Biotech IPO momentum continued as Kardigan raised $400 million for its Nasdaq debut, joining a run of large 2026 biotech offerings. The company said it will use the proceeds to support three clinical-stage cardiology drug programs. The fundraising highlights renewed risk appetite for clinical-stage developers tied to sizable market segments such as cardiovascular disease. It also suggests investors may be refocusing on near-term clinical catalysts, milestone-heavy plans, and clearer regulatory pathways. For the broader sector, the scale of the haul reinforces that capital markets are again prioritizing biotech liquidity—potentially improving odds for other mid-stage private companies seeking later-stage funding.