Quarterly ResultMay 11, 2026, 05:32 PM
Cardiol Therapeutics Q1 Net Loss $(10.8M); Raises $14.85M in Financing
AI Summary
Cardiol Therapeutics reported a net loss of $(10.8) million for Q1 2026, an increase from $(8.29) million in Q1 2025, driven by higher research and development expenses and a loss from derivative liability revaluation. Despite the increased loss, basic and diluted net loss per share remained $(0.10) due to a significant increase in outstanding shares. The company bolstered its financial position by completing a unit financing in January 2026, generating $14.85 million in gross proceeds.
Key Highlights
- Q1 2026 net loss increased to $(10.8) million from $(8.29) million in Q1 2025.
- Basic and diluted net loss per share remained $(0.10) for both Q1 2026 and Q1 2025.
- Research and development expenses rose to $4.95 million from $3.76 million year-over-year.
- Completed a unit financing in January 2026, raising $14.85 million in gross proceeds.
- Cash and cash equivalents increased to $27.67 million as of March 31, 2026.
- Derivative liability increased by $1.53 million due to revaluation of warrants.
- Net cash used in operating activities was $(7.52) million, up from $(7.15) million.
- Weighted average common shares outstanding increased to 108.99 million from 82.61 million.