Kodiak Sciences Inc. KOD
Since its founding in 2009, Kodiak Sciences Inc. ("Kodiak," the "Company," "we" or "our") has developed a new technology platform, the Antibody Biopolymer Conjugate ("ABC") platform, for retinal medicines. Our goal is to prevent and treat the major causes of blindness by developing and commercializing next-generation therapeutics to address multiple unmet needs on the spectrum of retinal diseases.
Kodiak has developed three late-stage clinical programs based on its internal discovery and development engine. The lead investigational medicine, tarcocimab tedromer ("Zenkuda" or "KSI-301" or "tarcocimab"), is an anti-VEGF therapy built on Kodiak's proprietary ABC platform. Zenkuda has a mean ocular half-life in humans of 20 days, approximately three times longer than approved anti-vascular endothelial growth factor ("VEGF") therapies, and is designed to maintain effective drug levels in ocular tissues for longer. Zenkuda is being developed as a mainstay intravitreal biologic monotherapy that provides high immediacy, driven by the enhanced formulation, and high durability, driven by the ABC platform and our science of durability, with the ultimate objective of providing, once approved, a flexible 1-month through 6-month label for all patients with retinal vascular disease (treatment-naïve, treatment-experienced, mild patients and severe patients).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $182.4M | $126.1M | $206.3M | $267.6M | $217.3M | $107.4M | $37.5M | $18.8M | $22.0M | $14.1M |
| SG&A | $52.0M | $60.8M | $71.0M | $73.8M | $49.7M | $28.6M | $11.7M | $7.6M | $3.5M | $3.1M |
| Total operating expenses | $234.4M | $186.8M | $277.3M | $341.4M | $267.1M | $136.0M | $49.2M | $26.4M | $25.5M | $17.2M |
| Operating income | -$234.4M | -$186.8M | -$277.3M | -$341.4M | -$267.1M | -$136.0M | -$49.2M | -$26.4M | -$25.5M | -$17.2M |
| Interest expense | $0 | $0 | $13.0K | $18.0K | $47.0K | $25.0K | $8.0K | $5.5M | $1.2M | $6.0K |
| Pre-tax income | -$229.9M | -$176.2M | -$260.4M | -$333.8M | -$266.9M | -$133.1M | -$47.4M | -$41.4M | -$27.9M | -$17.1M |
| Income tax | $52.0K | $20.0K | $33.0K | $33.0K | $74.0K | $14.0K | — | — | — | — |
| Net income | -$230.0M | -$176.2M | -$260.5M | -$333.8M | -$267.0M | -$133.1M | -$47.4M | -$41.4M | -$27.9M | -$17.1M |
| EPS, basic | -4.32 | -3.35 | -4.97 | -6.39 | -5.16 | -2.91 | — | — | — | — |
| EPS, diluted | -4.32 | -3.35 | -4.97 | -6.39 | -5.16 | -2.91 | -1.25 | -2.77 | -3.72 | -2.38 |
| Shares, diluted (wtd. avg.) | $53.2M | $52.6M | $52.4M | $52.2M | $51.8M | $45.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $209.9M | $168.1M | $285.5M | $190.4M | $731.5M | $944.4M | $211.8M | $88.3M | $1.4M | $9.6M |
| Short-term investments | — | — | $0 | $288.5M | $0 | $24.6M | $124.7M | — | — | — |
| Total current assets | $214.8M | $171.9M | $289.3M | $486.0M | $734.8M | $972.0M | $339.2M | $90.4M | $1.6M | — |
| Property, plant and equipment | $85.3M | $102.2M | $120.5M | $56.4M | $41.3M | $5.1M | $996.0K | $1.1M | $1.5M | — |
| Total assets | $351.5M | $335.6M | $479.4M | $666.6M | $904.2M | $1.07B | $358.9M | $92.2M | $3.2M | — |
| Accounts payable | $12.9M | $3.9M | $13.6M | $9.1M | $12.4M | $8.6M | $2.6M | $1.1M | $3.4M | — |
| Total current liabilities | $45.5M | $25.6M | $41.7M | $52.5M | $64.7M | $31.4M | $11.7M | $4.8M | $9.2M | — |
| Total liabilities | $194.2M | $185.3M | $213.6M | $230.5M | $240.9M | $206.6M | $13.5M | $5.4M | $22.0M | — |
| Retained earnings | -$1.56B | -$1.33B | -$1.15B | -$892.0M | -$558.2M | -$291.2M | -$158.1M | -$110.8M | -$69.3M | — |
| Total equity | $157.4M | $150.3M | $265.8M | $436.2M | $663.3M | $860.8M | $345.4M | $86.8M | -$68.7M | -$41.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$136.0M | -$117.3M | -$154.2M | -$206.5M | -$182.3M | -$83.4M | -$39.1M | -$29.0M | -$17.7M | -$16.0M |
| Depreciation and amortisation | $18.3M | $18.7M | $18.3M | $3.8M | $1.0M | $477.0K | $538.0K | $490.0K | $549.0K | $257.0K |
| Stock-based compensation | $58.9M | $60.2M | $88.6M | $106.0M | $61.4M | $30.7M | $6.1M | $2.7M | $275.0K | $272.0K |
| Capital expenditure | $506.0K | $375.0K | $41.4M | $37.0M | $17.0M | $3.8M | $437.0K | $78.0K | $209.0K | $771.0K |
| Investing cash flow | -$506.0K | -$755.0K | $249.2M | -$336.5M | -$38.8M | $104.8M | -$137.0M | -$581.0K | -$209.0K | -$771.0K |
| Financing cash flow | $178.3M | $501.0K | $31.0K | $1.9M | $8.2M | $717.4M | $299.7M | $116.5M | $9.6M | -$120.0K |
| Buybacks | — | — | — | — | — | — | — | $0 | $0 | $4.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170429.
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