Cardiol Therapeutics (CRDL) AI Stock Analysis

• Market Cap: $133.00M
• Dividend Yield: N/A
• Average Volume (3M): 136.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.36
• Revenue Growth: N/A
• EPS Growth: 21.17%
• Country: CA
• Employees: 18
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.12
• Shares Outstanding: 99,997,650
• 10 Day Avg. Volume: 86,077
• 30 Day Avg. Volume: 136,495
• PEG Ratio: -0.23
• Price to Book (P/B): 5.35
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.28
• Enterprise Value/Market Cap: 0.90
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -4.69K
• Enterprise Value/Ebitda: -3.33
• 1Y Price Target: $11.66
• Price Target Upside: 790.11% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: C$1.50 ▲(14.50% Upside)

The score is held down primarily by very weak financial performance (pre-revenue profile, large ongoing losses, and substantial cash burn with shrinking equity), which increases financing and dilution risk despite low debt. Technicals provide only a modest offset due to improving short-term momentum, while valuation remains unattractive because the company is loss-making and offers no dividend support.

Positive Factors

Low leverage / minimal debt

Reported total debt of roughly $0.13M TTM and near-zero debt-to-equity materially reduce solvency risk for a clinical-stage biotech. Over the next 2–6 months this lowers fixed financing costs and gives management flexibility to prioritize R&D or pursue partnerships without immediate default pressure.

Differentiated CBD-based cardiac pipeline

Cardiol’s focused pipeline of pharmaceutically manufactured CBD candidates (CardiolRx, CRD-38) targets inflammatory and fibrotic cardiac conditions. This therapeutic specialization creates a durable niche in inflammatory cardiology, supporting long-term partner interest and potential regulatory pathways if clinical efficacy is confirmed.

De-risking clinical progress (Phase II data, Phase III enrollment)

Positive Phase II structural data and attainment of ~50% enrollment in the pivotal Phase III MAVERIC trial materially de-risk the lead asset. Sustained trial progress and registrational momentum over months can materially affect regulatory prospects, partner interest, and the path toward commercialization.

Negative Factors

High cash burn / negative cash flow

Consistent negative operating and free cash flow (~ -$24M TTM) indicates the company is consuming substantial cash to fund trials. Over a 2–6 month horizon, this creates persistent funding pressure that will necessitate capital raises or partnerships, increasing dilution risk and constraining strategic optionality.

Pre-revenue profile and persistent losses

The company remains essentially pre-revenue with TTM net losses near -$35M, meaning there is no internal revenue to offset development spending. This structural loss profile heightens reliance on external financing and magnifies the risk that future operational continuity depends on successful trial outcomes or third-party funding.

Sharply contracted equity base

A decline in reported shareholders' equity from about $76M to ~$9.6M signals cumulative value erosion from sustained losses or past financings. A thin equity cushion reduces balance-sheet resilience, increases sensitivity to adverse events, and makes additional dilutive financing more likely to fund ongoing clinical programs.

Cardiol Therapeutics Business Overview & Revenue Model

Company Description

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, which is in Phase II/III multi-national, randomized, double-blind, and placebo-controlled study to evaluate the efficacy and safety of CardiolRx as a cardioprotective therapy to reduce cardiovascular and respiratory events in patients hospitalized with COVID-19, as well as to evaluate the efficacy and safety of CardiolRx in acute myocarditis. The company is also developing subcutaneous formulation of CardiolRx for the treatment of fibrosis and inflammation in the heart that is related with the development and progression of heart failure. Cardiol Therapeutics Inc. was incorporated in 2017 and is headquartered in Oakville, Canada.

How the Company Makes Money

Cardiol Therapeutics makes money primarily through the development and commercialization of its pharmaceutical products. The company's revenue model is centered around bringing its drug candidates through clinical trials to regulatory approval, after which it plans to generate income through the sales of these therapies. Additionally, Cardiol may engage in licensing agreements or strategic partnerships with larger pharmaceutical companies to co-develop or distribute its products, which could provide upfront payments, milestone payments, and royalties as potential revenue streams. The company may also seek funding through grants, collaborations, or equity financing to support its research and development activities.

Cardiol Therapeutics Financial Statement Overview

Summary

Financial profile is very weak: revenue is effectively zero while losses remain large and persistent (TTM net loss about -$34.8M). Cash burn is significant with consistently negative operating and free cash flow (TTM FCF about -$24.3M), and equity has contracted sharply (about $76.2M in 2021 to about $9.6M TTM). The main offsetting strength is very low leverage with minimal debt (about $0.13M TTM).

Income Statement

Operating performance remains very weak. Revenue is effectively zero across most periods (including TTM (Trailing-Twelve-Months)), while losses are persistent and sizable (TTM net loss about -$34.8M; annual net losses generally in the -$20M to -$37M range). Profitability is consistently negative, and there is no visible top-line trajectory yet to demonstrate operating leverage—typical of an early-stage biotech profile, but still a material earnings risk.

Balance Sheet

The balance sheet shows very low leverage, with total debt modest (about $0.13M TTM (Trailing-Twelve-Months)) and debt-to-equity remaining near-zero across periods, which reduces solvency risk. However, the equity base has contracted sharply versus prior years (roughly $76.2M in 2021 to about $9.6M TTM), and returns on equity are deeply negative, highlighting ongoing value erosion from continued losses.

Cash Flow

Cash generation is a key pressure point: operating cash flow and free cash flow are consistently negative (TTM operating cash flow about -$24.2M; TTM free cash flow about -$24.3M), indicating continued cash burn to fund operations. Free cash flow is roughly in line with net loss (close to 1x), suggesting losses are largely cash-backed rather than accounting-only, and recent free cash flow growth is negative, pointing to limited near-term self-funding capacity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	78.76K	0.00
Gross Profit	-25.47K	-373.11K	-248.35K	-219.91K	78.76K	-229.54K
EBITDA	-35.93M	-36.30M	-27.88M	-30.71M	-38.44M	-20.41M
Net Income	-34.78M	-36.68M	-28.13M	-11.52M	-24.72M	-20.65M
Balance Sheet
Total Assets	12.95M	31.86M	36.70M	62.03M	87.88M	15.89M
Cash, Cash Equivalents and Short-Term Investments	11.62M	30.58M	34.93M	59.47M	83.90M	14.03M
Total Debt	134.20K	158.53K	158.53K	72.87K	117.58K	156.57K
Total Liabilities	3.39M	7.14M	8.45M	9.83M	11.64M	2.62M
Stockholders Equity	9.56M	24.73M	28.25M	52.20M	76.24M	13.27M
Cash Flow
Free Cash Flow	-24.25M	-25.08M	-25.25K	-27.30M	-23.56M	-9.23M
Operating Cash Flow	-24.22M	-25.06M	-25.18K	-27.22M	-23.55M	-9.19M
Investing Cash Flow	-27.55K	-21.29K	-64.31K	-74.71K	-12.92K	-40.60K
Financing Cash Flow	18.68M	18.84M	-55.38K	-53.93K	93.44M	16.30M

Cardiol Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.31
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CRDL, the sentiment is Negative. The current price of 1.31 is below the 20-day moving average (MA) of 1.39, below the 50-day MA of 1.40, and below the 200-day MA of 1.58, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 40.35 is Neutral, neither overbought nor oversold. The STOCH value of 7.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CRDL.

Cardiol Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPH	78 Outperform	C$375.72M	15.38	16.32%	―	94.28%	5.23%
MDP	58 Neutral	C$92.07M	132.41	0.87%	―	2.14%	-83.06%
GUD	57 Neutral	C$577.30M	-163.38	-0.48%	―	18.70%	88.31%
MPH	54 Neutral	C$12.84M	-3.53	-18.39%	―	24.30%	-68.60%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BHC	50 Neutral	C$2.85B	5.66	―	―	8.68%	―
CRDL	46 Neutral	$133.00M	-3.13	-341.20%	―	―	21.17%

Cardiol Therapeutics Corporate Events

Cardiol Therapeutics Raises $14.85 Million in Bought-Deal Financing to Support Late-Stage Heart Disease Programs

Cardiol Therapeutics has closed a bought-deal private placement of 11,423,078 units at $1.30 per unit, including full exercise of the over-allotment option, raising gross proceeds of $14.85 million. Each unit comprises one common share and one-half warrant, with whole warrants exercisable at $1.75 for 24 months, and the company plans to deploy the net proceeds to fund its research and clinical development programs, along with general corporate purposes, working capital, and other expenses, strengthening its balance sheet as it advances late-stage cardiovascular trials.

The most recent analyst rating on (TSE:CRDL) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Cardiol Therapeutics stock, see the TSE:CRDL Stock Forecast page.

Cardiol Therapeutics Secures $13.5 Million Bought Deal Financing to Advance Heart Disease Programs

Cardiol Therapeutics has entered into a bought deal agreement with Canaccord Genuity Corp. for a private placement of 10,384,616 units at $1.30 per unit, raising gross proceeds of $13.5 million, with an option for the underwriter to purchase up to an additional 10% of the units. Each unit comprises one common share and one-half warrant, with full warrants exercisable at $1.75 for 24 months, and the company plans to direct the net proceeds toward advancing its research and clinical development programs, as well as general corporate purposes, reinforcing its funding base ahead of key milestones while broadening its investor access through a LIFE-qualified Canadian offering and select international placements.

The most recent analyst rating on (TSE:CRDL) stock is a Sell with a C$1.50 price target. To see the full list of analyst forecasts on Cardiol Therapeutics stock, see the TSE:CRDL Stock Forecast page.

Cardiol Therapeutics to Present Promising ARCHER Trial Results at ESC Meeting

Cardiol Therapeutics announced that the full data from its Phase II ARCHER trial will be presented at the European Society of Cardiology’s scientific meeting. The trial results demonstrated significant improvements in cardiac structure, notably a reduction in left ventricular mass, suggesting CardiolRx™ could play a crucial role in treating acute myocarditis and potentially broader heart failure conditions. This development underscores the potential of CardiolRx™ as a novel anti-inflammatory treatment strategy, which could significantly impact the treatment landscape for inflammatory heart diseases.

The most recent analyst rating on (TSE:CRDL) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Cardiol Therapeutics stock, see the TSE:CRDL Stock Forecast page.