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Kodiak's Q1 Loss Wider Than Expected, Pipeline Development in Focus
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Key Takeaways
KOD reported a wider Q1 2026 loss as research & development expenses rose due to ongoing clinical studies.
Kodiak advanced Zenkuda after positive phase III GLOW2 data in diabetic retinopathy.
KOD expects top-line data from the DAYBREAK and KSI-101 phase III studies through 2027.
Kodiak Sciences (KOD - Free Report) reported first-quarter 2026 loss of 94 cents per share, wider than the Zacks Consensus Estimate of a loss of 93 cents. The company had incurred a loss of $1.09 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 Q1 Results in Detail
Research and development expenses were $48.5 million in the reported quarter, up 11.2% year over year. The rise was mainly due to increased clinical activities associated with ongoing clinical studies.
General and administrative (G&A) expenses were $11.2 million, down 27.2% year over year, primarily due to lower non-cash stock-based compensation expenses and additional sublease income that offset G&A costs.
As of March 31, 2026, Kodiak had cash, cash equivalents and marketable securities worth $169.5 million compared with $209.9 million as of Dec. 31, 2025. The company expects its cash position to support ongoing operations into 2027.
Year to date, shares of Kodiak have risen 56.2% against the industry’s 0.3% decline.
Image Source: Zacks Investment Research
KOD's Key Pipeline Updates
In March, Kodiak announced positive phase III GLOW2 data showing that Zenkuda (tarcocimab tedromer) significantly improved diabetic retinopathy outcomes in treatment-naïve patients compared with sham treatment. The therapy reduced the risk of vision-threatening complications, showed consistent efficacy regardless of GLP-1 use and demonstrated a favorable safety profile with no cases of retinal vasculitis or intraocular inflammation.
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 IL-6 and VEGF for the treatment of retinal vascular diseases.
The company is 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 (APEX) 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 are currently enrolling patients with top-line results expected in the fourth quarter of 2026 and in the second quarter of 2027, respectively.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have declined from $2.14 to $1.75. Over the same period, EPS estimates for 2027 have decreased from $3.79 to $2.91. LQDA shares have gained 22.6% year to date.
Liquidia’s earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining occasions with the average surprise being 39.38%.
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Kodiak's Q1 Loss Wider Than Expected, Pipeline Development in Focus
Key Takeaways
Kodiak Sciences (KOD - Free Report) reported first-quarter 2026 loss of 94 cents per share, wider than the Zacks Consensus Estimate of a loss of 93 cents. The company had incurred a loss of $1.09 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 Q1 Results in Detail
Research and development expenses were $48.5 million in the reported quarter, up 11.2% year over year. The rise was mainly due to increased clinical activities associated with ongoing clinical studies.
General and administrative (G&A) expenses were $11.2 million, down 27.2% year over year, primarily due to lower non-cash stock-based compensation expenses and additional sublease income that offset G&A costs.
As of March 31, 2026, Kodiak had cash, cash equivalents and marketable securities worth $169.5 million compared with $209.9 million as of Dec. 31, 2025. The company expects its cash position to support ongoing operations into 2027.
Year to date, shares of Kodiak have risen 56.2% against the industry’s 0.3% decline.
Image Source: Zacks Investment Research
KOD's Key Pipeline Updates
In March, Kodiak announced positive phase III GLOW2 data showing that Zenkuda (tarcocimab tedromer) significantly improved diabetic retinopathy outcomes in treatment-naïve patients compared with sham treatment. The therapy reduced the risk of vision-threatening complications, showed consistent efficacy regardless of GLP-1 use and demonstrated a favorable safety profile with no cases of retinal vasculitis or intraocular inflammation.
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 IL-6 and VEGF for the treatment of retinal vascular diseases.
The company is 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 (APEX) 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 are currently enrolling patients with top-line results expected in the fourth quarter of 2026 and in the second quarter of 2027, respectively.
Price, Consensus and EPS Surprise
price-consensus-eps-surprise-chart | 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 Amarin Corporation (AMRN - Free Report) , Indivior Pharmaceuticals (INDV - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have declined from $2.14 to $1.75. Over the same period, EPS estimates for 2027 have decreased from $3.79 to $2.91. LQDA shares have gained 22.6% year to date.
Liquidia’s earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining occasions with the average surprise being 39.38%.