Cardiol Therapeutics Inc. Class A · TSX:CRDL
Cardiol Therapeutics Inc. Class A — Investor Presentation (December 2025)
39 slides from Cardiol Therapeutics Inc. Class A's investor presentation, December 2025
Slide 1: Corporate Presentation December 2025
CORPORATE PRESENTATION DECEMBER 2025 NASDAQ: CRDL | TSX: CRDL
Slide 2: Disclaimer
Disclaimer In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Any graphs, tables, or other information in this presentation demonstrating the historical performance of Cardiol Therapeutics Inc. (“Cardiol”) or any other entity contained in this presentation are int
Slide 3: Focused on Advancing Therapies that Target Inflammation in the Heart
Focused on Advancing Therapies that Target Inflammation in the Heart LATE-STAGE PIPELINE SUPPORTING MULTIPLE UNDERSERVED MARKETS Inflammatory heart disease, which includes recurrent pericarditis, acute myocarditis, and heart failure, contributes to high morbidity and mortality rates, and markedly re
Slide 4: Late-stage Clinical Pipeline in Pericarditis and Myocarditis, with IND-Enabling Program in Heart Failure
Late-stage Clinical Pipeline in Pericarditis and Myocarditis, with IND-Enabling Program in Heart Failure FDA Orphan Drug Designation (ODD) granted to CardiolRx™ for the treatment of pericarditis, which includes recurrent pericarditis. CardiolRx™ eligible for FDA ODD in acute myocarditis and EMA orph
Slide 5: MAVERIC Program
MAVERIC Program Late-stage Clinical Development of CardiolRx™ for the Treatment of Recurrent Pericarditis 5
Slide 6: Recurrent Pericarditis
38,000 Recurrent pericarditis patients in the U.S. Recurrent Pericarditis Strikes healthy adults in the prime of their lives 18,000 Pericarditis hospitalizations per year in the U.S. • Pericarditis refers to inflammation of the membrane that surrounds 4.7 – 6.2 years the heart (the pericardium). • S
Slide 7: Recurrent Pericarditis Treatment Challenges
Recurrent Pericarditis Treatment Challenges CURRENT TREATMENTS CHALLENGES & LIMITATIONS 1 st LINE Patients who fail first-line therapy typically require Non-responsive; Intolerant NSAID + colchicine immunosuppressants (corticosteroids and IL-1 blockers). 2 nd LINE Immunosuppressive Toxicity; Resista
Slide 8: MAvERIC-Pilot Phase II Study: 27 Patients Enrolled at 8 U.S Sites
MAvERIC-Pilot Phase II Study Results presented at the American Heart Association Scientific Sessions 2024 27 Patients Enrolled at 8 U.S Sites PRIMARY ENDPOINT • Change in pericarditis pain score (NRS*) at 8 weeks SECONDARY ENDPOINTS • Pain score at 26 weeks • Freedom from pericarditis recurrence • C
Slide 9: MAvERIC-Pilot Phase II Study Design
MAvERIC-Pilot Phase II Study Design 27 patients enrolled (met ESC criteria) → 24 progressed to Extension Period on CardiolRx™. CARDIOLRX™ titration over 8-W eek initial 10 days Prim ary Endpoint CardiolRx™ + baseline medications Withdrawal of background medications† while continuing CardiolRx™ BASEL
Slide 10: CardiolRx Resulted in a Marked, Rapid, and Durable Reduction in Pericarditis Pain
CardiolRx™ Resulted in a Marked, Rapid, and Durable Reduction in Pericarditis Pain CHANGE IN NRS PAIN SCORE OVER 26 WEEKS 10 9 TREATMENT PERIOD (N=27) EXTENSION PERIOD (N=24) C a rdi o l R x ™ + ba s e l i n e me di ca ti o n s Wi thdra w a l o f ba ckg ro u n d me di ca ti o n s w hi l e co n ti n
Slide 11: CardiolRx Resulted in a Clinically Meaningful and Rapid Reduction in Inflammation (CRP)
CardiolRx™ Resulted in a Clinically Meaningful and Rapid Reduction in Inflammation (CRP) CHANGE IN CRP LEVEL OVER 26 WEEKS 3.0 TREATMENT PERIOD (N=27) EXTENSION PERIOD (N=24) C-REACTIVE PROTEIN (mg/dL) C a rdi o l R x ™ + ba s e l i n e me di ca ti o n s Wi thdra w a l o f ba ckg ro u n d me di ca t
Slide 12: CardiolRx Substantially Reduced Pericarditis Events Per Year
CardiolRx™ Substantially Reduced Pericarditis Events Per Year 71% of patients (17/24) recurrence free during 5.8 Extension Period 0.9 PRIOR TO THE STUDY DURING THE STUDY 12
Slide 13: MAVERIC Phase III Trial: 110 Patients at ~20 Clinical Sites
MAVERIC Phase III Trial Multi-national, double-blind, randomized, placebo-controlled Trial designed to demonstrate the impact of CardiolRx™ PRIMARY EFFICACY ENDPOINT on pericarditis recurrence in a high-risk patient population. • Number of patients (percentage) free from a new episode of recurrent p
Slide 14: MAVERIC Program and Phase III Leadership
MAVERIC Program and Phase III Leadership ALLAN KLEIN, MD, CM MASSIMO IMAZIO, MD, FESC MAVERIC PROGRAM CHAIR MAVERIC PROGRAM CO-CHAIR Director, Center for the Diagnosis and Treatment of Department of Medicine (DMED), University of Udine and Pericardial Diseases, and Professor of Medicine, Heart, Card
Slide 15: MAVERIC Phase III Recruiting Patients at High Risk for Recurrence
MAVERIC Phase III Recruiting Patients at High Risk for Recurrence PERICARDITIS RECURRENCE RISK FOLLOWING WITHDRAWAL OF IL-1 BLOCKER 100 90 75% of patients experience a PERICARDITIS RECURRANCE (%) 80 recurrence at a median time of 70 11.8 weeks following discontinuation FREEDOM FROM 60 50 40 30 20 10
Slide 16: MAVERIC Phase III Trial Design
MAVERIC Phase III Trial Design Multi-national, double-blind, randomized, placebo-controlled trial to assess the impact of CardiolRx™ on pericarditis recurrence in a high-risk patient population CardiolRx™ STUDY PARTICIPANTS • Male or female • ≥18 years RANDOMIZATION 1:1 • Stable disease SCREENING 10
Slide 17: Market Opportunity in Recurrent Pericarditis
Market Opportunity in Recurrent Pericarditis CardiolRx™ offers an accessible and non–immune-suppressing profile with disease-modifying therapeutic potential by targeting inflammasome activation underlying inflammation L ARGE ORPHAN HIGH GROWING DIFFERENTIATED DISEASE POPUL ATION UNMET NEED MARKET VA
Slide 18: ARCHER Program
ARCHER Program Late-stage Clinical Development of CardiolRx™ for the Treatment of Acute Myocarditis 18
Slide 19: Acute Myocarditis
46,000 Acute Myocarditis Patients in the U.S. A leading cause of sudden cardiac death in people under 35 years of age 32,400 Deaths worldwide due to myocarditis in 2019 • Inflammatory condition of the heart muscle (the myocardium) resulting in chest pain, impaired heart function, and arrythmias. • C
Slide 20: Cannabidiol Attenuates Myocarditis-induced Fibrosis
Cannabidiol Attenuates Myocarditis-induced Fibrosis SECTIONS OF HEART TISSUE HEALTHY TISSUE MYOCARDITIS MYOCARDITIS + CANNABIDIOL Representative images of Sirius red-stained LV myocardium sections. Magnification: 100x. Lee W-S et al. (2016). Mol. Med. 22, 136-146 20
Slide 21: Steering Committee for the ARCHER Trial
Steering Committee for the ARCHER Trial DENNIS M. MCNAMARA, MD LESLIE T. COOPER, JR., MD CHAIR CO- CHAIR Professor of Medicine at the University of Pittsburgh and Director of the Heart General cardiologist and the Elizabeth C. Lane, Ph.D. and M. Nadine Zimmerman, Failure/Transplantation Program at t
Slide 22: ARCHER Phase II Trial: 109 Patients at 34 Clinical Sites
ARCHER Phase II Trial Results presented at the European Society of Cardiology Meeting on Myocardial & Pericardial Disease 2025 109 Patients at 34 Clinical Sites PRIMARY EFFICACY ENDPOINTS * • Extracellular volume (ECV) United States, Canada, France, Brazil, and Israel • Global longitudinal strain (G
Slide 23: ARCHER Trial of CardiolRx in Participants with Acute Myocarditis
ARCHER Trial of CardiolRx™ in Participants with Acute Myocarditis Phase II multi-center, randomized, double-blind, placebo-controlled CardiolRx™ STUDY PARTICIPANTS • Male or female RANDOMIZATION 1:1 ENDPOINT SCREENING Starting with 21 Day 12-WEEK • ≥18 years ASSESSMENT ≤10 days of Day 1 Dose Escalat
Slide 24: ARCHER CMR Measurements: Characterize Myocardial Tissue
ARCHER CMR Measurements: Characterize Myocardial Tissue; Enhance Mechanistic Insights; Associate with HFpEF Clinical Outcomes Clinical Relevance in Heart Failure Importance of CMR Parameter with Preserved Ejection Fraction (HFpEF) Extracellular Volume (ECV) ECV, ICV, and LV mass are increased in HFp
Slide 25: CardiolRx Induced Notable Reductions in ECV and ICV
CardiolRx™ Induced Notable Reductions in ECV and ICV EXTRACELLULAR VOLUME INTRACELLULAR VOLUME Reduction of -3.67mL Reduction of -5.57mL 98 42 p=0.0538 p=0.0928 96 Extracellular Volume (mL) Intracellular Volume (mL) 40 94 92 38 Mean (SE) Mean (SE) 90 36 88 86 34 84 32 82 30 80 Baseline 12 Weeks Base
Slide 26: CardiolRx Significantly Reduced LV Mass: -9.23 grams
CardiolRx™ Significantly Reduced LV Mass: -9.23 grams LEFT VENTRICULAR (LV) MASS 145 p=0.0117 140 Left Ventricular Mass (g) 135 Mean (SE) 130 125 120 115 Baseline 12 Weeks CardiolRx™ n=49 n=49 Placebo n=50 n=50 26
Slide 27: LV Mass Reductions in ARCHER are Comparable to Widely-Prescribed Therapies
LV Mass Reductions in ARCHER are Comparable to Those Observed with Widely-Prescribed Therapies for Heart Failure, Diabetes, and Obesity Patient Treatment Product # of Patients Δ in LV Mass (g) Population Duration Acute CardiolRx™ 12 weeks 99 - 9.2 Myocarditis Tirzepatide (Mounjaro®; Zepbound®) Obesi
Slide 28: ARCHER Phase II Results Summary
ARCHER Phase II Results Summary Results presented at the European Society of Cardiology Meeting on Myocardial & Pericardial Disease 2025 • In patients with acute myocarditis, CardiolRx™ was associated with improvements in multiple CMR measures of myocardial recovery: ü Significant reduction in LV ma
Slide 29: Key Takeaways from ARCHER Results
Key Takeaways from ARCHER Results The ARCHER study provides compelling clinical evidence that CardiolRx™ reduces inflammation in the heart. First Demonstration of Structural CMR Improvements Align Bridges Pre-clinical Improvement in Myocarditis with Myocardial Recovery Success to Human Impact Second
Slide 30: CRD-38 Program
CRD-38 Program Subcutaneous Drug in Development for Heart Failure 30
Slide 31: Heart Failure
$30 billion Associated healthcare costs in the U.S. Heart Failure A leading cause of death and hospitalization 8 million affecting more than 64 million people globally Patients in the U.S. by 2030 • Chronic, progressive syndrome; heart muscle is unable to pump enough blood to meet the body’s needs.
Slide 32: Types of Heart Failure
Types of Heart Failure HEART FAILURE WITH HEART FAILURE WITH PRESERVED EJECTION FRACTION (HFpEF) REDUCED EJECTION FRACTION (HFrEF) Enlarged ventricles Thickened ventricular muscle HFpEF accounts for ~50% of heart failure cases worldwide. It drives high hospitalization and mortality rates and has mor
Slide 33: CRD-38: Potential Treatment For Heart Failure With Preserved Ejection Fraction (HFpEF)
CRD-38: Potential Treatment For Heart Failure With Preserved Ejection Fraction (HFpEF) PREVENTS INFL AMMATION PREVENTS CARDIAC REMODELING Lozano O et al. Heart Failure Society of America Annual Scientific Meeting 2023: ePoster Viewing Session III. October 7, 2023. 33
Slide 34: CRD-38: Potential Treatment to Prevent Heart Failure Dysfunction & Remodeling
CRD-38: Potential Treatment to Prevent Heart Failure Dysfunction & Remodeling DOSE-DEPENDENT EFFECT IN PREVENTING PROTECTS AGAINST CARDIAC DYSFUNCTION CARDIAC REMODELLING AND INFL AMMATION García-Rivas, G, Lozano, O, Bernal-Ramírez, J. et al. J Am Coll Cardiol Basic Trans Science. Published online F
Slide 35: Near-term Value Driving Catalysts
Near-term Value Driving Catalysts MAVERIC PHASE III TRIAL ARCHER PHASE II TRIAL HEART FAILURE PROGRAM OF CARDIOLRX™ IN OF CARDIOLRX™ IN FOR CRD-38 RECURRENT PERICARDITIS ACUTE MYOCARDITIS • Complete IND-enabling studies • 50% enrollment H2 2025 • Reported full data Q4 2025 • File IND for Phase I and
Slide 36: Management Team
Management Team DAVID ELSLEY, MBA ANDREW HAMER, MBChB PRESIDENT AND CHIEF EXECUTIVE OFFICER CHIEF MEDICAL OFFICER AND HEAD OF R&D Founder and former President and CEO of Vasogen Inc. More than 30 years’ Thirty years of global life sciences industry, medical affairs, and cardiology experience develop
Slide 37: Board of Directors
Board of Directors GUILLERMO TORRE-AMIONE, MD, PhD DAVID ELSLEY, MBA CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER Professor of Cardiology at the Methodist Hospital Research Institute, Professor of Founder and former President and CEO of Vasogen Inc. More than 30 years’ Medicine at the Weill Cornel
Slide 38: Scientific Advisory Board
Scientific Advisory Board DR. PAUL M. RIDKER, MD, MPH DR. BRUCE MCMANUS, PhD, MD DR. JOSEPH A. HILL, MD, PhD Director of the Center for Cardiovascular Disease Prevention, Professor Emeritus, Department of Pathology and Laboratory Professor of Internal Medicine and Molecular Biology, Chief a translat
Slide 39: Developing life-changing medicines for people living with heart disease
Developing life-changing medicines for people living with heart disease L ATE-STAGE TARGETING ADDRESSING UNMET COLL ABORATIONS NEAR-TERM CLINICAL PROGRAM INFL AMMASOME PATIENT NEEDS IN WITH INTERNATIONAL VALUE DRIVERS IN HEART DISEASE ACTIVATION GROWING MARKETS CENTERS OF EXCELLENCE CARDIOLRX.COM N
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