Cardiol Therapeutics Files US$150M Shelf Prospectus

Toronto, Ontario, Canada, September 10, 2026

Cardiol Establishes Potential US$150M Financing Capacity

Once the final shelf prospectus receives the required receipt and the Form F-10 becomes effective, Cardiol will have the ability to offer and sell, from time to time during the 25-month validity period, Class A common shares, debt securities, warrants, subscription receipts, units, or combinations of these securities. The aggregate initial offering price could reach US$150 million, or the equivalent in other currencies. The preliminary filing is therefore a financing framework rather than an immediate capital raise. Cardiol specifically stated that no securities are being offered in connection with the announcement and that there is no assurance that securities will ultimately be offered or sold under the shelf prospectus. The filing comes as Cardiol approaches several important clinical development milestones across its cardiovascular pipeline. The company is advancing its lead small-molecule candidate CardiolRx™ in inflammatory heart diseases, including recurrent pericarditis, while also preparing its next-stage development plans for CRD-38, a subcutaneously administered formulation intended for inflammatory heart disease and heart failure.

OSC Review Adds Program and Expense Disclosure

Following the OSC staff review, Cardiol included expanded disclosure in the preliminary shelf prospectus that supplements management’s discussion and analysis for the year ended December 31, 2025, and the three- and six-month periods ended June 30, 2026. The company emphasized that no previously filed financial statements were restated or amended and that there was no change to previously reported research and development expenses, general and administrative expenses, net loss, cash flows, cash position or financial position. The additional information provides greater detail about Cardiol’s research and development programs, including original and updated target completion dates, estimated development costs, cumulative external program expenditures and estimated remaining costs to completion. The disclosure also explains program status, anticipated next steps and the basis for the estimates. Cardiol has additionally provided information on the allocation of external R&D expenditures across its development programs for comparative reporting periods. Further disclosure addresses the components of general and administrative expenses and explains the factors contributing to changes in significant expense categories. The company also disclosed the principal intended uses of proceeds from its October 2024 financing and compared those intended uses with the actual deployment of the funds. Cardiol said it will incorporate prospective disclosure changes concerning these areas into future continuous disclosure filings.

Cardiol Advances Cardiovascular Drug Pipeline

The potential financing capacity comes as Cardiol progresses its late-stage cardiovascular drug development pipeline. The company’s lead candidate, CardiolRx™, is being evaluated in the pivotal Phase III MAVERIC trial for recurrent pericarditis. The program follows the completed Phase II MAvERIC-Pilot study, while the U.S. FDA has granted CardiolRx Orphan Drug Designation for pericarditis, including recurrent pericarditis. Cardiol has also completed the Phase II ARCHER study evaluating CardiolRx in acute myocarditis. The company is developing CardiolRx as an anti-inflammatory therapy that modulates inflammasome pathway activation, an intracellular innate immune response implicated in inflammation and fibrosis associated with cardiovascular disease. In addition, CRD-38 is being advanced as a novel subcutaneous formulation intended for inflammatory heart disease, including heart failure. Cardiol said the continued advancement of its pipeline, together with the potential completion of the MAVERIC program, represents an important period for the company. The US$150 million shelf prospectus gives Cardiol potential access to additional capital should the company decide to conduct future offerings, while the expanded OSC-requested disclosure provides investors with more detailed information regarding its development programs, expenditures and financing activities. Future financing decisions and clinical milestones will determine how the company uses this potential capital capacity as it advances its cardiovascular therapeutics.

Source: Cardiol Therapeutics press release