Kardigan raised $400 million in an upsized IPO to fund development of three clinical-stage cardiovascular drugs. The offering came in about 14% above expectations, with the company positioning the proceeds to advance its heart-focused pipeline. Reporting tied the launch to a broader window of strong biotech public-market appetite in 2026, with multiple companies already topping large IPO sizes. Kardigan’s debut underscores continued investor demand for clinical-stage cardiology programs. The next milestone for the stock will be how quickly Kardigan converts capital into phase 3 or pivotal progress, especially in an area where trial timing and safety/tolerability profiles are central to valuation.