First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from USD 7.80 to USD 7.50.

Abstract
Cardiol Therapeutics has released its FY/25 annual results alongside a series of notable pipeline and corporate updates. The full-year figures came in broadly in line with our revised expectations after the 9M/25 OpEx run-rate. On the pipeline front, three developments stand out: (1) the pivotal MAVERIC phase III trial in recurrent pericarditis (RP) reached 50% enrolment in January 2026 and management confirmed a Q2/26 target for full enrolment, which is on track for an expected Q4/26 headline data read-out; (2) the ARCHER phase II results in acute myocarditis (AM) were published in ESC Heart Failure, a peer-reviewed journal of the European Society of Cardiology, authored by internationally recognised cardiologists from leading academic centres. In our view, peer-reviewed publication in an ESC journal is a meaningful credibility step, reinforcing the conclusion that CardiolRx drives structural recovery (reverse remodelling) beyond symptomatic benefit; and (3) a second capital raise in January 2026 extended the company’s cash runway to Q4/27 (previously: Q3/27), fully funding MAVERIC through to NDA submission. In parallel, CRD-38, the next-generation subcutaneous heart-failure candidate, has progressed into IND-enabling studies, and the Board was strengthened by the election of Dr Timothy Garnett, former Chief Medical Officer of Eli Lilly. We reiterate our Buy rating and lower our price target to USD 7.50 (previously: USD 7.80), reflecting higher dilution following the January capital increase. Upside >420%.