Kodiak Sciences
KODNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $109.34 Prior regular-session close from the quote source.
- $106.36–$110.67 Regular-session low and high so far today.
- 557.8K Regular-session shares traded · Nov 12, 4:00 PM ET.
- Feb 11 projected Projected for 2027-02-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $18.05–$112.31 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own KOD if Kodiak is a clinical-stage retinal-drug option whose value depends on whether its ABC platform can produce clearly differentiated, financeable ophthalmology medicines before cash burn or competition absorbs the upside.
KOD price history
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Investment thesis
What must happen next
Kodiak’s ABC platform must prove a clinically meaningful retinal-medicine advantage, because without differentiated durability, efficacy, or safety it has no durable commercial wedge against incumbent ophthalmology drugs.HoldingMateriality: High
The company description identifies Kodiak as having developed the Antibody Biopolymer Conjugate platform specifically for retinal medicines. If the platform is clinically differentiated, the company owns a valuable development option; if it is not, the equity is mainly exposed to cash burn.
Watch: Regeneron’s Eylea HD or Roche’s Vabysmo demonstrates equal or better durability and safety in the same retinal indications, reducing the unmet need Kodiak is trying to address.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company description identifies Kodiak as having developed the Antibody Biopolymer Conjugate platform specifically for retinal medicines.
Open source ↗Kodiak’s balance sheet must fund the company to decisive clinical or strategic milestones, because the platform option loses per-share value if financing is required before value-inflecting data.HoldingMateriality: High
Cash was $209.9 million at FY2025 year-end, up from $168.1 million at FY2024 year-end. Runway determines whether common shareholders keep the upside from a successful program or surrender it through dilutive capital raising.
Watch: A trial expansion, manufacturing problem, or added pivotal program accelerates spending before the next meaningful data point.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $209.9 million at FY2025 year-end, up from $168.1 million at FY2024 year-end.
Open source ↗Management must keep development spending disciplined around the most value-relevant retinal programs, because unfocused R&D spend can destroy the option value even if the science remains plausible.HoldingMateriality: Medium
GAAP annual operating cash flow was negative $136.0 million in FY2025, materially better than negative $206.5 million in FY2022. Disciplined burn extends the time available for data to create value; uncontrolled burn shifts ownership risk to new capital providers.
Watch: Management adds parallel programs or large trials before the lead retinal thesis is validated.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was negative $136.0 million in FY2025, materially better than negative $206.5 million in FY2022.
Open source ↗Kodiak must retain enough specialized ophthalmology, biologics, and clinical-development capability to execute complex retinal trials despite operating with a small organization.HoldingMateriality: Medium
Kodiak had 124 employees as of the latest company profile date. A capable focused team can reach value-creating data efficiently; execution failures can waste cash before the platform is fairly tested.
Watch: Key clinical, regulatory, CMC, or executive departures impair trial execution or agency interactions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Kodiak had 124 employees as of the latest company profile date.
Open source ↗Kodiak’s obligations must remain manageable so clinical setbacks do not force strategic distress before the ABC platform has a fair chance to generate value.HoldingMateriality: Medium
Liabilities were $194.2 million at FY2025 year-end versus $351.5 million of assets. If liabilities or commitments become constraining, the company may have to sell, partner, or finance from weakness even if the science is not fully disproven.
Watch: Debt, lease, purchase, or manufacturing commitments become more restrictive than the headline balance-sheet figures imply.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Liabilities were $194.2 million at FY2025 year-end versus $351.5 million of assets.
Open source ↗
Full investment case & evidence
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Original research
Kodiak’s ABC platform must prove a clinically meaningful retinal-medicine advantage, because without differentiated durability, efficacy, or safety it has no durable commercial wedge against incumbent ophthalmology drugs. If the platform is clinically differentiated, the company owns a valuable development option; if it is not, the equity is mainly exposed to cash burn.
Kodiak’s balance sheet must fund the company to decisive clinical or strategic milestones, because the platform option loses per-share value if financing is required before value-inflecting data. Runway determines whether common shareholders keep the upside from a successful program or surrender it through dilutive capital raising.
Management must keep development spending disciplined around the most value-relevant retinal programs, because unfocused R&D spend can destroy the option value even if the science remains plausible. Disciplined burn extends the time available for data to create value; uncontrolled burn shifts ownership risk to new capital providers.
Kodiak must retain enough specialized ophthalmology, biologics, and clinical-development capability to execute complex retinal trials despite operating with a small organization. A capable focused team can reach value-creating data efficiently; execution failures can waste cash before the platform is fairly tested.
Kodiak’s obligations must remain manageable so clinical setbacks do not force strategic distress before the ABC platform has a fair chance to generate value. If liabilities or commitments become constraining, the company may have to sell, partner, or finance from weakness even if the science is not fully disproven.
All standing thesis claims
Original report summary
Kodiak is a clinical-stage retinal-drug option whose value depends on whether its ABC platform can produce clearly differentiated, financeable ophthalmology medicines before cash burn or competition absorbs the upside.
Bull case and bear case
Bull case and bear case for Kodiak Sciences
Where the evidence on Kodiak Sciences stands: Holding on the latest evidence (Nov 13, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Kodiak’s ABC platform must prove a clinically meaningful retinal-medicine advantage, because without differentiated durability, efficacy, or safety it has no durable commercial wedge against incumbent ophthalmology drugs.
Kodiak’s balance sheet must fund the company to decisive clinical or strategic milestones, because the platform option loses per-share value if financing is required before value-inflecting data.
Management must keep development spending disciplined around the most value-relevant retinal programs, because unfocused R&D spend can destroy the option value even if the science remains plausible.
Kodiak must retain enough specialized ophthalmology, biologics, and clinical-development capability to execute complex retinal trials despite operating with a small organization.
Kodiak’s obligations must remain manageable so clinical setbacks do not force strategic distress before the ABC platform has a fair chance to generate value.
Bear case: what would count against it
Regeneron’s Eylea HD or Roche’s Vabysmo demonstrates equal or better durability and safety in the same retinal indications, reducing the unmet need Kodiak is trying to address.
A trial expansion, manufacturing problem, or added pivotal program accelerates spending before the next meaningful data point.
Management adds parallel programs or large trials before the lead retinal thesis is validated.
Company research
Research on Kodiak Sciences
- Reporting · Kodiak Sciences Inc. (NASDAQ: KOD) Advances Zenkuda Toward Filing
Zenkuda matched aflibercept on vision at one year, and 54% of patients reached a six-month dosing interval.
Thesis-Break Engine
Thesis-break watch · Kodiak Sciences
No break has crossed Kodiak Sciences’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Kodiak Sciences filed an SEC 8-K on 2026-11-12: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Kodiak Sciences filed an SEC 8-K on 2026-09-28: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Kodiak Sciences filed an SEC 8-K on 2026-08-13: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Regeneron’s Eylea HD or Roche’s Vabysmo demonstrates equal or better durability and safety in the same retinal indications, reducing the unmet need Kodiak is trying to address.
- A trial expansion, manufacturing problem, or added pivotal program accelerates spending before the next meaningful data point.
- Management adds parallel programs or large trials before the lead retinal thesis is validated.
- Key clinical, regulatory, CMC, or executive departures impair trial execution or agency interactions.
- Debt, lease, purchase, or manufacturing commitments become more restrictive than the headline balance-sheet figures imply.
KOD news
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Financial statements
KOD income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
KOD: quick answers
- When does Kodiak Sciences (KOD) report earnings next?
- Kodiak Sciences's next results are projected for February 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 12, 2026. Earnings calendar
- What is KOD's short interest?
- As of October 30, 2026, 8.1M KOD shares were sold short, down 4.5% from the count before. At the stock's average daily volume that is 9.3 days to cover. FINRA publishes the count twice a month. KOD short interest history
- Have members of Congress traded KOD?
- 2 trades in KOD have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed KOD trade