Kodiak Sciences Inc (KOD)
NASDAQ:KOD
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Kodiak Sciences
(NASDAQ:KOD)
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Rating:56Neutral
Price Target:
$37.00
▼(-17.59% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial performance (no revenue, sizable losses, and persistent cash burn with shrinking equity cushion). Offsetting this, technicals show a broader uptrend with neutral momentum, and the recent Phase 3 GLOW2 success is a meaningful positive catalyst. Valuation metrics provided are not helpful (P/E 0.00; no dividend yield), limiting valuation-based support.
Positive Factors
Phase 3 GLOW2 success (Zenkuda)
Topline GLOW2 Phase 3 data establish a BLA-ready profile across a broader, higher-risk diabetic retinopathy population. Durable six-month dosing, strong efficacy and favorable safety materially raise the odds of regulatory approval, create a clear commercialization path, and strengthen long-term competitive positioning in retinal therapeutics.
Negative Factors
Zero revenue with large recurring losses
As a clinical-stage company with no product revenues, Kodiak depends entirely on development success to reach profitability. Large recurring net losses mean the firm's long-term viability hinges on trial outcomes and commercial execution; failure or delay in approval would materially impair sustainable cash generation.
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Positive Factors
Negative Factors
Phase 3 GLOW2 success (Zenkuda)
Topline GLOW2 Phase 3 data establish a BLA-ready profile across a broader, higher-risk diabetic retinopathy population. Durable six-month dosing, strong efficacy and favorable safety materially raise the odds of regulatory approval, create a clear commercialization path, and strengthen long-term competitive positioning in retinal therapeutics.
Read all positive factors
Kodiak Sciences (KOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.27B
Dividend YieldN/A
Average Volume (3M)660.44K
Price to Earnings (P/E)―
Beta (1Y)2.27
Revenue GrowthN/A
EPS Growth-15.28%
CountryUS
Employees109
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.17
Shares Outstanding62,578,440
10 Day Avg. Volume631,820
30 Day Avg. Volume660,436
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)9.45
Price to Sales (P/S)0.00
P/FCF Ratio-10.90
Enterprise Value/Market Cap0.80
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-8.81
Forecast
1Y Price Target
$62.67Price Target Upside39.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-3.83
Revenue Forecast (FY)N/A
Kodiak Sciences Business Overview & Revenue Model
Company Description
Kodiak Sciences Inc., a clinical stage biopharmaceutical company, researches, develops, and commercializes therapeutics to treat retinal diseases. Its lead product candidate is KSI-301, an anti-vascular endothelial growth factor antibody biopolyme...
How the Company Makes Money
As a clinical-stage biopharmaceutical company, Kodiak Sciences has historically not generated material recurring revenue from product sales because its candidates have been in research and clinical development rather than commercialized. Its cash ...
Kodiak Sciences Earnings Call Summary
Earnings Call Date:Mar 28, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The earnings call highlighted Kodiak Sciences' strong pipeline and positive Phase III outcomes, along with a good financial position. However, there are uncertainties regarding the DAYBREAK study and potential risks if the study does not succeed. Overall, the sentiment leans positive due to the outweighing highlights.Positive Updates
Strong Pipeline and Diversification
Kodiak Sciences has a portfolio of three clinical programs, two of which are derived from the ABC Platform with focus on durability, and one is platform-independent. This diversification offers both opportunity and risk mitigation.
Negative Updates
Uncertainty in Phase III DAYBREAK Study Design
There is ongoing discussion with the FDA regarding the final design of the DAYBREAK study, which introduces uncertainty in timelines and outcomes.
Read all updates
Q4-2023 Updates
Positive
Negative
Strong Pipeline and Diversification
Kodiak Sciences has a portfolio of three clinical programs, two of which are derived from the ABC Platform with focus on durability, and one is platform-independent. This diversification offers both opportunity and risk mitigation.
Read all positive updates
Company Guidance
During the Q4 2023 earnings call for Kodiak Sciences (symbol: KOD) held on March 28, 2024, extensive guidance was provided on the company's strategic direction and clinical program updates. The call highlighted Kodiak's focus on advancing three clinical programs, including two derived from the ABC Platform and one platform-independent. Key metrics discussed included the company's strong cash position as of Q4, the completion of three positive Phase III studies for tarcocimab in diabetic retinopathy, retinal vein occlusion, and wet AMD, and the regulatory alignment achieved for a bridging strategy to the go-to-market formulation. Furthermore, the company outlined plans for additional studies, such as the actively recruiting GLOW2 study in diabetic retinopathy and the inclusion of tarcocimab in the DAYBREAK study to validate its durability in wet AMD. Kodiak aims to progress rapidly into pivotal studies for KSI-501 and KSI-101, with a goal to have four pivotal studies ongoing later in the year. The comprehensive discussion underscored Kodiak's commitment to achieving significant value inflection points within its cash runway extending into 2026.Kodiak Sciences Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
44
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -26.71M | -25.95M | -11.00M | -8.71M |
| EBITDA | -234.39M | -149.50M | -234.53M | -322.80M | -258.26M |
| Net Income | -229.97M | -176.21M | -260.49M | -333.82M | -266.99M |
Balance Sheet | |||||
| Total Assets | 351.53M | 335.58M | 479.37M | 666.63M | 904.22M |
| Cash, Cash Equivalents and Short-Term Investments | 209.86M | 168.07M | 285.51M | 478.93M | 731.51M |
| Total Debt | 59.18M | 70.34M | 181.63M | 187.73M | 179.94M |
| Total Liabilities | 194.15M | 185.29M | 213.59M | 230.46M | 240.90M |
| Stockholders Equity | 157.38M | 150.29M | 265.78M | 436.17M | 663.32M |
Cash Flow | |||||
| Free Cash Flow | -136.51M | -117.72M | -195.61M | -253.82M | -245.57M |
| Operating Cash Flow | -136.01M | -117.32M | -154.18M | -206.46M | -182.27M |
| Investing Cash Flow | -506.00K | -755.00K | 249.23M | -336.51M | -38.80M |
| Financing Cash Flow | 178.30M | 501.00K | 31.00K | 1.90M | 8.18M |
Kodiak Sciences Technical Analysis
Neutral
44.90
Price Trends
37.93
Negative
31.76
Positive
24.15
Positive
Market Momentum
-1.10
Positive
41.92
Neutral
35.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KOD, the sentiment is Neutral. The current price of 44.9 is above the 20-day moving average (MA) of 40.51, above the 50-day MA of 37.93, and above the 200-day MA of 24.15, indicating a neutral trend. The MACD of -1.10 indicates Positive momentum. The RSI at 41.92 is Neutral, neither overbought nor oversold. The STOCH value of 35.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KOD.
Kodiak Sciences Risk Analysis
Kodiak Sciences disclosed 76 risk factors in its most recent earnings report. Kodiak Sciences reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kodiak Sciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $1.58B | ― | -56.07% | ― | 3.42% | -11.04% | |
56 Neutral | $2.27B | -10.14 | -253.85% | ― | ― | -15.28% | |
53 Neutral | $1.41B | ― | 121.52% | ― | 52.92% | 13.32% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.20B | ― | -167.71% | ― | -100.00% | -128.73% | |
48 Neutral | $455.50M | -3.01 | -43.82% | ― | ― | ― | |
46 Neutral | $1.81B | -5.04 | -64.21% | ― | 27.23% | -12.53% |
* Healthcare Sector Average
KOD
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953.20%
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UPB
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Kodiak Sciences Corporate Events
Business Operations and StrategyProduct-Related Announcements
Kodiak Sciences’ Zenkuda Shows Strong Phase 3 GLOW2 Results
Positive
Mar 27, 2026
On March 26, 2026, Kodiak Sciences reported positive topline results from GLOW2, its second Phase 3 trial in diabetic retinopathy, where Zenkuda given on a six-month dosing interval showed clear superiority to sham. In the 48-week study, 62.5% of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.