Cardiol Therapeutics establishes $75M equity offering program

Cardiol Therapeutics Inc., a late-stage life sciences company based in Toronto, has entered into a sales agreement with Jefferies LLC to facilitate an at-the-market offering of up to $75 million worth of common shares. The shares will be sold through ordinary brokers on the Nasdaq Capital Market, but not on the Toronto Stock Exchange or in Canada.

The sale will be conducted in accordance with a prospectus supplement to the company's Canadian and U.S. final base shelf prospectuses, both of which were dated September 15, 2026. The funds raised through this program will be used for the development of CardiolRx for recurrent pericarditis, a New Drug Application, and for general and administrative expenses, working capital, and other expenses.

Cardiol Therapeutics has the discretion to determine when and how much of the shares to sell, and is not obligated to sell any shares under the program. The agreement is subject to the earlier of the issuance and sale of all offered shares, termination by either party, or the expiry of the Canadian base prospectus.