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Kodiak Sciences (KOD)
:KOD
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Kodiak Sciences
(NASDAQ:KOD)
Rating:35Underperform
Price Target:―
Positive Factors
New Opportunities
Reformulated tarcocimab and ABC pipeline are seen as new opportunities for the company.
Strategic Steps
The company has taken appropriate strategic steps to position the ABCD platform for its best shots on goal.
Upcoming Trials
Upcoming trials such as GLOW2, DAYBREAK, and APEX are expected to provide important data for the company's platform.
Negative Factors
Confidence Impact
The Phase 2b/3 DAZZLE trial failure in wet AMD affects confidence in the current formulation development.
Financial Concerns
KOD's stock is considered very cheap just above cash and is expected to climb as big Phase III data approaches.
Trial Failures
There is apprehension due to Phase 3 GLEAM and GLIMMER trial failures in DME and unexpected increase in cataracts for tarcocimab.
Kodiak Sciences (KOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$204.72M
Dividend YieldN/A
Average Volume (3M)377.00K
Price to Earnings (P/E)―
Beta (1Y)3.02
Revenue GrowthN/A
EPS Growth32.58%
CountryUS
Employees109
SectorHealthcare
Sector Strength58
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.09
Shares Outstanding52,763,542
10 Day Avg. Volume312,291
30 Day Avg. Volume376,997
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.70
Price to Sales (P/S)0.00
P/FCF Ratio-1.72
Enterprise Value/Market Cap0.55
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-16.98
Enterprise Value/Ebitda-0.17
Forecast
1Y Price Target
$9.00Price Target Upside131.96% Upside
Rating ConsensusHold
Number of Analyst Covering3
Kodiak Sciences Business Overview & Revenue Model
Company DescriptionKodiak 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 biopolymer that is in Phase IIb/III clinical study to treat wet age-related macular degeneration (AMD), as well as for the treatment of diabetic macular edema, naïve macular edema due to retinal vein occlusion, and non-proliferative diabetic retinopathy. The company's preclinical stage product candidate includes KSI-501, a bispecific conjugate to treat retinal diseases with an inflammatory component; and KSI-601, a triplet inhibitor for the treatment of dry AMD. The company was formerly known as Oligasis, LLC and changed its name to Kodiak Sciences Inc. in September 2015. Kodiak Sciences Inc. was incorporated in 2009 and is based in Palo Alto, California.
How the Company Makes MoneyKodiak Sciences primarily makes money through the development and commercialization of its drug candidates. Although the company is in the clinical stage and does not yet generate revenue from product sales, its revenue model is anticipated to include the sale of approved therapies and potential partnerships or licensing agreements with other pharmaceutical companies. Additionally, Kodiak Sciences may seek funding through collaborations or strategic alliances, which could provide upfront payments, milestone payments, and royalties based on the sales of products developed through these partnerships. However, as of now, the company is focused on advancing its clinical trials and gaining regulatory approval for its lead product candidates.
Kodiak Sciences Earnings Call Summary
Earnings Call Date:May 14, 2025
(Q4-2023)
| % Change Since: -1.52%|
Next Earnings Date:Aug 18, 2025
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.Q4-2023 Updates
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.
Positive Phase III Outcomes
Three positive Phase III studies completed for tarcocimab in diabetic retinopathy, retinal vein occlusion, and wet AMD. These studies have shown favorable safety and a strong six-month durability signal.
Regulatory Alignment Achieved
The FDA has agreed on a bridging strategy for the go-to-market formulation of tarcocimab, which is a significant regulatory milestone.
Cash Position
Kodiak is in an attractive cash position as of Q4, providing a runway into 2026 to support their clinical programs and planned pivotal studies.
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.
Risk of Failure in DAYBREAK Study
The tarcocimab arm in the DAYBREAK study is a gamble that could result in regulatory and market setbacks if unsuccessful.
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
Kodiak Sciences is in a typical early-stage biotech financial position, with no revenue and substantial losses. While the company's cash reserves provide some buffer, ongoing high cash burn and negative equity pose significant financial risks. Future viability hinges on successful product development and subsequent revenue generation.Income Statement
Kodiak Sciences has consistently reported zero revenue over the past years, reflecting its pre-revenue stage typical in biotechnology. The company shows increasing net losses and negative EBIT and EBITDA margins, indicating significant operational challenges.20
Very Negative
Balance Sheet
The balance sheet shows a declining stockholders' equity, primarily due to continuous losses. However, it maintains a substantial cash position relative to its total liabilities, indicating some level of financial resilience despite negative equity in past years. The debt-to-equity ratio is not meaningful due to negative equity.30
Negative
Cash Flow
Kodiak Sciences exhibits negative operating and free cash flows, reflecting its high cash burn typical of R&D-intensive firms. Despite occasional positive investing cash flows from asset dispositions, reliance on financing activities remains critical for sustaining operations.25
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| -6.68M | 0.00 | -25.95M | -11.00M | -8.71M | -4.21M | EBIT |
| -199.87M | -186.85M | -277.32M | -341.38M | -267.05M | -136.01M | EBITDA |
| -172.18M | -149.50M | -259.02M | -322.80M | -258.26M | -128.86M | Net Income Common Stockholders |
| -133.17M | -176.21M | -260.49M | -333.82M | -266.99M | -133.10M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 138.85M | 168.07M | 285.51M | 478.93M | 731.51M | 968.97M | Total Assets |
| 297.91M | 335.58M | 479.37M | 666.63M | 904.22M | 1.07B | Total Debt |
| 67.64M | 70.34M | 81.63M | 87.73M | 80.00M | 77.40M | Net Debt |
| -71.21M | -97.73M | -203.88M | -102.70M | -651.51M | -866.99M | Total Liabilities |
| 189.07M | 185.29M | 213.59M | 230.46M | 240.90M | 206.60M | Stockholders Equity |
| 108.84M | 150.29M | 265.78M | 436.17M | -558.22M | -291.23M |
| Cash Flow | Free Cash Flow | ||||
| -107.42M | -117.72M | -195.61M | -253.82M | -245.57M | -90.43M | Operating Cash Flow |
| -106.80M | -117.32M | -154.18M | -206.46M | -182.27M | -83.43M | Investing Cash Flow |
| -859.00K | -755.00K | 249.23M | -336.51M | -38.80M | 104.83M | Financing Cash Flow |
| 587.00K | 501.00K | 31.00K | 1.90K | 8.18K | 717.38M |
Kodiak Sciences Technical Analysis
Negative
3.88
Price Trends
3.55
Positive
4.08
Negative
4.69
Negative
Market Momentum
0.07
Negative
51.26
Neutral
47.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KOD, the sentiment is Negative. The current price of 3.88 is above the 20-day moving average (MA) of 3.77, above the 50-day MA of 3.55, and below the 200-day MA of 4.69, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 51.26 is Neutral, neither overbought nor oversold. The STOCH value of 47.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KOD.
Kodiak Sciences Risk Analysis
Kodiak Sciences disclosed 72 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
Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $363.98M | ― | 123.38% | ― | 10.49% | 47.31% | |
54 Neutral | $5.41B | 3.27 | -45.10% | 3.29% | 16.81% | 0.02% | |
48 Neutral | $208.46M | ― | -32.97% | ― | ― | ― | |
37 Underperform | $175.49M | ― | -65.19% | ― | ― | -47.28% | |
35 Underperform | $204.72M | ― | -108.92% | ― | ― | 32.58% | |
| $126.60M | ― | -515.27% | ― | ― | ― | ||
33 Underperform | $136.60M | ― | -79.05% | ― | ― | -0.42% |
* Healthcare Sector Average
Performance Comparison
KOD
Kodiak Sciences
3.88
1.19
44.24%
ALDX
Aldeyra Therapeutics
2.78
-0.90
-24.46%
ADCT
ADC Therapeutics
3.58
0.76
26.95%
GLSI
Greenwich LifeSciences
9.20
-8.24
-47.25%
FDMT
4D Molecular Therapeutics
4.39
-19.41
-81.55%
NMRA
Neumora Therapeutics, Inc.
0.84
-8.54
-91.04%
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.