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Key tarcocimab and KSI-501 study results are due in 2026, with KSI-101 data expected by early 2027.
Kodiak Sciences (KOD - Free Report) incurred a loss of $1.03 per share in the second quarter of 2025, wider than the Zacks Consensus Estimate of a loss of $1.01. The company had incurred a loss of 86 cents per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it has yet to generate revenues.
KOD's Q2 Results in Detail
Research and development expenses were $42.8 million in the reported quarter, up 32% year over year. The improvement was mainly due to increased clinical activities associated with ongoing clinical studies.
General and administrative expenses were $12.8 million, down 18% year over year, primarily due to lower non-cash stock-based compensation expenses.
As of June 30, 2025, Kodiak had cash, cash equivalents and marketable securities worth $104.2 million compared with $138.9 million as of March 31, 2025. The company believes that its current cash balance is enough to support its present and planned operations into 2026.
Shares of Kodiak have lost 13.4% year to date against the industry’s 0.6% growth.
Image Source: Zacks Investment Research
KOD's Key Pipeline Updates
Kodiak is evaluating the efficacy and safety of tarcocimab in treatment-naïve patients with diabetic retinopathy (DR) in the phase III GLOW2 study. Top-line data is expected in the first quarter of 2026.
KOD’s second clinical candidate, KSI-501, a dual inhibitor Trap-Antibody-Fusion bioconjugate molecule, is designed to target concurrent inflammation and abnormal angiogenesis observed in the pathogenesis of retinal vascular diseases.
The company is also studying tarcocimab as a second investigational arm in the DAYBREAK study to treat wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm. Top-line data from both arms of the DAYBREAK study are anticipated in the third quarter of 2026.
Based on the success of these two pivotal studies, Kodiak plans to submit a single regulatory filing, seeking the approval of tarcocimab for three large indications — DR, wet AMD and retinal vein occlusion.
Kodiak has also completed an early-stage study evaluating its third investigational candidate, KSI-101, for macular edema. The candidate is a novel, potent, high-strength bispecific protein targeting IL-6 and VEGF. Following its success, KOD has initiated two pivotal phase III studies (PEAK and PINNACLE) investigating KSI-101 in macular edema secondary to inflammation and is currently enrolling patients. Top-line results are expected in late 2026 or early 2027.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to $1.22 for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $2.12. Year to date, shares of CRMD have rallied 49.1%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 34.85%.
In the past 60 days, estimates for Zymeworks’ loss per share have narrowed from $1.64 to $1.31 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $1.04 to $1.02. Year to date, shares of ZYME have lost 4.8%.
Zymeworks’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 36.18%.
In the past 60 days, estimates for Alvotech’s 2025 earnings per share have increased from 17 cents to 18 cents. Earnings per share estimates for 2026 have increased from 81 cents to 83 cents during the same period. ALVO stock has declined 32.3% year to date.
Alvotech’s earnings beat estimates in each of the trailing three reported quarters, delivering an average surprise of 244.18%.
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Kodiak Q2 Loss Wider Than Expected, Pipeline Development in Focus
Key Takeaways
Kodiak Sciences (KOD - Free Report) incurred a loss of $1.03 per share in the second quarter of 2025, wider than the Zacks Consensus Estimate of a loss of $1.01. The company had incurred a loss of 86 cents per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it has yet to generate revenues.
KOD's Q2 Results in Detail
Research and development expenses were $42.8 million in the reported quarter, up 32% year over year. The improvement was mainly due to increased clinical activities associated with ongoing clinical studies.
General and administrative expenses were $12.8 million, down 18% year over year, primarily due to lower non-cash stock-based compensation expenses.
As of June 30, 2025, Kodiak had cash, cash equivalents and marketable securities worth $104.2 million compared with $138.9 million as of March 31, 2025. The company believes that its current cash balance is enough to support its present and planned operations into 2026.
Shares of Kodiak have lost 13.4% year to date against the industry’s 0.6% growth.
Image Source: Zacks Investment Research
KOD's Key Pipeline Updates
Kodiak is evaluating the efficacy and safety of tarcocimab in treatment-naïve patients with diabetic retinopathy (DR) in the phase III GLOW2 study. Top-line data is expected in the first quarter of 2026.
KOD’s second clinical candidate, KSI-501, a dual inhibitor Trap-Antibody-Fusion bioconjugate molecule, is designed to target concurrent inflammation and abnormal angiogenesis observed in the pathogenesis of retinal vascular diseases.
The company is also studying tarcocimab as a second investigational arm in the DAYBREAK study to treat wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm. Top-line data from both arms of the DAYBREAK study are anticipated in the third quarter of 2026.
Based on the success of these two pivotal studies, Kodiak plans to submit a single regulatory filing, seeking the approval of tarcocimab for three large indications — DR, wet AMD and retinal vein occlusion.
Kodiak has also completed an early-stage study evaluating its third investigational candidate, KSI-101, for macular edema. The candidate is a novel, potent, high-strength bispecific protein targeting IL-6 and VEGF. Following its success, KOD has initiated two pivotal phase III studies (PEAK and PINNACLE) investigating KSI-101 in macular edema secondary to inflammation and is currently enrolling patients. Top-line results are expected in late 2026 or early 2027.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Kodiak Sciences Inc. price-consensus-eps-surprise-chart | Kodiak Sciences Inc. Quote
KOD's Zacks Rank & Stocks to Consider
Kodiak currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are CorMedix (CRMD - Free Report) , Zymeworks (ZYME - Free Report) and Alvotech (ALVO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to $1.22 for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $2.12. Year to date, shares of CRMD have rallied 49.1%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 34.85%.
In the past 60 days, estimates for Zymeworks’ loss per share have narrowed from $1.64 to $1.31 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $1.04 to $1.02. Year to date, shares of ZYME have lost 4.8%.
Zymeworks’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 36.18%.
In the past 60 days, estimates for Alvotech’s 2025 earnings per share have increased from 17 cents to 18 cents. Earnings per share estimates for 2026 have increased from 81 cents to 83 cents during the same period. ALVO stock has declined 32.3% year to date.
Alvotech’s earnings beat estimates in each of the trailing three reported quarters, delivering an average surprise of 244.18%.