Kardigan Q3 cash and investments total $591M
Kardigan said its $591.4 million cash position supports multiple program readouts and Phase 3 trial initiation through 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Kardigan, Inc. reported third-quarter 2026 financial results and clinical-program updates, including completed enrollment in Cohort 2 of danicamtiv’s Phase 2b trial and in ataciguat’s Phase 2b trial.
For danicamtiv, topline data from the Phase 2b KINSHIP-DCM trial are expected in the second quarter of 2027, while Phase 3 enrollment is underway in both cohorts. Ataciguat’s KATALYST-AV trial enrolled 156 participants; Week 48 topline data are expected in the second half of 2027, and a Phase 3 update is expected in the first half of 2027. Tonlamarsen’s Phase 2 KARDINAL-ASH trial continues enrolling, with topline data expected in the second half of 2027.
Cash, cash equivalents and investments were $591.4 million as of September 30, 2026, compared with $335.5 million as of December 31, 2025. Kardigan said its cash runway supports data readouts across its programs through 2027 and initiation of Phase 3 trials. Third-quarter research and development expenses were $64.4 million, versus $49.1 million in 2025, and net loss was $58.6 million versus $60.2 million. Nine-month net loss was $230.875 million, compared with $135.620 million in 2025.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointNine-month net loss was $230.875 million, versus $135.620 million in 2025.
8-K Event Classification
Key Figures
Key Terms
adaptive, randomized, placebo-controlled clinical trial medical
aortic valve calcium (AVC) medical
soluble guanylate cyclase (sGC) activator medical
antisense oligonucleotide medical
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash did KARD have at September 30, 2026?
When are KARD’s clinical trial data expected?
What will KARD assess in the KATALYST-AV trial at Week 48?
What primarily explains KARD’s cash balance increase?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Exchange 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 November 12, 2026, Kardigan, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 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 November 12, 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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November 12, 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 Third Quarter 2026 Financial Results and Recent Business Updates
Completed enrollment in Cohort 2 of Phase 2b danicamtiv KINSHIP-DCM trial, topline data expected in 2Q 2027; Phase 3 enrollment underway in both cohorts
Completed enrollment in Phase 2b ataciguat KATALYST-AV trial; Week 48
topline data expected in 2H 2027
Cash position of $591.4 million supports multiple data readouts across all programs through 2027 and initiation of Phase 3 clinical trials
SOUTH SAN FRANCISCO, Calif., and PRINCETON, N.J., Nov 12, 2026 — Kardigan™, Inc. (Nasdaq: KARD) (“Kardigan” or “the Company”), a precision cardiovascular company, today reported financial results for the third quarter ended September 30, 2026, and provided recent business updates.
“We made meaningful progress this quarter in advancing our portfolio of late-stage cardiovascular programs for people who urgently need better treatment options,” said Tassos Gianakakos, co-founder, chief executive officer and board chair of Kardigan. “Completing enrollment in the Phase 2b portion of our Phase 2b/3 adaptive KINSHIP-DCM trial is a significant milestone for danicamtiv and for people with genetic dilated cardiomyopathy. We expect to share topline data from the Phase 2b portion of the study in the second quarter of 2027, representing the first data readout from any placebo-controlled trial of people with dilated cardiomyopathy. From an efficacy standpoint, data across three echocardiography parameters will help us assess the ability of danicamtiv to improve left ventricular function, the hallmark of DCM, while also examining potential to improve left atrial and right ventricular function. Importantly, given the adaptive 2b/3 study design, these data will give us an opportunity to adjust, if necessary, the Phase 3 registrational portion of the study, currently enrolling across both cohorts, to increase our probability of success.
Alongside danicamtiv, we completed enrollment in the Phase 2b KATALYST-AV trial of ataciguat and shared important new evidence at the recent AHA Scientific Session, which increases our confidence in the ataciguat program. We also continue to advance tonlamarsen in the Phase 2 KARDINAL-ASH trial, continuing enrollment with most clinical trial sites activated. For all three of our programs, we have the funding to deliver important value-inflecting data in 2027.”
Third Quarter 2026 and Recent Business Highlights
Danicamtiv: myosin activator in development for genetic and familial dilated cardiomyopathy
Ataciguat: soluble guanylate cyclase activator in development for aortic stenosis
Tonlamarsen: antisense oligonucleotide in development for acute severe hypertension
Additional Highlights
Third Quarter Financial Results
Selected Condensed Consolidated Statement of Operations and Comprehensive Loss
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Three Months Ended September 30, |
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Nine Months Ended September 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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$ |
64,359 |
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$ |
49,139 |
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$ |
165,791 |
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$ |
103,752 |
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General and administrative |
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22,245 |
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9,935 |
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54,755 |
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38,525 |
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Change in fair value of contingent milestone liabilities |
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(21,789 |
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— |
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21,740 |
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— |
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Total operating expenses |
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64,815 |
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59,074 |
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242,286 |
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142,277 |
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Loss from operations |
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(64,815 |
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(59,074 |
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(242,286 |
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(142,277 |
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Other income (expense): |
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Interest income |
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6,236 |
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1,471 |
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11,794 |
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3,371 |
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Change in fair value of preferred stock tranche obligations |
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— |
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5,012 |
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— |
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1,100 |
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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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Warrant issuance expense |
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— |
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(7,358 |
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— |
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(7,358 |
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Other income (expense), net |
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11 |
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(207 |
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(383 |
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145 |
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Loss before income taxes |
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(58,568 |
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(60,156 |
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(230,875 |
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(139,787 |
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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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$ |
(58,568 |
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$ |
(60,156 |
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$ |
(230,875 |
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$ |
(135,620 |
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Net loss per share attributable to common stockholders, |
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$ |
(0.64 |
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$ |
(4.43 |
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$ |
(5.22 |
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$ |
(10.80 |
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Weighted-average common shares outstanding used in |
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92,072,013 |
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13,574,615 |
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44,219,136 |
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12,559,797 |
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Other comprehensive loss: |
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Unrealized loss on investments |
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(1,871 |
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(53 |
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(2,169 |
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(53 |
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Total comprehensive loss |
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$ |
(60,439 |
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$ |
(60,209 |
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$ |
(233,044 |
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$ |
(135,673 |
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Selected Condensed Consolidated Balance Sheet
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September 30, |
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December 31, |
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2026 |
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2025 |
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Cash, cash equivalents and investments |
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$ |
591,375 |
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$ |
335,485 |
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Total assets |
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649,251 |
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390,942 |
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Total liabilities |
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76,733 |
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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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572,518 |
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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. 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. To learn more, visit Prolaio.com.
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 their potential safety, efficacy and therapeutic benefits, the ongoing or planned clinical trials for danicamtiv, ataciguat and tonlamarsen, including the expected enrollment, timing and topline data and the anticipated use of baseline, real-world observational data to inform future research; 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 September 30, 2026, filed with the Securities and Exchange Commission (SEC) on November 12, 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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