Kardigan (KARD) doubles Q2 loss but ends quarter with $660.7M cash
Rhea-AI Filing Summary
Kardigan, Inc. reported second quarter 2026 results and progress across three late-stage cardiovascular programs built on its Prolaio data platform. The company is running adaptive or Phase 2/3 trials for danicamtiv in genetic dilated cardiomyopathy, ataciguat in calcific aortic valve stenosis, and tonlamarsen in acute severe hypertension, with topline data for all three expected in the first half of 2027.
Kardigan completed an initial public offering in June 2026 with aggregate gross proceeds of $460 million, contributing to cash, cash equivalents and investments of $660.7 million as of June 30, 2026, up from $335.5 million at year-end 2025. This cash position is expected to fund multiple clinical data readouts and initiation of Phase 3 trials across the pipeline. Operating expenses rose sharply, including research and development of about $56.4 million versus $35.8 million a year earlier and a $43.5 million change in fair value of contingent milestone liabilities, driving a net loss of $116.2 million compared with $57.4 million in the prior-year quarter.
Positive
- Cash balance strengthened to $660.7 million as of June 30, 2026, up from $335.5 million at December 31, 2025, providing runway through multiple data readouts and planned Phase 3 trial initiations.
- IPO raised $460 million in gross proceeds in June 2026, materially expanding financial flexibility to advance danicamtiv, ataciguat and tonlamarsen through late-stage development.
- Pipeline advancing into pivotal stages, with Phase 3 enrollment underway for danicamtiv and Phase 2b trials progressing for ataciguat and tonlamarsen, all with topline data targeted in the first half of 2027.
Negative
- Net loss nearly doubled to $116.2 million for Q2 2026 from $57.4 million a year earlier, driven by higher R&D spending and a $43.5 million change in fair value of contingent milestone liabilities.
- Total operating expenses rose to $118.8 million from $57.1 million in the prior-year quarter, reflecting the cost of expanding clinical trials and related infrastructure.
Filing Explained
By June 30, 2026, redeemable convertible preferred stock was zero and reported stockholders’ equity was 615,522 thousand dollars.
The Form 8-K reports Kardigan’s quarter ended
The immediate structural consequence for existing common holders is a reported shift from
“Enrollment underway” identifies an active enrollment phase; it does not state that the trial is complete.
The company also says KATALYST-AV enrollment continues.
The next dated milestones identified here are presentations at the ESC 2026 Congress on
8-K Event Classification
Key Figures
Key Terms
dilated cardiomyopathy medical
calcific aortic valve stenosis medical
antisense oligonucleotide medical
contingent milestone liabilities financial
bargain purchase gain financial
Prolaio technical
Earnings Snapshot
The company stated that its cash runway is expected to extend through multiple data readouts and the initiation of Phase 3 clinical trials across all three programs.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2026, Kardigan, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
In accordance with General Instruction B.2. of Form 8-K, the information in this Current Report on Form 8-K and the Exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
Description |
99.1 |
Press Release dated August 11, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Kardigan, Inc. |
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Date: |
August 11, 2026 |
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/s/ John B. Moriarty, Jr. |
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John B. Moriarty, Jr. |
Exhibit 99.1
PRESS RELEASE
Kardigan Reports Second Quarter 2026 Financial Results and Recent Business Updates
Continued to advance the development of three late-stage programs, supported by the Prolaio platform, aimed at addressing cardiovascular diseases where no approved treatments exist
Danicamtiv KINSHIP-DCM Phase 3 Cohort 1 enrollment now underway; Phase 2b topline data expected 1H 2027
Strong cash position of $661 million following recent IPO extends runway through multiple data readouts and initiation of Phase 3 clinical trials
SOUTH SAN FRANCISCO, CA, and PRINCETON, NJ, AUG 11, 2026 — Kardigan™, Inc. (Nasdaq: KARD) (“Kardigan” or “the Company”), a clinical-stage precision therapeutics company developing medicines that target the root causes of cardiovascular diseases with no approved treatments, today reported financial results from the second quarter ended June 30, 2026, and provided recent business updates.
“Our IPO has positioned Kardigan to advance a portfolio of late-stage cardiovascular programs to address diseases where patients urgently need better treatment options,” said Tassos Gianakakos, co-founder, chief executive officer, and chair of the board of Kardigan. “As we initiate our Phase 3 KINSHIP-DCM trial, dose patients in our Phase 2b KARDINAL-ASH trial, and continue enrollment in our Phase 2b KATALYST-AV trial, we are entering a pivotal period with multiple clinical milestones expected over the next 12 months that will shape the registrational path for each of our medicines.”
Second Quarter 2026 and Recent Business Highlights
Danicamtiv: myosin activator in development for genetic DCM
Ataciguat: soluble guanylate cyclase (sGC) activator in development for CAVS
Tonlamarsen: antisense oligonucleotide in development for ASH
Additional Highlights
Second Quarter Financial Results
Selected Condensed Consolidated Statement of Operations and Comprehensive Loss
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(in thousands, except share and per share amounts) |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
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$ |
56,365 |
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$ |
35,839 |
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$ |
101,432 |
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$ |
54,613 |
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General and administrative |
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18,867 |
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21,286 |
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32,510 |
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28,590 |
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Change in fair value of contingent milestone |
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43,529 |
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— |
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43,529 |
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— |
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Total operating expenses |
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118,761 |
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57,125 |
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177,471 |
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83,203 |
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Loss from operations |
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(118,761 |
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(57,125 |
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(177,471 |
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(83,203 |
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Other income (expense): |
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Interest income |
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2,765 |
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1,068 |
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5,558 |
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1,900 |
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Change in fair value of preferred stock tranche |
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— |
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(1,341 |
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— |
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(3,912 |
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Bargain purchase gain |
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— |
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— |
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— |
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5,232 |
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Other income (expense), net |
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(240 |
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(47 |
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(394 |
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352 |
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Loss before income taxes |
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(116,236 |
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(57,445 |
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(172,307 |
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(79,631 |
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Income tax benefit |
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— |
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— |
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— |
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4,167 |
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Net loss |
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$ |
(116,236 |
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$ |
(57,445 |
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$ |
(172,307 |
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$ |
(75,464 |
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Net loss per share attributable to common stockholders, |
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$ |
(4.61 |
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$ |
(4.64 |
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$ |
(8.66 |
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$ |
(6.27 |
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Weighted average common shares outstanding used in |
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25,196,212 |
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12,380,388 |
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19,896,149 |
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12,043,978 |
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Other comprehensive loss |
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Unrealized loss on investments |
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(145 |
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— |
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(298 |
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— |
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Total comprehensive loss |
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$ |
(116,381 |
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$ |
(57,445 |
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$ |
(172,605 |
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$ |
(75,464 |
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Selected Condensed Consolidated Balance Sheet
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June 30, 2026 |
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December 31, 2025 |
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Cash, cash equivalents and investments |
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$ |
660,692 |
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$ |
335,485 |
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Total assets |
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721,786 |
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390,942 |
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Total liabilities |
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106,264 |
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55,127 |
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Total redeemable convertible preferred stock |
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— |
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586,150 |
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Total stockholders’ equity (deficit) |
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615,522 |
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(250,335 |
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About Kardigan
Kardigan is a clinical-stage precision therapeutics company developing medicines that target the root cause of specific cardiovascular diseases where no approved treatments exist. Led by a proven and experienced management team, Kardigan is reimagining cardiovascular drug discovery and development through an integrated approach that unites deep cardiovascular biology, real-world patient data, and advanced analytics to enable more precise, efficient, and informed development of novel therapies. The company is based in South San Francisco, California and Princeton, New Jersey. To learn more, visit Kardigan.bio.
About Prolaio
Prolaio, a wholly owned subsidiary of Kardigan, is a cardiovascular intelligence company that enables the collection of continuous, real-world physiologic data from patients in their daily lives outside the clinic. Powered by a proprietary data and analytics platform, Prolaio delivers high-frequency, objective patient data throughout a clinical trial, helping to optimize trial design, reduce patient burden, accelerate development, and advance novel digital clinical endpoints.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding our product candidates, including the ongoing clinical trials for danicamtiv, ataciguat and tonlamarsen, including the expected enrollment, timing and topline data; and the Company’s expectations regarding uses of capital, expenses and financial results, including the expectation that the Company’s cash runway will extend through multiple data readouts and initiation of Phase 3 clinical trials. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect Kardigan’s business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to the Company’s research and development activities; risks that interim results are not predictive of final results in a clinical trial, Kardigan’s ability to execute on its strategy, including obtaining the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to preclinical and clinical development activities; Kardigan’s ability to attract, integrate and retain key personnel; risks related to the Company’s financial condition and need for substantial additional funds in order to complete development activities and commercialize product candidates, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; and risks related to establishing and maintaining Kardigan’s intellectual property protections; as well as other risks described in “Risk Factors,” in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, filed with the Securities and Exchange Commission (SEC) on August 11, 2026, as well as subsequent filings with the SEC. Kardigan expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Contacts
Media:
Michael Bachner
Executive Director, Corporate Communications
+1 (609) 664-7308
mbachner@kardigan.bio
Investors:
Clayton Robertson
Vice President, Investor Relations
investors@kardigan.bio
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