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, Calif. & PRINCETON, N.J.--(BUSINESS WIRE)--August 11, 2026--
Kardigan(TM), 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
-- Danicamtiv is designed to restore myosin function and availability,
directly targeting the underlying sarcomeric defects in genetic dilated
cardiomyopathy (DCM).
-- Danicamtiv is currently being evaluated in the Company's KINSHIP-DCM
Phase 2b/3 adaptive, randomized, placebo-controlled clinical trial.
-- Preclinical and clinical evidence linking danicamtiv treatment to
improvements in right ventricular function to be presented at the
upcoming European Society of Cardiology Congress (ESC 2026). [Session:
Late-Breaking Basic and Translational Science; Sunday, Aug. 30th at 8:15
AM CEST]
-- In July, the Company completed enrollment of Cohort 1 (myosin heavy
chain 7, or MYH7, and titin, or TTN, patients) of the Phase 2b
KINSHIP-DCM clinical trial and enrollment of the Phase 3 portion is now
underway. The Company expects to share Phase 2b topline data in the first
half of 2027.
Ataciguat: soluble guanylate cyclase (sGC) activator in development for CAVS
-- Ataciguat targets valvular interstitial cells to slow osteogenic and
calcific remodeling, an underlying driver of disease progression in
calcific aortic valve stenosis (CAVS), and has demonstrated direct
myocardial effects in improving both systolic and diastolic function, a
hallmark of progressive disease that results in valvular heart failure.
-- Ataciguat is currently being evaluated in the Company's KATALYST-AV
Phase 2b clinical trial in CAVS patients with moderate disease. The
Company expects to share Phase 2b topline data from the interim 24-week
analysis in the first half of 2027.
Tonlamarsen: antisense oligonucleotide in development for ASH
-- Tonlamarsen targets hepatic angiotensinogen $(AGT)$ for the management of blood pressure in acute severe hypertension $(ASH)$ post-hospitalization. -- Extended follow-up data from an earlier KARDINAL clinical trial assessing the effect of Tonlamarsen in uncontrolled hypertension will be presented at the upcoming European Society of Cardiology Congress (ESC 2026). [Session: Late-Breaking Clinical Science: renin-angiotensin-aldosterone pathway inhibition; Sunday, Aug. 30th from 1:45 - 3:00 PM CEST] -- Tonlamarsen is currently being evaluated in the Company's KARDINAL-ASH Phase 2 clinical trial. In the second quarter, the Company randomized the first patient in KARDINAL-ASH and expects to share Phase 2 topline data in the first half of 2027.
Additional Highlights
-- In June, the Company announced the closing of its initial public
offering with aggregate gross proceeds of $460 million (before deducting
underwriting discounts, commissions, and other offering expenses).
Current cash runway supports continued advancement of danicamtiv,
ataciguat, and tonlamarsen through clinical data readouts and the
initiation of Phase 3 clinical trials across all three programs.
Second Quarter Financial Results
-- Cash Position: Cash, cash equivalents and investments were $660.7
million as of June 30, 2026, compared to $335.5 million as of December
31, 2025. The increase reflects net proceeds from the Company's initial
public offering in June 2026, offset by cash used in operations.
-- R&D Expenses: Research and development expenses were $56.4 million for
the quarter ended June 30, 2026, compared to $35.8 million for the
comparable prior-year period. The increase was primarily driven by
clinical trial expenses across all three development programs and
increased headcount to support the advancing clinical pipeline.
-- G&A Expenses: General and administrative expenses were $18.9 million
for the quarter ended June 30, 2026, compared to $21.3 million for the
comparable prior-year period. The decrease was primarily driven by a
one-time integration bonus recognized in the prior year, partially offset
by higher personnel-related costs and other corporate expenses.
-- Net Loss: Net loss was $116.2 million for the quarter ended June 30,
2026, compared to $57.4 million for the comparable prior year period. The
net loss increased primarily as a result of higher R&D expenses as
described above.
Selected Condensed Consolidated Statement of Operations and Comprehensive Loss
Three Months Ended June
30, Six Months Ended June 30,
-------------------------- ----------------------------
(in thousands,
except share and
per share amounts) 2026 2025 2026 2025
------------ ------------ ------------ --------------
Operating expenses:
Research and
development $ 56,365 $ 35,839 $ 101,432 $ 54,613
General and
administrative 18,867 21,286 32,510 28,590
Change in fair
value of
contingent
milestone
liabilities 43,529 -- 43,529 --
---------- ---------- ---------- ----------
Total
operating
expenses 118,761 57,125 177,471 83,203
---------- ---------- ---------- ----------
Loss from operations (118,761) (57,125) (177,471) (83,203)
---------- ---------- ---------- ----------
Other income
(expense):
Interest income 2,765 1,068 5,558 1,900
Change in fair
value of
preferred stock
tranche
obligations -- (1,341) -- (3,912)
Bargain purchase
gain -- -- -- 5,232
Other income
(expense), net (240) (47) (394) 352
---------- ---------- ---------- ----------
Loss before income
taxes (116,236) (57,445) (172,307) (79,631)
---------- ---------- ---------- ----------
Income tax benefit -- -- -- 4,167
---------- ---------- ---------- ----------
Net loss $ (116,236) $ (57,445) $ (172,307) $ (75,464)
========== ========== ========== ==========
Net loss per share
attributable to
common
stockholders, basic
and diluted $ (4.61) $ (4.64) $ (8.66) $ (6.27)
========== ========== ========== ==========
Weighted average
common shares
outstanding used in
calculating net
loss per share
attributable to
common
stockholders, basic
and diluted 25,196,212 12,380,388 19,896,149 12,043,978
========== ========== ========== ==========
Other
comprehensive
loss
Unrealized loss
on investments (145) -- (298) --
---------- ---------- ---------- ----------
Total comprehensive
loss $ (116,381) $ (57,445) $ (172,605) $ (75,464)
========== ========== ========== ==========
Selected Condensed Consolidated Balance Sheet
(in thousands) June 30, 2026 December 31, 2025
--------------- ---------------------
Cash, cash equivalents and
investments $ 660,692 $ 335,485
Total assets 721,786 390,942
Total liabilities 106,264 55,127
Total redeemable convertible
preferred stock -- 586,150
Total stockholders' equity
(deficit) 615,522 (250,335)
About Kardigan
Comments