Cardiol Therapeutics files $150M shelf prospectus after OSC review

Cardiol Therapeutics Inc. (NASDAQ: CRDL) has filed a preliminary short form base shelf prospectus with Canadian securities regulators and a corresponding registration statement on Form F-10 with the U.S. Securities and Exchange Commission, the company announced Sept. 10, 2026.

The filing would allow Cardiol to offer and sell up to $150 million in securities over a 25-month period once the final prospectus receives a receipt and the registration statement becomes effective. Securities could include Class A common shares, debt securities, warrants, subscription receipts, units, or combinations thereof. No securities are currently being offered, and the filing does not obligate the company to complete any offering.

The prospectus includes additional disclosure added at the request of staff of the Ontario Securities Commission (OSC) following a regulatory review. The supplemental disclosure covers research and development program costs and timelines, allocation of external R&D expenditures by program, disaggregated general and administrative expenses, and a comparison of intended versus actual use of proceeds from the company's October 2024 financing. The company stated that no previously filed financial statements were restated or amended, and there is no change to any previously reported financial figures.

At the OSC's request, Cardiol is also filing several material contracts, including an Exclusive Master Services Agreement with Dalton Chemical Laboratories, Inc., amendments to an Exclusive Supply Agreement with Purisys, LLC, and a Development Agreement with Instituto Tecnológico y de Estudios Superiores de Monterrey's Clinical Academic Research Organization.

The company said it will incorporate prospective disclosure changes to its ongoing continuous disclosure filings consistent with the supplemental information provided in the shelf prospectus.

Cardiol is a late-stage life sciences company focused on anti-inflammatory and anti-fibrotic therapies for heart disease. Its lead drug candidate, CardiolRx™, is currently being evaluated in a Phase III trial for recurrent pericarditis.

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