Cardiol Therapeutics (CRDL) Research & Development (2020 - 2026)
Cardiol Therapeutics (CRDL) reported Research & Development of $2.31 million for Q2 2026, up 17.2% from $1.97 million a year earlier but down 36.0% from the prior quarter.
Powered by 
Analysis
Cardiol Therapeutics (CRDL) Research & Development (2020 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Cardiol Therapeutics' Research & Development came in at $11.36 million, up 9.6% year-over-year; for FY2025, it came in at $10.03 million, down 2.0% from FY2024.
- Research & Development has declined for three consecutive years, though with a five-year compound annual growth rate of 4.9% (FY2020 to FY2025).
- By year, Research & Development came in at $10.23 million in FY2024 (-2.0%), $10.45 million in FY2023 (-25.2%), $13.97 million in FY2022 (+61.0%) and $8.67 million in FY2021 (+9.6%).
- Five-year quarterly Research & Development spans a low of $1.92 million in Q3 2023 and a high of $4.14 million in Q4 2022.
- Year over year, Research & Development gained in six of the last eight quarters, with growth averaging 12.2%.
- The high point for year-over-year Research & Development in five years was Q2 2022 (growth of 105.1%); the low point was Q3 2023 (a decline of 50.7%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $3.61 million (Q1 2026), $1.97 million (Q4 2025) and $3.48 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 655.56 Bn | 574.09 Bn | 17.26 Bn | 3.65 Bn |
| 2 | AbbVie | 470.94 Bn | 444.10 Bn | 12.70 Bn | 2.34 Bn |
| 3 | Merck | 367.14 Bn | 321.57 Bn | 12.21 Bn | 9.74 Bn |
| 4 | Novartis Ag | 280.33 Bn | 236.20 Bn | 11.24 Bn | -2.85 Bn |
| 5 | Astrazeneca | 257.78 Bn | 231.34 Bn | 12.86 Bn | -4.05 Bn |
| 6 | Amgen | 226.04 Bn | 181.44 Bn | 7.24 Bn | 1.87 Bn |
| 7 | Gilead Sciences | 188.89 Bn | 163.01 Bn | 6.22 Bn | 1.76 Bn |
| 8 | Pfizer | 163.75 Bn | 110.70 Bn | 10.94 Bn | 2.81 Bn |
| 9 | Vertex Pharmaceuticals | 133.68 Bn | 105.69 Bn | 2.84 Bn | 993.80 Mn |
| 10 | Cardiol Therapeutics | 169.43 Mn | 169.43 Mn | - | 2.31 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.31 Mn |
| Mar 31, 2026 | 3.61 Mn |
| Dec 31, 2025 | 1.97 Mn |
| Sep 30, 2025 | 3.48 Mn |
| Jun 30, 2025 | 1.97 Mn |
| Mar 31, 2025 | 2.62 Mn |
| Dec 31, 2024 | 3.03 Mn |
| Sep 30, 2024 | 2.75 Mn |
| Jun 30, 2024 | 1.98 Mn |
| Mar 31, 2024 | 2.47 Mn |
| Dec 31, 2023 | 2.97 Mn |
| Sep 30, 2023 | 1.92 Mn |
| Jun 30, 2023 | 2.59 Mn |
| Mar 31, 2023 | 3.05 Mn |
| Dec 31, 2022 | 4.14 Mn |
| Sep 30, 2022 | 3.90 Mn |
| Jun 30, 2022 | 3.46 Mn |
| Mar 31, 2022 | 3.04 Mn |
| Dec 31, 2021 | 2.80 Mn |
| Sep 30, 2021 | 2.06 Mn |
API Access
Cardiol Therapeutics Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=CRDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "CRDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=CRDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();