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Cardiol Therapeutics Inc. (CRDL) Financials

CRDL
FY2025 annual
Net Income -$24.7M n/m YoY
EPS (Diluted) -$0.28 n/m YoY
Free Cash Flow -$17.4M n/m YoY
Operating Cash Flow -$17.4M n/m YoY
Market Cap $139.7M as of Oct 22, 2026
Price / Sales n/m no revenue reported
Price / Earnings n/m net loss, so no earnings multiple, FY2025
Price / Book 10.7x on $13.0M equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (40-F/6-K) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Newest figures come from the 40-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CRDL SEC filings page.

This page shows Cardiol Therapeutics Inc. (CRDL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial health score not available

Cardiol Therapeutics Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
1/6

Cardiol Therapeutics Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing
N/A

Cardiol Therapeutics Inc. reported a net loss of $24.7M while operations used $17.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income
-$24.7M
YoYn/m
5Y CAGRn/m

Cardiol Therapeutics Inc. reported a net loss of $24.7M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.

EPS (Diluted)
-$0.28
YoYn/m
5Y CAGRn/m

Cardiol Therapeutics Inc. earned -$0.28 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
-$17.4M
YoYn/m
5Y CAGRn/m

Cardiol Therapeutics Inc. recorded an outflow of $17.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.

Cash & Debt
$15.6M
YoY-26.5%
5Y CAGR+7.3%

Cardiol Therapeutics Inc. held $15.6M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.

Shares Outstanding
100M
YoY+21.4%

Cardiol Therapeutics Inc. had 100M shares outstanding in fiscal year 2025. This represents an increase of 21.4% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity
-189.2%
YoY-40.8pp
5Y change-33.6pp

Cardiol Therapeutics Inc.'s ROE was -189.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 40.8 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending
$10.2M
YoY+5.1%
5Y CAGR+4.2%

Cardiol Therapeutics Inc. invested $10.2M in research and development in fiscal year 2025. This represents an increase of 5.1% from the prior year.

Capital Expenditures
$18K
YoY+20.8%
5Y CAGR-10.9%

Cardiol Therapeutics Inc. invested $18K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.8% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

CRDL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CRDL annual income statement
MetricFY2540-FFY2440-FFY2340-FFY2240-FFY2140-FFY2040-F
RevenueN/AN/AN/AN/A$62KN/A
R&D Expenses$10.2M+5.1%$9.7M-9.7%$10.8M-23.1%$14.0M+64.7%$8.5M+2.3%$8.3M
Operating Income-$25.0Mn/m-$28.0Mn/m-$22.6Mn/m-$30.5Mn/m-$30.3Mn/m-$16.2M
Income TaxN/AN/AN/A$0n/m$0n/m$0
Net Income-$24.7Mn/m-$25.5Mn/m-$21.3Mn/m-$22.9Mn/m-$24.8Mn/m-$16.2M
EPS (Basic)-$0.28n/m-$0.35n/m-$0.33n/m-$0.36n/m-$0.57n/m-$0.54
EPS (Diluted)-$0.28n/m-$0.35n/m-$0.33n/m-$0.36n/m-$0.57n/m-$0.54
Diluted Shares (Avg)87M+21.5%72M+11.0%64M+3.1%63M+44.6%43M+44.8%30M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, SG&A Expenses, EBITDA, Interest Expense.

CRDL Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CRDL annual balance sheet
MetricFY2540-FFY2440-FFY2340-FFY2240-FFY2140-FFY2040-F
Total Assets$17.2M-22.2%$22.1M-20.4%$27.8M-39.4%$45.8M-33.4%$68.8M+451.9%$12.5M
Current Assets$17.1M-22.1%$22.0M-19.7%$27.4M-39.7%$45.4M-33.4%$68.2M+481.8%$11.7M
Cash & Equivalents$15.6M-26.5%$21.2M-19.7%$26.5M-39.8%$43.9M-33.1%$65.7M+497.1%$11.0M
InventoryN/AN/AN/AN/AN/A$14K
GoodwillN/AN/A$159K-26.9%$218K-26.6%$297K-18.4%$364K
Total Liabilities$4.2M-15.5%$5.0M-22.6%$6.4M-11.8%$7.3M-20.3%$9.1M+342.9%$2.1M
Current Liabilities$4.1M-15.3%$4.9M-22.5%$6.3M-13.3%$7.2M-20.0%$9.1M+358.4%$2.0M
Non-Current Liabilities$64K-27.1%$87K-27.4%$120K+624.6%$17K-70.9%$57K-30.5%$82K
Total Equity$13.0M-24.1%$17.2M-19.7%$21.4M-44.5%$38.6M-35.3%$59.7M+473.4%$10.4M
Retained Earnings-$155.4Mn/m-$124.5Mn/m-$108.0Mn/m-$84.6Mn/m-$65.4Mn/m-$40.7M

Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Long-Term Debt.

CRDL Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CRDL annual cash flow statement
MetricFY2540-FFY2440-FFY2340-FFY2240-FFY2140-FFY2040-F
Operating Cash Flow-$17.4Mn/m-$17.4Mn/m-$19.1Mn/m-$20.1Mn/m-$18.4Mn/m-$7.2M
Capital Expenditures$18K+20.8%$15K-69.6%$49K-11.8%$55K+446.1%$10K-68.2%$32K
Free Cash Flow-$17.4Mn/m-$17.4Mn/m-$19.1Mn/m-$20.2Mn/m-$18.4Mn/m-$7.2M
Investing Cash Flow-$18Kn/m-$15Kn/m-$49Kn/m-$55Kn/m-$10Kn/m-$32K
Financing Cash Flow$11.3M-13.4%$13.1Mn/m-$42Kn/m-$40K-100.1%$73.1M+472.3%$12.8M

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Dividends Paid, Share Buybacks.

CRDL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CRDL annual financial ratios
MetricFY2540-FFY2440-FFY2340-FFY2240-FFY2140-FFY2040-F
Operating MarginN/AN/AN/AN/A-49091.9%N/A
Net MarginN/AN/AN/AN/A-40170.4%N/A
Return on Equity-189.2%-40.8pp-148.3%-48.7pp-99.6%-40.3pp-59.3%-17.8pp-41.5%+114.0pp-155.5%
Return on Assets-143.2%-28.1pp-115.1%-38.5pp-76.6%-26.8pp-49.9%-13.9pp-36.0%+93.9pp-129.9%
Current Ratio4.16-0.4x4.52+0.2x4.36-1.9x6.27-1.3x7.53+1.6x5.94
Liabilities-to-Equity0.320.0x0.290.0x0.30+0.1x0.190.0x0.150.0x0.20
Asset TurnoverN/AN/AN/AN/A0.00N/A
FCF MarginN/AN/AN/AN/A-29904.2%N/A

Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Cardiol Therapeutics Inc. CRDL FY2025 N/A -$24.7M N/A $139.7M —
Anika Therapeutics Inc ANIK FY2025 $112.8M -$10.9M -9.6% $275.7M 71/100
BioAge Labs, Inc. BIOA FY2025 $9.0M -$80.6M N/A $252.9M 55/100

Frequently Asked Questions

Is Cardiol Therapeutics Inc. profitable?

No, Cardiol Therapeutics Inc. (CRDL) reported a net loss of $24.7M in fiscal year 2025.

What is Cardiol Therapeutics Inc.'s earnings per share (EPS)?

Cardiol Therapeutics Inc. (CRDL) reported diluted earnings per share of -$0.28 for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Cardiol Therapeutics Inc.'s return on equity (ROE)?

Cardiol Therapeutics Inc. (CRDL) has a return on equity of -189.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Cardiol Therapeutics Inc. (CRDL) recorded an outflow of $17.4M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Cardiol Therapeutics Inc. (CRDL) recorded an outflow of $17.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

Cardiol Therapeutics Inc. (CRDL) had $17.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Cardiol Therapeutics Inc. (CRDL) invested $18K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Cardiol Therapeutics Inc. (CRDL) invested $10.2M in research and development during fiscal year 2025.

Cardiol Therapeutics Inc. (CRDL) had 100M shares outstanding as of fiscal year 2025.

Cardiol Therapeutics Inc. (CRDL) had a current ratio of 4.16 as of fiscal year 2025, which is generally considered healthy.

Cardiol Therapeutics Inc. (CRDL) had a liabilities-to-equity ratio of 0.32 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.

Cardiol Therapeutics Inc. (CRDL) had a return on assets of -143.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Cardiol Therapeutics Inc. (CRDL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $139.7M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Cardiol Therapeutics Inc. (CRDL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $139.7M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Cardiol Therapeutics Inc. (CRDL) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Cardiol Therapeutics Inc. (CRDL) reported a net loss of $24.7M while operations used $17.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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