Kardigan Inc. filed for a $373.3 million US initial public offering to fund three late-stage cardiovascular treatments. The Princeton-based biotech plans to sell 23.3 million shares at $14 to $16 each, which would value the company at $1.4 billion at the high end of the pricing range.

The drug developer is led by former MyoKardia executives who sold their company to Bristol-Myers Squibb for $13.1 billion in 2020. Kardigan's pipeline includes treatments for genetic dilated cardiomyopathy, calcific aortic valve stenosis and acute severe hypertension - all significant unmet medical needs in the heart disease market.

Financial losses have widened as R&D spending accelerates. Kardigan reported a $56.1 million net loss in Q1 2026 compared to $18 million a year earlier. The company previously raised $254 million in a Series B round backed by Fidelity and T. Rowe Price, with ARCH Venture Partners and HRTG Partners holding the largest stakes at 22.4% each.

JPMorgan, Jefferies, Leerink Partners and TD Bank are leading the offering for the Nasdaq Global Market listing under the symbol KARD. The IPO timing reflects strong investor appetite for cardiovascular-focused biotech companies with experienced management teams.