Kardigan Inc. Shares Jump 27% to $20.30 After $400M IPO
BMY•Kardigan Inc. shares jumped 27% to above $20.30 an hour after its Nasdaq debut, following a $400 million IPO at $16 per share. The offering values the biotech at about $1.8 billion as its Q1 net loss widened to $56.1 million from $18 million a year earlier.
1. Nasdaq Debut Performance
Kardigan Inc. priced its IPO at $16 per share, raising $400 million by selling 25 million shares. The stock opened at $16.25 and climbed above $20.30 for a 27% gain, valuing the company at roughly $1.8 billion.
2. Q1 Financial Results
The biotech reported a net loss of $56.1 million for Q1 2026, up from $18 million in the year-earlier quarter, reflecting increased development and clinical expenses.
3. Leadership and Pipeline
CEO Tassos Gianakakos brings experience from leading MyoKardia before its $13 billion acquisition by Bristol-Myers Squibb. Kardigan is advancing therapies for genetic dilated cardiomyopathy, calcific aortic valve stenosis and acute severe hypertension.
4. Prior Financing Round
In October, the company secured $254 million in Series B funding from Fidelity, T. Rowe Price, ARCH Venture Partners and HRTG Partners, with ARCH and HRTG each holding 22.4%. The IPO was led by JPMorgan Chase, Jefferies, Leerink Partners and Toronto-Dominion Bank.
