Kodiak Sciences Inc.
- Open
- 40.65
- Day high
- 42.23
- Day low
- 39.61
- Prev close
- 41.25
- Volume
- 42K
- Mkt cap
- $2.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 23.6
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.0M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Kodiak Sciences Inc. (KOD) is a Healthcare company listed on NASDAQ. The stock is up 695% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Kodiak Sciences Inc. (KOD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KOD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.93 | $-0.94 | -1.1% | — | — |
| Mar 31, 2026 | $-1.02 | $-1.04 | -2.0% | — | — |
| Nov 13, 2025 | $-1.07 | $-1.16 | -8.4% | — | — |
| Aug 13, 2025 | $-1.01 | $-1.03 | -2.0% | — | — |
| May 14, 2025 | $-0.89 | $-1.09 | -22.5% | — | — |
| Mar 27, 2025 | $-0.90 | $-0.84 | +6.7% | — | — |
| Nov 14, 2024 | $-0.90 | $-0.84 | +6.7% | — | — |
| Aug 14, 2024 | $-0.87 | $-0.86 | +1.1% | — | — |
| May 15, 2024 | $-1.09 | $-0.82 | +24.8% | — | — |
| Nov 14, 2023 | $-1.41 | $-0.95 | +32.6% | — | — |
| Aug 14, 2023 | $-1.23 | $-1.53 | -24.4% | — | — |
| May 15, 2023 | $-1.28 | $-1.35 | -5.5% | — | — |
KOD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Levy Richard Sdirector | Grant | 17,731 | $38.96 |
| Jul 2, 2026 | PROFUSEK ROBERTdirector | Grant | 17,731 | $38.96 |
| Jul 2, 2026 | BAKER BROS. ADVISORS LPdirector, 10 percent owner: | Grant | 17,731 | $38.96 |
| Jul 2, 2026 | Dahiyat Bassil Idirector | Grant | 17,731 | $38.96 |
| Jul 2, 2026 | Bancroft Charles Adirector | Grant | 17,731 | $38.96 |
| Jul 2, 2026 | Yang Taiyindirector | Grant | 17,731 | $38.96 |
| Jun 5, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Option | 30,000 | $1.04 |
| Jun 5, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Sell | 25,896 | $34.01 |
| Jun 5, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Sell | 4,104 | $34.67 |
| Apr 16, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Option | 28,614 | $1.04 |
| Apr 2, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Sell | 12,692 | $39.14 |
| Apr 2, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Sell | 600 | $41.77 |
| Apr 2, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Option | 30,000 | $1.04 |
| Apr 2, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Sell | 4,231 | $40.88 |
| Apr 2, 2026 | BORGESON JOHN A.officer: Chief Financial Officer | Sell | 12,477 | $40.29 |
Source: KOD SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full KOD insider & 13F page →Kodiak Sciences Inc. company profile
Overview
Kodiak Sciences Inc. (NASDAQ:KOD) is a clinical-stage biopharmaceutical company founded in 2009 and based in Palo Alto, California. Originally incorporated as Oligasis, LLC, the company changed its name to Kodiak Sciences in September 2015 and went public in October 2018. Kodiak focuses on developing novel therapeutics to treat retinal diseases, with its lead drug candidate currently in late-stage clinical trials for several sight-threatening conditions affecting millions of patients worldwide.
Business
Kodiak Sciences operates in the ophthalmology segment of the biotechnology industry, specifically targeting retinal diseases that can cause vision loss or blindness. The retina is the light-sensitive tissue at the back of the eye that converts light into electrical signals sent to the brain, and diseases affecting this tissue represent a significant unmet medical need with limited treatment options. The company's primary focus is developing treatments for conditions caused by abnormal blood vessel growth and inflammation in the eye. These include wet age-related macular degeneration (AMD), which affects the central vision of older adults; diabetic macular edema, a complication of diabetes that causes fluid buildup in the retina; and retinal vein occlusion, where blood clots block retinal blood vessels. Kodiak's lead product candidate is tarcocimab (KSI-301), an innovative anti-VEGF (vascular endothelial growth factor) antibody biopolymer conjugate designed to provide longer-lasting treatment compared to existing therapies. VEGF is a protein that promotes abnormal blood vessel growth in the eye, and blocking it can prevent vision loss. The company's proprietary biopolymer conjugate technology is designed to extend the drug's duration of action, potentially reducing the frequency of injections patients need directly into their eyes. The company also has two earlier-stage programs: KSI-501, a bispecific conjugate targeting both inflammation and abnormal blood vessel growth for retinal diseases with inflammatory components, and KSI-601, a triplet inhibitor being developed for dry AMD, a more common but currently untreatable form of age-related macular degeneration.
Revenue model
As a clinical-stage biopharmaceutical company, Kodiak Sciences currently generates no revenue and operates on a research and development model funded by investor capital. The company's future business model will be based on product sales of approved therapeutics, likely through partnerships with larger pharmaceutical companies or direct commercialization. The ophthalmology market for retinal diseases represents a multi-billion dollar opportunity, with current anti-VEGF treatments generating substantial revenues for companies like Regeneron (Eylea) and Roche/Genentech (Lucentis, Avastin). Patients typically require regular injections every 4-8 weeks, creating a recurring revenue stream. Kodiak's value proposition centers on potentially extending dosing intervals to every 6 months or longer, which could command premium pricing while improving patient compliance and quality of life. Several factors could significantly impact Kodiak's future profitability. Positive factors include the large and growing patient population due to aging demographics and increasing diabetes prevalence, limited competition in extended-duration therapies, and potential for premium pricing given the convenience advantage. Negative factors include intense competition from established players and new entrants, regulatory risks inherent in drug development, manufacturing complexity and costs associated with biopolymer conjugate technology, and the need for specialized retinal specialists to administer treatments, which could limit market penetration. The company's success will ultimately depend on demonstrating superior efficacy and safety compared to existing treatments, securing regulatory approvals, and establishing commercial partnerships or building internal commercialization capabilities.
Competitive moat
Kodiak Sciences' competitive moat is primarily built around its proprietary biopolymer conjugate technology platform, which the company believes can extend drug duration significantly beyond current therapies. This technology represents a potential differentiation in a market where treatment burden is a major concern for patients and physicians. The company has built intellectual property around this platform and has demonstrated proof-of-concept in clinical trials. However, the moat is relatively narrow and faces significant challenges. The biopharmaceutical industry is highly competitive, with large pharmaceutical companies possessing substantially greater resources for research, development, and commercialization. Established players like Regeneron and Roche have deep relationships with retinal specialists and proven manufacturing and distribution capabilities. Additionally, the fundamental approach of targeting VEGF is well-established, meaning Kodiak's differentiation relies primarily on duration rather than a novel mechanism of action. The company's moat could be strengthened by successful completion of Phase 3 trials demonstrating clear superiority in durability and safety, establishment of strong intellectual property protection, and securing partnerships with major pharmaceutical companies for commercialization. Conversely, the moat could be weakened by competitive threats from other companies developing long-acting formulations, regulatory setbacks, or clinical trial failures. The company's relatively small size and limited financial resources compared to established competitors also present ongoing challenges to maintaining any competitive advantage.
Risks & safety
Kodiak Sciences presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but significant execution risks. • **Liquidity position**: Strong with $138.9 million in cash and short-term investments as of Q1 2025, providing runway through 2026 based on current burn rates • **Debt levels**: Moderate debt-to-equity ratio of 0.62, primarily consisting of development milestone obligations rather than traditional debt • **Cash burn**: Quarterly operating cash flow burn of approximately $29 million, indicating roughly 4.5 quarters of runway at current spending levels • **Current ratio**: Excellent at 4.62, indicating strong short-term liquidity • **Valuation metrics**: Trading at significant discount to book value (P/B ratio of 1.36), though traditional metrics are less meaningful for pre-revenue biotech • **Binary risk factors**: Success heavily dependent on clinical trial outcomes, regulatory approvals, and ability to secure partnerships or additional funding before cash depletion The company's financial position provides adequate time to reach key clinical milestones, but the inherent risks of drug development create substantial downside potential if trials fail.
Recent development
Based on the 2023 earnings call, Kodiak Sciences has made significant progress advancing its clinical pipeline toward multiple potential approval pathways. The company's lead program, tarcocimab, has completed three positive Phase 3 studies across different retinal diseases, demonstrating a promising six-month durability signal that could differentiate it from current therapies requiring more frequent dosing. The company has strategically prioritized three late-phase clinical programs designed to reach meaningful inflection points within its current cash runway through 2026. For tarcocimab, Kodiak is conducting the GLOW2 study in diabetic retinopathy and has added the DAYBREAK study in wet AMD to further validate the durability signal that emerged from earlier trials. This focus on durability represents a key strategic pivot, as extended dosing intervals could provide significant competitive advantages in the market. Kodiak has also advanced its second-generation program KSI-501, a first-in-class bispecific antibody targeting both IL-6 and VEGF pathways. The Phase 1 study in diabetic macular edema showed positive visual acuity and safety signals, leading to plans for a Phase 3 DAYBREAK study in wet AMD targeting mid-2024 initiation. Additionally, the company is developing KSI-101 for macular edema with inflammatory components, with plans to initiate a Phase 1b dose-finding study and potentially two Phase 2b/3 studies in 2024. The strategic focus has shifted toward maximizing the value of existing programs rather than expanding into new areas, reflecting the company's need to achieve meaningful clinical and regulatory milestones within its financial constraints.
KOD company profile · for informational purposes only — not investment advice.
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