Cardiol Therapeutics is positioned with a late-stage lead asset, multiple orphan indications, strong clinical proof-of-concept data, and a differentiated non-immunosuppressive approach to inflammatory heart disease. The company’s 2025–2026 catalysts – MAVERIC Phase III enrollment progress, full ARCHER data, and CRD-38 clinical initiation – are key value drivers in large and underserved cardiovascular markets.
Cardiol Therapeutics Inc. (NASDAQ:CRDL,TSX:CRDL) is a clinical-stage life sciences company focused on the research, development, and commercialization of innovative anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The company’s programs target serious, often life-threatening cardiovascular conditions for which there are limited or no approved treatments, including recurrent pericarditis, acute myocarditis, and heart failure.
Cardiol’s therapeutic approach centers on modulating inflammasome pathway activation—a central driver of inflammation and fibrosis in the heart. This is achieved through pharmaceutically manufactured cannabidiol formulations developed under cGMP standards. Cannabidiol has been shown in preclinical and clinical studies to down-regulate inflammatory mediators (e.g., IL-1, IL-6) and preserve cardiac structure and function, offering the potential for disease-modifying, non-immunosuppressive treatment options.
The company’s lead oral drug candidate, CardiolRx™, is in late-stage clinical development:
Cardiol is also advancing CRD-38, a proprietary subcutaneous cannabidiol formulation for heart failure. IND-enabling studies are underway following compelling preclinical results showing cardioprotection through preservation of mitochondrial function and prevention of cardiac remodeling.
What it is: A pivotal clinical program testing CardiolRx™ in patients with recurrent pericarditis, a painful and debilitating inflammation of the membrane around the heart that often returns despite prior treatments. The condition can cause severe chest pain, shortness of breath, and repeated hospitalizations.
Why it matters: Current third-line therapy is costly, immunosuppressive and associated with a high recurrence rate after discontinuation. CardiolRx™ offers the potential for a non-immunosuppressive, disease-modifying option.
Status:
What it is: A global Phase II trial evaluating CardiolRx™ in acute myocarditis, an inflammatory heart muscle disease and a major cause of sudden cardiac death in people under 35.
Why it matters: There are no FDA- or EMA-approved drugs for acute myocarditis. Current care is supportive, and many patients develop chronic heart problems.
Status:
What it is: Development of a subcutaneous cannabidiol formulation for heart failure, including heart failure with preserved ejection fraction (HFpEF), a condition with limited treatment options and high mortality.
Why it matters: Heart failure affects over 64 million people globally, with high hospitalization and death rates; inflammation and fibrosis play key roles in disease progression.
Status:
David Elsley is the founder and former president and CEO of Vasogen. He has more than 30 years’ experience developing, financing, and managing corporate development of life sciences companies.
Dr. Andrew Hamer has an MBChB degree. Hamer is the former executive director at Amgen, responsible for leading global development of Repatha®. Hamer is the former chief cardiologist at Nelson Hospital, New Zealand. He has over 19 years of experience practicing cardiology and internal medicine.
Chris Waddick has an MBA degree, is a chartered professional accountant, and is a certified management accountant. Waddick has over 30 years of experience in financial and executive roles in the biotechnology and energy industries. Waddick is the former chief financial officer and chief operating officer of Vasogen Inc.
Bernard Lim has over 30 years of experience in the life sciences industry, spanning biotechnology, diagnostics, medical devices, and high-technology companies. Lim is the founder and CEO of a highly successful drug delivery company that he led from research and development through to commercialization, and facilitated its eventual acquisition by Eli Lily. Lim is a chartered engineer per UK standards and is a member of the Institution of Engineering and Technology.
Dr. Andrea Parker is the former chief scientific officer at Peter Munk Cardiac Center, University Health Network. Parker is a clinical epidemiologist with more than 30 years’ experience in clinical trials design, management, and execution in industry and academic settings.
John Geddes has over 25 years of experience in the healthcare industry, comprising roles within pharmaceutical, biotechnology, clinical diagnostics, and life science research technology companies. Geddes has an MBA degree and is the former corporate senior director of business development at Luminex Corporation, a DiaSorin Company.
Anne Tomalin is the founder of CanReg and TPIreg, regulatory firms previously sold to Optum Insight and Innomar Strategies, respectively. Tomalin is an expert in regulatory affairs in Canada, the United States, and Europe.
Guillermo Torre-Amione is the president of TecSalud academic medical center and school of the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), Mexico. Torre-Amione is the former director of Cardiac Transplantation at the Houston Methodist DeBakey Heart & Vascular Center.
Jennifer M. Chao has over 25 years of experience in the biotech and life sciences industries focused primarily on finance and corporate strategy. Chao is managing partner of CoreStrategies Management, a company she founded in 2008 to provide transformational corporate and financial strategies to biotech/life science companies for maximizing core valuation.
Founder of Dalton Pharma, Peter Pekos has broad experience in research, development, and commercialization of pharmaceuticals, products, and services.
Colin Stott has over 30 years of experience in pre-clinical and clinical development, with specific expertise in the development of cannabinoid-based medicines. Stott is the chief operating officer of Alterola Biotech Inc. and the former scientific affairs director, international, and research and development operations director for GW Pharmaceuticals, a world leader in the development of cannabinoid therapeutics.
Teri Loxam has over 25 years of experience in the pharmaceutical, life sciences and TMT industries with diverse roles spanning strategy, investor relations, finance and communications. Loxam is chief financial officer of Compass Pathways plc (Nasdaq:CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health.
Timothy Garnett is the chair of Ophirex and director of Maplight Therapeutics. He is a pharmaceutical industry executive with over 30 years’ experience, including two decades at Eli Lilly and Company, where he served as Chief Medical Officer from 2008 until his retirement in 2021. During his tenure at Eli Lilly, he led the successful development of therapeutics in women’s health, endocrinology, and neuroscience, resulting in multiple commercial launches globally.
Dr. Paul Ridker is director of the Center for Cardiovascular Disease Prevention, a translational research unit at Brigham and Women’s Hospital in Boston (BWH). A cardiovascular medicine specialist, he is also the Eugene Braunwald Professor of Medicine at Harvard School of Medicine (HSM). Ridker received his medical degree from HSM and then completed an internal medicine residency and a cardiology fellowship at BWH. He is board certified in internal medicine. Ridker’s clinical interests include coronary artery disease and the underlying causes and prevention of atherosclerotic disease. He is the author of over 900 peer-reviewed publications and reviews, 64 book chapters, and six textbooks related to cardiovascular medicine.
Dr. Bruce McManus is a professor emeritus of the Department of Pathology and Laboratory Medicine at the University of British Columbia. He has served as CEO of the Center of Excellence for Prevention of Organ Failure (PROOF Center), director of the UBC Center for Heart and Lung Innovation, and scientific director of the Institute of Circulatory and Respiratory Health, CIHR. McManus received BA and MD degrees from the University of Saskatchewan, an MSc from Pennsylvania State University, and a PhD from the University of Toledo. McManus pursued post-doctoral fellowships at the University of California, Santa Barbara in environmental physiology and at the National Heart, Lung, and Blood Institute in Bethesda. McManus served as MD in cardiovascular and pulmonary pathology, and completed residency training at the Peter Bent Brigham Hospital, Harvard University, in Internal Medicine and Pathology.
Dr. Joseph Hill is a professor of internal medicine and molecular biology, chief of cardiology at UT Southwestern Medical Center, in Dallas, and is the director of the Harry S. Moss Heart Center. Hill holds both the James T. Willerson, MD, distinguished chair in cardiovascular diseases, and the Frank M. Ryburn Jr. Chair in Heart Research. He graduated from Duke University with an MD and a PhD in 1987. Hill’s PhD dissertation research was in the field of cardiac ion channel biophysics. He then worked for five years as a postdoctoral fellow at the Institut Pasteur in Paris, studying central and peripheral nicotinic receptors. He next completed an internal medicine internship and residency, as well as a clinical cardiology fellowship, at the Brigham and Women’s Hospital, Harvard Medical School.
All financial results are reported in Canadian dollars unless otherwise stated.
Numinus Wellness Inc. (TSX: NUMI) (OTCQB: NUMIF) (FSE: LR23) ("Numinus" or the "Company") a mental health care company focused on innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three months ended May 31, 2025 ("Q3 2025 ").
"The progress we are making in fiscal 2025 demonstrates our success in shifting to a leaner operating model that will enable future growth," said Michael Tan, CEO of Numinus. "With a solid operational platform in place, Numinus is entering the next phase of its evolution: from direct care provider to the backbone of in-clinic delivery for approved psychedelic medicines."
"The Company is now up to date with its public company filing requirements and will be moving forward with its application to revoke the ongoing cease trade order," added Kelvin Yang, CFO of Numinus. "Once the cease trade order has been lifted, the Company will seek to relist on another reputable exchange."
Revenue from continuing operations
The Company's consolidated revenues increased by 81.6% in Q3 2025 to $1.8 million compared to $992,912 in Q3 2024.
Revenues from Cedar Clinical Research ("CCR") operations during Q3 2025 increased by 95.8% from $824,082 during Q3 2024 to $1.6 million, as a result of increased high-return clinical trials.
Revenues from Practitioner Training during Q3 2025 increased by 12.3% to $189,685 from $168,830 in Q3 2024. The continued increase in revenue was due to strategic contracts with research partners to help support the training efforts of various psychedelic clinical trials.
Gross Margin
Gross margin in Q3 2025 was 48.2%, compared to a gross margin loss of 4.6% in Q3 2024.
Operating expenditures
Operating expenditures and other items were $1.5 million in Q3 2025, compared to $3.8 million in Q3 2025. The decrease is a result of the Company's ongoing cost containment initiatives and operational optimization.
Balance Sheet and Liquidity
Numinus ended the quarter with a cash balance of $822,835.
Q3 2025 Performance Metrics
| For the quarter ended: | |||
| May 31, 2025 (Q3 2025) | May 31, 2024 (Q3 2024) | % change | |
| Total Revenue | $1,802,942 | $992,912 | 81.6% |
| Cost of revenue | 932,842 | 1,038,887 | -10.2% |
| Gross Profit (Loss) | $870,100 | ($45,975) | -n/a |
| Gross profit margin (loss) | 48.2% | (4.6%) | 528 bps |
| Operating expenses and other items | 1,538,914 | 3,833,482 | -59.8% |
| Loss and comprehensive loss | ($741,575) | ($5,766,085) | n/a |
Numinus' unaudited condensed consolidated interim financial statements for the three months ended May 31, 2025, and related management's discussion and analysis are available on Numinus' Investor Relations website at www.investors.numinusnetwork.com and under the Company's profile on SEDAR+ at www.sedarplus.ca. These documents were prepared in accordance with IFRS.
Outlook
With strong relationships with leading drug sponsors and deep experience running late-stage clinical trials, Numinus is well-positioned as the bridge between regulatory approval and the rollout of thousands of clinics preparing to offer psychedelic-assisted therapy.
The company's focus going forward will be on building the infrastructure these clinics will need. Leveraging Numinus' operational expertise, extensive clinical dataset, and sector relationships, we are developing technology-enabled solutions to streamline insurance reimbursement, integrate measurement-based care, standardize therapist credentialing, and ensure compliance. These are essential capabilities for scaling psychedelic therapies safely and effectively, and Numinus is uniquely positioned to deliver them.
Numinus' foundation rests on two growing business units: Cedar Clinical Research and Numinus Practitioner Training. This, combined with valuable intellectual property and one of the most comprehensive sets of protocols and procedures in the sector, which was built through serving over 50,000 individuals and delivering 200,000 appointments, provides Numinus with unmatched insight into what it will take to operationalize psychedelic therapies at scale.
Momentum in the sector is accelerating. Multiple drug candidates are approaching regulatory submission, and supportive policy initiatives are gaining traction at both the federal and state levels. This growing demand, combined with Numinus' operational readiness, positions us to capitalize on the market opportunity as these treatments transition from trials to clinics.
Numinus is focused, growing, and strategically positioned to be a critical enabler of the psychedelic therapy rollout. The goal is to provide the systems, infrastructure, and expertise that will bring these treatments from approval to the patients who need them most.
Voting Results from the Annual General and Special Meeting Held on Thursday, August 28, 2025
A total of 65,684,359 common shares representing 20.49% of the 320,551,600 issued and outstanding common shares of the Company as at the record date of July 14, 2025, were represented either in person or by proxy at the Meeting.
The following four nominees proposed by Numinus were elected as directors of Numinus to serve until Numinus' next annual meeting of shareholders, or until their successors are elected or appointed. Below is a summary of the voting results for the directors elected:
| DIRECTOR | VOTES CAST FOR | % VOTES FOR | VOTES WITHHELD | % VOTES WITHHELD |
| Payton Nyquvest | 32,208,565 | 82.48% | 6,842,849 | 17.52% |
| Larry Timlick | 37,067,331 | 94.92% | 1,984,083 | 5.08% |
| Michael Tan | 33,515,358 | 85.82% | 5,536,056 | 14.18% |
| Donna Wilson | 37,305,639 | 95.53% | 1,745,775 | 4.47% |
In addition to the election of all nominees listed as directors in the management information circular, dated July 29, 2025 (the "Circular"), Numinus shareholders approved all other resolutions placed before the Meeting. More information about the resolutions voted on at the Meeting is available is available in Numinus' Management Information Circular, which can be found on the Company's profile on SEDAR+ at www.sedarplus.ca. Final voting results on all matters voted on at the Meeting are also filed on SEDAR+.
About Numinus
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model - including psychedelic research and clinic care - is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.
Learn more at www.numinusnetwork.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.
SOURCE Numinus Wellness Inc.
Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, ability of Numinus to maintain or increase earnings; ability of Numinus to achieve or maintain profitability; results of changes to operations from a financial or business perspective; the effect of cost containment measures on Numinus business and financial position; changes to cash burn rate, expenses, corporate programs or priorities, or unanticipated costs affecting cash runway or the pathway to positive cashflow or profitability, the effect of any transaction or other activity undertaken by the company in connection with the strategic review; interest in, uptake of and the ability to commercialize the Numinus Training; dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, if any, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers; and other risk factors set forth in our annual information form dated July 25, 2025 and available on SEDAR+ at www.sedarplus.ca. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.
For more information:
Investor Contact
Craig MacPhail
invest@numinusnetwork.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264825
News Provided by Newsfile via QuoteMedia
All financial results are reported in Canadian dollars unless otherwise stated.
Numinus Wellness Inc. (TSX: NUMI) (OTCQB: NUMIF) (FSE: LR23) ("Numinus" or the "Company"), a mental health care company focused on innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three months ended February 28, 2025 ("Q2 2025").
Q2 2025 Performance Metrics
| For the quarter ended: | |||||||||
| Feb 28, 2025 (Q2 2025) | Feb 28, 2024 (Q2 2024) | % change | |||||||
| Total Revenue | $ | 1,512,435 | $ | 822,973 | 83.8% | ||||
| Cost of revenue | 1,007,691 | 365,446 | 175.7% | ||||||
| Gross Profit (Loss) | $ | 504,744 | $ | 457,527 | 10.3% | ||||
| Gross profit margin (loss) | 33.4% | 55.6% | -400 bps | ||||||
| Operating expenses and other items | 9,886,497 | 5,306,523 | 86.31% | ||||||
| Loss and comprehensive loss | ($7,705,397 | ) | ($5,960,437 | ) | n/a | ||||
Balance Sheet and Liquidity
Numinus ended the quarter with cash and cash equivalents of $705,631.
Numinus' unaudited condensed consolidated interim financial statements for the three months ended February 28, 2025, and related management's discussion and analysis are available on Numinus' Investor Relations website at www.investors.numinusnetwork.com and under the Company's profile on SEDAR+ at www.sedarplus.ca. These documents were prepared in accordance with IFRS.
About Numinus
Numinus Wellness Inc. (TSX: NUMI) (OTCQB: NUMIF) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model — including psychedelic research and clinic care — is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.
Learn more at www.numinusnetwork.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.
SOURCE: Numinus Wellness Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, ability of Numinus to maintain or increase earnings; ability of Numinus to achieve or maintain profitability; results of changes to operations from a financial or business perspective; the effect of cost containment measures on Numinus business and financial position; changes to cash burn rate, expenses, corporate programs or priorities, or unanticipated costs affecting cash runway or the pathway to positive cashflow or profitability, interest in, uptake of and the ability to commercialize the Numinus Training; availability of subjects and trainers for experiential opportunities in practitioners training, if approved; dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, if any, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers; and other risk factors set forth in our annual information form dated July 25, 2025 and available on SEDAR+ at www.sedarplus.ca. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.
For more information:
Investor Contact
Craig MacPhail
invest@numinusnetwork.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263266
News Provided by Newsfile via QuoteMedia
