First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 8.50 price target.

Abstract
Cardiol Therapeutics (Cardiol) has announced a private placement raising gross proceeds of USD 11.4m, extending its cash runway into Q3 2027 (previous guidance: Q3 2026). The capital raise fully funds the pivotal MAVERIC phase III trial in recurrent pericarditis (RP) through to New Drug Application (NDA) submission with the FDA, and provides sufficient resources to advance CRD-38, the company’s next-generation subcutaneous heart-failure therapy, into clinical development. Importantly, Cardiol will present new data from the ARCHER phase II acute myocarditis (AM) trial at a cardiology conference in November 2025. Cardiol’s new data will highlight the magnitude of reduction in left-ventricular (LV) mass – a key predictor of long-term cardiac outcomes. The presentation represents the next major inflection point for Cardiol, with potential read-through not only for the acute myocarditis indication but also for the company’s broader anti-inflammatory platform, including CRD-38’s significantly larger heart-failure opportunity. We view the transaction as a well-timed move that removes funding uncertainty, reinforces execution capability, and enhances strategic flexibility ahead of ongoing partnership discussions. Based on unchanged estimates, we reiterate our BUY rating and unchanged price target of USD 8.50 (upside: 614%).