Putative excitonic insulating state in narrow-gap semiconductor La$_3$Cd$_2$As$_6$

Excitonic insulators are electronically-driven phases of matter characterized by the spontaneous condensation of electron-hole pairs. Here we show that La$_3$Cd$_2$As$_6$ undergoes a transition at $T_{0}=278$ K to a highly insulating state with no accompanying structural transition. We observe quasi-two-dimensional electrical transport and charge fluctuations consistent with an electronic transition enabled by enhanced Coulomb interactions. Density functional theory calculations are unable to replicate the insulating ground state. Our results support the opening of a gap by excitonic effects at $T_{0}$, placing La$_3$Cd$_2$As$_6$ as a rare example of a bulk excitonic insulator.