SOUTH SAN FRANCISCO, Calif.–Kardigan Inc. (Nasdaq: KARD), a precision cardiovascular medicine company with operations in South San Francisco and Princeton, New Jersey, reported a third-quarter 2026 net loss of $58.6 million, compared with $60.2 million a year earlier, as it advanced three investigational cardiovascular treatments through clinical development.
The company ended September with $591.4 million in cash, cash equivalents and investments, up from $335.5 million at the end of 2025. The increase was primarily driven by proceeds from Kardigan’s initial public offering in June 2026, partially offset by operating expenses.
Kardigan said its financial resources are sufficient to support planned clinical trial milestones across its three lead programs through 2027, including data readouts and the initiation of Phase 3 studies.
“We made meaningful progress this quarter in advancing our portfolio of late-stage cardiovascular programs for people who urgently need better treatment options,” said Tassos Gianakakos, Co-Founder, Chief Executive Officer and Board Chair of Kardigan.
The company completed enrollment in Cohort 2 of the Phase 2b portion of its KINSHIP-DCM trial evaluating danicamtiv, an investigational myosin activator for genetic and familial dilated cardiomyopathy.
Dilated cardiomyopathy is a condition in which the heart’s main pumping chamber becomes enlarged and weakened, reducing its ability to pump blood effectively.
Danicamtiv is designed to restore myosin function and availability, targeting underlying abnormalities in the heart muscle associated with genetic forms of the disease.
The adaptive Phase 2b/3 KINSHIP-DCM study is randomized and placebo-controlled. Cohort 2 includes patients with genetic variants other than MYH7 and TTN or a family history of dilated cardiomyopathy.
Kardigan expects topline Phase 2b results in the second quarter of 2027. Enrollment is underway in the Phase 3 portion of the study across both cohorts.
The Phase 2b analysis will assess cardiac function using three echocardiographic measures, including left ventricular, left atrial and right ventricular function. The results could also inform potential adjustments to the ongoing Phase 3 trial.
Kardigan also completed enrollment in the Phase 2b KATALYST-AV trial of ataciguat, an investigational soluble guanylate cyclase activator being developed for moderate aortic stenosis.
The study enrolled 156 patients and is evaluating whether ataciguat can reduce calcium accumulation in the aortic valve and improve measures of cardiac structure and function.
The trial’s primary endpoint, aortic valve calcium, will be assessed at Week 48 alongside measurements of disease progression, including aortic valve area, left ventricular mass index and stroke volume index.
On November 6, Kardigan reported findings from a planned baseline analysis of the KATALYST-AV trial and real-world research involving approximately 45,000 people with mild-to-moderate aortic stenosis.
The analyses indicated that patients with evidence of cardiac damage were more likely to experience faster disease progression and poorer outcomes, potentially helping identify patients who could benefit from future studies of ataciguat.
Kardigan expects topline Phase 2b data in the second half of 2027 and plans to provide an update on the Phase 3 development program during the first half of the year.
The company’s third clinical program, tonlamarsen, is being evaluated in the Phase 2b KARDINAL-ASH trial for patients with acute severe hypertension following hospitalization.
Tonlamarsen is an investigational antisense oligonucleotide designed to reduce production of angiotensinogen, a protein involved in regulating blood pressure.
Enrollment remains underway in the randomized, placebo-controlled study, with most clinical trial sites activated. Kardigan expects topline results in the second half of 2027.
The company also presented research related to tonlamarsen at the American Heart Association Scientific Sessions, including an analysis of blood pressure reductions following a single dose compared with placebo.
Additional presentations examined the use of machine learning to identify predictors of treatment response and the potential role of angiotensinogen as a risk factor in severe hypertension.
“Alongside danicamtiv, we completed enrollment in the Phase 2b KATALYST-AV trial of ataciguat and shared important new evidence at the recent AHA Scientific Sessions, which increases our confidence in the ataciguat program,” Gianakakos said. “We also continue to advance tonlamarsen in the Phase 2b KARDINAL-ASH trial, continuing enrollment with most clinical trial sites activated. For all three of our programs, we have the funding to deliver important value-inflecting data in 2027.”
For the third quarter ended September 30, Kardigan reported research and development expenses of $64.4 million, compared with $49.1 million during the same period in 2025.
General and administrative expenses increased to $22.2 million from $9.9 million a year earlier.
Total operating expenses rose to $64.8 million from $59.1 million, while the company’s operating loss widened to $64.8 million from $59.1 million.
Net loss narrowed to $58.6 million from $60.2 million in the prior-year quarter. The company reported a net loss of 64 cents per share, compared with $4.43 per share a year earlier.
For the first nine months of 2026, Kardigan recorded a net loss of $230.9 million, compared with $135.6 million during the corresponding period in 2025.
The company also reported total assets of $649.3 million as of September 30, compared with $390.9 million at the end of 2025.
Separately, Kardigan appointed Kristin Reinke, Vice President of Finance at Google, to its Board of Directors and named her Chair of the Audit Committee in September.
With enrollment completed in two Phase 2b clinical trial programs and a third study progressing, Kardigan is preparing for several clinical data announcements in 2027 that could shape the next stages of development for its cardiovascular drug candidates.
