The company remains pre-revenue, with R&D expenses fluctuating between $2.0 million and $5.0 million per quarter, driving consistent net losses that peaked at $12.7 million in 2024Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 62.27K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 52.73K | 0 | 0 | 187.38K | 162.23K | 174.26K | 180.17K | 116.11K | 91.49K | 53.34K |
| COGS % of Revenue | - | - | - | - | - | 279.87% | - | - | - | - |
| Gross Profit | -52.73K | 0 | 0 | -187.38K | -162.23K | -112K | -180.17K | -116.11K | -91.49K | -53.34K |
| Gross Margin % | - | - | - | - | - | -179.87% | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -15.51% | -44.85% | 37.84% | -55.17% | -26.91% | -71.52% | - |
| Operating Expenses | 35.59M | 34.32M | 40.28M | 22.29M | 30.33M | 30.46M | 16.06M | 10.78M | 7.49M | 1.6M |
| OpEx % of Revenue | - | - | - | - | - | 48912.58% | - | - | - | - |
| Selling, General & Admin | 20.29M | 20.2M | 26.26M | 11.55M | 16.34M | 21.86M | 7.81M | 8.06M | 5.87M | 1.1M |
| SG&A % of Revenue | - | - | - | - | - | 35110.47% | - | - | - | - |
| Research & Development | 15.22M | 14.02M | 14.01M | 10.73M | 13.99M | 8.59M | 8.25M | 2.72M | 1.53M | 441.26K |
| R&D % of Revenue | - | - | - | - | - | 13802.1% | - | - | - | - |
| Other Operating Expenses | 77K | 101.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -60.56K |
| Operating Income | -35.62M | -34.32M | -40.28M | -22.47M | -30.49M | -30.57M | -16.24M | -10.89M | -7.39M | -1.59M |
| Operating Margin % | - | - | - | - | - | -49092.44% | - | - | - | - |
| Operating Income Growth % | - | 14.8% | -79.22% | 26.3% | 0.25% | -88.22% | -49.07% | -47.42% | -365.01% | - |
| EBITDA | -35.52M | -34.21M | -40.11M | -22.29M | -30.33M | -30.39M | -16.06M | -10.78M | -7.3M | -1.54M |
| EBITDA Margin % | - | - | - | - | - | -48812.58% | - | - | - | - |
| EBITDA Growth % | -1.87% | 14.71% | -80% | 26.53% | 0.21% | -89.25% | -49% | -47.67% | -375.2% | - |
| D&A (Non-Cash Add-back) | 103.77K | 101.98K | 162.1K | 187.38K | 162.23K | 174.26K | 180.17K | 116.11K | 91.49K | 53.34K |
| EBIT | -35.4M | -34.32M | -40.28M | -21.22M | -22.82M | -25.01M | -16.2M | -10.55M | -6.58M | -1.56M |
| Net Interest Income | 679.37K | 726.4K | 1.19M | 2.04M | 1.24M | 106K | 60.11K | 188.78K | -560.07K | -54.44K |
| Interest Income | 679.37K | 726.4K | 1.19M | 2.04M | 1.24M | 106K | 60.11K | 245.42K | 103.31K | 6.12K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | - | 621 | 663.37K | 60.56K |
| Other Income/Expense | -758.66K | 497.42K | 3.6M | 1.25M | 7.68M | 5.56M | 38.87K | 342.2K | -8.5M | -71.61K |
| Pretax Income | -36.38M | -33.82M | -36.68M | -21.22M | -22.82M | -25.01M | -16.2M | -10.55M | -15.89M | -1.66M |
| Pretax Margin % | - | - | - | - | - | -40170.87% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 663.37K | 60.56K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -4.17% | -3.65% |
| Net Income | -36.38M | -33.82M | -36.68M | -21.22M | -22.82M | -25.01M | -16.2M | -10.55M | -15.89M | -1.66M |
| Net Margin % | - | - | - | - | - | -40170.87% | - | - | - | - |
| Net Income Growth % | -15.43% | 7.79% | -72.82% | 6.99% | 8.78% | -54.39% | -53.53% | 33.61% | -856.92% | - |
| Net Income (Continuing) | -36.38M | -33.82M | -36.68M | -21.22M | -22.82M | -25.01M | -16.2M | -10.55M | -15.89M | -1.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -0.39 | -0.51 | -0.44 | -0.49 | -0.73 | -0.69 | -0.53 | -0.66 | -0.07 |
| EPS Growth % | 21.05% | 23.53% | -15.91% | 10.2% | 32.88% | -5.8% | -30.19% | 19.7% | -802.87% | - |
| EPS (Basic) | - | -0.39 | -0.51 | -0.44 | -0.49 | -0.73 | -0.69 | -0.53 | -0.66 | -0.07 |
| Diluted Shares Outstanding | 108.99M | 86.99M | 71.57M | 64.46M | 62.51M | 43.22M | 29.86M | 25.82M | 24.2M | 22.71M |
| Basic Shares Outstanding | 108.99M | 86.99M | 71.57M | 64.46M | 62.51M | 43.22M | 29.86M | 25.82M | 24.2M | 22.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial liquidity constraints
As a clinical-stage biotechnology entity, Cardiol Therapeutics reports zero revenue across all ten observed quarters, confirming that the company remains entirely dependent on external capital markets to fund its ongoing research and development initiatives until a regulatory approval for its lead candidate is successfully achieved.
The absence of top-line growth is consistent with the company's current operational phase as it navigates the ARCHER and MAVERIC clinical programs. Investors should interpret this lack of revenue as a structural feature of the business model rather than a performance failure, though it necessitates constant monitoring of the cash runway.
Based on the provided financial data, research and development expenses remain the primary driver of the company's cost structure, with quarterly R&D outlays fluctuating between $2.0 million and $5.0 million as the firm advances its proprietary pharmaceutical-grade cannabidiol through critical clinical trial milestones.
The variability in R&D spending appears to correlate with the intensity of clinical trial enrollment and data collection phases. Management's ability to maintain expense discipline while meeting regulatory requirements is essential, as these costs represent the most significant drain on the company's limited liquidity.
According to reported financial statements, Cardiol Therapeutics has utilized stock-based compensation as a recurring component of its operating expenses, with quarterly charges reaching as high as $8.4 million in 2024Q3, which significantly exacerbates the net losses reported by the company during its development phase.
The reliance on equity-based incentives suggests a strategy to preserve cash, yet it creates a persistent dilutive effect for existing shareholders. Analysts should carefully evaluate the impact of these non-cash charges on the company's overall capital structure and the potential for future share count expansion.
With quarterly net losses consistently ranging between $4.8 million and $12.7 million, the company's reported cash position of approximately $21.4 million suggests a limited operational runway that may force management to seek dilutive financing before the completion of key clinical data readouts in the near term.
The current burn rate warrants significant caution, as any delays in trial enrollment or regulatory feedback could accelerate the need for additional capital. Investors should consider the risk that the company may be forced to raise funds at unfavorable valuations if clinical milestones are not met on schedule.
Quick answers to the most common questions about buying CRDL stock.
For fiscal year 2025, Cardiol Therapeutics Inc. (CRDL) reported total revenue of $0.0M.
Cardiol Therapeutics Inc. (CRDL) reported a net loss of $33.8M for the fiscal year ending 2025.