Cardiol Therapeutics

What Cardiol Therapeutics does

Cardiol Therapeutics Inc. is a late-stage clinical life sciences company developing anti-inflammatory and anti-fibrotic small-molecule therapies for heart disease, headquartered in Oakville, Ontario, Canada, and listed on NASDAQ and TSX under ticker CRDL. The company's core technology is a pharmaceutical-grade, cGMP-manufactured oral solution of highly purified cannabidiol (CardiolRx™, 100 mg/mL, no detectable THC) that targets the NLRP3 inflammasome pathway — a central intracellular driver of inflammation and fibrosis in cardiac disease. Its lead product CardiolRx is in pivotal Phase III development (MAVERIC trial) for recurrent pericarditis and Phase II development (ARCHER trial) for acute myocarditis; a second asset, CRD-38, is a novel subcutaneous CBD formulation in preclinical/IND-enabling development for heart failure. Both candidates hold broad U.S. patent protection through late 2040 and CardiolRx has FDA Orphan Drug Designation for pericarditis.

The business model is a traditional pharmaceutical development-and-commercialization pathway. Cardiol is pre-revenue with no approved products; revenue mechanics will activate post-NDA approval via specialty pharmacy and hospital formulary channels targeting specialist cardiologists and academic medical centers. Clinical trial operations span the U.S., Canada, Europe (France), Brazil, and Israel, with 25 sites in MAVERIC Phase III. The company collaborates with an extensive network of tier-1 academic medical centers including Cleveland Clinic, Mayo Clinic, Massachusetts General Hospital, Johns Hopkins, Northwestern, Columbia, Charité, McGill, Houston Methodist, and University of Pittsburgh Medical Center. The company reported negative net income of -$24.20 million and EBITDA of -$26.17 million, consistent with late-stage clinical burn, and financed operations via approximately $31 million in combined October 2025 and January 2026 capital raises extending cash runway into Q4 2027. Patient segments addressed include the 160,000 U.S. pericarditis prevalent population, 46,000 annual U.S. myocarditis incident cases, and 8 million projected U.S. heart failure patients by 2030, representing a market backdrop with US$30 billion in annual heart failure healthcare costs.

Name

Cardiol Therapeutics

Legal name

Cardiol Therapeutics Inc.

Website

https://www.cardiolrx.com/

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Cardiol Therapeutics is a late-stage clinical biopharmaceutical company developing pharmaceutical-grade cannabidiol therapies (CardiolRx and CRD-38) that target the NLRP3 inflammasome pathway for the treatment of recurrent pericarditis, acute myocarditis, and heart failure.

Ownership category

akta.pro rank

Product category

Cardiovascular Pharmaceuticals

akta.pro primary industry

Cardiology & Vascular Specialty Pharmaceuticals (HLAIACAG)

akta.pro secondary industry

Interventional Cardiology (PCI/Structural Heart) (HLAKABAB)

Keywords

• Anti-inflammatory heart therapy
• Cannabidiol pharmaceutical
• Cardiac drug development
• NLRP3 inflammasome therapy
• Recurrent pericarditis treatment

Headquarters

HQ city

Oakville

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Drug commercialization (future): Pre-revenue clinical-stage company. CardiolRx™ and CRD-38 are investigational drug candidates not yet approved for commercial sale. The company plans to commercialize approved therapies through traditional pharmaceutical distribution channels upon regulatory approval.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Cardiol Therapeutics is a clinical-stage pharmaceutical company developing two proprietary drug candidates targeting the NLRP3 inflammasome pathway for inflammatory heart disease. CardiolRx™ is a cGMP-manufactured 100 mg/mL oral cannabidiol solution currently in pivotal Phase III MAVERIC trial for recurrent pericarditis and Phase II ARCHER for acute myocarditis. CRD-38 is a novel subcutaneous CBD formulation in development for heart failure, designed to provide improved pharmacokinetics with lower doses and less frequent administration.

Product overview

Cardiol Therapeutics is a late-stage life sciences company developing two clinical-stage drug products: CardiolRx™ (cannabidiol oral solution) and CRD-38 (subcutaneous formulation). CardiolRx™ is the lead drug candidate undergoing Phase III clinical trials for recurrent pericarditis (MAVERIC trial) and Phase II for acute myocarditis (ARCHER trial). CRD-38 is a next-generation subcutaneous formulation for heart failure currently in Phase I development. Both products leverage anti-inflammatory and anti-fibrotic mechanisms targeting the NLRP3 inflammasome pathway.

Differentiator

Problem solved

Functional benefit

Brands

• CardiolRx: Pharmaceutically manufactured oral solution of pharmaceutical-grade (cGMP) high-concentration (100 mg/mL) pure CBD without detectable THC, clinically developed for treatment of pericarditis, myocarditis, and heart failure.
• CRD-38

Products and services

• CardiolRx™ A pharmaceutical-grade, cGMP-manufactured oral solution of high-concentration (100 mg/mL) pharmaceutical cannabinoid (cannabidiol) that targets the NLRP3 inflammasome pathway to attenuate multiple inflammatory signaling pathways (IL-1α, IL-1β, IL-6, IL-18). In clinical development for treatment of recurrent pericarditis (Phase III MAVERIC) and acute myocarditis (Phase II ARCHER). For patients with inflammatory heart disease and the specialist cardiologists and academic medical centers who treat them.
• CRD-38 A novel subcutaneously administered drug formulation of pharmaceutical-grade cannabinoid (CBD) intended for the treatment of inflammatory heart disease, including heart failure. Designed to improve the pharmacokinetic profile compared to existing formulations, allowing lower dose delivery with less frequent administration while achieving the same or greater therapeutic effect. For heart failure patients (HFpEF and HFrEF) and the cardiologists who treat them.

Quantifiable outcome

• Statistically significant reduction in left ventricular mass (-9.2 g vs placebo; p=0.0117) in acute myocarditis patients (Phase II ARCHER trial, 109 patients)
• +6 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

17 partnerships are on record, tiered core and minor.

• Cleveland CliniccoreStrategic or Co-development PartnerKey international research and clinical collaborator. Cleveland Clinic is a leading U.S. academic medical center participating in Cardiol's clinical trial programs, including the MAVERIC Phase III trial (Cleveland Clinic site activated), and providing scientific advisory expertise through faculty members such as Dr. Allan Klein (Director, Center for Diagnosis and Treatment of Pericardial Diseases).
• Mayo CliniccoreStrategic or Co-development PartnerKey international research and clinical collaborator. Mayo Clinic is a leading academic medical center participating in Cardiol's clinical trial programs, including MAVERIC Phase III trial sites at Mayo Clinic Arizona, Mayo Clinic Florida, and Mayo Clinic Rochester. Dr. Sushil Luis (Mayo Clinic Rochester) serves as co-director of the Pericardial Diseases Clinic.
• Massachusetts General HospitalcoreStrategic or Co-development PartnerKey international research and clinical collaborator. Massachusetts General Hospital is participating in the Phase III MAVERIC trial as a clinical site, with Dr. Jonathan Salik serving as principal investigator.
• Charité – Universitätsmedizin BerlincoreStrategic or Co-development PartnerKey international research and clinical collaborator. Charité is one of Europe's largest university hospitals, collaborating on research related to inflammatory cardiac diseases. Dr. Carsten Tschöpe (Vice Director, Department of Internal Medicine and Cardiology at Charité) serves on the Scientific Advisory Board.
• McGill University Health CentrecoreStrategic or Co-development PartnerKey international research and clinical collaborator. Dr. Matthias Friedrich (Chief, Cardiovascular Imaging at McGill University Health Centre) serves on the Scientific Advisory Board.
• Houston Methodist DeBakey Heart & Vascular CentercoreStrategic or Co-development PartnerKey international research and clinical collaborator. Dr. Guillermo Torre-Amione (Chairman, Board of Directors) is former chief of the Heart Failure Division and former medical director of Cardiac Transplantation at Houston Methodist. Participating in clinical trials with Dr. Maan Malahfji as site principal investigator.
• University of Pittsburgh Medical Center (UPMC)coreStrategic or Co-development PartnerKey international research and clinical collaborator. Dr. Dennis McNamara (Professor of Medicine, University of Pittsburgh; Director, Center for Heart Failure Research) serves as ARCHER Steering Committee Chair.
• University of Virginia (UVA Health)coreStrategic or Co-development PartnerKey international research and clinical collaborator. Dr. Antonio Abbate (Ruth C. Heede Professor of Cardiology, University of Virginia) and Dr. Stefano Toldo (Associate Professor, Virginia Commonwealth University) serve on the Scientific Advisory Board, focusing on cardio-immunology and pericardial disease research.
• Virginia Commonwealth University (VCU Health)coreStrategic or Co-development PartnerKey international research and clinical collaborator. Dr. Stefano Toldo (who completed postdoctoral fellowship at VCU in cardiology) serves on the Scientific Advisory Board. Dr. Georgia Thomas at VCU is a MAVERIC Phase III trial site principal investigator.
• Columbia University Irving Medical CentercoreStrategic or Co-development PartnerKey clinical trial collaborator. Dr. Dor Lotan (Director of Columbia's Center for Pericardial Diseases; Assistant Professor of Medicine at Columbia) is serving as principal investigator for the MAVERIC Phase III trial site at Columbia University – New York Presbyterian.
• Northwestern UniversitycoreStrategic or Co-development PartnerKey clinical trial collaborator. Northwestern University Bluhm Cardiovascular Institute is participating in the MAVERIC Phase III trial, with Dr. Mohammed Al-Kazaz (Section Chief of General Cardiology; Medical Director of Pericarditis Disease clinic) serving as principal investigator.
• Johns Hopkins UniversitycoreStrategic or Co-development PartnerKey clinical trial collaborator. Johns Hopkins University is participating in the MAVERIC Phase III trial with Dr. Luigi Adamo serving as principal investigator.
• University of Ottawa Heart InstitutecoreStrategic or Co-development PartnerKey international research and clinical collaborator. Dr. Peter Liu (Chief Scientific Officer and Vice President, Research, of the University of Ottawa Heart Institute) serves on the Scientific Advisory Board.
• Tecnológico de Monterrey (ITESM)coreStrategic or Co-development PartnerKey international research collaborator. TecSalud academic medical center and medical school of ITESM in Mexico, where Dr. Guillermo Torre-Amione (Chairman, Board of Directors) serves as President.
• Tel Aviv Sourasky Medical CentercoreStrategic or Co-development PartnerKey international research collaborator. Dr. Yaron Arbel (Director of CardioVascular Research Center at Tel Aviv Sourasky Medical Center) serves on the Scientific Advisory Board.
• Myocarditis FoundationminorOthersVoluntary non-profit organization dedicated to providing information about myocarditis to medical professionals, patients, and their families with the goal of saving more lives. Board member Dr. Dor Lotan serves on the board of directors of the Myocarditis Foundation. Dr. Leslie Cooper (ARCHER Steering Committee Co-Chair) is founder and former president of the Myocarditis Foundation.
• Pericarditis AllianceminorOthersNon-profit organization dedicated to the diagnosis, management, and treatment of pericardial disease through research, education, and support for patients and healthcare providers. Collaborates with Cardiol on patient education and community engagement.

Scale indicators19 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Kiniksa Pharmaceuticals: Kiniksa's Arcalyst (rilonacept) is the FDA-approved biologic for recurrent pericarditis, making it the most direct commercial competitor to CardiolRx in the lead indication. Both companies target IL-1/inflammasome-driven cardiac inflammation with similar orphan-drug commercial strategies.
• Jazz Pharmaceuticals (GW Pharmaceuticals): Jazz owns GW Pharmaceuticals, which developed Epidiolex (cannabidiol oral solution) — the only FDA-approved CBD prescription drug. Cardiol Director Colin Stott was GW's R&D Operations Director for the Epidiolex NDA submission. Epidiolex provides the regulatory and commercial precedent for CardiolRx.

Emerging players

• Capricor Therapeutics: Capricor is a clinical-stage cardiac-focused biotech developing cell therapy and exosome-based treatments for Duchenne muscular dystrophy-associated cardiomyopathy and inflammatory heart disease. Cardiol's CMO Andrew Hamer was previously VP Medical Affairs at Capricor, and the company shares a similar small-cap clinical-stage cardiac profile.
• Novo Nordisk: Novo Nordisk's semaglutide (Ozempic/Wegovy) demonstrated significant HFpEF benefit in the STEP-HFpEF trials, positioning GLP-1 agonists as a credible emerging therapeutic class in inflammatory/fibrotic heart failure. This redefines the competitive landscape Cardiol is targeting with CRD-38.

Broad incumbents

• Amgen: Amgen markets Kineret (anakinra), an IL-1 receptor antagonist used off-label in recurrent pericarditis — a direct therapeutic alternative to CardiolRx. Cardiol's CMO Andrew Hamer most recently led the global cardiometabolic development group at Amgen for Repatha, creating direct operational overlap.
• Novartis: Novartis markets Ilaris (canakinumab), an IL-1β monoclonal antibody evaluated in the CANTOS CV outcomes trial. Novartis represents the broad incumbent competing for inflammasome/IL-1 mechanism share in cardiovascular inflammation and has the commercial scale to dominate if mechanisms translate to outcomes data.
• Eli Lilly: Lilly is a broad cardiovascular/metabolic incumbent with significant heart failure and inflammation R&D. Cardiol Director Tim Garnett was Lilly's Chief Medical Officer (2008-2021), providing direct board-level insight into large-pharma CV development strategy and partnership potential.
• Boehringer Ingelheim: Boehringer Ingelheim co-developed empagliflozin (Jardiance) with Eli Lilly, establishing a new heart failure standard of care across both HFrEF and HFpEF. Any Cardiol heart failure program (CRD-38) competes in a market being reshaped by Boehringer's SGLT2 inhibitor outcomes data.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/cardiolrx
• LinkedInlinkedin.com/company/cardiolrx

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds7 records

Investors4 records

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M&A

Investments

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Frequently asked questions about Cardiol Therapeutics