Cardiol Therapeutics Inc. announced on November 3, 2026, that it has entered into a sales agreement with Jefferies LLC to establish an at-the-market offering program allowing the company to sell up to US$75 million of common shares on the Nasdaq Capital Market.

Key Highlights

  • Program size: The ATM Agreement allows the company to offer and sell up to US$75 million of common shares.
  • Sales agent: Jefferies LLC will act as the Sales Agent for the ATM Program.
  • Trading venue: Offered Shares will be sold on the Nasdaq Capital Market at prevailing market prices; no shares will be offered through the Toronto Stock Exchange or in Canada.
  • Prospectus supplement date: The supplement to the base shelf prospectuses is dated November 3, 2026, filed under registration statement on Form F-10 (File No. 333-298852).
  • Intended use of proceeds: Net proceeds are intended to support development of CardiolRx for recurrent pericarditis, including a potential New Drug Application subject to Phase III MAVERIC trial outcomes, development of CRD-38, and general and administrative expenses.
  • No obligation to sell: According to the filing, the company has no obligation to sell any shares, and total gross proceeds could be less than US$75 million.
  • Exchange approvals: The Toronto Stock Exchange has conditionally approved the ATM Program, and Nasdaq has been notified.

Cardiol Therapeutics Establishes At-the-Market Share Offering Program

Cardiol Therapeutics Inc. (NASDAQ:CRDL), listed on both Nasdaq and the Toronto Stock Exchange, disclosed on November 3, 2026, that it has entered into a sales agreement with Jefferies LLC to establish an at-the-market offering program. Under the ATM Agreement, the company may offer and sell up to US$75 million of common shares to the public from time to time through Jefferies LLC as Sales Agent, via ordinary brokers' transactions on the Nasdaq Capital Market at prevailing market prices.

According to the filing, the sale of shares under the ATM Program is made pursuant to a prospectus supplement dated November 3, 2026, filed alongside the company's Canadian final base shelf prospectus and U.S. final base shelf prospectus, both dated September 15, 2026. The registration statement on Form F-10 (File No. 333-298852) became effective upon filing on September 16, 2026. The company disclosed that it intends to use net proceeds to support the development of CardiolRx for recurrent pericarditis, including, subject to Phase III MAVERIC trial outcomes, supporting a New Drug Application, to advance clinical development of CRD-38, and to cover general and administrative expenses, working capital, and other expenses.

The filing states that the timing and extent of any use of the ATM Program remain at the discretion of the company, and that the company has no obligation to sell any shares. The ATM Program will remain effective until the earliest of: the sale of all offered shares under the program, termination by either Cardiol or Jefferies LLC, or the expiry of the Canadian Base Prospectus. The filing notes that forward-looking statements in the announcement are subject to risks and uncertainties, including those related to the timing and outcomes of the Phase III MAVERIC trial and any related regulatory submissions.

What Was Disclosed

Cardiol Therapeutics disclosed the establishment of an at-the-market offering program with Jefferies LLC as Sales Agent, permitting the sale of up to US$75 million in common shares on Nasdaq at market prices, with proceeds intended for CardiolRx development, CRD-38 clinical development, and general corporate purposes.