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KARD · Kardigan, Inc.

Company guidance, FDA catalysts, dilution risk and cash runway, built from SEC, FDA and ClinicalTrials.gov filings and updated every day.

$660.7M Cash on Hand

CF+ Cash Runway

3.2% Short Interest

$42.25 Analyst Target (4)

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📣 What KARD Says Is Next

first half of 2027 · “In the second quarter, the Company randomized the first patient in KARDINAL-ASH and expects to share Phase 2 topline data in the first half of 2027.”
Company press release, Aug 11, 2026 · SEC filing
first half of 2027 · Ataciguat: “The Company expects to share Phase 2b topline data from the interim 24-week analysis in the first half of 2027.”
Company press release, Aug 11, 2026 · SEC filing
first half of 2027 · “The Company expects to share Phase 2b topline data in the first half of 2027.”
Company press release, Aug 11, 2026 · SEC filing

Quoted word for word from the company's press releases filed with the SEC. Timing is the company's own guidance, not a BioRadar estimate.

🧪 Trial & FDA Catalysts

Dec 2026 · Phase 2 · Recruiting · Study of Efficacy and Safety of Tonlamarsen in Participants With a Recent Hospitalization
Registry primary completion date, not a results date
Sep 2027 · Phase 2/3 · Recruiting · A Study of the Efficacy and Safety of Danicamtiv in Participants With Symptomatic Genetic
Registry primary completion date, not a results date
Aug 2028 · Phase 2/3 · Recruiting · Ataciguat for Slowing the Progression of Moderate Calcific Aortic Valve Stenosis: A Random
Registry primary completion date, not a results date

📊 Drug Pipeline

Drug	Indication	Most advanced trial	Status
Ataciguat	Moderate Aortic Valve Stenosis	Phase 2/3 · NCT07001800	Recruiting
Danicamtiv	Symptomatic Genetic Dilated Cardiomyopathy	Phase 2/3 · NCT07210723	Recruiting
Tonlamarsen	Hypertension	Phase 2 · NCT07511361	Recruiting

Source: ClinicalTrials.gov trials sponsored by the company, one row per candidate at its most advanced registered trial. FDA approvals: Drugs@FDA. Wrong or missing drug? Report it

💰 Cash Runway & Dilution Risk

KARD holds $660.7M in cash and short-term investments (as of Jun 30, 2026) and its operations are currently cash-flow neutral or positive.

Dilution pressure: 0 · Low

No operating cash burn in latest filings

Recent financing filings on SEC EDGAR:

Jun 18, 2026 · Underwritten offering, $400M · 424B4
May 26, 2026 · S-1 registration · S-1

Source: SEC EDGAR (XBRL cash flow and financing filings). Dilution Watch: every company ranked → · Get an alert when KARD files for a raise →

👥 Who Owns KARD

Insiders 59.8% Other 5%+ holders 34.2% Institutions (86 holders) 6% Public and other holders 0%

Holder	Type	Shares	% of shares	As of
HRTG GPE, LLC 10% owner	Insider	16,917,034	18.09%	2026-06-22
HRTG GPE, LLC ("HRTG")	5%+ holder (13G)	16,917,034	18.09%	2026-06-22
Paul Berns	5%+ holder (13D)	15,095,518	16.14%	2026-06-22
Paul L Berns Director, 10% owner	Insider	15,062,741	16.11%	2026-06-22
ARCH Venture Partners XIII, LLC Director, 10% owner	Insider	15,042,035	16.09%	2026-06-22
Anastasios Gianakakos President & CEO, Director	Insider	10,470,294	11.20%	2026-06-30
FMR LLC	Institution (13G, 5%+)	9,221,774	9.86%	2026-07-31
PERCEPTIVE ADVISORS LLC Director	Insider	8,254,144	8.83%	2026-06-18
Jay Edelberg Chief Medical Officer	Insider	4,878,105	5.22%	2026-06-30
T. Rowe Price Investment Management, Inc	Institution (13F)	4,207,130	4.50%	2026-06-30
Capital Research Global Investors	Institution (13F)	3,598,942	3.85%	2026-06-30
JPMORGAN CHASE & CO	Institution (13F)	1,790,734	1.92%	2026-06-30

Share count 93,503,699 (latest 10-Q/10-K). Insiders: each officer's, director's and 10% owner's latest Form 3, 4 or 5, direct and indirect shares; options are not counted. 5%+ holders: latest Schedule 13D or 13G of each holder above 5%. Institutions: the total held by all 13F filers (Yahoo Finance); the table lists the largest (13F quarter ending 2026-06-30). Sources have different dates, so the split is approximate. Source: SEC EDGAR.

📈 Recent Insider Activity (Form 4)

Trade date	Insider	Transaction	Shares	Price	Owned after
2026-06-17 filed 2026-07-13	PERCEPTIVE ADVISORS LLC	Award (A)	20,706	–	20,706

Only open-market purchases (P) and sales (S) are trading decisions. Awards (A), option exercises (M) and tax withholding (F) are compensation mechanics. Source: SEC Form 4.

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Data: SEC EDGAR, FDA, ClinicalTrials.gov, Yahoo Finance • Informational purposes only, not investment advice. • All tracked stocks A–Z