Kardigan, a biotechnology company focused on cardiovascular diseases, successfully priced an upsized initial public offering (IPO) on Wednesday, June 17, 2026, raising $400 million. The company sold 25 million shares at $16 each, targeting the top end of its projected price range of $14 to $16. This significant fundraising event marks Kardigan as the fourth drug startup in 2026 to achieve an IPO of $400 million or more, a figure rarely seen since 2021.
The swift rise of Kardigan is notable, as the company was only unveiled in January 2025. Prior to its IPO, Kardigan had already secured close to $600 million in private venture funding. The $400 million from the IPO will be used to advance its pipeline of three clinical-stage cardiovascular medicines. These include a former Bristol Myers drug in late-stage testing for dilated cardiomyopathy, and tonlamarsen, an antisense oligonucleotide licensed from Ionis Pharmaceuticals, which is being evaluated for people hospitalized after sudden spikes, with initial Phase 2 data expected in 2027.
Kardigan's IPO significantly boosts the median amount raised by biotech companies going public in 2026 to nearly $302 million, surpassing figures from the previous five years. The company is now the 13th venture-backed biotech to go public this year, exceeding the total from 2025. It will begin trading on the Nasdaq under the ticker symbol "KARD" on Thursday, June 18, 2026. At its IPO pricing, Kardigan commanded a market capitalization of $1.43 billion.
