Cardiol Therapeutics Inc. (NASDAQ: CRDL) completed a $13.5 million bought‑deal private placement, selling 10,384,616 units at $1.30 each. Each unit consists of one Class A common share and a half warrant that can be exercised at $1.75 per share within 24 months, giving investors a potential upside if the company’s share price rises.
The underwriter, which also served as bookrunner, has an option to purchase an additional 1,038,462 units, potentially raising an extra $1.35 million. The transaction is expected to close on or about January 23 2026, providing the company with a predictable cash influx.
Cardiol plans to use the proceeds to advance its research and clinical development programs, cover general and administrative expenses, and support working capital needs. The capital raise extends the company’s liquidity runway, which management projected would support operations into the third quarter of 2026, and helps keep the pivotal Phase III MAVERIC trial for its lead candidate CardiolRx on schedule.
CardiolRx, an oral, non‑immunosuppressive therapy for inflammatory heart disease, has received orphan drug designation for pericarditis and is in the midst of the MAVERIC trial, which is expected to complete enrollment in the second quarter of 2026. The company is also developing CRD‑38, a subcutaneous formulation for heart failure, and has secured funding for these programs through prior financing rounds.
Financially, Cardiol remains a cash‑burning, clinical‑stage company with a negative EBITDA of $26.17 million in the last twelve months. The October 2025 financing of $11.4 million had previously extended the runway to Q3 2027, and this new raise further cushions the company against the high costs of late‑stage development.
The infusion of capital, while dilutive, is essential for maintaining momentum in the company’s pipeline and for meeting regulatory milestones. Management’s focus on the MAVERIC trial and the broader pipeline underscores the company’s strategy to secure a first‑in‑class therapy for a rare disease, positioning Cardiol for potential future revenue generation once regulatory approval is achieved.
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