Toronto – September 16, 2026 -- Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) has filed a preliminary short form base shelf prospectus in Canada and a corresponding Form F-10 registration statement with the U.S. SEC, enabling the life sciences company to raise up to US$150 million over a 25-month period.
Shelf filing permits future issuance of shares, debt and warrants
The filings, made under the U.S./Canada Multijurisdictional Disclosure System, would allow Cardiol to offer Class A common shares, debt securities, warrants, subscription receipts, units, or combinations thereof, once a final receipt is issued and the Registration Statement becomes effective. No securities are being offered under this announcement, and the Company said there is no assurance an offering will occur.
OSC review triggers expanded expense and program disclosure
At the request of Ontario Securities Commission staff, the Shelf Prospectus adds supplemental disclosure to Cardiol's MD&A for fiscal year 2025 and the three- and six-month periods ended June 30, 2026. The Company confirmed no previously filed financial statements have been restated, and there is no change to reported R&D or G&A expenses, net loss, cash flows, or financial position.
The added disclosure breaks out, for each research program, original and updated target completion dates, initial cost estimates for the current development stage, cumulative external expenditures to date, and estimated remaining costs. It also allocates external R&D spending by program across comparative periods, disaggregates components of G&A expenses, and compares intended versus actual use of proceeds from Cardiol's October 2024 financing under its prior shelf prospectus.
Company to file three material contracts with regulators
Cardiol will concurrently file its 2018 Exclusive Master Services Agreement with Dalton Chemical Laboratories (Dalton Pharma Services), five amendments dated between December 2018 and November 2019 to its Exclusive Supply Agreement with Purisys, LLC (successor to Noramco, Inc.), and a 2018 Development Agreement with the Instituto Tecnológico y de Estudios Superiores de Monterrey's Clinical Academic Research Organization.
CEO cites approaching enrollment in pivotal pericarditis trial
President and CEO David Elsley said the Phase III MAVERIC trial evaluating CardiolRxTM in recurrent pericarditis is nearing target enrollment, designed to generate evidence supporting a future New Drug Application. He also pointed to positive Phase II ARCHER results in acute myocarditis and continued progress of CRD-38, a subcutaneous drug candidate, toward first-in-human trials.
Copies of the Shelf Prospectus are available on SEDAR+ and EDGAR, and on the Company's website.