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Cardiol Therapeutics

CRDL Rare disease Lead: Phase 3 8 Biotech Distilled articles ↓ 37 filings & releases ↓ Cash C$21.4M (Dec 31, 2025) ↓ 8 verdicts ↓ 1 timing quote ↓
Cardiovascular Small Molecule

Market cap $121M 121.5M shares (vendor count, Nov 7, 2026) × $0.995 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. CardiolRx/CRD-38 filing1H 2027CardiolRx/CRD-38 filing, 1H 2027, notable
  2. CardiolRx MAVERIC toplinemid-2027CardiolRx MAVERIC topline, mid-2027, thesis-defining

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Capital (as filed)

Cash
C$21.4M cash and cash equivalents · Dec 31, 2025 (40-F)
Operating cash flow
−C$6.0M annual ÷ 4, year to Dec 31, 2025 (40-F)
As stated in coverage
$27.7M cash, runway Q4 2027 per the update of May 11, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on Cardiol Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-03-02 Speculative buy speculative Cardiol Therapeutics (CRDL): Scientific Deep Dive for CardioRx and Pipeline Products Cardiol is a prime setup for catalyst traders with legitimate science backed by imaging biomarkers and a de-risked balance sheet through the Phase III MAVERIC readout, though the real value unlock hinges on Phase III results.
  2. 2026-04-05 Speculative buy speculative UPDATE: Cardiol Therapeutics (CRDL) - The Dilution Gap Closes as MAVERIC Approaches Thesis remains fully intact with dilution gap closed, balance sheet clean, and MAVERIC enrollment on track for Q2 2026 full enrollment; still a binary event trade.
  3. 2026-05-08 Speculative buy speculative UPDATE: Cardiol Therapeutics (CRDL) - JAHA Validates the Pilot, Enrollment Jumps to 75% JAHA acceptance of Phase II pilot data and enrollment accelerating to 75% tightens the binary-event timeline while the balance sheet remains clean, maintaining the speculative buy thesis.
  4. 2026-05-12 Speculative buy speculative UPDATE: Cardiol Therapeutics (CRDL) - The Q1 Print Adds a "Q3 2026" Asterisk to the Enrollment Clock Q1 financials are clean and balance sheet intact, but MD&A adds a Q3 2026 enrollment hedge and seven new U.S. sites suggest a slightly longer timeline; thesis unchanged but timeline loosened.
  5. 2026-09-10 Hold UPDATE: Cardiol Therapeutics (CRDL) - The US$150M Shelf and the OSC's Reading Glasses Downgraded from Speculative Buy as a US$150M shelf with ATM language restores dilution optionality, enrollment and cost overruns moved timelines, and the fortified balance sheet framing has cracked, though the science remains intact.
  6. 2026-09-16 Hold UPDATE: Cardiol Therapeutics (CRDL) - The Warrants Paid the Bill Over US$7M in warrant exercises extends runway to H1 2028 and materially reduces dilution risk, but timeline slips and cost overruns are unchanged so the stance stays at HOLD/WATCH LIST.
  7. 2026-09-23 Hold UPDATE: Cardiol Therapeutics (CRDL) - The Finish Line Moved MAVERIC hit 110 patients but expanded to 150 with topline slipping to mid-2027, primary endpoint changed, and runway narrowed to Q1 2028; enrollment trigger fired but goalposts moved so stance stays HOLD/WATCH LIST.
  8. 2026-11-04 Avoid UPDATE: Cardiol Therapeutics (CRDL) - The ATM Is Loaded A pre-named downgrade trigger fired: a US$75M ATM program with Jefferies is now live ~8 months before a binary readout, potentially adding ~59% to the share count at near-cycle-low prices, making the risk/reward unattractive.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (37)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

8 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)