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Kodiak Q3 Loss Wider Than Expected, Pipeline Development in Focus
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Key Takeaways
Kodiak reported a wider-than-expected Q3 loss as R&D expenses increased 15.5% year over year.
Zenkuda and KSI-501 met their primary endpoints in the phase III DAYBREAK study.
Kodiak expects key KSI-101 data in December 2026 and plans to file Zenkuda's BLA by year-end.
Kodiak Sciences (KOD - Free Report) reported a third-quarter 2026 loss of $1.05 per share, wider than the Zacks Consensus Estimate of a loss of $1.00. The company had incurred a loss of $1.16 per share in the year-ago quarter.
KOD currently has no approved products in its portfolio. As a result, it has yet to generate revenues.
KOD's Q3 Results in Detail
Research and development (R&D) expenses were $58.3 million in the reported quarter, up approximately 15.5% year over year. The rise was mainly due to increased clinical and manufacturing activities associated with ongoing clinical studies.
General and administrative expenses were $8.8 million, down approximately 25.9% year over year, primarily backed by lower non-cash stock-based compensation expenses.
As of Sept. 30, 2026, Kodiak had cash, cash equivalents and marketable securities worth $88.7 million compared with $125.9 million as of June 30, 2026. Subsequent to the third quarter, Kodiak raised aggregate net proceeds of $69 million through sales of common stock under its at-the-market equity offering facility. The company expects its cash position to support ongoing operations into 2027.
Year to date, shares of Kodiak have surged 287.1% compared with the industry’s 11.5% growth.
Image Source: Zacks Investment Research
KOD's Key Pipeline Updates
In September 2026, Kodiak announced positive top-line data from the phase III DAYBREAK study. The study evaluated Zenkuda, KOD’s lead candidate, and abirafusp-ted (formerly known as KSI-501), its second clinical candidate, in parallel investigational arms. Both candidates were evaluated against Regeneron’s (REGN - Free Report) Eylea (aflibercept) for the treatment of patients with wet age-related macular degeneration (wet AMD). Eylea is Regeneron’s established therapy for wet AMD.
Zenkuda met the study's primary endpoint, demonstrating meaningful vision improvements and sustained retinal drying. Notably, 54% of patients achieved six-month dosing intervals under the study's treatment criteria. Abirafusp-ted also met its primary vision endpoint and key secondary anatomical endpoint.
The company plans to submit a multi-indication biologics license application (BLA) for Zenkuda in the fourth quarter of 2026, supported by positive results from five phase III studies across three retinal vascular conditions such as wet AMD, diabetic retinopathy and retinal vein occlusion. If approved, Kodiak would get its first commercial product, marking an important step toward commercialization.
Meanwhile, Kodiak is actively enrolling patients in the global late-stage ALTO study, which is evaluating the safety and efficacy of intravitreal Abirafusp-ted versus Regeneron’s Eylea in patients with diabetic macular edema (DME).
Kodiak's third candidate, KSI-101, is being evaluated in the pivotal phase III PEAK and PINNACLE studies for macular edema secondary to inflammation. Enrollment in the first PEAK cohort is complete, with top-line data expected in December 2026. Enrollment in the second pivotal cohort across the PEAK and PINNACLE studies is expected to conclude in the fourth quarter of 2026, with data anticipated in the second quarter of 2027. Subject to positive results, Kodiak plans to submit a BLA for KSI-101 in the second quarter of 2027.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.06 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.21. AMRX’s shares have climbed 72.2% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
Over the past 30 days, loss per share estimates for AC Immune have narrowed from 60 cents to 54 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from 17 cents to 43 cents. ACIU’s shares have declined 31.9% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with an average surprise of 37.79%.
View the Zacks #1 Rank List
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Kodiak Q3 Loss Wider Than Expected, Pipeline Development in Focus
Key Takeaways
Kodiak Sciences (KOD - Free Report) reported a third-quarter 2026 loss of $1.05 per share, wider than the Zacks Consensus Estimate of a loss of $1.00. The company had incurred a loss of $1.16 per share in the year-ago quarter.
KOD currently has no approved products in its portfolio. As a result, it has yet to generate revenues.
KOD's Q3 Results in Detail
Research and development (R&D) expenses were $58.3 million in the reported quarter, up approximately 15.5% year over year. The rise was mainly due to increased clinical and manufacturing activities associated with ongoing clinical studies.
General and administrative expenses were $8.8 million, down approximately 25.9% year over year, primarily backed by lower non-cash stock-based compensation expenses.
As of Sept. 30, 2026, Kodiak had cash, cash equivalents and marketable securities worth $88.7 million compared with $125.9 million as of June 30, 2026. Subsequent to the third quarter, Kodiak raised aggregate net proceeds of $69 million through sales of common stock under its at-the-market equity offering facility. The company expects its cash position to support ongoing operations into 2027.
Year to date, shares of Kodiak have surged 287.1% compared with the industry’s 11.5% growth.
Image Source: Zacks Investment Research
KOD's Key Pipeline Updates
In September 2026, Kodiak announced positive top-line data from the phase III DAYBREAK study. The study evaluated Zenkuda, KOD’s lead candidate, and abirafusp-ted (formerly known as KSI-501), its second clinical candidate, in parallel investigational arms. Both candidates were evaluated against Regeneron’s (REGN - Free Report) Eylea (aflibercept) for the treatment of patients with wet age-related macular degeneration (wet AMD). Eylea is Regeneron’s established therapy for wet AMD.
Zenkuda met the study's primary endpoint, demonstrating meaningful vision improvements and sustained retinal drying. Notably, 54% of patients achieved six-month dosing intervals under the study's treatment criteria. Abirafusp-ted also met its primary vision endpoint and key secondary anatomical endpoint.
The company plans to submit a multi-indication biologics license application (BLA) for Zenkuda in the fourth quarter of 2026, supported by positive results from five phase III studies across three retinal vascular conditions such as wet AMD, diabetic retinopathy and retinal vein occlusion. If approved, Kodiak would get its first commercial product, marking an important step toward commercialization.
Meanwhile, Kodiak is actively enrolling patients in the global late-stage ALTO study, which is evaluating the safety and efficacy of intravitreal Abirafusp-ted versus Regeneron’s Eylea in patients with diabetic macular edema (DME).
Kodiak's third candidate, KSI-101, is being evaluated in the pivotal phase III PEAK and PINNACLE studies for macular edema secondary to inflammation. Enrollment in the first PEAK cohort is complete, with top-line data expected in December 2026. Enrollment in the second pivotal cohort across the PEAK and PINNACLE studies is expected to conclude in the fourth quarter of 2026, with data anticipated in the second quarter of 2027. Subject to positive results, Kodiak plans to submit a BLA for KSI-101 in the second quarter of 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 Amneal Pharmaceuticals (AMRX - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and AC Immune (ACIU - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.06 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.21. AMRX’s shares have climbed 72.2% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
Over the past 30 days, loss per share estimates for AC Immune have narrowed from 60 cents to 54 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from 17 cents to 43 cents. ACIU’s shares have declined 31.9% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with an average surprise of 37.79%.