ARCH Venture Fund XIII boosts Kardigan (KARD) stake with 1.25M-share purchase

Rhea-AI Filing Summary

ARCH Venture Fund XIII, L.P., an entity associated with ARCH Venture Partners, reported an open-market purchase of 1,250,000 shares of Kardigan, Inc. common stock at $16.00 per share. After this transaction, ARCH Venture Fund XIII, L.P. held 15,042,035 shares indirectly.

The shares are directly held by ARCH Venture Fund XIII, L.P., with related ARCH entities and certain investment committee members, including directors of Kardigan, potentially deemed beneficial owners but each disclaiming beneficial ownership beyond any pecuniary interest.

Insights

Equity ownership analyst

Large affiliated fund increases Kardigan position via open-market buy.

The filing shows ARCH Venture Fund XIII, L.P. buying 1,250,000 Kardigan common shares at $16.00 in an open-market transaction. Post-transaction holdings rise to 15,042,035 shares, indicating a sizable stake by this affiliated investment fund.

The transaction is a straightforward purchase with no derivatives involved and no Rule 10b5-1 language in the provided excerpt. Several ARCH-related entities and committee members may be deemed beneficial owners but expressly disclaim ownership beyond their pecuniary interest, underscoring that the position is held at the fund level.

Insider Trade Summary

Net Buyer: 1,250,000 shares ($20,000,000)

Net Buy 1 txn

Insider ARCH Venture Partners XIII, LLC, ARCH Venture Partners XIII, L.P., ARCH Venture Fund XIII, L.P., CRANDELL KEITH, NELSEN ROBERT, Burow Kristina, GILLIS STEVEN

Role null | null | null | null | null | null | null

Bought 1,250,000 shs ($20.00M)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1,250,000	$16.00	$20.00M

Holdings After Transaction: Common Stock — 15,042,035 shares (Indirect, By: ARCH Venture Fund XIII, L.P.)

Footnotes (1)

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Key Figures

Shares purchased: 1,250,000 shares Purchase price: $16.00 per share Shares held after transaction: 15,042,035 shares +2 more

5 metrics

Shares purchased 1,250,000 shares Open-market purchase of common stock

Purchase price $16.00 per share Price for the 1,250,000-share transaction

Shares held after transaction 15,042,035 shares Indirect holdings following the purchase

Net buy shares 1,250,000 shares Net change in position per transaction summary

Buy transactions 1 transaction Number of buy transactions reported

Key Terms

open-market purchase, beneficially own, pecuniary interest, indirectly

4 terms

open-market purchase financial

"reported an open-market purchase of 1,250,000 shares of Kardigan"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficially own financial

"may be deemed to beneficially own the shares held by ARCH XIII"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest financial

"disclaims beneficial ownership except to the extent of their pecuniary interest therein"

indirectly financial

"After this transaction, ARCH Venture Fund XIII, L.P. held 15,042,035 shares indirectly"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/24/2026 - 04:19 PM Accepted by SEC EDGAR 06/24/2026 - 04:18 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ARCH Venture Partners XIII, LLC

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Kardigan, Inc. [ KARD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/22/2026		P		1,250,000	A	$16	15,042,035	I	By: ARCH Venture Fund XIII, L.P.(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ARCH Venture Partners XIII, LLC

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ARCH Venture Partners XIII, L.P.

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ARCH Venture Fund XIII, L.P.

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

CRANDELL KEITH

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

NELSEN ROBERT

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Burow Kristina

(Last) (First) (Middle)

8755 W. HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GILLIS STEVEN

(Last) (First) (Middle)

8755 WEST HIGGINS ROAD, SUITE 1025

(Street)

CHICAGO ILLINOIS 60631

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These securities are directly held by ARCH Venture Fund XIII, L.P. ("ARCH XIII"). ARCH Venture Partners XIII, L.P. ("AVP XIII LP") is the general partner of ARCH XIII. ARCH Venture Partners XIII, LLC ("AVP XIII LLC") is the general partner of AVP XIII LP. Paul Berns, Kristina M. Burow, Keith Crandell, Steven Gillis and Robert Nelsen are members of the investment committee of AVP XIII LLC (the "AVP XIII LLC Committee Members"). Mr. Berns serves on the board of directors of the Issuer. Each of AVP XIII LP and AVP XIII LLC may be deemed to beneficially own the shares held by ARCH XIII, and each of the AVP XIII LLC Committee Members may be deemed to share the power to direct the disposition and vote of the shares held by ARCH XIII. Each of AVP XIII LP, AVP XIII LLC and the AVP XIII LLC Committee Members disclaims beneficial ownership except to the extent of their pecuniary interest therein, if any.

	ARCH Venture Partners XIII, LLC, By: /s/ Mark McDonnell, as Attorney-in-Fact for Keith Crandell, Managing Director	06/24/2026
	ARCH Venture Partners XIII, L.P., By: ARCH Venture Partners XIII, LLC, its General Partner, By: /s/ Mark McDonnell, as Attorney-in-Fact for Keith Crandell, Managing Director	06/24/2026
	ARCH Venture Fund XIII, L.P., By: ARCH Venture Partners XIII, L.P., its General Partner, By: ARCH Venture Partners XIII, LLC, its General Partner, By: /s/ Mark McDonnell, as Attorney-in-Fact for Keith Crandell, Managing Director	06/24/2026
	Keith Crandell, Managing Director, By: /s/ Mark McDonnell, as Attorney-in-Fact	06/24/2026
	Robert Nelsen, Managing Director, By: /s/ Mark McDonnell, as Attorney-in-Fact	06/24/2026
	Kristina Burow, Managing Director, By: /s/ Mark McDonnell, as Attorney-in-Fact	06/24/2026
	Steven Gillis, Managing Director, By: /s/ Mark McDonnell, as Attorney-in-Fact	06/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)