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This SEC Form 40-F filing serves as the Annual Report for Cardiol Therapeutics Inc. (CRDL) for the fiscal year ended December 31, 2025. As a foreign private issuer, the company utilizes this form to comply with SEC registration and reporting requirements. The filing encompasses comprehensive financial statements prepared in accordance with International Financial Reporting Standards (IFRS), as evidenced by the detailed taxonomy references for property, plant, equipment, and equity instruments. The document reveals a robust equity compensation structure, detailing numerous stock option tranches with varying exercise prices and expiration dates ranging from 2026 to 2030. Additionally, the filing outlines the company's commitments regarding restricted share units (RSUs) and performance share units (PSUs), indicating an active employee incentive program. The presence of significant deferred tax assets, specifically unused tax losses carried forward with maturities extending to 2045, suggests the company is in a development phase with accumulated losses. The report also details lease obligations, right-of-use assets, and contract research services liabilities, painting a picture of a clinical-stage biotechnology company managing operational growth and research commitments.