aibioCardiol Therapeutics reports $31 million raised and cash runway into Q4 2027
Tickers CRDL
Cardiol says $31 million of gross proceeds from an October 2025 private placement and a January 2026 bought deal funds it through its Phase III pericarditis trial. The release names no underwriter or placement agent.
Key facts
- Company
- Cardiol Therapeutics Inc. (TSX: CRDL)
- News type
- Financings
- Primary source
- Cardiol Therapeutics Inc. 6-K (2026-04-01)
The financings
Cardiol Therapeutics Inc. (Nasdaq and TSX: CRDL) published its year-end 2025 update on April 1, 2026, after filing audited financial statements for the year ended December 31, 2025. The update says the company raised aggregate gross proceeds of $31 million, which it says provides a cash runway into the fourth quarter of 2027.
The release breaks the total into two deals. In October 2025 Cardiol completed a private placement for total proceeds of approximately $16 million. In January 2026 it closed a bought deal financing with full exercise of the over-allotment option, for gross proceeds of $14.85 million.
The release does not name the underwriter of the bought deal, the placement agent for the private placement, or any counsel. The release gives no fees or discounts for either deal, so the net cash the company received cannot be measured from it.
What the cash has to cover
The annual report, filed in Canadian dollars, shows year-end 2025 cash and cash equivalents of CAD 21.4 million, down from CAD 30.6 million a year earlier. Cash used in operations was CAD 23.9 million in 2025 and CAD 25.1 million in 2024. Net loss was CAD 33.8 million in 2025, against CAD 36.7 million in 2024. Research and development expense was CAD 14.0 million in both years.
Year-end 2025 cash was therefore below the cash used in operations during 2025. The January 2026 bought deal came after that year-end and, with the October 2025 placement, supplies the runway the release describes. The release says Cardiol is "now fully funded through completion of the MAVERIC trial," in the words of Chief Executive David Elsley. It does not give the trial's total cost, and it does not say what happens to the runway if MAVERIC enrolls more slowly than planned.
The Phase III trial
MAVERIC is a randomized, double-blind, placebo-controlled Phase III trial of CardiolRx in recurrent pericarditis. The release says it is designed to enroll approximately 110 patients at 25 clinical sites, mainly in the United States. The company says it has passed 50% enrollment and expects full enrollment in the second quarter of 2026. The release also says that subject to positive outcomes, the study is expected to support a New Drug Application with the U.S. FDA.
The release makes the filing plan subject to positive outcomes, and it does not say what results would count as positive.
The ARCHER study
The release reports topline results from ARCHER in August 2025. ARCHER was a randomized, double-blind, placebo-controlled Phase II trial of CardiolRx in 109 patients with acute myocarditis at 34 sites in five countries. The company reports a significant reduction in left ventricular mass of 9.2 grams, with a p-value of 0.0117, and says several pre-specified cardiac magnetic resonance endpoints improved after 12 weeks of treatment.
The release says there are no FDA-approved therapies for myocarditis. It describes ARCHER as the first clinical evidence that CardiolRx can improve cardiac structure, heart size and function. That claim rests on one Phase II study. A structural measure alone does not show that patients feel or function better, and the release gives no clinical outcome figures.
The release also points to earlier Phase II results in recurrent pericarditis. It says patients had rapid, sustained reductions in pain and inflammation and a substantial reduction in episodes per year. It gives no figures for those reductions.
Other programs
The company is developing CRD-38, which the release describes as a novel drug for heart failure and other inflammatory heart diseases, toward an Investigational New Drug application and Phase I trials. The annual report calls it a subcutaneously administered formulation. The release also reports a U.S. patent allowance covering CardiolRx and CRD-38 through late 2040. It names Timothy Garnett, former chief medical officer of Eli Lilly and Company, to the board.
What comes next
Full enrollment in MAVERIC is expected in the second quarter of 2026. The release gives no date for any NDA submission, and it makes that submission subject to the trial's results.