Just under a year and a half after its debut, Kardigan is eyeing a listing on the Nasdaq to support the continued development of its in-licensed cardiology pipeline – adding another name to the burgeoning list of American biotechs undertaking IPOs this year.
The ARCH Venture Partners-backed company will trade under the ticker “KARD.” While Kardigan has not yet revealed the number or price of shares it will offer, it did describe where the funds will be used. Primarily, proceeds will help progress three of the biotech’s pipeline cardiovascular therapies through the clinic.
Kardigan’s assets include danicamtiv, a MyoKardia and Bristol Myers Squibb (BMS)-licensed candidate to treat genetic dilated cardiomyopathy (DCM) – a disease characterised by the heart’s struggle to effectively pump blood around the body. The direct myosin activator is currently under evaluation in a Phase IIb/III trial within the condition. If approved, it could become the first therapy to reach the DCM market.
Alongside danicamtiv development efforts, Kardigan plans todirect funds to its other BMS-MyoKardia-licensed therapy, ataciguat, which is currently in mid-stage clinical trials for the treatment of moderate calcific aortic valve stenosis.
On top of these programmes, Kardigan plans to push its high blood pressure-targeting antisense oligonucleotide, tonlamarsen, further along clinical development. The drug is currently in a Phase IIb trial, which is looking at its potential in patients with acute, severe cases of the condition.
Kardigan will use any leftover cash to buy, in-license or invest in assets, businesses, technologies or products related to its core focus.
Kardigan’s IPO plans come a little after the company raised $254m in an ARCH-backed Series B financing round back in October 2025, which contributed to funding the clinical development of danicamtiv, ataciguat and tonlamarsen.
US sees biotech IPO surge
As Kardigan files its intent to IPO, it joins the growing list of biotechs eyeing a place on the public market in 2026, as listing activity sees a notable uptick year-on-year (YoY).
According to GlobalData’s Pharmaceutical Intelligence Center, the number of IPOs announced in Q1 2026 jumped more than 80% compared with the same period in 2025.
Notable examples in 2026 include Eikon Therapeutics’ $381.2m raise in January, as well as Generate Biomedicines’ $400m raise in February.
After a flurry of IPOs in Q1, Q2 has maintained momentum. Kailera Therapeutics made history in April by securing one of the largest IPOs in the sector’s history valued at $625m.
