KARD
KARDCIK 0002123613
Mid by assets
Assets $722M
as of Oct 11, 2026
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8-K
Filed Sep 30, 2026
· Period ending Sep 29, 2026
Summary not yet generated.
10-Q
Filed Aug 11, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
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8-K
Filed Aug 11, 2026
· Period ending Aug 11, 2026
Summary not yet generated.
8-K
Filed Jun 23, 2026
· Period ending Jun 22, 2026
Summary not yet generated.
S-1/A
Filed Jun 11, 2026
Critical
Kardigan files for IPO, offering 23.3M shares at $14.00-$16.00, raising up to $326.7M for clinical-stage cardiovascular drugs
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Latest financial statements
From 10-Q filed Aug 11, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed consolidated statements of operations and comprehensive loss (Unaudited)
(in thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expenses: | ||||
| Research and development | 56,365 | 35,839 | 101,432 | 54,613 |
| General and administrative | 18,867 | 21,286 | 32,510 | 28,590 |
| Change in fair value of contingent milestone liabilities | 43,529 | — | 43,529 | — |
| Total operating expenses | 118,761 | 57,125 | 177,471 | 83,203 |
| Loss from operations | (118,761) | (57,125) | (177,471) | (83,203) |
| Other income (expense): | ||||
| Interest income | 2,765 | 1,068 | 5,558 | 1,900 |
| Change in fair value of preferred stock tranche obligations | — | (1,341) | — | (3,912) |
| Bargain purchase gain | — | — | — | 5,232 |
| Other income (expense), net | (240) | (47) | (394) | 352 |
| Loss before income taxes | (116,236) | (57,445) | (172,307) | (79,631) |
| Income tax benefit | — | — | — | 4,167 |
| Net loss | (116,236) | (57,445) | (172,307) | (75,464) |
| Net loss per share attributable to common stockholders, basic and diluted | (4.61) | (4.64) | (8.66) | (6.27) |
| Weighted average common shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted | 25,196,212 | 12,380,388 | 19,896,149 | 12,043,978 |
| Other comprehensive loss | ||||
| Unrealized loss on investments | (145) | — | (298) | — |
| Total comprehensive loss | (116,381) | (57,445) | (172,605) | (75,464) |
Condensed consolidated balance sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 384,005 | 108,989 |
| Short-term investments | 213,590 | 226,496 |
| Prepaid expenses and other current assets | 12,568 | 9,868 |
| Total current assets | 610,163 | 345,353 |
| Long-term investments | 63,097 | — |
| Restricted cash | 540 | 540 |
| Property and equipment, net | 7,568 | 6,493 |
| Operating lease right-of-use assets, net | 11,224 | 11,741 |
| Intangible assets, net | 26,418 | 23,225 |
| Other non-current assets | 2,776 | 3,590 |
| Total assets | 721,786 | 390,942 |
| Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable | 14,018 | 7,990 |
| Accrued expenses and other current liabilities | 26,167 | 23,903 |
| Operating lease liabilities, current | 3,752 | 3,143 |
| Contingent milestone liabilities, current | 26,066 | 2,500 |
| Total current liabilities | 70,003 | 37,536 |
| Operating lease liabilities, net of current portion | 9,595 | 10,689 |
| Contingent milestone liabilities, net of current portion | 25,305 | 5,243 |
| Other non-current liabilities | 1,361 | 1,659 |
| Total liabilities | 106,264 | 55,127 |
| Commitments and contingencies (Note 8) | ||
| Redeemable convertible preferred stock, par value of $0.00001 per share; zero shares and 29,519,423 shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares and 29,519,423 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of zero and $597,168 as of June 30, 2026 and December 31, 2025, respectively | — | 586,150 |
| Stockholders’ equity (deficit): | ||
| Preferred stock, par value of $0.00001 per share; 10,000,000 shares and zero shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | — | — |
| Common stock, par value of $0.00001 per share; 700,000,000 shares and 53,365,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively; 93,467,940 shares and 16,351,102 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively | 1 | — |
| Additional paid-in capital | 1,069,152 | 30,691 |
| Accumulated other comprehensive income (loss) | (235) | 63 |
| Accumulated deficit | (453,396) | (281,089) |
| Total stockholders' equity (deficit) | 615,522 | (250,335) |
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | 721,786 | 390,942 |
Condensed consolidated statements of cash flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | (172,307) | (75,464) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 17,053 | 7,229 |
| Integration bonus expense | — | 14,360 |
| Depreciation and amortization expense | 3,221 | 1,527 |
| Amortization of premiums and accretion of discounts on investments | (1,848) | — |
| Change in fair value of preferred stock tranche obligations | — | 3,912 |
| Change in fair value of contingent milestone liabilities | 43,529 | — |
| Acquired intellectual property rights | 1,400 | — |
| Bargain purchase gain | — | (5,232) |
| Deferred income tax benefit | — | (4,167) |
| Amortization of right-of-use assets | 1,078 | 709 |
| Other non-cash charges | (2,570) | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (1,348) | (3,710) |
| Other non-current assets | 814 | (797) |
| Accounts payable | 3,776 | 796 |
| Accrued expenses and other current liabilities | 920 | 7,620 |
| Operating lease liabilities | (1,045) | 442 |
| Net cash used in operating activities | (107,327) | (52,775) |
| Cash flows from investing activities | ||
| Proceeds from maturities of investments | 185,226 | — |
| Purchases of investments | (235,218) | — |
| Purchases of property and equipment | (2,090) | (2,561) |
| Purchases of intangible assets | — | (41) |
| Capitalized software development costs | (2,810) | — |
| Acquisition of Prolaio, net of cash acquired | — | (3,961) |
| Net cash used in investing activities | (54,892) | (6,563) |
| Cash flows from financing activities | ||
| Proceeds from issuance of preferred stock, net of issuance cost | 9,997 | 100,000 |
| Proceeds from issuance of common stock upon IPO, net of underwriting discounts and commissions | 427,800 | — |
| Payments of offering costs | (1,795) | — |
| Proceeds from exercise of stock options | 1,233 | 184 |
| Net cash provided by financing activities | 437,235 | 100,184 |
| Net increase in cash, cash equivalents and restricted cash | 275,016 | 40,846 |
| Cash, cash equivalents and restricted cash at beginning of period | 109,529 | 49,815 |
| Cash, cash equivalents and restricted cash at end of period | 384,545 | 90,661 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | 384,005 | 90,121 |
| Restricted cash | 540 | 540 |
| Total cash, cash equivalents and restricted cash | 384,545 | 90,661 |
| Supplemental disclosure of non-cash financing and investing activities | ||
| Right-of-use asset obtained in exchange for lease obligation | 560 | 278 |
| Purchases of property and equipment included in accounts payable and accrued expenses | 272 | 704 |
| Conversion of redeemable convertible preferred stock to common stock upon IPO | 597,547 | |
| IPO offering costs included in accounts payable and accrued expenses | 3,583 | — |
| Issuance of preferred stock as consideration for intellectual property rights | 1,400 | — |
| Settlement of preferred stock tranche obligations | — | (1,662) |
| Vesting of early-exercised stock options and restricted common stock | 268 | 120 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗