KARD Stock — Kardigan Inc.: Cash, EV, Pipeline

What they do

activities Description of business Kardigan, Inc. (the “Company”) is a clinical-stage precision therapeutics company developing medicines that target the root cause of specific cardiovascular diseases where no approved treatments exist. The Company’s mission is to develop multiple targeted cardiovascular treatments in parallel that bring people with cardiovascular diseases closer to the cures they deserve.

Source: 10-Q FY2026 via SEC EDGAR

Share price

$15.52

Market cap

$1,451.2M

Cash

$660.7M

Enterprise value

$790.5M

Balance sheet

Cash	$660.7M
Debt	$0.0M
Net cash	$660.7M
Enterprise value	$790.5M
Basic shares	93.5M shares
Fully diluted shares	124.9M shares
Fully diluted market cap	$1,938.5M
Cash per share	$7.07
Quarterly burn	$53.7M
Cash runway	12.3 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

93.5M

Pre-funded warrants

0.0M

Options

25.6M

RSUs

2.8M

Warrants

1.8M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.2M

FDSO

124.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Tonlamarsen · Jan 12 - Feb 23 in 9 wks · Phase 2 · Hypertension; Acute Severe Hypertension; Hypertensive Emergency

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 9 wks	Tonlamarsen	Phase 2	Hypertension; Acute Severe Hypertension; Hypertensive Emergency	—
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	danicamtiv KINSHIP-DCM Phase 2b/3 adaptive trial in genetic dilated cardiomyopathy	Phase 2b	genetic dilated cardiomyopathy	H1 2027
Oct 13 - Nov 24 in 11 mo	danicamtiv	Phase 3	Symptomatic Genetic Dilated Cardiomyopathy	—
Oct 12 - Nov 23 in 24 mo	Ataciguat	Phase 3	Moderate Aortic Valve Stenosis	—
Dec 13, 2032 - Jan 24, 2033 in 74 mo	Danicamtiv	Phase 3	Symptomatic Genetic Dilated Cardiomyopathy (DCM)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Danicamtiv

Phase 2 · Active

Target cardiac myosin

Indications

Genetic dilated cardiomyopathy (DCM) (Phase 2)

Status note Lead candidate. Phase 2b KINSHIP-DCM (Cohort 1) ongoing; filing notes anticipated timing of topline data but no date is stated in the excerpt. Company completed IPO June 2026.

Ataciguat

Phase 2 · Active

Target sGC

Indications

Moderate calcific aortic valve stenosis (CAVS) (Phase 2)

Status note Phase 2b KATALYST-AV ongoing; no dated readout stated in the excerpt.

Tonlamarsen

Phase 2 · Active

Target AGT

Indications

Post-hospitalization management of ASH (Phase 2)

Status note Phase 2 KARDINAL-ASH ongoing; no dated readout stated in the excerpt. Filing does not expand the ASH abbreviation.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	danicamtiv
Lead indication	Symptomatic Genetic Dilated Cardiomyopathy
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07210723	Phase 3	Recruiting	Sponsor	KARD	—	Symptomatic Genetic Dilated Cardiomyopathy	H1 2027 Est. Apr 1, 2027 · half midpoint
NCT07001800	Phase 3	Recruiting	Sponsor	KARD	—	Moderate Aortic Valve Stenosis	—
NCT07771465	Phase 3	Recruiting	Sponsor	KARD	—	Symptomatic Genetic Dilated Cardiomyopathy (DCM)	H1 2027 Est. Apr 1, 2027 · half midpoint
NCT07511361	Phase 2	Recruiting	Sponsor	KARD	—	Hypertension; Acute Severe Hypertension; Hypertensive Emergency	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Kardigan, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	8,200,662	+8,200,662	3.04%	2026-08-14
Braidwell LP	300,000	+300,000	0.26%	2026-08-14
Casdin Capital	50,000	+50,000	0.06%	2026-08-14
DAFNA Capital	5,000	+5,000	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KARD — Kardigan Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KARD — Kardigan Inc.