• Strengthened intellectual property with a new U.S. patent allowance covering CardiolRx™ and CRD-38 for a broad range of cardiac conditions through 2040.

• Completed significant financings in October 2025 and January 2026, supporting operations into Q4 2027.

Financial highlights

• Net loss for 2025 was $33.8 million, an improvement from $36.7 million in 2024, primarily due to reduced general and administrative expenses.

• Research and development expenses remained stable at $14.0 million in 2025.

• Cash and cash equivalents at year-end 2025 were $21.4 million, with working capital of $17.8 million.

• Raised $16.0 million in October 2025 and $14.85 million in January 2026 through equity financings.

• No revenue generated; company remains in the development stage.

Outlook and guidance

• Anticipates completion of Phase III MAVERIC trial and advancement of CRD-38 IND-enabling studies in the next 12–18 months.

• Cash position expected to fund operations and capital requirements into Q4 2027.

• Plans to evaluate further clinical development of CardiolRx™ for additional orphan cardiac indications and pursue strategic partnerships.