Kardigan Shares Jump 27% in Nasdaq Debut After $400M IPO
KARD•Kardigan shares rose over 27% within an hour of Nasdaq debut after the heart-health biotech raised $400 million by selling 25 million shares at $16 each. The stock traded above $20.30, valuing the company at nearly $1.8 billion on debut.
1. IPO Performance
Kardigan priced 25 million shares at $16 each in its initial public offering, raising $400 million. Shares opened at $16.25 and climbed over 27% to above $20.30 within the first hour of trading on the Nasdaq Global Market.
2. Market Valuation and Funding
The strong debut gave Kardigan a market capitalization nearing $1.8 billion based on outstanding shares. Net proceeds from the IPO bolster Kardigan’s balance sheet and support trials for its pipeline of cardiovascular therapies.
3. Leadership and Pipeline
CEO Tassos Gianakakos, former head of MyoKardia acquired for $13 billion by Bristol-Myers Squibb in 2020, oversees development of separate therapies for genetic dilated cardiomyopathy, valve stenosis and acute hypertension. He asserts rising GLP-1 use will not diminish demand for novel heart disease treatments.
4. Financial Results and Backing
In Q1 2026, Kardigan logged a net loss of $56.1 million compared to $18 million a year earlier, reflecting increased R&D investment. The company earlier secured $254 million in Series B funding led by Fidelity, T. Rowe Price, ARCH Venture Partners and HRTG Partners.
