Cardiol Therapeutics Inc. (CRDL) Financials

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.