The clinical-stage biotech plans to use a potential public listing to accelerate development of melanocortin-based therapies targeting obesity and cancer cachexia.

Kardigan has made a strong public market entrance, with shares jumping more than 37% on its first day of trading following a $400 million initial public offering that underscores continued investor appetite for biotech listings.

The move comes just days after a multi-billion dollar partnership with Regeneron, signalling strong investor appetite for next-generation intracellular targeting platforms.