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Cardiol Therapeutics
(TSX:CRDL)
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Rating:45Neutral
Price Target:
C$1.50
▼(-49.49% Downside)
Action:Reiterated
Date:10/03/26
The score is primarily constrained by weak financial performance driven by a pre-revenue model, persistent losses, and continued cash burn. Technicals also weigh on the score due to bearish trend signals (below short-term moving averages and negative MACD), partially offset by oversold readings. Valuation is only mildly supportive because a negative P/E is not a reliable indicator of attractiveness and there is no dividend yield.
Positive Factors
Low Leverage
Minimal debt reduces fixed financial obligations and leaves the company less exposed to interest costs or refinancing pressure. This provides greater balance-sheet flexibility while Cardiol advances its clinical programs, although funding needs remain significant because operations are not yet self-financing.
Negative Factors
Pre-Revenue Model
With no meaningful product revenue, Cardiol lacks an operating income stream to fund research, regulatory work, and corporate costs. Its financial outlook therefore remains dependent on successful clinical development and eventual approval before recurring commercial revenue can emerge.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Minimal debt reduces fixed financial obligations and leaves the company less exposed to interest costs or refinancing pressure. This provides greater balance-sheet flexibility while Cardiol advances its clinical programs, although funding needs remain significant because operations are not yet self-financing.
Read all positive factors
Cardiol Therapeutics (CRDL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$202.71M
Dividend YieldN/A
Average Volume (3M)232.50K
Price to Earnings (P/E)―
Beta (1Y)2.07
Revenue GrowthN/A
EPS Growth29.34%
CountryCA
Employees18
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.34
Shares Outstanding120,660,446
10 Day Avg. Volume150,749
30 Day Avg. Volume232,496
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)6.37
Price to Sales (P/S)0.00
P/FCF Ratio-4.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$13.97Price Target Upside370.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.44
Revenue Forecast (FY)N/A
Cardiol Therapeutics Business Overview & Revenue Model
Company Description
Cardiol Therapeutics Inc. operates as a clinical-stage life sciences company, primarily engaged in the discovery and advancement of treatments designed to combat fibrosis and inflammation within the context of cardiovascular diseases. Its flagship...
How the Company Makes Money
As a clinical-stage biotechnology company, Cardiol Therapeutics does not have recurring product sales from approved drugs; its business model is primarily to create value by developing drug candidates and progressing them through clinical developm...
Cardiol Therapeutics Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 78.76K |
| Gross Profit | -64.23K | 0.00 | -373.11K | -248.35K | -219.91K | 78.76K |
| EBITDA | -35.55M | -34.21M | -36.30M | -27.88M | -30.71M | -38.44M |
| Net Income | -34.08M | -33.82M | -36.68M | -28.13M | -11.52M | -24.72M |
Balance Sheet | ||||||
| Total Assets | 29.36M | 23.62M | 31.86M | 36.70M | 62.03M | 87.88M |
| Cash, Cash Equivalents and Short-Term Investments | 26.08M | 21.42M | 30.58M | 34.93M | 59.47M | 83.90M |
| Total Debt | 107.00K | 125.52K | 158.53K | 158.53K | 72.87K | 117.58K |
| Total Liabilities | 5.33M | 5.74M | 7.14M | 8.45M | 9.83M | 11.64M |
| Stockholders Equity | 24.03M | 17.88M | 24.73M | 28.25M | 52.20M | 76.24M |
Cash Flow | ||||||
| Free Cash Flow | -24.10M | -23.88M | -25.08M | -25.25K | -27.30M | -23.56M |
| Operating Cash Flow | -24.05M | -23.85M | -25.06M | -25.18K | -27.22M | -23.55M |
| Investing Cash Flow | -56.72K | -24.48K | -21.29K | -64.31K | -74.71K | -12.92K |
| Financing Cash Flow | 31.61M | 15.54M | 18.84M | -55.38K | -53.93K | 93.44M |
Cardiol Therapeutics Technical Analysis
Negative
2.97
Price Trends
2.34
Negative
2.01
Negative
1.81
Negative
Market Momentum
-0.20
Negative
33.51
Neutral
68.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CRDL, the sentiment is Negative. The current price of 2.97 is above the 20-day moving average (MA) of 1.77, above the 50-day MA of 2.34, and above the 200-day MA of 1.81, indicating a bearish trend. The MACD of -0.20 indicates Negative momentum. The RSI at 33.51 is Neutral, neither overbought nor oversold. The STOCH value of 68.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CRDL.
Cardiol Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$343.10M | 8.46 | 22.74% | ― | 3.18% | 140.09% | |
67 Neutral | C$1.11B | 76.89 | 1.91% | ― | 42.32% | 4332.35% | |
63 Neutral | C$155.56M | -46.35 | -4.69% | ― | -3.16% | -345.50% | |
58 Neutral | C$3.62B | -2.02 | 76.75% | 5.04% | 9.12% | -1203.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$44.88M | -6.07 | -54.73% | ― | 38.25% | -450.85% | |
45 Neutral | C$202.71M | -4.88 | -180.13% | ― | ― | 29.34% |
* Healthcare Sector Average
TSE:CRDL
Cardiol Therapeutics
1.68
0.10
6.33%
TSE:BHC
Bausch Health Companies
9.67
1.45
17.64%
TSE:GUD
Knight Therapeutics
11.31
5.56
96.70%
TSE:CPH
Cipher Pharmaceuticals
13.50
-0.76
-5.33%
TSE:MPH
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4.30
3.27
317.48%
TSE:MDP
Medexus Pharmaceuticals Inc
4.95
2.07
71.88%
Cardiol Therapeutics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cardiol Therapeutics Bolsters Cash Runway with $7 Million Warrant Exercise Ahead of Phase III Data
Positive
Sep 16, 2026
Cardiol Therapeutics has raised over USD $7 million through the exercise of outstanding common share purchase warrants, bolstering its balance sheet ahead of a pivotal Phase III MAVERIC trial data readout in recurrent pericarditis. The new capital...
Business Operations and Strategy
Cardiol Therapeutics to Showcase Cardiac Drug Pipeline at H.C. Wainwright Conference
Positive
Sep 9, 2026
Cardiol Therapeutics said it will take part in a fireside chat at the H.C. Wainwright 28th Annual Global Investment Conference in New York on September 14, 2026, with a live webcast available via its investor relations website. The appearance give...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.