Cardiol Therapeutics Inc.
CRDL · Biological Products, (No Diagnostic Substances) · EDGAR filings ↗
Grade
D42Clinical-stage cardiovascular biotech whose two controlled Phase 2 readouts (myocarditis, COVID) missed their primaries; lead pericarditis data are uncontrolled.
Strengths
- Current ratio 4.16 with no debt; lead MAvERIC pilot showed an encouraging -3.7 NRS pain drop
- Recurrent pericarditis program advancing toward a randomized trial
Risks
- Acute myocarditis Phase 2 negative (ECV p=0.26, GLS p=0.90) and COVID Phase 2/3 negative (p=0.68)
- Cash runway only ~3.6 quarters; deeply negative ROA/ROE and ongoing cash burn
Notable findings
- Cash burnNegative free cash flow (-17.4M)
- Notable holderHeld by 3 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC (as of 2026-03-31)
- AccumulatingInstitutional holders rose 2→4 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Trial readout soonUpcoming trial readout ~2026-09-21 — PHASE3 · Recurrent Pericarditis
Key metrics
Return on equity
-189.2%
Return on assets
-143.2%
Current ratio
4.2×
Free cash flow
-$17M
Tangible book value
$13M
Cash & investments
$16M
Cash runway
4q
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06708299 ↗ | CardiolRx in Recurrent Pericarditis (MAVERIC Phase-3) Recurrent Pericarditis | PHASE3 | Recruiting | 2026-09-21 |
| NCT05180240 ↗ | Impact of CardiolRx on Myocardial Recovery in Patients With Acute Myocarditis Acute Myocarditis | PHASE2 | Completed | 2025-01-31 |
| NCT05494788 ↗ | Impact of CardiolRxTM on Recurrent Pericarditis (MAvERIC-Pilot) Recurrent Pericarditis | PHASE2 | Completed | 2024-06-15 |
| NCT04615949 ↗ | Cannabidiol in Patients With COVID-19 and Cardiovascular Disease or Risk Factors COVID-19, Cardiovascular Diseases | PHASE2/PHASE3 | Terminated | 2022-11-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-03-31 | 2025-12-31 | 0001104659-26-037844 ↗ |
| 40-F | 2025-03-31 | 2024-12-31 | 0001410578-25-000588 ↗ |
| 20-F | 2024-04-01 | 2023-12-31 | 0001104659-24-041952 ↗ |
| 20-F | 2023-03-29 | 2022-12-31 | 0001104659-23-037820 ↗ |
| 40-F | 2022-03-24 | 2021-12-31 | 0001104659-22-037207 ↗ |