Kodiak Sciences Inc.
KOD · Biological Products, (No Diagnostic Substances) · 62.6M shares · +5%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$89M (gross $4K, SBC $89M)
Reference price $34.01 · est. market cap ~$2.1B — last insider sale, 2026-06-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45Clinical-stage retinal company with explicit going-concern doubt and a track record of repeated Phase 3 failures.
Strengths
- Cash $209M (66th pct) and some positive reads (GLOW DR DRSS, BEACON RVO durability)
- Dedicated commercial-scale Ursus manufacturing in place; DAYBREAK readout pending 3Q 2026
Risks
- Substantial-doubt going-concern flag and only ~6 quarters of runway
- Severe, repeated Phase 3 primary-endpoint misses — DAZZLE, GLEAM/GLIMMER, both DME trials (-3.8 to -4.7 letters), and statistical inferiority to aflibercept in wAMD
- ROE 18th pct; no approved product and binary dependence on remaining tarcocimab/KSI trials
Notable findings
- Going concern• Our financial condition raises substantial doubt about our ability to continue as a going concern
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-136.5M)
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Insider sellingInsider selling — 6 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-08 — PHASE3 · Wet Age-related Macular Degeneration
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-146.1%
Return on assets
-65.4%
Current ratio
4.7×
Free cash flow
-$137M
Tangible book value
$157M
Cash & investments
$210M
Cash runway
6q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-04 | BORGESON JOHN A. | Sell | 4.1K | $34.67 |
| 2026-06-04 | BORGESON JOHN A. | Option exercise | 30K | $1.04 |
| 2026-06-04 | BORGESON JOHN A. | Sell | 26K | $34.01 |
| 2026-04-15 | BORGESON JOHN A. | Option exercise | 29K | $1.04 |
| 2026-04-02 | BORGESON JOHN A. | Sell | 600 | $41.77 |
| 2026-04-02 | BORGESON JOHN A. | Sell | 4.2K | $40.88 |
| 2026-04-02 | BORGESON JOHN A. | Option exercise | 30K | $1.04 |
| 2026-04-02 | BORGESON JOHN A. | Sell | 13K | $39.14 |
| 2026-04-02 | BORGESON JOHN A. | Sell | 12K | $40.29 |
| 2026-03-25 | PERLROTH VICTOR | Option exercise | 300K | $1.04 |
| 2025-12-18 | BAKER BROS. ADVISORS LP | Buy | 217K | $23.00 |
| 2025-12-18 | BAKER BROS. ADVISORS LP | Buy | 2.4M | $23.00 |
| 2025-06-17 | BORGESON JOHN A. | Sell | 723 | $3.65 |
| 2025-06-15 | BORGESON JOHN A. | Option exercise | 1.9K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06990399 ↗ | A Phase 3 Study to Evaluate the Efficacy and Safety of Intravitreal KSI-101 in Participants With Macular Edema Secondary to Inflammation (MESI) - PEAK Macular Edema Secondary to Inflammation | PHASE3 | Recruiting | 2027-04-01 |
| NCT06996080 ↗ | A Phase 3 Study to Evaluate the Efficacy and Safety of Intravitreal KSI-101 in Participants With Macular Edema Secondary to Inflammation (MESI) - PINNACLE Macular Edema Secondary to Inflammation | PHASE3 | Recruiting | 2027-02-01 |
| NCT06556368 ↗ | A Study to Evaluate the Efficacy and Safety of Tarcocimab Tedromer and Tabirafusp Tedromer Compared to Aflibercept in Participants With Neovascular (Wet) Age-related Macular Degeneration (wAMD) - DAYBREAK Wet Age-related Macular Degeneration | PHASE3 | Active Not Recruiting | 2026-08-01 |
| NCT06270836 ↗ | A Study to Evaluate the Efficacy and Safety of Tarcocimab Tedromer Compared With Sham Treatment in Participants With Diabetic Retinopathy (DR) Diabetic Retinopathy | PHASE3 | Completed | 2026-02-13 |
| NCT05066230 ↗ | A Study to Evaluate the Efficacy and Safety of Intravitreal KSI-301 in Non-proliferative Diabetic Retinopathy (NPDR) Non-proliferative Diabetic Retinopathy | PHASE3 | Terminated | 2023-08-03 |
| NCT04611152 ↗ | A Trial to Evaluate the Efficacy, Durability, and Safety of KSI-301 Compared to Aflibercept in Participants With Diabetic Macular Edema (DME) Diabetic Macular Edema | PHASE3 | Terminated | 2023-05-11 |
| NCT04603937 ↗ | A Study to Evaluate the Efficacy, Durability, and Safety of KSI-301 Compared to Aflibercept in Participants With Diabetic Macular Edema (DME) Diabetic Macular Edema | PHASE3 | Terminated | 2023-04-27 |
| NCT04964089 ↗ | A Study to Evaluate the Efficacy and Safety of Intravitreal KSI-301 Compared With Intravitreal Aflibercept in Participants With Neovascular (Wet) Age-related Macular Degeneration (wAMD) Wet Age-related Macular Degeneration | PHASE3 | Completed | 2023-03-28 |
| NCT04592419 ↗ | A Study to Evaluate the Efficacy, Durability, and Safety of KSI-301 Compared to Aflibercept in Patients With Macular Edema Due to Retinal Vein Occlusion (RVO) Macular Edema, Retinal Vein Occlusion | PHASE3 | Completed | 2022-06-10 |
| NCT04049266 ↗ | A Study to Evaluate the Efficacy and Safety of KSI-301, an Anti-VEGF Antibody Biopolymer Conjugate, Versus Aflibercept in Patients With Neovascular (Wet) Age-Related Macular Degeneration. Wet Macular Degeneration | PHASE2/PHASE3 | Terminated | 2021-11-17 |
| NCT03790852 ↗ | Exploratory Study to Investigate the Bioactivity, Ocular and Systemic Safety, Tolerability, and Pharmacokinetics Following Single and Multiple Intravitreal Administrations of KSI-301 in Subjects With wAMD, DME and RVO Wet Age-related Macular Degeneration, Retinal Vein Occlusion | PHASE1 | Terminated | 2021-06-02 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-02 | 0001193125-26-257766 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211811 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211951 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001193125-26-134887 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001193125-26-134854 ↗ |
| 8-K | 2026-03-27 | 2026-03-26 | 0001193125-26-127041 ↗ |
| 8-K | 2025-12-18 | 2025-12-16 | 0001193125-25-324882 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-280125 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001193125-25-280183 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0000950170-25-108033 ↗ |
| 8-K | 2025-08-13 | 2025-08-13 | 0000950170-25-107982 ↗ |
| 8-K | 2025-06-03 | 2025-06-02 | 0001193125-25-134149 ↗ |