CRDL · Cardiol Therapeutics Inc.

Cardiol Therapeutics’ Q1 2026 financial results reflect continued late-stage clinical investment without revenue generation, consistent with its pre-commercial biopharmaceutical profile. The $10.82 million net loss — a 30% increase year-over-year — was driven primarily by higher research and development spending ($4.95M vs. $3.76M), attributable to ongoing Phase III MAVERIC and prior Phase II ARCHER trials, and modestly elevated general and administration costs ($4.76M vs. $4.67M). Notably, basic and diluted EPS held steady at $0.10 despite a 32% rise in weighted average shares outstanding, indicating dilution from recent financings was offset by proportional increases in loss magnitude. The $14.85 million gross proceeds from the January 2026 unit financing — comprising 11.4 million units priced at $1.30 — materially improved liquidity, lifting cash to $27.67 million, a $6.03 million sequential increase. However, this inflow was partially offset by a $1.53 million non-cash increase in derivative liability tied to warrant revaluations, signaling exposure to share price and volatility fluctuations. Management’s MD&A confirms no material changes to internal controls over financial reporting and emphasizes continued focus on the MAVERIC Phase III trial and CRD-38 subcutaneous formulation development. With no revenue, no guidance, and negative operating cash flow ($7.52M used), the Company remains fully dependent on capital markets; its current cash runway appears sufficient to fund operations into mid-2027 based on disclosed quarterly burn, though no explicit runway estimate is provided in the filing.