Kardigan

Q2 FY2026 EarningsQ2 FY2026 results missed consensus on the bottom line despite meeting the zero-revenue expectation. Net loss (GAAP) of $116.2M significantly exceeded the $60.6M expected loss, and EPS of -$4.61 was well below the -$0.79 consensus. The variance was primarily driven by a $43.5M non-cash charge for contingent milestone liabilities and a 57% YoY surge in R&D spending to $56.4M. Despite the wider loss, a successful June IPO bolstered the cash position to $661M, providing a runway through 1H 2027 clinical readouts.