Running It Back But Bigger: New Cardio Story from the MYOK Team; Initiate Buy

研报英文原文证据摘录

Running It Back But Bigger: New Cardio Story from the MYOK Team; Initiate Buy

Kardigan, Inc. (KARD)

Equity Research

July 13, 2026

ng/mL pre dose to 0.12 ng/mL 24 hours post dose. This patient's dani exposure was estimated to

be 3400-4900 ng/mL and between the 75-100mg BID max concentration at steady state, which is

important since KARD is using 50mg BID as the go forward dose, (B) in the multi-dose cohort (N=30),

patients were treated for 7 days and dani had N=7 cases of troponin elevations: N=2/9 at 50mg

BID, N=2/15 at 75mg BID, and N=3/6 at 100mg BID. All of these were asymptomatic and didn't have

associated ECG changes.

Thus, we think the troponin elevations from the Phase IIA DCM trial look mild / explainable but

worth tracking especially as patients are on dani for longer. We like how KARD is choosing 50mg

BID as the go forward dose. (A) In HFrEF, the only symptomatic troponin elevation occurred at the

550mg single dose in HFrEF where peak plasma concentrations were 3400-4900 ng/mL, which seem

to hover around where the 75-100mg BID multi-dose would be. (B) In DCM, N=3 asymptomatic troponin

elevations occurred in non-MYH7/TTN mutants in Part A. The open label extension allowed patients

to titrate up to 75mg BID where there were two cases of asymptomatic troponin increases in MYH7

and TTN patients. That said, most of dani's disclosed multi-dose data seem to be only over 1-2 weeks

of treatment + MYH7 / TTN patients had some troponin elevations albeit at a higher 75mg BID dose,

so we'll continue to monitor troponins w/ extended treatment duration.

Exhibit 2 - Danicamtiv Phase II HFrEF Multi-dose Cohorts

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Source: Company Reports, Jefferies Research.

Exhibit 3 - Danicamtiv Phase II HFrEF Study - Steady State Plasma Concentrations for Associated Doses