Free cash flow remains negative, with quarterly outflows ranging from $4.6 million to $7.8 million, reflecting a heavy reliance on non-cash stock-based compensation to manage liquidity.
| Cash from Operations | -24.24M | -23.85M | -25.06M | -25.18M | -27.22M | -23.55M | -9.13M | -11.38M | -10.89M | -1.29M |
| Operating CF Margin % | - | - | - | - | - | -37822.25% | - | - | - | - |
| Operating CF Growth % | 16.8% | 4.81% | 0.47% | 7.49% | -15.58% | -157.97% | 19.78% | -4.46% | -743.06% | - |
| Net Income | -36.38M | -33.82M | -36.68M | -28.13M | -30.93M | -31.64M | -20.64M | -13.68M | -15.89M | -1.66M |
| Depreciation & Amortization | 103.77K | 101.98K | 373.11K | 248.35K | 219.91K | 220.42K | 229.54K | 150.57K | 91.49K | 53.34K |
| Stock-Based Compensation | 9.55M | 10.7M | 14.28M | 4.16M | 5.01M | 8.5M | 2.77M | 3.27M | 1.65M | 237 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -9.16M | -4.92M | 0 | 0 | 7.88M | 0 |
| Other Non-Cash Items | 2.94M | -105.33K | -2.1M | -911.39K | 1.89M | 4.21M | 201.02K | 507.74K | 574.86K | 267.01K |
| Working Capital Changes | -462.1K | -733.34K | -931.57K | -545.88K | 5.75M | 76.52K | 8.32M | -1.62M | -5.2M | 48.38K |
| Change in Receivables | 6.69K | 135.43K | -81.75K | 200.32K | -144.18K | -59.95K | 707.95K | -467.09K | -359.03K | -101.75K |
| Change in Inventory | 0 | 0 | 0 | 0 | -4.47M | 17.97K | 1.1M | 142.58K | -6.35K | 0 |
| Change in Payables | 1.63M | 0 | 0 | 0 | 4.47M | 2.39M | 0 | 467.09K | 1.96M | 176.71K |
| Cash from Investing | -60.25K | -24.48K | -21.29K | -64.31K | -74.71K | -12.92K | -40.6K | -424.31K | -13.79K | -29.17K |
| Capital Expenditures | -60.25K | -24.48K | -21.29K | -64.31K | -74.71K | -12.92K | -40.6K | -424.31K | -13.79K | -29.17K |
| CapEx % of Revenue | - | - | - | - | - | 20.74% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.23K |
| Cash from Financing | 29.19M | 15.54M | 18.84M | -55.38K | -53.93K | 93.44M | 16.3M | 2.03M | 25.28M | 3.68M |
| Debt Issued (Net) | -55.38K | -55.38K | -41.53K | -55.38K | -53.93K | -51.92K | -50.47K | -20.19K | 12.07M | 400K |
| Equity Issued (Net) | 13.65M | 16.07M | 21.36M | 0 | 0 | 84.08M | 17.25M | 1.67M | 14.23M | 3.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 15.6M | -477.03K | -2.47M | 0 | 0 | 9.41M | -904.51K | 382.15K | -1.02M | -120.55K |
| Net Change in Cash | 4.12M | -9.16M | -4.35M | -24.54M | -24.43M | 69.87M | 7.07M | -9.78M | 14.37M | 2.36M |
| Free Cash Flow | -24.3M | -23.88M | -25.08M | -25.24M | -27.3M | -23.56M | -9.17M | -11.8M | -10.91M | -1.32M |
| FCF Margin % | - | - | - | - | - | -37842.99% | - | - | - | - |
| FCF Growth % | 4.04% | 4.8% | 0.64% | 7.51% | -15.84% | -156.97% | 22.32% | -8.22% | -725.49% | - |
| FCF per Share | -0.22 | -0.27 | -0.35 | -0.39 | -0.44 | -0.55 | -0.31 | -0.46 | -0.45 | -0.06 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.71x | 0.68x | 1.19x | 1.19x | 0.94x | 0.56x | 1.08x | 0.69x | 0.78x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial liquidity constraints
According to reported financial statements, Cardiol Therapeutics consistently exhibits a significant gap between net losses and operating cash flow, with OCF/NI ratios fluctuating between 0.54 and 1.12, indicating that non-cash expenses like stock-based compensation are masking the true magnitude of the company's underlying cash burn.
The divergence between net income and operating cash flow suggests that accounting losses are partially mitigated by non-cash charges, yet the actual cash outflow remains substantial. Investors should monitor whether this reliance on non-cash adjustments continues to obscure the fundamental cash requirements of the clinical development pipeline.
As indicated by the quarterly data, Cardiol Therapeutics maintains a negative free cash flow trajectory, with outflows ranging from $4.6 million to $7.8 million per quarter, reflecting the heavy capital requirements necessary to sustain its ongoing ARCHER and MAVERIC clinical programs without any offsetting commercial revenue.
The absence of positive free cash flow is characteristic of a pre-revenue biotech, but the consistency of these outflows suggests a high sensitivity to trial timelines. Any extension in clinical development duration may further exacerbate this burn, potentially necessitating additional capital raises to maintain operational continuity.
Based on the provided financial filings, Cardiol Therapeutics reports negligible capital expenditures, with quarterly outlays rarely exceeding $12,000, which confirms that the company's cash burn is almost entirely driven by operating expenses rather than investments in physical infrastructure or long-term manufacturing assets.
The lack of significant capital investment suggests that the company is prioritizing liquidity for clinical research over asset ownership. While this preserves cash in the short term, it may imply a reliance on third-party manufacturing or CROs, which warrants further investigation into potential long-term cost dependencies.
Analysis of the cash flow statements reveals erratic working capital fluctuations, with quarterly changes swinging from a $990.4K inflow in 2024Q4 to a $2.7M outflow in 2024Q3, suggesting that timing differences in vendor payments and clinical trial accruals are creating significant noise in the company's liquidity profile.
These swings appear to be driven by the timing of payments to clinical research organizations rather than operational efficiency. Investors should be cautious, as these fluctuations may mask the underlying burn rate and complicate the forecasting of the company's remaining cash runway.
Based on the provided data, stock-based compensation has been a recurring and significant non-cash expense, reaching as high as $8.4 million in 2024Q3, which effectively serves to bridge the gap between reported net losses and the actual cash required to fund the company's research activities.
The heavy use of equity-based compensation suggests a strategy to preserve cash, yet it results in significant dilution for existing shareholders. This practice warrants close scrutiny, as it may be masking the true economic cost of talent retention and clinical development in a highly competitive biotech environment.
Quick answers to the most common questions about buying CRDL stock.
Cardiol Therapeutics Inc. (CRDL) generated $-23.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cardiol Therapeutics Inc. (CRDL) reported negative free cash flow of $23.9M in 2025, indicating capital requirements exceeded cash from operations.
Cardiol Therapeutics Inc. (CRDL) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.