Kodiak Sciences (KOD) AI Stock Analysis

• Market Cap: $1.71B
• Dividend Yield: N/A
• Average Volume (3M): 925.83K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.86
• Revenue Growth: N/A
• EPS Growth: -12.93%
• Country: US
• Employees: 109
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.16
• Shares Outstanding: 61,048,428
• 10 Day Avg. Volume: 868,149
• 30 Day Avg. Volume: 925,827
• PEG Ratio: 0.09
• Price to Book (P/B): 3.48
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.44
• Enterprise Value/Market Cap: 0.56
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -36.07
• Enterprise Value/Ebitda: -5.01
• 1Y Price Target: $27.86
• Price Target Upside: -1.62% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $29.00 ▲(2.40% Upside)

The score is held down primarily by weak financial performance (pre-revenue, sizable losses/cash burn, and recently higher leverage), partially offset by strong technical momentum and a liquidity-positive capital raise. Valuation provides limited support given the negative P/E and no dividend yield data.

Positive Factors

Core Product Development

The focus on developing KSI-301 for retinal diseases positions Kodiak Sciences to potentially capture a significant market segment if successful, providing a durable competitive advantage in a specialized field.

Cash Reserves

Strong cash reserves provide financial resilience, allowing Kodiak Sciences to continue its R&D efforts and sustain operations without immediate revenue, crucial for long-term viability.

Strategic Partnerships

Strategic partnerships can offer upfront payments and royalties, enhancing cash flow and reducing financial risk, supporting long-term growth and product development.

Negative Factors

No Revenue Generation

The lack of revenue generation highlights the financial risk and dependency on successful product development and approval, which could impact long-term sustainability if not achieved.

High Cash Burn

High cash burn typical of R&D-intensive firms can deplete cash reserves quickly, necessitating additional financing and posing a risk to long-term financial stability.

Negative Equity

Negative equity indicates financial distress, limiting the company's ability to secure favorable financing and invest in growth opportunities, affecting long-term prospects.

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 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 Money

Kodiak 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 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.

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.

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.

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	-26.49M	-26.71M	-25.95M	-11.00M	-8.71M	-4.21M
EBITDA	-190.85M	-149.50M	-234.53M	-322.80M	-258.26M	-128.86M
Net Income	-217.34M	-176.21M	-260.49M	-333.82M	-266.99M	-133.10M
Balance Sheet
Total Assets	218.07M	335.58M	479.37M	666.63M	904.22M	1.07B
Cash, Cash Equivalents and Short-Term Investments	72.04M	168.07M	285.51M	478.93M	731.51M	968.97M
Total Debt	62.20M	70.34M	181.63M	187.73M	179.94M	77.40M
Total Liabilities	194.38M	185.29M	213.59M	230.46M	240.90M	206.60M
Stockholders Equity	23.69M	150.29M	265.78M	436.17M	663.32M	860.75M
Cash Flow
Free Cash Flow	-127.29M	-117.72M	-195.61M	-253.82M	-245.57M	-90.43M
Operating Cash Flow	-126.70M	-117.32M	-154.18M	-206.46M	-182.27M	-83.43M
Investing Cash Flow	-587.00K	-755.00K	249.23M	-336.51M	-38.80M	104.83M
Financing Cash Flow	1.46M	501.00K	31.00K	1.90M	8.18M	717.38M

Kodiak Sciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 28.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KOD, the sentiment is Positive. The current price of 28.32 is above the 20-day moving average (MA) of 27.11, above the 50-day MA of 23.50, and above the 200-day MA of 11.51, indicating a bullish trend. The MACD of 1.11 indicates Positive momentum. The RSI at 58.99 is Neutral, neither overbought nor oversold. The STOCH value of 72.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KOD.

Kodiak Sciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KOD	54 Neutral	$1.71B	-6.88	-207.92%	―	―	-12.93%
NRIX	54 Neutral	$1.86B	-6.38	-65.35%	―	48.32%	-1.91%
TSHA	53 Neutral	$1.33B	-13.82	-64.93%	―	-36.36%	-945.72%
UPB	52 Neutral	$1.71B	-14.27	-40.80%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
URGN	50 Neutral	$1.00B	-5.73	―	―	8.00%	-10.15%
ZBIO	47 Neutral	$1.06B	-4.76	-68.33%	―	―	-38.04%

Kodiak Sciences Corporate Events

Kodiak Sciences Raises Capital Through Completed Stock Offering

On December 16, 2025, Kodiak Sciences Inc. entered into an underwriting agreement with a syndicate of major investment banks for a public offering of its common stock, initially covering 6,956,522 shares at a price to the public of $23.00 per share, with the underwriters purchasing at $21.62 per share and holding a 30-day option for up to an additional 1,043,478 shares. The underwriters exercised this option in full on December 17, 2025, and Kodiak completed the issuance and sale of a total of 8,000,000 shares on December 18, 2025, generating approximately $184 million in gross proceeds before fees and expenses under customary underwriting terms, bolstering the company’s capital position and financial flexibility for its ongoing business and development activities.

The most recent analyst rating on (KOD) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Kodiak Sciences stock, see the KOD Stock Forecast page.