Kodiak Sciences Q4 net loss widens on higher R&D spending

Overview

• Retina-focused biotech's Q4 net loss widened yr/yr, driven by increased clinical trial activity

• Company ended 2025 with $209.9 mln in cash after completing $173 mln equity offering

Outlook

• Kodiak plans to accelerate BLA submission for Zenkuda following positive Phase 3 results

• Topline data from DAYBREAK Phase 3 study for Zenkuda and KSI-501 expected in 3Q 2026

• Company expects topline data from PEAK and PINNACLE studies for KSI-101 in 4Q 2026 and 2Q 2027

Result Drivers

• HIGHER R&D SPENDING - Q4 R&D expenses rose due to increased clinical activities in DAYBREAK and PEAK/PINNACLE studies and higher stock-based compensation

• LOWER G&A EXPENSES - Q4 G&A expenses fell yr/yr, helped by sublease income from a corporate office building

Company press release: ID:nPn10rqTa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Kodiak Sciences Inc is $57.00, about 69.3% above its March 30 closing price of $33.66

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