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CRDL on Nasdaq

Cardiol Therapeutics Inc.

Cardiol Therapeutics Inc. is a Canadian biological products company based in Oakville, listed on Nasdaq (CRDL).2

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Last updated Oct 21, 2026.

Overview

-33.8MNet income, fiscal 20253

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  • TickerCRDL on Nasdaq2
  • IndustryBiological Products, (No Diagnostic Substances)2
  • HeadquartersOakville, Canada2
  • Incorporated inOntario, Canada4
  • Business address602-2265 Upper Middle Road East, Oakville, A6 L6H 0G54
  • Filer category, Emerging growth company4
  • Legal formCorporation2
  • LEI549300EXSOITGMUJOK202
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address2265 Upper Middle Road East, Suite 602, L6H 0G5 Oakville, Canada2
  • Registered withMinistry of Government and Consumer Services, 25569832

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The Corporation was incorporated under the Business Corporations Act (Ontario) on January 19, 2017. The Corporation has one wholly owned subsidiary, Cardiol Therapeutics USA Inc., incorporated under the laws of Delaware on March 30, 2022.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CAD, the currency the company reports in.

Key numbers, fiscal 2021

-49091.9%Operating margin6
-40170.4%Net margin6
-41.5%Return on equity6
-23.6M CADFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Research and development100¢10.9M CAD

Out of 78.8K CAD in revenue.67 The company lost money this year.

Financial statements

Operating income76-38.7M CAD in 2021+87% since 2020
-40.0M CAD-30.0M CAD-20.0M CAD-10.0M CAD02020: -20.7M CAD-20.7M CAD20202021: -38.7M CAD-38.7M CAD2021+87%
Net income76-31.6M CAD in 2021+53% since 2020
-40.0M CAD-30.0M CAD-20.0M CAD-10.0M CAD02020: -20.6M CAD-20.6M CAD20202021: -31.6M CAD-31.6M CAD2021+53%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
General and administration (note 15)20.3M CAD26.3M CAD
Research and development (note 15)14.0M CAD14.0M CAD
Loss before other income (expenses)-34.3M CAD-40.3M CAD
Interest income (note 6)726.4K CAD1.2M CAD
Gain (loss) on foreign exchange-1.2M CAD2.1M CAD
Change in derivative liability (note 9)951.7K CAD238.2K CAD
Other income28.2K CAD
Net loss and comprehensive loss for the year-33.8M CAD-36.7M CAD
Basic net loss per share (in CAD per share)-0.39 CAD-0.51 CAD
Diluted net loss per share (in CAD per share)-0.39 CAD-0.51 CAD
Weighted average number of common shares outstanding, basic87.0M shares71.6M shares
Weighted average number of common shares outstanding, diluted87.0M shares71.6M shares

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Corporate structure

Cardiol Therapeutics Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Cardiol Therapeutics Inc.

  • Tejara Capital Ltd Filed SCHEDULE 13G/A on Cardiol Therapeutics Inc., latest Sep 23, 2026 (2 filings since Oct 23, 2025)
  • MMCAP International Inc. SPC Filed SCHEDULE 13G/A on Cardiol Therapeutics Inc., latest Aug 14, 2026 (8 filings since Nov 15, 2021)
  • Cardiol Therapeutics Inc. Oakville, Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Cardiol Therapeutics Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net118.1K CAD3 Dec 31, 2025195.6K CAD3 Dec 31, 2024−39.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents21.4M CAD3 Dec 31, 202530.6M CAD3 Dec 31, 2024−30.0%

Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerAndrew Hamer named Nov 4, 20259
  • Executive OfficerBernard Lim named Nov 4, 20259
  • Executive Officer, DirectorChris Waddick named Nov 4, 20259
  • Executive Officer, DirectorDavid Elsley named Nov 4, 20259
  • DirectorColin Stott named Nov 4, 20259
  • DirectorGuillermo Torre-Amione named Nov 4, 20259
  • DirectorJennifer Chao named Nov 4, 20259
  • DirectorPeter Pekos named Nov 4, 20259
  • DirectorTeri Loxam named Nov 4, 20259
  • DirectorTim Garnett named Nov 4, 20259

Timeline

  1. Jan 19, 2017Founded Cardiol Therapeutics Inc. is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.09) a share, on Nov 13, 2025.10

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

166 filings to the SEC since October 2021: 6 annual reports, 10 large holders, 1 private raises, 149 other. The latest 20:

  1. Sep 23, 2026SCHEDULE 13G/A EDGAR
  2. Sep 23, 20266-K EDGAR
  3. Sep 16, 20266-K EDGAR
  4. Sep 16, 2026SUPPL EDGAR
  5. Sep 16, 2026F-10/A EDGAR
  6. Sep 15, 20266-K EDGAR
  7. Sep 11, 20266-K EDGAR
  8. Sep 10, 20266-K EDGAR
  9. Sep 10, 2026F-X EDGAR
  10. Sep 10, 2026F-10 EDGAR
  11. Sep 9, 20266-K EDGAR
  12. Aug 14, 2026SCHEDULE 13G/A EDGAR
  13. Aug 12, 20266-K EDGAR
  14. Aug 5, 20266-K EDGAR
  15. Jul 14, 20266-K EDGAR
  16. Jul 9, 20266-K EDGAR
  17. Jun 25, 20266-K EDGAR
  18. Jun 23, 20266-K EDGAR
  19. May 26, 20266-K EDGAR
  20. May 15, 2026SCHEDULE 13G/A EDGAR

The 166 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 17, 2025Raised $760,000 in a private offering of equity Form D: $8.5 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 51. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
MMCAP International Inc. SPC15,598,560$16.5M1.4%+246,243
Tejara Capital Ltd5,113,822$5.4M2.2%−16,300
Ikarian Capital, LLC3,325,000$3.5M0.6%+600,000
Boothbay Fund Management, LLC975,721$1.0M0.0%+180,840
Citadel Advisors LLC796,529$844.3K0.0%−23,375
Renaissance Technologies LLC772,837$819.2K0.0%+543,031
Two Sigma Investments, LP746,937$791.8K0.0%+212,726
Integrity Alliance, Llc.388,492$411.8K0.0%−76,533
Morgan Stanley355,030$376.3K0.0%+104,609
Goldman Sachs Group Inc333,900$353.9K0.0%+1,500
Pvg Asset Management Corp107,165$113.6K0.1%No change
1832 Asset Management L.P.100,000$106.0K0.0%No change
Mgo One Seven LLC100,000$106.0K0.0%No change
Summit Financial, LLC99,109$105.1K0.0%−4,950
Jane Street Group, LLC53,416$56.1K0.0%−73,541
Jpmorgan Chase & Co48,077$49.5K0.0%No change
Geode Capital Management, LLC42,196$44.7K0.0%−10,239
Marble Harbor Investment Counsel, LLC39,900$42.3K0.0%No change
Boyer Financial Services, Inc.34,100$35.8K0.0%+11,000
Quadrature Capital Ltd30,566$32.4K0.0%−17,321
Kovack Advisors, Inc.30,000$31.5K0.0%No change
Concurrent Investment Advisors, LLC25,387$26.9K0.0%New
Mercer Global Advisors Inc /adv22,600$24.0K0.0%No change
Wealth Enhancement Advisory Services, LLC22,340$22.6K0.0%New
Jones Financial Companies Lllp19,847$20.6K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Cardiol Therapeutics Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCardiol Therapeutics Inc.1
  • CIK0001702123
  • Filer status<br>emerging growth company an emerging growth company1
  • Incorporated inOntario13
  • Fiscal year endsDecember 311
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address602-2265 Upper Middle Road East, Oakville, A6 L6H 0G51
  • Phone289-910-08501
  • Shares outstanding100,257,009 shares as of Dec 31, 202513
  • AuditorBDO Canada LLP PCAOB ID 1227; no auditor attestation of internal control over financial reporting13
  • On EDGAR sinceMar 29, 20171
  • Filings185 in all: 6-K (131), SUPPL (10), D (5), F-10 (5), F-X (5), F-10/A (4), SC 13G/A (4), 40-F (3)1
    All 20 form types

    SCHEDULE 13G/A (3), 20-F (2), EFFECT (2), S-8 (2), SCHEDULE 13G (2), 40-F/A (1), 8-A12B (1), 8-A12B/A (1), CERT (1), F-10POS (1), S-8 POS (1), SC 13G (1)

  • Latest filingsAnnual report (40-F) Mar 31, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common SharesCRDLNasdaq

From the cover page of the 40-F filed Mar 31, 2026 (Section 12(b) of the Exchange Act).13

Sources

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