Organization and Principal Activities	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principal Activities	1. Organization and principal activities Description of business Kardigan, Inc. (the “Company”) is a clinical-stage precision therapeutics company developing medicines that target the root cause of specific cardiovascular diseases where no approved treatments exist. The Company’s mission is to develop multiple targeted cardiovascular treatments in parallel that bring people with cardiovascular diseases closer to the cures they deserve. The Company was incorporated in Delaware in August 2023 under the name EnCarda, Inc., and changed its name to Kardigan, Inc. in December 2024. The Company is headquartered in Princeton, New Jersey. Stock split On June 9, 2026 the Company effected a 1.5928-for-1 forward stock split of its issued and outstanding shares of common stock, which also resulted in a proportional adjustment to the existing conversion ratios for each series of its redeemable convertible preferred stock, and to the exercise prices and number of outstanding stock options and warrants. Accordingly, all shares of common stock, stock options, warrants, and per share information presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split for all periods presented. The per share par value and authorized numbers of shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the stock split. Initial Public Offering On June 22, 2026, the Company completed its initial public offering (“IPO”) and issued 28,750,000 shares of common stock, including 3,750,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price of $16.00 per share. In connection with the IPO, the Company received net proceeds of $422.4 million, after deducting $32.2 million in underwriting discounts and commissions, and $5.4 million in other offering costs. Immediately prior to the closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into 47,764,024 shares of common stock. In connection with the closing of the IPO, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of voting common stock, par value $0.00001 per share, 200,000,000 shares of non-voting common stock, par value $0.00001 per share and 10,000,000 shares of preferred stock, par value of $0.00001 per share. Liquidity and capital resources The Company has a limited operating history and has incurred significant net losses and negative cash flows from operations since inception. As of June 30, 2026, the Company had an accumulated deficit of $453.4 million and expects to continue incurring substantial losses for the foreseeable future as it advances its research and development programs. Historically, the Company has financed its operations principally through the issuance and sale of redeemable convertible preferred stock and, most recently, through the proceeds from the IPO. The Company may seek to raise additional capital in the future through equity or debt financings, license agreements, or other sources of financing, although there can be no assurance that such financing will be available on terms acceptable to the Company, or at all. Even if the Company is able to acquire additional financing, the financial terms may not be satisfactory or sufficient to support its operations. Failure to generate sufficient cash flows from operations, upon approval and commercialization of one of its product candidates, if ever, raise additional capital, and reduce discretionary spending, should additional capital not become available, could have a material adverse effect on the Company’s ability to achieve its intended business objectives. As discussed in the Company's audited financial statements for the year ended December 31, 2025, included in the Company's final prospectus dated June 17, 2026, filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, the Company previously concluded that recurring losses, negative cash flows from operations, and limited liquidity raised substantial doubt about its ability to continue as a going concern. In June 2026, the Company completed its IPO and received net proceeds of approximately $422.4 million. Upon closing of the IPO and receipt of the associated net proceeds, the Company alleviated the substantial doubt that previously existed. As of June 30, 2026, the Company’s cash, cash equivalents and investments totaled $660.7 million, which the Company expects will be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these unaudited condensed consolidated financial statements.

Organization and Principal Activities

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. Organization and principal activities

Description of business

Kardigan, Inc. (the “Company”) is a clinical-stage precision therapeutics company developing medicines that target the root cause of specific cardiovascular diseases where no approved treatments exist. The Company’s mission is to develop multiple targeted cardiovascular treatments in parallel that bring people with cardiovascular diseases closer to the cures they deserve. The Company was incorporated in Delaware in August 2023 under the name EnCarda, Inc., and changed its name to Kardigan, Inc. in December 2024. The Company is headquartered in Princeton, New Jersey.

Stock split

On June 9, 2026 the Company effected a 1.5928-for-1 forward stock split of its issued and outstanding shares of common stock, which also resulted in a proportional adjustment to the existing conversion ratios for each series of its redeemable convertible preferred stock, and to the exercise prices and number of outstanding stock options and warrants. Accordingly, all shares of common stock, stock options, warrants, and per share information presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split for all periods presented. The per share par value and authorized numbers of shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the stock split.

Initial Public Offering

On June 22, 2026, the Company completed its initial public offering (“IPO”) and issued 28,750,000 shares of common stock, including 3,750,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price of $16.00 per share. In connection with the IPO, the Company received net proceeds of $422.4 million, after deducting $32.2 million in underwriting discounts and commissions, and $5.4 million in other offering costs. Immediately prior to the closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into 47,764,024 shares of common stock.

In connection with the closing of the IPO, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of voting common stock, par value $0.00001 per share, 200,000,000 shares of non-voting common stock, par value $0.00001 per share and 10,000,000 shares of preferred stock, par value of $0.00001 per share.

Liquidity and capital resources

The Company has a limited operating history and has incurred significant net losses and negative cash flows from operations since inception. As of June 30, 2026, the Company had an accumulated deficit of $453.4 million and expects to continue incurring substantial losses for the foreseeable future as it advances its research and development programs.

Historically, the Company has financed its operations principally through the issuance and sale of redeemable convertible preferred stock and, most recently, through the proceeds from the IPO. The Company may seek to raise additional capital in the future through equity or debt financings, license agreements, or other sources of financing, although there can be no assurance that such financing will be available on terms acceptable to the Company, or at all. Even if the Company is able to acquire additional financing, the financial terms may not be satisfactory or sufficient to support its operations. Failure to generate sufficient cash flows from operations, upon approval and commercialization of one of its product candidates, if ever, raise additional capital, and reduce discretionary spending, should additional capital not become available, could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

As discussed in the Company's audited financial statements for the year ended December 31, 2025, included in the Company's final prospectus dated June 17, 2026, filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, the Company previously concluded that recurring losses, negative cash flows from operations, and limited liquidity raised substantial doubt about its ability to continue as a going concern. In June 2026, the Company completed its IPO and received net proceeds of approximately $422.4 million. Upon closing of the IPO and receipt of the associated net proceeds, the Company alleviated the substantial doubt that previously existed. As of June 30, 2026, the Company’s cash, cash equivalents and investments totaled $660.7 million, which the Company expects will be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these unaudited condensed consolidated financial statements.