Cardiol Therapeutics is a clinical-stage biopharmaceutical company developing anti-inflammatory and anti-fibrotic therapies for heart disease. Cardiol has no approved products and no product revenue, funding operations entirely through equity financings. Cardiol's lead drug candidate is CardiolRx, an oral cannabidiol solution that targets the NLRP3 inflammasome pathway, which drives inflammation and fibrosis in cardiac conditions. Cardiol is pursuing CardiolRx in two indications: recurrent pericarditis and acute myocarditis. For recurrent pericarditis, CardiolRx holds FDA Orphan Drug Designation and is currently in a pivotal Phase III trial (MAVERIC), targeting patients at high risk of recurrence after stopping IL-1 blocker therapy. A completed Phase II study showed meaningful reductions in pain and recurrence rates. For acute myocarditis, a completed Phase II trial (ARCHER) showed improvement in cardiac MRI measures of myocardial recovery, and Cardiol is evaluating next steps, potentially with a pharma partner. Cardiol's second candidate, CRD-38, is a subcutaneous cannabidiol formulation targeting heart failure with preserved ejection fraction, currently in pre-clinical IND-enabling studies. Cardiol's path to revenue depends on clinical and regulatory success, after which it would likely commercialize through a pharmaceutical partnership rather than independently. Cardiol relies on CMOs for manufacturing and Purisys as its exclusive cannabidiol API supplier under a long-term agreement through 2038.