Cardiol Therapeutics Inc. (CRDL) Balance Sheet

NASDAQ: CRDLAssets, liabilities, debt and equity over 9 years.

CRDL balance sheet, 2025

December 31, 2025 · Canadian dollars

C$23.6M assets = C$5.7M liabilities + C$17.9M equity

Both columns are drawn to the same scale: what CRDL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CRDL financial health

Current ratio4.16

Comfortable · current assets cover current liabilities 4.16×

Debt / equity0.01

Low leverage · C$0.01 of debt for each $1 of equity

Equity / assets75.7%

Equity-funded · of assets funded by shareholders

Cash / debt17,062.0%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CRDL balance sheet trends, 2017–2025

Cardiol Therapeutics Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	C$3.2M2017	C$23.6M2025	+28.3%/yr
Total liabilities	C$366,7572017	C$5.7M2025	+41.0%/yr
Shareholders’ equity	C$2.9M2017	C$17.9M2025	+25.8%/yr
Cash & short-term investments	C$2.4M2017	C$21.4M2025	+31.8%/yr
Total debt	C$190,0432017	C$125,5232025	−5.1%/yr
Net cash (debt)	C$2.2M2017	C$21.3M2025	+C$19.1M
Working capital	C$2.3M2017	C$17.8M2025	+C$15.5M
Current ratio	14.062017	4.162025	−9.91
Debt / equity	0.072017	0.012025	−0.06
Shares outstanding	22.7M2017	87.0M2025	+18.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CRDL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CRDL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CRDL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CRDL balance sheet in Canadian dollars

Cardiol Therapeutics Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017
Assets
Cash & short-term investments	C$21.4M	C$30.6M	C$34.9M	C$43.9M	C$83.9M	C$14.0M	C$7.0M	C$16.7M	C$2.4M
Cash & equivalents	C$21.4M	C$30.6M	C$34.9M	C$43.8M	C$83.9M	C$14.0M	C$7.0M	C$16.7M	C$2.4M
Short-term investments	—	—	C$61,875	C$45,645	C$61,568	C$61,506	C$61,200	—	—
Receivables	C$226,195	C$361,621	C$279,872	C$354,241	C$65,739	C$219,923	C$927,868	C$460,780	C$101,746
Inventory	C$0	C$0	−C$279,872	C$0	C$339,051	C$357,019	C$6.2M	C$6.3M	C$0
Other current assets	C$1.9M	C$726,509	C$1.2M	C$1.1M	C$2.8M	C$347,808	C$283,666	C$488,839	C$26,583
Total current assets	C$23.5M	C$31.7M	C$36.2M	C$45.3M	C$87.1M	C$14.9M	C$14.4M	C$24.0M	C$2.5M
Property, plant & equipment (net)	C$118,093	C$195,592	C$337,058	C$218,165	C$356,493	C$479,554	C$584,047	C$25,551	C$18,808
Goodwill & intangible assets	C$0	C$0	C$210,358	C$217,475	C$379,246	C$463,690	C$548,134	C$632,578	C$717,022
Long-term investments	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$0	C$0	C$0	C$1	C$0	C$0	C$0	C$0	C$0
Total assets	C$23.6M	C$31.9M	C$36.7M	C$45.8M	C$87.9M	C$15.9M	C$15.5M	C$24.7M	C$3.2M
Liabilities
Accounts payable	C$3.5M	C$7.0M	C$7.6M	C$6.2M	C$4.1M	C$1.8M	C$561,287	C$2.0M	C$165,414
Short-term debt	C$38,347	C$33,009	C$15,808	C$37,214	C$44,708	C$51,915	C$50,473	—	—
Deferred revenue	—	—	−C$7.6M	−C$8.3M	−C$4.2M	−C$1.8M	−C$561,287	—	—
Total current liabilities	C$5.7M	C$7.0M	C$8.3M	C$7.2M	C$11.6M	C$2.5M	C$690,549	C$2.1M	C$176,714
Long-term debt	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$269,216	C$190,043
Lease obligations	C$125,523	C$158,532	C$174,340	C$72,871	C$117,579	C$156,566	C$190,752	—	—
Other long-term liabilities	C$87,176	C$125,523	C$158,532	C$16,542	C$72,871	C$104,651	C$140,279	C$0	C$0
Total liabilities	C$5.7M	C$7.1M	C$8.5M	C$7.2M	C$11.6M	C$2.6M	C$830,828	C$2.4M	C$366,757
Shareholders' equity
Common stock & paid-in capital	C$201.9M	C$179.3M	C$148.5M	C$108.8M	C$142.9M	C$51.9M	C$39.4M	C$36.7M	C$4.3M
Retained earnings (deficit)	−C$213.1M	−C$179.3M	−C$142.6M	−C$84.4M	−C$83.5M	−C$51.9M	−C$31.2M	−C$17.6M	−C$1.7M
Accumulated other comprehensive income	—	—	C$3.5M	C$2.6M	C$4.2M	C$4.5M	C$1.7M	C$1.9M	C$259,463
Total shareholders' equity	C$17.9M	C$24.7M	C$28.2M	C$38.5M	C$76.2M	C$13.3M	C$14.7M	C$22.3M	C$2.9M
Key figures
Total debt	C$125,523	C$158,532	C$174,340	C$53,756	C$117,579	C$156,566	C$190,752	C$269,216	C$190,043
Net cash (debt)	C$21.3M	C$30.4M	C$34.8M	C$43.8M	C$83.8M	C$13.9M	C$6.8M	C$16.5M	C$2.2M
Working capital	C$17.8M	C$24.7M	C$27.9M	C$38.1M	C$75.6M	C$12.4M	C$13.7M	C$21.9M	C$2.3M
Tangible book value	C$17.9M	C$24.7M	C$28.0M	C$38.3M	C$75.9M	C$12.8M	C$14.1M	C$21.6M	C$2.1M
Shares outstanding	87.0M	71.6M	64.5M	62.5M	43.2M	29.9M	25.8M	24.2M	22.7M
Current ratio	4.16	4.52	4.36	6.27	7.53	5.94	20.81	11.22	14.06
Quick ratio	3.83	4.41	4.24	6.11	7.26	5.66	11.42	8.03	13.91
Debt / equity	0.01	0.01	0.01	0.00	0.00	0.01	0.01	0.01	0.07
Equity / assets	75.7%	77.6%	77.0%	84.2%	86.8%	83.5%	94.6%	90.2%	88.6%

Cardiol Therapeutics Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	C$26.1M	C$27.7M	C$21.4M	C$11.6M	C$18.2M	C$23.3M	C$30.6M	C$15.9M	C$24.0M	C$28.6M	C$34.9M	C$29.8M
Cash & equivalents	C$26.1M	C$27.7M	C$21.4M	C$11.6M	C$18.2M	C$23.3M	C$30.6M	C$15.9M	C$24.0M	C$28.6M	C$34.9M	C$29.8M
Short-term investments	—	—	—	—	—	—	—	—	—	C$61,875	—	C$45,546
Receivables	C$312,746	C$340,583	C$226,195	C$195,880	C$279,887	C$346,690	C$361,621	C$266,706	C$242,424	C$317,106	C$142,745	C$213,170
Inventory	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	−C$289,595
Other current assets	C$2.8M	C$3.3M	C$1.9M	C$988,532	C$1.3M	C$1.6M	C$726,509	C$1.1M	C$1.6M	C$1.7M	C$1.1M	C$1.5M
Total current assets	C$29.2M	C$31.3M	C$23.5M	C$12.8M	C$19.8M	C$25.3M	C$31.7M	C$17.3M	C$25.9M	C$30.6M	C$36.2M	C$31.2M
Property, plant & equipment (net)	C$130,508	C$139,327	C$118,093	C$140,981	C$163,514	C$182,545	C$195,592	C$237,926	C$263,009	C$300,006	C$337,058	C$273,830
Goodwill & intangible assets	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$168,136	C$189,247	C$210,358	C$170,384
Long-term investments	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$1
Total assets	C$29.4M	C$31.5M	C$23.6M	C$12.9M	C$19.9M	C$25.5M	C$31.9M	C$17.5M	C$26.3M	C$31.1M	C$36.7M	C$31.7M
Liabilities
Accounts payable	C$3.7M	C$3.4M	C$3.5M	—	C$8.0M	C$7.7M	C$7.0M	C$6.9M	C$9.4M	C$8.9M	—	C$5.1M
Short-term debt	C$41,308	C$39,792	C$38,347	C$36,925	C$35,556	C$34,252	C$33,009	C$31,785	C$21,719	C$16,476	—	C$21,395
Deferred revenue	—	—	—	—	—	—	—	—	−C$9.4M	−C$7.6M	—	C$280,328
Total current liabilities	C$5.3M	C$7.1M	C$5.7M	C$3.3M	C$8.0M	C$7.8M	C$7.0M	C$7.0M	C$10.8M	C$10.9M	C$8.3M	C$5.9M
Long-term debt	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Lease obligations	C$106,998	C$116,408	C$125,523	C$134,199	C$142,554	C$150,660	C$158,532	C$165,984	C$164,273	C$167,136	C$174,340	C$181,206
Other long-term liabilities	C$65,717	C$76,812	C$87,176	C$97,274	C$106,998	C$116,408	C$125,523	C$134,199	C$142,554	C$150,660	C$158,532	C$111,990
Total liabilities	C$5.3M	C$7.2M	C$5.7M	C$3.4M	C$8.1M	C$7.9M	C$7.1M	C$7.1M	C$11.0M	C$11.1M	C$8.5M	C$6.0M
Shareholders' equity
Common stock & paid-in capital	C$221.1M	C$213.4M	C$201.9M	C$187.4M	C$179.5M	C$179.3M	C$179.3M	C$154.6M	C$152.3M	C$151.1M	—	C$108.8M
Retained earnings (deficit)	−C$230.1M	−C$224.5M	−C$213.1M	−C$205.9M	−C$195.9M	−C$187.5M	−C$179.3M	−C$171.7M	−C$158.3M	−C$151.8M	−C$142.6M	−C$99.3M
Accumulated other comprehensive income	C$2.8M	C$2.8M	—	—	—	—	—	—	—	C$3.5M	—	C$2.6M
Total shareholders' equity	C$24.0M	C$24.3M	C$17.9M	C$9.6M	C$11.8M	C$17.6M	C$24.7M	C$10.4M	C$15.4M	C$20.1M	C$28.2M	C$25.7M
Key figures
Total debt	C$107,042	C$116,707	C$125,523	C$134,199	C$142,554	C$150,660	C$158,532	C$165,984	C$164,273	C$167,136	—	C$133,385
Net cash (debt)	C$26.0M	C$27.6M	C$21.3M	C$11.5M	C$18.1M	C$23.1M	C$30.4M	C$15.7M	C$23.9M	C$28.4M	—	C$29.7M
Working capital	C$24.0M	C$24.2M	C$17.8M	C$9.5M	C$11.8M	C$17.5M	C$24.7M	C$10.3M	C$15.1M	C$19.7M	C$27.9M	C$25.3M
Tangible book value	C$24.0M	C$24.3M	C$17.9M	C$9.6M	C$11.8M	C$17.6M	C$24.7M	C$10.4M	C$15.2M	C$19.9M	C$28.0M	C$25.5M
Shares outstanding	114.9M	109.0M	100.3M	84.7M	82.7M	82.6M	69.8M	69.8M	68.8M	67.3M	65.4M	64.5M
Current ratio	5.55	4.39	4.16	3.89	2.46	3.26	4.52	2.49	2.39	2.81	4.36	5.29
Quick ratio	5.01	3.93	3.83	3.59	2.30	3.05	4.41	2.32	2.24	2.65	4.23	5.08
Debt / equity	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	—	0.01
Equity / assets	81.8%	77.1%	75.7%	73.8%	59.2%	69.1%	77.6%	59.5%	58.4%	64.4%	77.0%	81.0%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 31, 2026); data from EODHD.

CRDL financial position

At the end of fiscal 2025 (December 31, 2025), Cardiol Therapeutics had total assets of C$23.6 million (down 25.9% from a year earlier), total liabilities of C$5.7 million and shareholders' equity of C$17.9 million. It held C$21.4 million in cash and short-term investments against C$0.1 million of debt, a net cash position of C$21.3 million. Its current ratio was 4.16. In the latest quarter (ended June 30, 2026) total assets were C$29.4 million and equity C$24.0 million.

Related: CRDL income statement, CRDL cash flow statement, CRDL key metrics. See the CRDL stock overview for the latest quote and news.

CRDL balance sheet FAQ

What are Cardiol Therapeutics's total assets?

Cardiol Therapeutics reported total assets of C$23.6 million at the end of fiscal 2025 (December 31, 2025), compared with C$31.9 million a year earlier.

How much debt does Cardiol Therapeutics have?

Cardiol Therapeutics had C$0.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.

How much cash does Cardiol Therapeutics have?

Cardiol Therapeutics held C$21.4 million in cash and short-term investments at the end of fiscal 2025; with C$0.1 million of debt that is net cash of C$21.3 million.

What is Cardiol Therapeutics's book value?

Cardiol Therapeutics's shareholders' equity (book value) was C$17.9 million at the end of fiscal 2025.

What is Cardiol Therapeutics's current ratio?

Cardiol Therapeutics had current assets of C$23.5 million and current liabilities of C$5.7 million, a current ratio of 4.16 (it can cover its short-term obligations).