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Kodiak Sciences (KOD) Q2 Earnings Beat, Eye Candidate in Focus
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Kodiak Sciences Inc. (KOD - Free Report) reported second-quarter 2022 loss per share of $1.74, narrower than the Zacks Consensus Estimate of a loss of $1.77. The company had reported a loss of $1.08 per share in the year-ago quarter.
Kodiak Sciences currently does not have any approved product in its portfolio. As a result, the company is yet to generate revenues.
Shares of Kodiak Sciences have plunged 87.2% this year compared with the industry’s decline of 17.3%.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development expenses were $73.7 million in the quarter, up 62.3% year over year. The increase was driven by the higher cost of ongoing clinical studies.
General and administrative expenses were $18.3 million, up 74.3% on a year-over-year basis, driven by higher stock-based compensation expenses.
As of Jun 30, 2022, Kodiak Sciences had cash of $597.9 million compared with $671.7 million as of Mar 31, 2022.
Pipeline Updates
In the absence of an approved product in Kodiak Sciences’ portfolio, its pipeline development, especially its lead eye disease candidate, (KSI-301, tarcocimab), which is being developed for treating various retinal vascular diseases, remains the primary focus.
The company is currently evaluating tarcocimab in the phase III study — DAYLIGHT — for treating patients with treatment-naïve wet age-related macular degeneration (wet AMD). Top-line data from the study is expected in mid-2023.
The phase III BEACON study is also evaluating tarcocimab in patients with treatment-naïve retinal vein occlusion or RVO. Earlier this month, the BEACON study met the primary endpoint of non-inferior change from baseline in visual acuity at week 24 for subjects dosed with tarcocimab versus Eylea (aflibercept) in patients with macular edema due to RVO. Tarcocimab was generally safe and well tolerated in the study.
Eylea is an anti-VEGF treatment developed by Regeneron (REGN - Free Report) in collaboration with Bayer’s (BAYRY - Free Report) HealthCare unit.
Regeneron/Bayer’s Eylea has been approved by the FDA for multiple retinal indications, including DME, wet AMD and RVO.
While REGN records net product sales of Eylea in the United States, BAYRY records net product sales of Eylea outside the country.
Kodiak Sciences has enrolled in two phase III studies — GLEAM and GLIMMER —evaluating KSI-301 for treating patients with diabetic macular edema ("DME").
The GLEAM and GLIMMER studies are designed to evaluate the durability, efficacy and safety of KSI-301 in treatment-naïve patients with DME. Top-line data from the same is expected in mid-2023.
KOD is also evaluating KSI-301 in the pivotal phase III GLOW study for treating patients with non-proliferative diabetic retinopathy without DME. Enrolment in this study is now complete, with top-line data from the same expected in the second half of 2023.
The company remains on course to file an initial single biologics license application for KSI-301 to treat wet AMD, DME and RVO.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Precision BioSciences’ loss per share estimates narrowed 5.7% for 2022 and 16.2% for 2023 in the past 60 days.
Earnings of Precision BioSciences surpassed estimates in three of the trailing four quarters and missed on the other occasion. DTIL delivered an earnings surprise of 26.88%, on average.
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Kodiak Sciences (KOD) Q2 Earnings Beat, Eye Candidate in Focus
Kodiak Sciences Inc. (KOD - Free Report) reported second-quarter 2022 loss per share of $1.74, narrower than the Zacks Consensus Estimate of a loss of $1.77. The company had reported a loss of $1.08 per share in the year-ago quarter.
Kodiak Sciences currently does not have any approved product in its portfolio. As a result, the company is yet to generate revenues.
Shares of Kodiak Sciences have plunged 87.2% this year compared with the industry’s decline of 17.3%.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development expenses were $73.7 million in the quarter, up 62.3% year over year. The increase was driven by the higher cost of ongoing clinical studies.
General and administrative expenses were $18.3 million, up 74.3% on a year-over-year basis, driven by higher stock-based compensation expenses.
As of Jun 30, 2022, Kodiak Sciences had cash of $597.9 million compared with $671.7 million as of Mar 31, 2022.
Pipeline Updates
In the absence of an approved product in Kodiak Sciences’ portfolio, its pipeline development, especially its lead eye disease candidate, (KSI-301, tarcocimab), which is being developed for treating various retinal vascular diseases, remains the primary focus.
The company is currently evaluating tarcocimab in the phase III study — DAYLIGHT — for treating patients with treatment-naïve wet age-related macular degeneration (wet AMD). Top-line data from the study is expected in mid-2023.
The phase III BEACON study is also evaluating tarcocimab in patients with treatment-naïve retinal vein occlusion or RVO. Earlier this month, the BEACON study met the primary endpoint of non-inferior change from baseline in visual acuity at week 24 for subjects dosed with tarcocimab versus Eylea (aflibercept) in patients with macular edema due to RVO. Tarcocimab was generally safe and well tolerated in the study.
Eylea is an anti-VEGF treatment developed by Regeneron (REGN - Free Report) in collaboration with Bayer’s (BAYRY - Free Report) HealthCare unit.
Regeneron/Bayer’s Eylea has been approved by the FDA for multiple retinal indications, including DME, wet AMD and RVO.
While REGN records net product sales of Eylea in the United States, BAYRY records net product sales of Eylea outside the country.
Kodiak Sciences has enrolled in two phase III studies — GLEAM and GLIMMER —evaluating KSI-301 for treating patients with diabetic macular edema ("DME").
The GLEAM and GLIMMER studies are designed to evaluate the durability, efficacy and safety of KSI-301 in treatment-naïve patients with DME. Top-line data from the same is expected in mid-2023.
KOD is also evaluating KSI-301 in the pivotal phase III GLOW study for treating patients with non-proliferative diabetic retinopathy without DME. Enrolment in this study is now complete, with top-line data from the same expected in the second half of 2023.
The company remains on course to file an initial single biologics license application for KSI-301 to treat wet AMD, DME and RVO.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Kodiak Sciences Inc. price-consensus-eps-surprise-chart | Kodiak Sciences Inc. Quote
Zacks Rank & Stock to Consider
Kodiak Sciences currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the biotech sector is Precision BioSciences, Inc. (DTIL - Free Report) , which has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Precision BioSciences’ loss per share estimates narrowed 5.7% for 2022 and 16.2% for 2023 in the past 60 days.
Earnings of Precision BioSciences surpassed estimates in three of the trailing four quarters and missed on the other occasion. DTIL delivered an earnings surprise of 26.88%, on average.