CRDL

MKT CAP:$160M

Cardiol Therapeutics Inc.

Market Cap

$160M

Healthcare·Drug Manufacturers - Specialty & Generic·🇨🇦 Canada·NASDAQ

Healthcare·Drug·🇨🇦·NASDAQ

Stock Price

$1.63+$0.64 (+63.95%)

Apr 21, 2026

Company Details

Cardiol Therapeutics Inc., a clinical-stage life sciences company, focuses on the research and development of anti-fibrotic and anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). Its lead product is CardiolRx, wh...

CEO

David G. Elsley

IPO Date

Jan 15, 2019

Website

www.cardiolrx.com

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

-$25M

EPS (Diluted)

-$0.29

Free Cash Flow

-$17M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 31, 2026

$0EPS -$0.29

Q4 2025

Mar 31, 2026

$0EPS -$0.05

Q3 2025

Nov 13, 2025

$0EPS -$0.09

Q2 2025

Aug 14, 2025

$0EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$0	$0	-$413.0K
Q1 18	$0	$0	-$389.5K
Q2 18	$0	$0	-$911.8K
Q3 18	$0	$0	-$2M
Q4 18	$0	$0	-$2M
Q1 19	$0	$0	-$3M
Q2 19	$0	$0	-$3M
Q3 19	$0	$0	-$3M
Q2 21	$57.6K	$57.6K	-$5M
Q3 21	$0	-$32.0K	-$6M
Q1 24	$0	-$45.0K	-$6M
Q3 24	$0	$0	-$10M
Q1 25	$0	$0	-$6M
Q2 25	$0	$0	-$6M
Q3 25	$0	$0	-$7M
Q4 25	$0	-$19.0K	-$6M

Valuation

Quarter	P/S	P/E
Q4 17	—	—
Q1 18	—	—
Q2 18	—	—
Q3 18	—	—
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q2 21	1670.3x	—
Q3 21	3600.2x	—
Q1 24	2151.2x	—
Q3 24	2365.1x	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	-$285.0K	-$292.3K
Q1 18	-$247.5K	-$247.5K
Q2 18	-$393.1K	-$393.1K
Q3 18	-$1M	-$1M
Q4 18	-$6M	-$6M
Q1 19	-$3M	-$3M
Q2 19	-$2M	-$2M
Q3 19	-$2M	-$2M
Q2 21	-$4M	-$4M
Q3 21	-$4M	-$4M
Q1 24	-$5M	-$5M
Q3 24	-$6M	-$6M
Q1 25	-$5M	-$5M
Q2 25	-$3M	-$3M
Q3 25	-$5M	-$5M
Q4 25	-$4M	-$4M

Capital Expenditures

Quarter	CapEx
Q4 17	$7.3K
Q1 18	$0
Q2 18	$0
Q3 18	$6.4K
Q4 18	$3.7K
Q1 19	$6.1K
Q2 19	$74.8K
Q3 19	$172.3K
Q2 21	$0
Q3 21	$7.4K
Q1 24	$2.5K
Q3 24	$5.8K
Q1 25	$8.7K
Q2 25	$4.7K
Q3 25	$2.2K
Q4 25	$2.3K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	—	+468.7%
Q1 19	—	+542.2%
Q2 19	—	+189.1%
Q3 19	—	+47.0%
Q2 21	—	+102.3%
Q3 21	—	+134.1%
Q1 24	—	+133.0%
Q3 24	—	+301.4%
Q1 25	-100.0%	+29.6%
Q2 25	—	-4.2%
Q3 25	—	+21.1%
Q4 25	—	-43.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$21	—
Q1 18	$0	—
Q2 18	$0	—
Q3 18	$553.4K	—
Q4 18	$654.8K	—
Q1 19	$919.1K	—
Q2 19	$634.2K	—
Q3 19	$403.4K	—
Q2 21	$604.1K	1049.6%
Q3 21	$0	—
Q1 24	$659.2K	—
Q3 24	$6M	—
Q1 25	$838.2K	—
Q2 25	$2M	—
Q3 25	$3M	—
Q4 25	$2M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 17	$85.6K	$316.1K	—
Q1 18	$187.2K	$187.1K	—
Q2 18	$400.7K	$496.1K	—
Q3 18	$326.7K	$1M	—
Q4 18	$205.4K	$2M	—
Q1 19	$374.7K	$2M	—
Q2 19	$547.0K	$2M	—
Q3 19	$904.5K	$2M	—
Q2 21	$2M	$3M	—
Q3 21	$1M	—	$4M
Q1 24	$2M	$4M	—
Q3 24	$3M	$8M	—
Q1 25	$3M	$3M	—
Q2 25	$2M	$4M	—
Q3 25	$3M	$4M	—
Q4 25	$2M	$4M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$55M	$0	$55M
Q2 22	$51M	$0	$51M
Q3 22	$48M	$0	$48M
Q4 22	$32M	$33.4K	$32M
Q1 23	$27M	$33.4K	$27M
Q2 23	$33M	$0	$33M
Q3 23	$22M	$33.3K	$22M
Q4 23	$26M	$0	$26M
Q1 24	$21M	$0	$21M
Q2 24	$18M	$0	$18M
Q3 24	$12M	$0	$12M
Q4 24	$22M	$0	$22M
Q1 25	$17M	$0	$17M
Q2 25	$13M	$0	$13M
Q3 25	$8M	$0	$8M
Q4 25	$16M	$0	$16M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	23M	—	—
Q1 18	23M	0.0%	—
Q2 18	23M	0.0%	—
Q3 18	23M	0.0%	—
Q4 18	23M	+0.1%	+0.1%
Q1 19	26M	+12.9%	+13.0%
Q2 19	26M	+0.8%	+13.9%
Q3 19	26M	+0.1%	+13.9%
Q2 21	40M	+54.8%	+76.3%
Q3 21	43M	+7.8%	+68.2%
Q1 24	67M	+55.8%	+160.0%
Q3 24	70M	+3.8%	+169.9%
Q1 25	83M	+18.3%	+106.2%
Q2 25	83M	+0.1%	+91.5%
Q3 25	85M	+2.5%	+26.0%
Q4 25	100M	+18.3%	+43.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	—	—
Q1 18	—	—
Q2 18	—	—
Q3 18	—	—
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q2 21	—	—
Q3 21	—	—
Q1 24	$0	17
Q3 24	$0	17
Q1 25	$0	17
Q2 25	$0	17
Q3 25	$0	17
Q4 25	$0	17

Revenue / Employee