Kardigan Quick Take – 2Q26 Earnings – 1H27 Catalysts on Track

Research evidence excerpt

J P M O R G A N

North America Equity Research

11 August 2026

Kardigan

Quick Take – 2Q26 Earnings – 1H27 Catalysts on Track

Overweight

KARD, KARD US

Price (10 Aug 26):$21.08

SMid Biotechnology

Kardigan reported 2Q earnings, and we wanted to pass on some quick thoughts.

Anupam Rama AC

The press release contained no major updates, as the company reiterated

previously disclosed timelines.

(1-212) 622-0900

Focus remains on 1H27 catalysts for danicamtiv, ataciguat, and

tonlamarsen, all of which have the potential to drive KARD shares with

later-stage data readouts. We anticipate increasing Street focus later this

year and into early next year on these updates.

(1-212) 622-7212

J.P. Morgan Securities LLC

Enrollment of Cohort 1 (MYH7 or TTN patients) of the Phase 2b KINDSHIPDCM trial of danicamtiv is complete, with topline data expected in 1H27 (on

track). Enrollment of the Phase 3 trial is now ongoing.

Topline data (interim 24-week analysis) from the Phase 2b KATALYST-AV

trial of ataciguat is expected in 1H27 (on track).

The authors would like to thank Rati

Pinge of the J.P. Morgan Global

Research Center for contributions to

this report.

Topline data from the Phase 2 KARDINAL-ASH trial of tonlamarsen is

anticipated in 1H27 (on track).