Cardiol Therapeutics raises cash as research spending climbs
The life sciences company ended June 30, 2026, with 26.08 million Canadian dollars in cash and cash equivalents
Cardiol Therapeutics Inc. (CRDL), a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, increased its liquidity through a bought deal financing during the first half of 2026. The company ended the period on June 30, 2026, with 26.08 million Canadian dollars in cash and cash equivalents, up from 21.42 million Canadian dollars at the end of 2025.
Financing activities provided 16.08 million Canadian dollars in the six months ended June 30, 2026, primarily driven by the issuance of units for 14.85 million Canadian dollars and the exercise of warrants for 2.49 million Canadian dollars. This followed a January 2026 announcement that the company had closed its bought deal financing and the full exercise of an over-allotment option.
Research and development expenses rose to 8.15 million Canadian dollars for the six months ended June 30, 2026, compared to 6.49 million Canadian dollars during the same period in 2025. The company is currently advancing its lead small molecule drug candidate, CardiolRx, through the pivotal Phase III MAVERIC trial for the treatment of recurrent pericarditis. In January 2026, the company announced it had surpassed 50% of the target patient enrollment for that program.
Net loss for the six months ended June 30, 2026, was 16.90 million Canadian dollars, nearly flat compared to the 16.64 million Canadian dollars loss reported for the same period in 2025. Diluted net loss per share for the first half of 2026 was 0.15 a share, an improvement from 0.20 a share in the prior year.
Operating activities used 11.90 million Canadian dollars in cash during the first half of 2026, compared to 11.70 million Canadian dollars in the first half of 2025. General and administration expenses remained stable, totaling 9.50 million Canadian dollars for the six-month period.
Beyond the MAVERIC program, the company is developing CRD-38, a subcutaneously administered drug formulation for inflammatory heart disease and heart failure.