Cardiol Therapeutics Inc.
CRDLHealthcare|Drug Manufacturers - Specialty & Generic|CA
$0.99
+0.07 (+7.39%)
DCF Value
$0.15
Tangible Book / Share
$0.21
Cash / Share
$0.23
Financials
Financial Snapshot
Market Cap
$120.1M
Enterprise Value
$144.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$36.7M
Cash & Investments
$26.1M
Net Cash
$26.0M
Free Cash Flow (TTM)
-$24.1M
Operating CF (TTM)
-$24.1M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$26.1M
Quarterly Burn
$6.0M
Monthly Burn
$2.0M
Est. Runway
~4.3 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.4M | $16.7M | $7.0M | $14.0M | $83.9M | $43.9M | $34.9M | $30.6M | $21.4M | $26.1M | |
| Operating Cash Flow | -$1.3M | -$10.9M | -$11.4M | -$9.1M | -$23.6M | -$27.2M | -$25.2M | -$25.1M | -$23.9M | -$24.1M | |
| Free Cash Flow | -$1.3M | -$10.9M | -$11.8M | -$9.2M | -$23.6M | -$27.3M | -$25.2M | -$25.1M | -$23.9M | -$24.1M | |
| Capital Expenditure | -$29.2K | -$13.8K | -$424.3K | -$40.6K | -$12.9K | -$74.7K | -$64.3K | -$21.3K | -$24.5K | -$56.8K | |
| Financing Cash Flow | $3.7M | $25.3M | $2.0M | $16.3M | $93.4M | -$53.9K | -$55.4K | $18.8M | $15.5M | $31.6M |
R&D Spending
R&D (TTM)
$17.0M
R&D Intensity
—
R&D Growth vs Prior
+21.5%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $62.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $441.3K | $1.5M | $2.7M | $8.3M | $8.6M | $14.0M | $10.7M | $14.0M | $14.0M | $17.0M | |
| R&D % of Revenue | — | — | — | — | 13802.1% | — | — | — | — | — | |
| SG&A | $1.1M | $5.9M | $8.1M | $7.8M | $21.9M | $16.3M | $11.6M | $25.9M | $20.2M | $22.1M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $62.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $53.3K | $91.5K | $116.1K | $180.2K | $174.3K | $162.2K | $187.4K | $0.00 | $0.00 | $52.7K | |
| Gross Profit | -$53.3K | -$91.5K | -$116.1K | -$180.2K | -$112.0K | -$162.2K | -$187.4K | $0.00 | $0.00 | -$52.7K | |
| R&D | $441.3K | $1.5M | $2.7M | $8.3M | $8.6M | $14.0M | $10.7M | $14.0M | $14.0M | $17.0M | |
| SG&A | $1.1M | $5.9M | $8.1M | $7.8M | $21.9M | $16.3M | $11.6M | $25.9M | $20.2M | $22.1M | |
| Operating Income | -$1.6M | -$7.4M | -$10.9M | -$16.2M | -$30.6M | -$30.5M | -$22.5M | -$40.3M | -$34.3M | -$39.2M | |
| Interest Expense | $60.6K | $663.4K | $621.00 | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.7M | -$15.9M | -$10.6M | -$16.2M | -$25.0M | -$22.8M | -$21.2M | -$36.7M | -$33.8M | -$37.0M | |
| Net Income | -$1.7M | -$15.9M | -$10.6M | -$16.2M | -$25.0M | -$22.8M | -$21.2M | -$36.7M | -$33.8M | -$36.7M | |
| EPS (Diluted) | -0.07 | -0.66 | -0.53 | -0.69 | -0.73 | -0.49 | -0.44 | -0.51 | -0.39 | -0.36 | |
| EBITDA | -$1.5M | -$7.3M | -$10.4M | -$16.0M | -$24.8M | -$22.6M | -$21.0M | -$36.3M | -$33.7M | -$36.9M | |
| Shares Out. (M) | 22.71 | 24.20 | 25.82 | 29.86 | 43.22 | 62.51 | 64.46 | 71.57 | 86.99 | 114.94 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $16.7M | $7.0M | $14.0M | $83.9M | $43.8M | $34.9M | $30.6M | $21.4M | $26.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $45.6K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $2.5M | $24.0M | $14.4M | $14.9M | $87.1M | $45.3M | $36.2M | $31.7M | $23.5M | $29.2M | |
| Total Assets | $3.2M | $24.7M | $15.5M | $15.9M | $87.9M | $45.8M | $36.7M | $31.9M | $23.6M | $29.4M | |
| Total Current Liabilities | $176.7K | $2.1M | $690.5K | $2.5M | $11.6M | $7.2M | $8.3M | $7.0M | $5.7M | $5.3M | |
| Long-Term Debt | $190.0K | $269.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $366.8K | $2.4M | $830.8K | $2.6M | $11.6M | $7.2M | $8.5M | $7.1M | $5.7M | $5.3M | |
| Stockholders' Equity | $2.9M | $22.3M | $14.7M | $13.3M | $76.2M | $38.5M | $28.2M | $24.7M | $17.9M | $24.0M | |
| Retained Earnings | -$1.7M | -$17.6M | -$31.2M | -$51.9M | -$83.5M | -$84.4M | -$142.6M | -$179.3M | -$213.1M | -$230.1M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3M | -$10.9M | -$11.4M | -$9.1M | -$23.6M | -$27.2M | -$25.2M | -$25.1M | -$23.9M | -$24.1M | |
| Capital Expenditure | -$29.2K | -$13.8K | -$424.3K | -$40.6K | -$12.9K | -$74.7K | -$64.3K | -$21.3K | -$24.5K | -$56.8K | |
| Free Cash Flow | -$1.3M | -$10.9M | -$11.8M | -$9.2M | -$23.6M | -$27.3M | -$25.2M | -$25.1M | -$23.9M | -$24.1M | |
| Investing Cash Flow | -$29.2K | -$13.8K | -$424.3K | -$40.6K | -$12.9K | -$74.7K | -$64.3K | -$21.3K | -$24.5K | -$56.8K | |
| Financing Cash Flow | $3.7M | $25.3M | $2.0M | $16.3M | $93.4M | -$53.9K | -$55.4K | $18.8M | $15.5M | $31.6M | |
| Issuance of Stock | $3.4M | $14.2M | $1.7M | $17.3M | $84.1M | $0.00 | $0.00 | $21.4M | $16.1M | $16.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $400.0K | $12.1M | -$20.2K | -$50.5K | -$51.9K | -$53.9K | -$55.4K | -$41.5K | -$55.4K | -$55.4K | |
| Stock Based Comp. | $237.27 | $1.7M | $3.3M | $2.8M | $8.5M | $5.0M | $4.2M | $14.3M | $10.7M | $8.9M | |
| Net Change in Cash | $2.4M | $14.4M | -$9.8M | $7.1M | $69.9M | -$24.4M | -$24.5M | -$4.4M | -$9.2M | $7.0M |
Dilution Tracker
Shares outstanding grew 191.4% over 5 years — significant dilution
Shares Outstanding
121M
5-Year Share Growth
+191.4%
Stock Issuance (TTM)
$16.1M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 22.71 | 24.20 | 25.82 | 29.86 | 43.22 | 62.51 | 64.46 | 71.57 | 86.99 | 114.94 | |
| Change vs Prior % | — | 6.5% | 6.7% | 15.6% | 44.8% | 44.6% | 3.1% | 11.0% | 21.5% | 32.1% | |
| Stock Issuance | $3.4M | $14.2M | $1.7M | $17.3M | $84.1M | $0.00 | $0.00 | $21.4M | $16.1M | $16.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $237.27 | $1.7M | $3.3M | $2.8M | $8.5M | $5.0M | $4.2M | $14.3M | $10.7M | $8.9M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | -179.9% | — | — | — | — | — | |
| Operating Margin % | — | — | — | — | -49092.4% | — | — | — | — | — | |
| Net Margin % | — | — | — | — | -40170.9% | — | — | — | — | — | |
| EBITDA Margin % | — | — | — | — | -39816.9% | — | — | — | — | — | |
| FCF Margin % | — | — | — | — | -37843.0% | — | — | — | — | — | |
| ROE % | -58.2% | -71.4% | -71.9% | -122.1% | -32.8% | -59.3% | -75.1% | -148.3% | -189.2% | -180.1% | |
| ROA % | -51.6% | -64.4% | -68.1% | -101.9% | -28.5% | -49.9% | -57.8% | -115.1% | -143.2% | -116.1% | |
| ROIC % | -52.2% | -32.8% | -73.3% | -121.0% | -40.0% | -79.1% | -79.1% | -161.8% | -190.6% | -148.6% | |
| R&D / Revenue % | — | — | — | — | 13802.1% | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -71.5% | -26.9% | -55.2% | 37.8% | -44.8% | -15.5% | 100.0% | 0.0% | |
| Operating Income | 0.0% | -365.0% | -47.4% | -49.1% | -88.2% | 0.2% | 26.3% | -79.2% | 14.8% | |
| Net Income | 0.0% | -856.9% | 33.6% | -53.5% | -54.4% | 8.8% | 7.0% | -72.8% | 7.8% | |
| EPS (Diluted) | 0.0% | -802.9% | 19.7% | -30.2% | -5.8% | 32.9% | 10.2% | -15.9% | 23.5% | |
| Operating Cash Flow | 0.0% | -743.1% | -4.5% | 19.8% | -158.0% | -15.6% | 7.5% | 0.5% | 4.8% | |
| Free Cash Flow | 0.0% | -725.5% | -8.2% | 22.3% | -157.0% | -15.8% | 7.5% | 0.6% | 4.8% | |
| R&D Expense | 0.0% | 247.3% | 77.6% | 203.2% | 4.1% | 62.8% | -23.3% | 30.6% | 0.0% | |
| SG&A Expense | 0.0% | 433.2% | 37.3% | -3.1% | 180.0% | -25.2% | -29.3% | 124.1% | -22.0% | |
| Total Assets | 0.0% | 666.4% | -37.2% | 2.5% | 452.9% | -47.9% | -19.8% | -13.2% | -25.9% | |
| Book Value / Share | 0.0% | 632.6% | -38.3% | -21.8% | 296.9% | -65.1% | -28.9% | -21.1% | -40.5% | |
| Debt | 0.0% | 41.7% | -29.1% | -17.9% | -24.9% | -54.3% | 224.3% | -9.1% | -20.8% | |
| Diluted Shares | 0.0% | 6.5% | 6.7% | 15.6% | 44.8% | 44.6% | 3.1% | 11.0% | 21.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B6.74
10Y Low / Med / High1.12 / 5.55 / 37.46
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.15
Tangible Book / Share
$0.21
Net Current Assets / Share
$0.20
Graham Net-Net
$0.18
Cash / Share
$0.23
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -64.39 | -7.74 | -8.66 | -4.03 | -3.20 | -1.41 | -2.54 | -3.61 | -3.36 | -4.10 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 1623.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 37.46 | 5.55 | 8.08 | 6.26 | 1.33 | 1.12 | 2.55 | 5.33 | 6.37 | 6.74 | |
| EV/EBITDA | -69.66 | -14.67 | -10.74 | -4.33 | -0.70 | 0.03 | -1.77 | -2.79 | -2.75 | -4.06 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 277.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
4.95
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.1M | $1.7M | $74.0M |
| Net Income | -$38.4M | -$23.8M | -$1.3M |
| EPS | $-0.45 | $-0.32 | $-0.01 |
| # Analysts (EPS) | 3 | 4 | 4 |