CRDL Stock — Cardiol Therapeutics Inc. Class A Common Shares: Cash, EV, Pipeline

Share price

$1.88

Market cap

$226.2M

Cash

$15.6M

Enterprise value

$210.6M

Balance sheet

Cash	$15.6M
Debt	$0.0M
Net cash	$15.6M
Enterprise value	$210.6M
Basic shares	100.3M shares
Fully diluted shares	119.2M shares
Fully diluted market cap	$224.0M
Cash per share	$0.16

Cash figures as of 2025-12-31. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 2 - Dec 14	CardiolRx	Phase 3	Recurrent Pericarditis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

CardiolRx

Phase 2 · Active

Indications

Acute myocarditis (Phase 2)
Recurrent pericarditis (Phase 2)

Status note Lead product candidate; pharmaceutical cannabidiol formulation per filing. ARCHER is the Phase II multi-national, double-blind, placebo-controlled study in acute myocarditis; MAvERIC-Pilot is the Phase II open-label pilot study in recurrent pericarditis. Filing is a 20-F from April 2024 (period 2023-12-31); stages may have advanced since.

Subcutaneous product candidate (unnamed)

Preclinical · Active

Status note Filing states the company's prospects depend on the success of its subcutaneous product candidate, which is in early stages of development; no name, indication, or stage beyond that is stated.

Per-asset detail extracted from the 20-F filed 2024-04-01. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	CardiolRx
Lead indication	Recurrent Pericarditis
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06708299	Phase 3	Recruiting	Sponsor	Cardiol Therapeutics Inc.	—	Recurrent Pericarditis	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Cardiol Therapeutics Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	3,325,000	+600,000	0.58%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

CRDL — Cardiol Therapeutics Inc. Class A Common Shares