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KOD

Kodiak Sciences Inc.

KOD

Kodiak Sciences Inc. • NASDAQ
$22.98 ▲ 2.41% (+0.54)
Market Cap $1.22 B
52w High $23.63
52w Low $1.92
Dividend Yield 0%
P/E -5.58
Volume 185.90K
Outstanding Shares 52.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $55.813M ▲ $-61.457M ▼ 0% $-1.16 ▼ $-54.918M ▼
Q2-2025 $0 $48.972M ▼ $-54.313M ▲ 0% $-1.03 ▲ $-47.775M ▲
Q1-2025 $0 $50.445M ▲ $-57.461M ▼ 0% $-1.09 ▼ $-50.733M ▼
Q4-2024 $0 $39.497M ▼ $-44.105M ▼ 0% $-0.84 $-37.423M ▼
Q3-2024 $0 $39.935M $-43.946M 0% $-0.84 $-37.249M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $72.038M ▼ $218.069M ▼ $194.377M ▲ $23.692M ▼
Q2-2025 $104.165M ▼ $256.725M ▼ $186.435M ▼ $70.29M ▼
Q1-2025 $138.851M ▼ $297.909M ▼ $189.067M ▲ $108.842M ▼
Q4-2024 $168.074M ▼ $335.578M ▼ $185.29M ▼ $150.288M ▼
Q3-2024 $197.864M $372.669M $187.299M $185.37M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-61.457M ▼ $-32.88M ▲ $-60K ▲ $813K ▲ $-32.127M ▲ $-32.94M ▲
Q2-2025 $-54.313M ▲ $-34.673M ▼ $-133K ▲ $120K ▼ $-34.686M ▼ $-34.806M ▼
Q1-2025 $-57.461M ▼ $-29.077M ▲ $-270K ▼ $124K ▼ $-29.223M ▲ $-29.347M ▲
Q4-2024 $-44.105M ▼ $-30.07M ▼ $-124K ▲ $404K ▲ $-29.79M ▼ $-30.194M ▼
Q3-2024 $-43.946M $-21.156M $-205K $0 $-21.361M $-21.361M

Five-Year Company Overview

Income Statement

Income Statement Kodiak has remained a pure R&D company with essentially no product revenue yet, so its income statement is driven entirely by research and development spending and overhead. Losses have been steady and sizable over the past several years, which is typical for a clinical‑stage biotech but still important: the business is currently a cost center, not a profit generator. The trend shows expenses and losses peaking a couple of years ago and easing somewhat more recently, but the company is still firmly in the red and dependent on external funding rather than internal cash generation. Overall, future trial results and eventual approvals will matter far more than past earnings for this type of business.

Balance Sheet

Balance Sheet The balance sheet shows a gradual run‑down of cash and total assets over the last few years as clinical programs have advanced, which is expected for a company without revenue. Shareholders’ equity has been shrinking as accumulated losses build, though the company still has a positive equity base rather than being overleveraged. Debt levels appear modest relative to total assets, so the capital structure is not heavily reliant on borrowing. The main takeaway is that Kodiak still has a tangible financial cushion, but its asset base is being consumed by ongoing development work and will need to be replenished over time if commercialization does not arrive soon enough.

Cash Flow

Cash Flow Cash flows are consistently negative, reflecting ongoing spending on clinical trials, manufacturing scale‑up, and overhead with no offsetting product sales. Operating cash burn has increased over the years as the pipeline entered late‑stage trials, then appears to have moderated slightly more recently, suggesting some discipline in managing expenses. Capital spending needs are relatively small compared with research costs, so most cash outflow is tied directly to R&D rather than large physical assets. Overall, the company’s story is about how long existing cash can support the current plan and when additional funding might be required if approvals or partnerships do not materialize on schedule.

Competitive Edge

Competitive Edge Kodiak operates in a highly competitive retinal disease market dominated by large pharmaceutical companies with established therapies. Its main competitive angle is the promise of longer‑lasting eye treatments that could reduce the number of injections patients need, which is a very meaningful benefit if clinical data ultimately supports it. The ABC and ABCD platforms, along with a focused portfolio in retinal diseases, give Kodiak a specialized niche and a defensible intellectual property position. However, past mixed trial results and the strength of existing drugs from larger rivals mean Kodiak must clearly demonstrate superior durability or outcomes to carve out and sustain a strong market position.

Innovation and R&D

Innovation and R&D Innovation is Kodiak’s core asset: the ABC and ABCD platforms are designed to extend how long drugs stay active in the eye and to combine multiple mechanisms of action in a single treatment. The pipeline is broad for a company of its size, with several late‑stage trials planned or underway across major retinal conditions, plus earlier‑stage efforts in other eye diseases. This creates many potential value‑creating milestones over the next few years but also concentrates risk: setbacks in a few key programs could materially affect the company’s prospects. R&D intensity is therefore both the key strength and the main uncertainty, making execution quality, trial design, and regulatory strategy critical to the long‑term outcome.

Summary

Kodiak is a classic clinical‑stage biotech: no current product revenue, sizable ongoing losses, and a balance sheet that is gradually being drawn down to fund ambitious late‑stage trials. Financial health currently rests on existing cash reserves and the company’s ability to access capital markets or partners in the future, given that it does not yet generate its own cash. Strategically, Kodiak’s value hinges on whether its eye‑disease treatments can prove clearly more durable or more effective than entrenched competitors’ drugs. The next several years are set up as a high‑stakes period, with multiple pivotal trial readouts and a first potential regulatory filing that could either validate the platform and unlock a commercial future or force a reassessment of the company’s direction and funding needs.

NEWS

November 13, 2025 · 4:05 PM UTC

Kodiak Sciences Announces Recent Business Highlights and Third Quarter 2025 Financial Results

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November 12, 2025 · 5:48 PM UTC

Kodiak Sciences to Present at Upcoming Investor Conferences

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November 5, 2025 · 7:00 AM UTC

Follow-up data for Kodiak's KSI-101 from the APEX study showed continued strengthening of clinical effect (≥90% of patients achieving absence of intraretinal and subretinal fluid) through week 20 in macular edema secondary to inflammation (MESI)

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September 15, 2025 · 7:00 AM UTC

New data for Kodiak's KSI-101 from the APEX study reinforce its clinically meaningful vision gains and rapid retinal drying in macular edema secondary to inflammation (MESI)

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September 2, 2025 · 8:00 AM UTC

Kodiak Sciences to Participate in Upcoming Scientific Conferences Highlighting KSI-101 in Patients with Macular Edema Secondary to Inflammation (MESI)

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