Kardigan, Inc. (KARD)

Price$20.85Cached quoteAs of 2026-09-05 12:22 UTC

AI: Fair-priced

Price checkThe market values Kardigan well above cash, but below levels reached soon after its IPO.

Kardigan, Inc. trades on the Nasdaq Global Market as KARD. Its equity value is about $1.84 billion against $660.7 million of cash, cash equivalents and investments at June 30, leaving roughly $1.2 billion of value assigned to the drug pipeline and Prolaio platform before other liabilities. The stock is about 23% above its IPO offer level, so investors already credit meaningful clinical success. That premium looks reasonable, but not obviously cheap, before the major 2027 readouts.

Big pictureCash is substantial, yet losses and trial spending will rise as three programs move forward.

Kardigan is pre-revenue, so traditional earnings multiples are not useful. Second-quarter net loss was $116.2 million, including a large non-cash remeasurement of contingent milestone liabilities; first-half operating cash use was $107.3 million. Cash resources are several times that first-half burn, but trial spending is expected to rise and management formally promises only at least twelve months of runway. Lease liabilities are about $13 million, with no separate conventional borrowing line. Capital is going into trials, and value is driven more by clinical and financing cycles than economic cycles.

Business strengthThree advanced programs and a data platform diversify clinical risk, but none has approved-product revenue.

Danicamtiv, ataciguat and tonlamarsen target different cardiovascular diseases, giving Kardigan more than one clinical shot on goal. Earlier studies produced encouraging signals, and danicamtiv has already moved into an adaptive Phase 2b/3 program. Prolaio adds continuous patient data and FDA-cleared analytics that management believes can improve trial selection and measurement. The strength is diversification and cardiovascular expertise; the weakness is that all value still depends on clinical execution, regulatory acceptance and eventually commercial uptake rather than proven recurring sales.

What could change the storyStrong 2027 data could justify much more value; weak trials or faster spending could reverse it.

Bull case: at least two first-half 2027 readouts show clinically meaningful benefit, Phase 3 plans remain efficient, and the current cash base carries the company through those catalysts without another large financing. Bear case: one or more studies miss, regulators demand larger or longer trials, or burn accelerates enough to require fresh equity. That matters because new shares dilute existing owners: the IPO itself expanded the share count, and roughly 25.6 million options were outstanding at June 30, alongside warrants and additional equity-plan capacity.

AI: News

Cantor strategy updateManagement emphasized its multi-program cardiovascular model and Prolaio platform while acknowledging proof still depends on clinical data.

On September 9, Kardigan used the Cantor Global Healthcare Conference to explain how genetics, continuous monitoring and adaptive trial designs fit across its portfolio. Management said Prolaio supports all programs and includes five FDA-cleared algorithms, but its digital measures are still mostly exploratory endpoints. The presentation reinforced the platform thesis rather than providing new financial results, leaving the first-half 2027 clinical readouts as the central value test.

Danicamtiv ESC signalLate-breaking ESC work added supportive right-ventricular evidence, though the evidence was not a pivotal trial result.

On August 30, danicamtiv data were presented at ESC Congress 2026 on right-ventricular function in dilated cardiomyopathy. Kardigan later described the evidence as coming from preclinical work and a post-hoc analysis of its prior Phase 2 study. The signal broadens the mechanistic case beyond left-heart measures, but investors should treat it as supportive rather than confirmatory because the ongoing randomized Phase 2b portion is still expected to deliver its key readout in 2027.

First public quarterThe first quarterly report after listing showed deep cash reserves, rising research spending and a larger loss.

On August 11, Kardigan reported its first public-company quarter. Cash, cash equivalents and investments were $660.7 million at June 30, while second-quarter R&D rose to $56.4 million and net loss widened to $116.2 million. The company also said danicamtiv Phase 3 enrollment had begun, ataciguat Phase 2b enrollment continued, and tonlamarsen's new study had randomized its first patient. Management expects key topline data across the portfolio in the first half of 2027.

IPO closesThe June IPO materially strengthened liquidity while issuing many new shares and creating a larger public float.

On June 22, Kardigan closed its IPO after underwriters exercised their full option, selling 28.75 million shares and raising $460 million gross; the subsequent 10-Q reported about $422.4 million of net proceeds after fees and expenses. The financing removed the immediate liquidity pressure that existed before listing and funded multiple clinical programs, but it also materially increased the common share count. Future option exercises, warrants and equity-plan grants remain additional dilution channels.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$0	$0
Research & development	$153.1M	$84.3M
Operating expenses	$201.8M	$96.7M
Operating income	−$201.8M	−$96.7M
EBITDA	−$197.6M	−$96.6M
Net income	−$191.9M	−$88.7M
Basic EPSper basic share	-$3.20	-$1.42
Diluted EPSper diluted share	-$9.32	-$5.52

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

18.10%of listed shares

HRTG GPE, LLC16.92M shares · Jun 30, 2026

View holders

Top 20 reported holders of KARD
Holder	% owned
HRTG GPE, LLC	18.10%16.92M shares
BERNS PAUL L	≈16.12%15.06M shares
NELSEN ROBERT / ARCH Venture Partners XIII, L.P. / Burow Kristina / GILLIS STEVEN / CRANDELL KEITH / ARCH Venture Partners XIII, LLC / ARCH Venture Fund XIII, L.P.	≈16.09%15.04M shares
GIANAKAKOS ANASTASIOS	≈10.49%9.81M shares
FMR LLC	9.53%8.91M shares
PERCEPTIVE ADVISORS LLC	8.77%8.2M shares
Edelberg Jay	≈4.97%4.64M shares
T. Rowe Price Investment Management, Inc.	4.50%4.21M shares
Capital Research Global Investors	3.85%3.6M shares
JPMORGAN CHASE & CO	1.92%1.79M shares
ALLIANCEBERNSTEIN L.P.	1.64%1.53M shares
Liberty Mutual Group Asset Management Inc.	1.28%1.2M shares
JENNISON ASSOCIATES LLC	0.97%903.58K shares
Paradigm Biocapital Advisors LP	0.96%900K shares
Jupiter Topco LLC	0.80%749.7K shares
PRICE T ROWE ASSOCIATES INC /MD/	0.70%658.79K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	0.70%650K shares
GOLDMAN SACHS GROUP INC	0.69%644.97K shares
Deep Track Capital, LP	0.64%600K shares
Woodline Partners LP	0.44%413.98K shares

Percentages use 93.47M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$90.00M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4	HRTG PV, L.P. +4TenPercentOwner	BuyCommon Stock · indirect	3.13M	$16.00	$50.00M	14.87M
Jun 22, 2026Form 4	BERNS PAUL LDirector,TenPercentOwner	BuyCommon Stock · indirect	1.25M	$16.00	$20.00M	15.04M
Jun 22, 2026Form 4	NELSEN ROBERT +6Director,TenPercentOwner	BuyCommon Stock · indirect	1.25M	$16.00	$20.00M	15.04M

Review ownership filings at SEC.gov ↗

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Kardigan, Inc. (KARD)

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