UPDATED: Kardigan buttons up $400M upsized IPO to power heart drugs toward phase 3

Kardigan raised $400 million in an upsized IPO above its original target of about $373 million, selling 25 million shares at $16 each on the Nasdaq Global Market under ticker KARD as of June 18, 2026.

The IPO boosts the company’s cash reserves to well over $670 million when combined with roughly $287 million it held at the end of March, enabling Kardigan to advance three cardiovascular assets into Phase 3.

Lead program danicamtiv, an oral cardiac myosin activator for genetic dilated cardiomyopathy, is slated to receive around $80–$90 million, with another $80–$90 million for ataciguat (sGC activator for calcific aortic valve stenosis) and $40–$50 million for tonlamarsen (angiotensinogen‑targeted antisense oligonucleotide for acute severe hypertension).

Proceeds are earmarked to complete ongoing Phase 2b studies and initiate Phase 3 for each asset, with meaningful data expected across all three programs within roughly the next 12 months.