Kardigan targets $1.4 billion valuation in U.S. IPO
Key takeaways
- If shares are sold at the midpoint price of $15, Kardigan expects to raise about $320.3 million after expenses.
- With the money from the IPO and its current cash, the company expects to be funded through 2028.
- Spending on research and development surged to $45.1 million in the first quarter, more than twice the year-ago figure, as clinical activity intensified across all three programs.
Kardigan targets $1.4 billion valuation in U.S. IPO Quartz · Tfilm / Getty Images Colleen Cabili Thu, June 11, 2026 at 8:40 PM GMT+7 2 min read Kardigan filed for a U.S. initial public offering targeting a valuation of up to $1.4 billion, the Princeton, New Jersey-based clinical-stage biotech said on Thursday. Its offering consists of 23.3 million shares in a $14-to-$16 price range, with gross proceeds potentially reaching $373.3 million.
If shares are sold at the midpoint price of $15, Kardigan expects to raise about $320.3 million after expenses. If underwriters buy an extra 3.5 million shares, that number could increase to around $369.1 million. In that case, the total number of shares would be just under 91.2 million, giving the company a market value of about $1.37 billion at the $15 price.
Kardigan is focusing on three late-stage cardiovascular programs: danicamtiv for genetic dilated cardiomyopathy, ataciguat for calcific aortic valve stenosis, and tonlamarsen, which is being tested for acute severe hypertension. With the money from the IPO and its current cash, the company expects to be funded through 2028.