Cardiol Therapeutics raises $7M from warrant exercises

Q: How much capital did Cardiol Therapeutics (CRDL) raise from the warrant exercises?

Cardiol Therapeutics reports receiving over USD $7 million in proceeds from the exercise of outstanding common share purchase warrants, which it states will extend its cash runway into the first half of 2028 and fund operations through the pivotal Phase III MAVERIC trial.

Q: How does the warrant exercise affect Cardiol Therapeutics’ (CRDL) cash runway?

The company states that proceeds of over USD $7 million from recent warrant exercises extend its cash runway into H1 2028, supporting operations through topline data readout from the pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis.

Q: What happens to Cardiol Therapeutics’ remaining warrants after the acceleration?

Of 5,712,500 original warrants, 425,000 remained unexercised as of September 15, 2026. Cardiol has given notice that these will expire at 4:00 p.m. Eastern Time on October 16, 2026, after which any unexercised warrants will be cancelled for no consideration.

Q: What additional proceeds could Cardiol Therapeutics (CRDL) receive if all remaining warrants are exercised?

The 425,000 remaining common share purchase warrants represent additional potential gross proceeds of USD $573,750 if fully exercised before the accelerated expiry at 4:00 p.m. Eastern Time on October 16, 2026.

Q: What regulatory designations does CardiolRx™ have for pericarditis?

Cardiol reports that the U.S. FDA has granted Orphan Drug Designation to CardiolRx™ for the treatment of pericarditis, including recurrent pericarditis, which is being evaluated in its MAVERIC clinical program.

Cardiol raises over USD $7 million from warrant exercises and accelerates expiry on remaining warrants, extending its cash runway into the first half of 2028.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Cardiol Therapeutics Inc. (CRDL) reports that holders have exercised common share purchase warrants, providing the company with proceeds of over USD $7 million. Management states that this capital extends Cardiol’s cash runway into the first half of 2028 and funds operations through topline data from the pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis.

Pursuant to its Acceleration Right on warrants issued in October 2025, Cardiol has accelerated the expiry of remaining warrants. Of the 5,712,500 warrants originally issued, 425,000 remained unexercised as of September 15, 2026, representing additional potential gross proceeds of USD $573,750. These warrants will now expire at 4:00 p.m. Eastern Time on October 16, 2026, after which any unexercised warrants will be cancelled for no consideration.

Positive

Cardiol Therapeutics raised over USD $7 million from warrant exercises, which it states will extend its cash runway into H1 2028 and fund operations through topline data from the pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis.

Negative

None.

Key Figures

Warrant exercise proceeds: Over USD $7 million Original warrants issued: 5,712,500 warrants Unexercised warrants: 425,000 warrants +4 more

7 metrics

Warrant exercise proceeds Over USD $7 million Proceeds received from exercise of outstanding common share purchase warrants

Original warrants issued 5,712,500 warrants Common share purchase warrants issued in private placements on October 17 and 20, 2025

Unexercised warrants 425,000 warrants Remaining unexercised as of market close on September 15, 2026

Potential additional gross proceeds USD $573,750 From exercise of 425,000 remaining warrants before accelerated expiry

Cash runway Into H1 2028 Company’s stated cash runway after warrant exercise proceeds

Accelerated warrant expiry date October 16, 2026, 4:00 p.m. Eastern Time Early Expiry Date for remaining common share purchase warrants

Acceleration notice period 30 days Early Expiry Date set as the 30th day following delivery of the Acceleration Notice

Key Terms

Acceleration Right, Early Expiry Date, Orphan Drug Designation, New Drug Application, +2 more

6 terms

Acceleration Right financial

"it is entitled to exercise its Acceleration Right"

A contractual right that lets a party demand immediate fulfillment of an obligation when a triggering event occurs, such as a loan default, bankruptcy, or a change of control. It can speed up loan repayment or accelerate stock option vesting, so for investors it changes when cash or ownership becomes due—like slamming the accelerator to make a future payment or ownership transfer happen right away rather than later.

Early Expiry Date financial

"the Warrants will expire at 4:00 p.m. (Eastern Time) on October 16, 2026, being the 30th day following delivery of the Acceleration Notice (the "Early Expiry Date")"

Orphan Drug Designation medical

"The U.S. FDA has granted Orphan Drug Designation to CardiolRx™ for the treatment of pericarditis"

Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.

New Drug Application regulatory

"support regulatory preparations for a potential New Drug Application, subject to favorable MAVERIC results"

A new drug application is a formal request submitted to government regulators seeking approval to market a new medicine. It is like a detailed proposal that shows the drug has been tested for safety and effectiveness. For investors, receiving approval signals that the drug may soon become available for sale, potentially leading to revenue growth and impacting the company's value.

Phase III MAVERIC trial medical

"pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis"

recurrent pericarditis medical

"evaluating CardiolRx™ for the treatment of recurrent pericarditis, an inflammatory disease of the pericardium"

Inflammation of the thin sac around the heart that comes back after a first episode. Like a door that keeps sticking shut even after being fixed, recurrent pericarditis involves repeated bouts of chest pain, fever, or fatigue that can require ongoing treatment, tests, or even procedures. Investors track it because recurrent disease affects healthcare spending, drug trial design, regulatory review, and the potential market for therapies aimed at preventing or managing flare-ups.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much capital did Cardiol Therapeutics (CRDL) raise from the warrant exercises?

Cardiol Therapeutics reports receiving over USD $7 million in proceeds from the exercise of outstanding common share purchase warrants, which it states will extend its cash runway into the first half of 2028 and fund operations through the pivotal Phase III MAVERIC trial.

How does the warrant exercise affect Cardiol Therapeutics’ (CRDL) cash runway?

The company states that proceeds of over USD $7 million from recent warrant exercises extend its cash runway into H1 2028, supporting operations through topline data readout from the pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis.

What happens to Cardiol Therapeutics’ remaining warrants after the acceleration?

Of 5,712,500 original warrants, 425,000 remained unexercised as of September 15, 2026. Cardiol has given notice that these will expire at 4:00 p.m. Eastern Time on October 16, 2026, after which any unexercised warrants will be cancelled for no consideration.

What additional proceeds could Cardiol Therapeutics (CRDL) receive if all remaining warrants are exercised?

The 425,000 remaining common share purchase warrants represent additional potential gross proceeds of USD $573,750 if fully exercised before the accelerated expiry at 4:00 p.m. Eastern Time on October 16, 2026.

What clinical program is Cardiol Therapeutics (CRDL) funding with the warrant proceeds?

Cardiol states that proceeds from the warrant exercises will fund operations through topline data from its pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis and will also support regulatory preparations for a potential New Drug Application, subject to favorable results and regulatory input.

What regulatory designations does CardiolRx™ have for pericarditis?

Cardiol reports that the U.S. FDA has granted Orphan Drug Designation to CardiolRx™ for the treatment of pericarditis, including recurrent pericarditis, which is being evaluated in its MAVERIC clinical program.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/16/2026 - 07:37 AM Accepted by SEC EDGAR 09/16/2026 - 07:36 AM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number: 001-40712

Cardiol Therapeutics Inc.
(Translation of registrant's name into English)

602-2265 Upper Middle Road East, Oakville, Ontario, Canada L6H 0G5
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F [X] Form 40-F

SUBMITTED HEREWITH

Exhibits

Exhibit		Description

99.1		News Release dated September 16, 2026 - Cardiol Therapeutics Announces Warrant Exercise for Over USD $7 Million in Proceeds

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CARDIOL THERAPEUTICS INC.
	(Registrant)

Date: September 16, 2026	By:	/s/ Christopher Waddick
		Christopher Waddick
	Title:	Chief Financial Officer

EXHIBIT 99.1

Cardiol Therapeutics Announces Warrant Exercise for Over USD $7 Million in Proceeds

Proceeds strengthen balance sheet ahead of pivotal Phase III MAVERIC trial data readout in recurrent pericarditis and extends cash runway into H1 2028.

TORONTO, Sept. 16, 2026 /CNW/ -- Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a late-stage life sciences company advancing anti-inflammatory and anti-fibrotic therapies for heart disease, is pleased to announce it has received proceeds of over USD $7 million from the exercise of outstanding common share purchase warrants. The capital raised will extend Cardiol's cash runway into H1 2028, fund operations through topline data readout from the pivotal Phase III MAVERIC trial of CardiolRx^™ in recurrent pericarditis, and provide the Company with additional flexibility and working capital as it moves beyond that significant milestone.

"These warrant exercises reflect our shareholders' confidence in Cardiol's clinical progress, strategic direction, and long-term potential as we approach a potentially transformative milestone for the Company," said David Elsley, President and Chief Executive Officer of Cardiol Therapeutics. "We are grateful for their continued support, which further strengthens our financial position and strategic flexibility."

"Our pivotal Phase III MAVERIC trial builds on positive Phase II results demonstrating marked reductions in pain, inflammation, and recurrence, and represents an important step toward delivering a differentiated treatment for patients living with recurrent pericarditis. The proceeds from the exercise of these warrants will support regulatory preparations for a potential New Drug Application, subject to favorable MAVERIC results and regulatory input, as well as the advancement of our broader pipeline of novel treatments for inflammatory heart disease, including heart failure."

Pursuant to the terms of the common share purchase warrants issued in private placement of units on October 17, 2025, and October 20, 2025 (the "Warrants"), the Company confirms that, as of market close on September 15, 2026, it is entitled to exercise its Acceleration Right. Of the 5,712,500 Warrants originally issued, 425,000 remained unexercised at that date, representing additional potential gross proceeds of USD $573,750.

This news release constitutes notice of acceleration (the "Acceleration Notice") to Warrant holders of the exercise of the Acceleration Right. Accordingly, the Warrants will expire at 4:00 p.m. (Eastern Time) on October 16, 2026, being the 30th day following delivery of the Acceleration Notice (the "Early Expiry Date"). Any Warrants remaining unexercised after the Early Expiry Date will be automatically cancelled for no consideration.

About Cardiol Therapeutics

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a late-stage life sciences company focused on advancing the development of anti-inflammatory and anti-fibrotic therapies for heart disease. The Company's lead small-molecule drug candidate, CardiolRx^™, modulates inflammasome pathway activation, an intracellular innate immune system response known to play an important role in the development and progression of inflammation and fibrosis associated with pericarditis, myocarditis, and heart failure.

The MAVERIC Program is evaluating CardiolRx^™ for the treatment of recurrent pericarditis, an inflammatory disease of the pericardium associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, which can lead to physical limitations, reduced quality of life, emergency department visits, and hospitalizations. The program comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing pivotal Phase III MAVERIC trial (NCT06708299). The U.S. FDA has granted Orphan Drug Designation to CardiolRx^™ for the treatment of pericarditis, including recurrent pericarditis.

The ARCHER Program also studied CardiolRx^™, specifically in acute myocarditis--an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in individuals under 35 years of age. The program comprises the completed Phase II ARCHER study (NCT05180240), which evaluated the safety, tolerability, and efficacy of CardiolRx^™ in this patient population.

The Company is also developing CRD-38, a novel, subcutaneously administered drug formulation intended for the treatment of inflammatory heart disease, including heart failure--a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding US$30 billion per year.

For more information about Cardiol Therapeutics, please visit cardiolrx.com.

Cautionary statement regarding forward-looking information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are "forward-looking information". Forward looking information contained herein may include, but is not limited to statements regarding the Company's focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease; the Company's intended clinical studies and trial activities and timelines associated with such activities, including the Company's plan to complete the Phase III study in recurrent pericarditis with CardiolRx^™; the Company's plan to advance the development of CRD-38, a novel subcutaneous formulation intended for the treatment of inflammatory heart disease, including heart failure; the extension of the Company's cash runway into H1 2028; the Company's intended use of proceeds from the exercise of the Warrants; the exercise of the outstanding Warrants; and the cancellation of the unexercised Warrants following the Early Expiry Date. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company's Annual Information Form filed with the Canadian securities administrators and U.S. Securities and Exchange Commission on March 31, 2026, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization and clinical studies. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cardiol-therapeutics-announces-warrant-exercise-for-over-usd-7-million-in-proceeds-302879864.html

SOURCE Cardiol Therapeutics Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2026/16/c2905.html

%CIK: 0001702123

For further information: For further information, please contact: Investor.relations@cardiolrx.com

CO: Cardiol Therapeutics Inc.

CNW 07:27e 16-SEP-26

Source: View Original Filing on SEC EDGAR

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