Kardigan extended the sector’s IPO run by raising $400 million ahead of its Nasdaq debut. The cardiology drug developer, which has three clinical-stage programs, priced an offering tied to the company’s planned public listing and capital runway. Deal timing matters for investors because cardiometabolic and cardiovascular launches increasingly compete on next-readout timelines rather than long pre-launch positioning. Kardigan’s financing reinforces that clinical-stage biotech with clear development milestones can still attract large public-market allocations. The offering also strengthens the pipeline financing channel for cardiology startups preparing for Phase II/III expansion and additional investigator-driven data generation.