The MyoKardia Gang Is Back, and They Want Your IPO Dollars

Danicamtiv (Phase 2b/3) is a cardiac myosin activator for genetic dilated cardiomyopathy, a condition where inherited gene mutations weaken the heart muscle's ability to contract. The drug works by boosting the molecular motor (myosin) inside heart muscle cells, essentially helping a weak heart squeeze harder. It was originally discovered at MyoKardia, developed further by BMS, and then licensed back to Kardigan. Full circle.

Ataciguat (Phase 3) targets moderate calcific aortic valve stenosis, a disease where calcium deposits stiffen the aortic valve and restrict blood flow. Right now, patients basically wait until the valve gets bad enough to replace surgically. There's no approved drug that slows the calcification. Ataciguat activates an enzyme called soluble guanylate cyclase (sGC) to try to slow the calcium buildup. Kardigan licensed it from Sanofi and the Mayo Clinic, and has already shown positive Phase 2 data.

Tonlamarsen (Phase 2b) is an antisense oligonucleotide (a short strand of synthetic RNA that silences a specific gene) targeting acute severe hypertension, those dangerous blood pressure spikes above 180/110 that can cause organ damage. It works by shutting down production of angiotensinogen in the liver, the single protein that feeds the entire blood-pressure-regulating RAAS pathway. Licensed from Ionis, the company that practically invented antisense technology.

All three drugs address conditions where current treatment options range from "not great" to "literally just waiting."

Why Cardiovascular, Why Now?

Cardiovascular IPOs aren't exactly dominating 2026. The biotech IPO market has been reopening this year after a brutal drought: only eight U.S. biotech IPOs priced in all of 2025, compared to over 100 back in 2021. The comeback has been real but selective, led mostly by oncology and AI-enabled platform companies. Generate:Biomedicines raised $400 million. Eikon Therapeutics pulled in $381 million. Aktis Oncology grabbed $318 million to open the 2026 class.

Cardiovascular names? They've been conspicuously absent from the leaderboard.

That makes Kardigan's filing notable. The company is betting that a deep cardiovascular pipeline with experienced leadership can compete for investor dollars in a market that's been chasing cancer drugs and AI platforms. It's a contrarian play, like showing up to a tech conference and pitching plumbing supplies (very expensive, very necessary plumbing supplies).

The thesis has some logic behind it. Heart disease remains the leading cause of death globally, and several of Kardigan's target indications have zero approved disease-modifying therapies. Calcific aortic valve stenosis alone represents a massive population of patients currently stuck in therapeutic limbo.

The $554 Million Question

Kardigan hasn't disclosed how much it wants to raise in the IPO. No share count, no price range, no target valuation. That information will come in an amended SEC filing once the bookrunners set terms.

But the backdrop matters. Investors in 2026 are demanding de-risked assets and credible paths to commercialization. They want late-stage data, not PowerPoint dreams. Kardigan checks several of those boxes: three drugs in Phase 2b or Phase 3, a team with a $13 billion exit on its résumé, and backing from institutional heavyweights who don't write $254 million checks on a whim.

The risks are real, though. Tonlamarsen's earlier Phase 2 trial in uncontrolled hypertension showed meaningful blood pressure reductions, but it missed a key prespecified endpoint. Ataciguat still needs to prove its Phase 3 data holds up. And danicamtiv is targeting a genetically defined subset of DCM patients, which means the addressable market could be smaller than the headline "heart failure" label suggests.

What to Watch

This IPO will be a litmus test for whether cardiovascular biotech can attract public-market dollars in a year dominated by oncology.

If Kardigan prices well and trades up, expect other cardiovascular biotechs to start dusting off their S-1 filings. If it stumbles, it reinforces the narrative that 2026 investors only have eyes for cancer and AI.

Either way, the MyoKardia team is making its move. They built a $13 billion company once. Now they're asking Wall Street to let them do it again, this time with three shots on goal instead of one.

The ticker is KARD. Remember the name.

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Congress wants to expand a national security law to cover biotech, potentially disrupting a $137 billion China-to-U.S. licensing boom. The COINS Act could force every cross-border deal through a government screening process, and Big Pharma's favorite pipeline is in the crosshairs.