Cardiol Therapeutics provided its year-end 2024 operational update on April 1, 2025, following the filing of its audited financial statements. The company reported positive data from its Phase II MAvERIC-Pilot study for recurrent pericarditis, which supports advancing CardiolRx into the Phase III MAVERIC trial. Patient enrollment in the Phase II ARCHER trial for acute myocarditis was completed ahead of schedule, with topline data anticipated in Q2 2025.
CardiolRx also received U.S. FDA Orphan Drug Designation for the treatment of pericarditis, including recurrent pericarditis, a significant regulatory advantage. Financially, the company reported cash and cash equivalents of $30.6 million as of December 31, 2024. Management projects these resources are sufficient to fund operations into the third quarter of 2026.
David Elsley, President and CEO, highlighted the significant milestones achieved in 2024, emphasizing the advancement of CardiolRx into the Phase III MAVERIC trial. The company remains committed to progressing its late-stage clinical development pipeline in pericarditis and myocarditis, and to advancing the IND-enabling program for CRD-38 for heart failure. The net income from continuing operations for 2024 was -$36.68 million, reflecting substantial R&D and SG&A expenses of $14.01 million and $26.26 million, respectively, with no revenue reported for the year.
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