Kardigan Posts Quarterly Loss of $58.6 Million as R&D Spending Rises
Key Facts
Kardigan reported a net loss of $58.6 million for the third quarter ended September 30, 2026, compared with a loss of $60.2 million in the same period of 2025. The quarterly loss narrowed, while the company's spending on developing its treatments increased. The company said research and development expenses reached $64.4 million during the quarter, compared with $49.1 million a year earlier. The results put spending on clinical trials at the forefront of the company's financial picture as its cardiovascular programs advance. On November 11, Kardigan shares closed at $15.68, according to EL7 data.
Cash, cash equivalents and investments totaled $591.4 million on September 30, 2026, up from $335.5 million on December 31, 2025. Kardigan attributed the increase mainly to net proceeds from its initial public offering in June 2026. The company said available funding supports the progress of its programs and data readouts scheduled during 2027. In its statement, Chief Executive Tasos Giannakakos said, "We have the funding needed to deliver important data capable of transforming the value of our three programs during 2027." The company thus links its current cash balance with the timing of the clinical results it is awaiting.
In the danicamtiv program, enrollment has been completed in the second cohort of the portion extending into Phase 2b of the KINSHIP-DCM trial. This cohort includes patients with variants other than MYH7 and TTN, or a family history of dilated cardiomyopathy. The company expects to announce topline data in the second quarter of 2027. Kardigan described completion of enrollment in the trial's adaptive Phase 2b/3 portion as a "milestone" for the program. It said this will be the first data readout from a placebo-controlled trial in patients with dilated cardiomyopathy, and the results could help adjust the confirmatory Phase 3 portion, which is enrolling alongside the two cohorts.
In the ataciguat program, enrollment has been completed in the Phase 2b KATALYST-AV trial in patients with moderate aortic stenosis. Topline data at week 48, along with measures of heart structure and function, are expected in the second half of 2027. Enrollment is continuing in the Phase 2b KARDINAL-ASH trial of tonlamarsen. The company expects to announce topline data in the second half of 2027. According to the company's disclosure, these timelines mark the milestones for the three programs aimed at delivering data over the coming year.