Kardigan raised gross proceeds of about $400 million in an upsized IPO to fund three mid-stage cardiovascular programs with no available therapies. The company priced 25 million shares at $16 per share, at the high end of its range, after upsizing the offering. Kardigan’s three candidates are expected to report key data in 2027, which could set up Phase 3 testing. The funding strengthens the company’s runway ahead of pivotal clinical readouts in cardiology. The deal adds to momentum in the biotech public markets, with investors continuing to back clinical-stage cardiovascular franchises.