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Kodiak Sciences (KOD - Free Report) reported fourth-quarter 2025 loss of $1.04 per share, wider than the Zacks Consensus Estimate of a loss of $1.02. The company had incurred a loss of 84 cents per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
KOD's Q4 Results in Detail
Research and development expenses were $45.5 million in the reported quarter, up 43.1% year over year. The rise was mainly due to increased clinical activities associated with ongoing clinical studies and higher stock-based compensation expenses.
General and administrative expenses were $12 million, down 17% year over year, primarily due to lower non-cash stock-based compensation expenses and additional sublease income offsetting costs.
As of Dec. 31, 2025, Kodiak had cash, cash equivalents and marketable securities worth $209.9 million compared with $72 million as of Sept. 30, 2025.
Year to date, shares of Kodiak have gained 36.3% compared with the industry’s 1.2% growth.
Image Source: Zacks Investment Research
KOD’s Full-Year 2025 Results
For full-year 2025, the company incurred a net loss of $4.32 per share, wider than a loss of $3.35 per share incurred in 2024.
KOD's Key Pipeline Updates
On March 26, Kodiak announced positive top-line data from the phase III GLOW2 study evaluating the efficacy and safety of Zenkuda (tarcocimab tedromer) in treatment-naïve patients with diabetic retinopathy (DR).
Following the success of GLOW1, with all patients on a six-month dosing interval, Zenkuda demonstrated superiority to sham. In the GLOW2 study, 62.5% of the patients treated with Zenkuda achieved more than a two-step improvement in diabetic retinopathy severity score (DRSS) versus 3.3% with sham. The therapy reduced the risk of developing sight-threatening complications—such as progression to PDR or center-involving DME—by 85% compared with sham through week 48. It was observed that 13.7% of Zenkuda-treated patients achieved more than a three-step improvement in DRSS compared with 0% in the control arm, indicating meaningful disease regression. Zenkuda achieved both its primary and key secondary endpoints.
The candidate also demonstrated consistent efficacy regardless of GLP-1 use, with 60.0% of patients on GLP-1 therapy and 64.3% of those not on GLP-1 therapy achieving more than a two-step improvement in DRSS from baseline to week 48.
Zenkuda was well tolerated, with no reported cases of intraocular inflammation, retinal vasculitis or occlusive retinal vasculitis. Backed by strong safety, efficacy and durability data from GLOW2, Zenkuda has achieved a multi-indication, approval-ready profile, leading Kodiak to accelerate its regulatory submission timeline.
KOD’s second clinical candidate, KSI-501, is an investigational bispecific therapy that targets both IL-6 and VEGF for the treatment of retinal vascular diseases.
The company is also studying tarcocimab as a second investigational arm in the phase III DAYBREAK study for the treatment of wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm. KOD has completed enrollment in the study. Top-line data from both arms of the DAYBREAK study are anticipated in September 2026.
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 the candidate’s success in the early-stage study, KOD has initiated two pivotal phase III studies (PEAK and PINNACLE) investigating two dose levels (5 mg and 10 mg) of KSI-101 for macular edema secondary to inflammation. PEAK and PINNACLE, the two late-stage studies are currently enrolling patients with top-line results expected in the fourth quarter of 2026 and in the second quarter of 2027, respectively.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have declined from $2.55 to $2.51. CPRX shares have gained 1.2% over the past year.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have risen from $2.89 to $3.08. INDV shares have surged 220.2% over the past year.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 74.53%.
Over the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $8.28 to $8.99 for 2026. Over the past year, shares of ANIP have rallied 10.9%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, with the average surprise being 22.21%.
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Kodiak Q4 Loss Wider Than Expected, Pipeline Development in Focus
Key Takeaways
Kodiak Sciences (KOD - Free Report) reported fourth-quarter 2025 loss of $1.04 per share, wider than the Zacks Consensus Estimate of a loss of $1.02. The company had incurred a loss of 84 cents per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
KOD's Q4 Results in Detail
Research and development expenses were $45.5 million in the reported quarter, up 43.1% year over year. The rise was mainly due to increased clinical activities associated with ongoing clinical studies and higher stock-based compensation expenses.
General and administrative expenses were $12 million, down 17% year over year, primarily due to lower non-cash stock-based compensation expenses and additional sublease income offsetting costs.
As of Dec. 31, 2025, Kodiak had cash, cash equivalents and marketable securities worth $209.9 million compared with $72 million as of Sept. 30, 2025.
Year to date, shares of Kodiak have gained 36.3% compared with the industry’s 1.2% growth.
Image Source: Zacks Investment Research
KOD’s Full-Year 2025 Results
For full-year 2025, the company incurred a net loss of $4.32 per share, wider than a loss of $3.35 per share incurred in 2024.
KOD's Key Pipeline Updates
On March 26, Kodiak announced positive top-line data from the phase III GLOW2 study evaluating the efficacy and safety of Zenkuda (tarcocimab tedromer) in treatment-naïve patients with diabetic retinopathy (DR).
Following the success of GLOW1, with all patients on a six-month dosing interval, Zenkuda demonstrated superiority to sham. In the GLOW2 study, 62.5% of the patients treated with Zenkuda achieved more than a two-step improvement in diabetic retinopathy severity score (DRSS) versus 3.3% with sham. The therapy reduced the risk of developing sight-threatening complications—such as progression to PDR or center-involving DME—by 85% compared with sham through week 48. It was observed that 13.7% of Zenkuda-treated patients achieved more than a three-step improvement in DRSS compared with 0% in the control arm, indicating meaningful disease regression. Zenkuda achieved both its primary and key secondary endpoints.
The candidate also demonstrated consistent efficacy regardless of GLP-1 use, with 60.0% of patients on GLP-1 therapy and 64.3% of those not on GLP-1 therapy achieving more than a two-step improvement in DRSS from baseline to week 48.
Zenkuda was well tolerated, with no reported cases of intraocular inflammation, retinal vasculitis or occlusive retinal vasculitis. Backed by strong safety, efficacy and durability data from GLOW2, Zenkuda has achieved a multi-indication, approval-ready profile, leading Kodiak to accelerate its regulatory submission timeline.
KOD’s second clinical candidate, KSI-501, is an investigational bispecific therapy that targets both IL-6 and VEGF for the treatment of retinal vascular diseases.
The company is also studying tarcocimab as a second investigational arm in the phase III DAYBREAK study for the treatment of wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm. KOD has completed enrollment in the study. Top-line data from both arms of the DAYBREAK study are anticipated in September 2026.
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 the candidate’s success in the early-stage study, KOD has initiated two pivotal phase III studies (PEAK and PINNACLE) investigating two dose levels (5 mg and 10 mg) of KSI-101 for macular edema secondary to inflammation. PEAK and PINNACLE, the two late-stage studies are currently enrolling patients with top-line results expected in the fourth quarter of 2026 and in the second quarter of 2027, respectively.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Kodiak Sciences Inc. price-consensus-eps-surprise-chart | Kodiak Sciences Inc. Quote
KOD's Zacks Rank & Other Stocks to Consider
Kodiak currently carries a Zacks Rank #2 (Buy).
Some better-ranked stocks in the biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) and Indivior Pharmaceuticals (INDV - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and ANI Pharmaceuticals (ANIP - Free Report) , which carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have declined from $2.55 to $2.51. CPRX shares have gained 1.2% over the past year.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have risen from $2.89 to $3.08. INDV shares have surged 220.2% over the past year.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 74.53%.
Over the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $8.28 to $8.99 for 2026. Over the past year, shares of ANIP have rallied 10.9%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, with the average surprise being 22.21%.