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Kodiak Sciences Inc (KOD)
NASDAQ:KOD
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Kodiak Sciences
(NASDAQ:KOD)
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Rating:35Underperform
Price Target:―
Kodiak Sciences faces significant financial challenges with no revenue and substantial losses, placing it at the lower end of the scoring range. Its technical indicators show short-term positive momentum, but with caution due to overbought signals and broader downtrend pressures. The valuation reflects the typical high-risk, high-reward scenario of early-stage biotech firms.
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 (KOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$795.49M
Dividend YieldN/A
Average Volume (3M)892.37K
Price to Earnings (P/E)―
Beta (1Y)3.27
Revenue GrowthN/A
EPS Growth-0.69%
CountryUS
Employees109
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.03
Shares Outstanding52,821,690
10 Day Avg. Volume1,765,697
30 Day Avg. Volume892,368
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.32
Enterprise Value/Revenue9.68
Enterprise Value/Gross Profit-2.63K
Enterprise Value/Ebitda-1.36
Forecast
1Y Price Target
$13.00Price Target Upside-13.68% Downside
Rating ConsensusHold
Number of Analyst Covering4
Kodiak Sciences Business Overview & Revenue Model
Company DescriptionKodiak Sciences Inc. (KOD) is a clinical-stage biopharmaceutical company focused on the development of therapies for the treatment of retinal diseases. The company is headquartered in Palo Alto, California, and operates within the biotechnology and pharmaceutical sectors. Its core product candidate is KSI-301, an investigational therapy designed to improve outcomes for patients with retinal vascular diseases such as wet age-related macular degeneration and diabetic eye diseases.
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:Aug 13, 2025
(Q4-2023)
| % Change Since: |
Next Earnings Date:Nov 12, 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 | 26.65M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -98.00K | -26.71M | -25.95M | -11.00M | -8.71M | -4.21M |
| EBITDA | -189.25M | -149.50M | -234.53M | -322.80M | -258.26M | -128.86M |
| Net Income | -145.51M | -176.21M | -260.49M | -333.82M | -266.99M | -133.10M |
Balance Sheet | ||||||
| Total Assets | 256.73M | 335.58M | 479.37M | 666.63M | 904.22M | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 104.17M | 168.07M | 285.51M | 478.93M | 731.51M | 968.97M |
| Total Debt | 65.21M | 70.34M | 81.63M | 87.73M | 80.00M | 77.40M |
| Total Liabilities | 186.44M | 185.29M | 213.59M | 230.46M | 240.90M | 206.60M |
| Stockholders Equity | 70.29M | 150.29M | 265.78M | 436.17M | 663.32M | 860.75M |
Cash Flow | ||||||
| Free Cash Flow | -115.68M | -117.72M | -195.61M | -253.82M | -245.57M | -90.43M |
| Operating Cash Flow | -114.98M | -117.32M | -154.18M | -206.46M | -182.27M | -83.43M |
| Investing Cash Flow | -732.00K | -755.00K | 249.23M | -336.51M | -38.80M | 104.83M |
| Financing Cash Flow | 648.00K | 501.00K | 31.00K | 1.90M | 8.18M | 717.38M |
Kodiak Sciences Technical Analysis
Positive
15.06
Price Trends
10.24
Positive
7.19
Positive
6.22
Positive
Market Momentum
1.69
Negative
62.01
Neutral
45.22
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 15.06 is above the 20-day moving average (MA) of 12.41, above the 50-day MA of 10.24, and above the 200-day MA of 6.22, indicating a bullish trend. The MACD of 1.69 indicates Negative momentum. The RSI at 62.01 is Neutral, neither overbought nor oversold. The STOCH value of 45.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $1.00B | ― | ― | ― | ― | ― | |
56 Neutral | $1.30B | ― | -51.86% | ― | -37.09% | 58.96% | |
54 Neutral | $789.73M | ― | -452.20% | ― | 10.85% | -1.41% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $717.09M | ― | -50.67% | ― | 41.86% | 10.48% | |
48 Neutral | $916.32M | ― | -88.40% | ― | ― | ― | |
35 Underperform | $795.49M | ― | -140.33% | ― | ― | -0.69% |
* Healthcare Sector Average
KOD
Kodiak Sciences
15.06
12.40
466.17%
URGN
Urogen Pharma
17.40
4.98
40.10%
NRIX
Nurix Therapeutics
9.38
-12.16
-56.45%
TSHA
Taysha Gene Therapies
4.76
2.78
140.40%
ZBIO
Zenas BioPharma, Inc.
21.76
3.06
16.36%
UPB
Upstream Bio, Inc.
18.63
-4.75
-20.32%
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.