Cardiol Therapeutics launches $75 million at-the-market equity program with Jefferies

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) announced on November 3, 2026 that it entered into a sales agreement with Jefferies LLC for an at-the-market equity offering program. The agreement allows Cardiol to offer and sell up to US$75 million of common shares under the program.¹ Shares may be sold to the public from time to time through Jefferies, by means of ordinary brokers' transactions on the Nasdaq Capital Market or other U.S. trading markets at prevailing prices.¹ No shares will be sold through the Toronto Stock Exchange or elsewhere in Canada.¹

The company said it intends to use net proceeds from the program to support the development of CardiolRx for the treatment of recurrent pericarditis, including, subject to the outcome of the Phase III MAVERIC trial, supporting a New Drug Application, as well as to support clinical development of CRD-38 and for general and administrative expenses, working capital and other costs.¹

Sales under the program will follow a prospectus supplement dated November 3, 2026, tied to Cardiol's Canadian and U.S. base shelf prospectuses dated September 15, 2026, filed under a Form F-10 registration statement that became effective September 16, 2026.¹ The company said the timing and extent of any sales under the program are at its discretion, with no obligation to sell shares, meaning total proceeds could be less than $75 million.¹ The program will remain in effect until all offered shares are sold, the agreement is terminated by either party, or the Canadian base prospectus expires.¹

The Toronto Stock Exchange has conditionally approved the program, and Nasdaq has been notified of it.¹