Kardigan, Inc. (Nasdaq: KARD), a clinical-stage company developing therapies for cardiovascular conditions lacking approved treatments, has closed its initial public offering. The company sold 28,750,000 shares of common stock at $16.00 per share, resulting in gross proceeds of $460 million prior to the deduction of underwriting discounts, commissions, and other offering-related expenses.
The headcount of shares sold reflects the underwriters' full exercise of an option to purchase an additional 3,750,000 shares. All of the shares included in the offering were offered by Kardigan itself. Following the closing, the company is listed on the Nasdaq Global Market under the ticker symbol "KARD."
Underwriting for the transaction was provided by a syndicate consisting of J.P. Morgan Securities LLC, Jefferies LLC, Leerink Partners LLC, and TD Securities (USA) LLC. The registration statements relating to the offering became effective on June 17, 2026.
Kardigan operates from two locations - South San Francisco, California, and Princeton, New Jersey - and concentrates its research and development efforts on cardiovascular disease areas for which no approved therapies currently exist. The company is in the clinical stage of development, which indicates its programs are undergoing clinical evaluation rather than having marketed products.
Context and implications
The stated gross proceeds figure does not reflect deductions for underwriting discounts, commissions, and other expenses associated with the offering. As such, the net cash retained by the company from the IPO will be lower than the $460 million headline amount.
Management positioned the entire allotment of shares as being offered by the company, and the underwriters exercised their option in full, increasing the size of the float at pricing. The listing on the Nasdaq Global Market places the company within a major U.S. exchange framework under the ticker KARD.
Operational footprint
Kardigan maintains bases in South San Francisco and Princeton, New Jersey, and focuses on bringing forward treatments for cardiovascular conditions where approved options do not exist. As a clinical-stage developer, the company's programs remain subject to the progress and outcomes of clinical evaluation.
Key transactional facts
- Shares sold: 28,750,000 common shares at $16.00 per share.
- Gross proceeds: $460 million before underwriting and offering expenses.
- Underwriters exercised option for an additional 3,750,000 shares in full.
- Listing: Nasdaq Global Market, ticker KARD.
- Underwriters: J.P. Morgan Securities LLC, Jefferies LLC, Leerink Partners LLC, TD Securities (USA) LLC.
- Registration statements effective date: June 17, 2026.