The quarter itself is a non-event for a pre-revenue biotech — the stock will trade on pipeline catalysts. Key milestones to watch: Phase 2b topline data for all three programs in 1H 2027 and any data readouts at the upcoming ESC 2026 congress (Aug 30). The $660M cash runway removes near-term financing risk.
Price Chart
Executive Summary
Kardigan reported Q2 2026 results, highlighting a net loss of $116.2 million ($4.61 per share) vs. $57.4 million ($4.64 per share) a year ago, driven by higher R&D spend and a $43.5M non-cash charge for contingent milestone liabilities. The company ended the quarter with $660.7M in cash following its $460M IPO, extending its runway through multiple Phase 2b/3 data readouts expected in 1H 2027. As a pre-revenue clinical-stage biotech, the earnings miss is not a business deterioration signal; the focus remains on pipeline catalysts for danicamtiv, ataciguat, and tonlamarsen.
Key Financial Metrics
Key Facts
- Net loss of $116.2M for Q2 2026, compared to $57.4M in Q2 2025.
- Net loss per share of $(4.61) vs. $(4.64) in the prior-year period.
- Cash, cash equivalents and investments of $660.7M as of June 30, 2026, up from $335.5M at Dec 31, 2025.
- IPO closed in June 2026 with aggregate gross proceeds of $460M.
- R&D expenses were $56.4M, up from $35.8M in Q2 2025, driven by clinical trial costs.
- Change in fair value of contingent milestone liabilities was a $43.5M non-cash charge.
- Phase 2b topline data for danicamtiv (KINSHIP-DCM), ataciguat (KATALYST-AV), and tonlamarsen (KARDINAL-ASH) all expected in 1H 2027.
- Phase 3 portion of KINSHIP-DCM trial enrollment is now underway.
Financial Impact
Net loss increased by $58.8M YoY to $116.2M; cash position strengthened by $325.2M to $660.7M post-IPO.
Risk Factors
- Clinical trial failure for any of the three late-stage programs.
- Higher-than-expected operating burn reducing cash runway.
- Dilution risk from future equity offerings if cash needs exceed current runway.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343395 |
| Document: ck0002123613-20260811.htm | 0001193125-26-343395 |
| Document: 0001193125-26-343395-index-headers.html | 0001193125-26-343395 |
| Document: 0001193125-26-343395-index.html | 0001193125-26-343395 |
| Document: 0001193125-26-343395.txt | 0001193125-26-343395 |
| 8-K Data (Synthetic) | 0001193125-26-343395 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 26d ago | SC 13D/A | $14.79 | awaiting T+60 | — | $13.60 (−8.05%) |
Sep 30, 2026 27d ago | 8-K | $14.75 | awaiting T+60 | — | $13.60 (−7.80%) |
Aug 11, 2026 11w ago | 8-K | $22.06 | awaiting T+60 | — | $13.60 (−38.35%) |
Jun 24, 2026 17w ago | Insider Cluster | $22.58 $16.64 | ▼ −26.31% | ▼ −30.04% | $13.60 (−39.77%) |
Jun 18, 2026 18w ago | 3 | $22.00 $19.05 | ▼ −13.41% | ▼ −15.30% | $13.60 (−38.18%) |
Jun 18, 2026 18w ago | 3 | $22.00 $19.05 | ▼ −13.41% | ▼ −15.30% | $13.60 (−38.18%) |
Jun 18, 2026 18w ago | 3 | $22.00 $19.05 | ▼ −13.41% | ▼ −15.30% | $13.60 (−38.18%) |
Jun 18, 2026 18w ago | 3 | $22.00 $19.05 | ▼ −13.41% | ▼ −15.30% | $13.60 (−38.18%) |
Jun 18, 2026 18w ago | 3 | $22.00 $19.05 | ▼ −13.41% | ▼ −15.30% | $13.60 (−38.18%) |
Jun 18, 2026 18w ago | 3 | $22.00 $19.05 | ▼ −13.41% | ▼ −15.30% | $13.60 (−38.18%) |
US Market Status
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