Kodiak Sciences Inc.

Listed Company

KODCIK 0001468748NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-230.00M

Total Assets

$351.53M

Equity

$157.38M

Shares Out

61.85M

Op. Cash Flow

$-136.00M

Business

Kodiak Sciences Inc. develops next-generation retinal medicines using its Antibody Biopolymer Conjugate (ABC) Platform to prevent and treat major causes of blindness. Its main products and investigational therapies include intravitreal biologics such as tarcocimab, bispecific conjugates KSI-501 and KSI-101, and ABCD platform-enabled high drug-antibody-ratio candidates, plus a VETi digital health LiDAR headset. Key business activities comprise clinical development, platform and manufacturing scale-up (including commercial drug substance production), and device/AI development. Kodiak pursues global regulatory approvals and intends distribution through ophthalmology and retina specialist channels in international markets.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	182	126	206	268	217
General and administrative	52	61	71	74	50
Total operating expenses	234	187	277	341	267
Loss from operations	−234	−187	−277	−341	−267
Interest income	5	11	17	7	298,000
Interest expense	0	0	−13,000	−18,000	−47,000
Other income (expense), net	−96,000	−506,000	110,000	503,000	−190,000
Net loss	−230	−176	−261	−334	−267
Net loss per share common share, basic	−4.32	−3.35	−4.97	−6.39	−5.16
Net loss per share common share, diluted	−4.32	−3.35	−4.97	−6.39	−5.16
Weighted-average shares of common stock outstanding used in computing net loss per common share, basic	53	53	52	52	52
Weighted-average shares of common stock outstanding used in computing net loss per common share, diluted	53	53	52	52	52
Change in unrealized gains (losses) related to available-for-sale debt securities, net of tax	0	0	1	−1	−53,000
Total other comprehensive income (loss)	0	0	1	−1	−53,000
Comprehensive loss	−230	−176	−259	−335	−267

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	210	168	286	190	732
Prepaid expenses and other current assets	5	4	4	7	3
Total current assets	215	172	289	486	735
Restricted cash	6	6	6	6	6
Property and equipment, net	85	102	120	56	41
Operating lease right-of-use asset	37	47	55	59	67
Other assets	9	9	9	59	55
Total assets	352	336	479	667	904
Accounts payable	13	4	14	9	12
Accrued and other current liabilities	21	11	18	33	48
Operating lease liability	12	11	10	10	4
Total current liabilities	46	26	42	52	65
Long-term operating lease liability	47	60	72	78	76
Liability related to sale of future royalties	100	100	100	100	100
Long-term deposit	2	0	—	—	—
Total liabilities	194	185	214	230	241
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, $0.0001 par value -10,000,000 shares authorized; none issued	0	0	0	0	0
Common stock, $0.0001 par value -490,000,000 shares authorized; 61,758,454 and 52,726,916 shares issued and outstanding, respectively	6,000	5,000	5,000	5,000	5,000
Additional paid-in capital	1,716	1,479	1,418	1,330	1,222
Accumulated deficit	−1,559	−1,329	−1,153	−892	−558
Total stockholders equity	157	150	266	436	663
Total liabilities and stockholders equity	352	336	479	667	904

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	18	19	18	4	1
Stock-based compensation	59	60	89	106	61
Non-cash lease impairment expense	2	0	0	—	—
Net accretion of discount on marketable securities	0	0	−846,000	−1	25,000
Settlement of derivative contracts	0	355,000	0	−616,000	0
Amortization of operating lease right-of-use asset	8	8	8	7	8
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Other Item	20,000	0	6,000	—	—
Prepaid expenses and other current assets	−891,000	−60,000	8	−3	−270,000
Other assets	59,000	−12,000	426,000	7	1
Accounts payable	8	−10	6	2	−2
Accrued and other current liabilities	9	−7	−13	−2	14
Operating lease liability	−11	−11	−9	8	2
Long-term deposit	2	0	0	—	—
Net cash provided by (used in) operating activities	−136	−117	−154	−207	−182
Purchase of property and equipment	−506,000	−375,000	−41	−37	−17
Deposits on property and equipment	0	−25,000	−77,000	−10	−46
Purchase of marketable securities	0	0	−49	−428	0
Maturities of marketable securities	0	0	340	138	25
Settlement of derivative contracts	0	−355,000	0	616,000	—
Net cash provided by (used in) investing activities	−506,000	−755,000	249	−337	−39
Cash in-transit for stock option exercises	5	394,000	60,000	2	8
Proceeds from ESPP	180,000	107,000	182,000	174,000	484,000
Principal payments of tenant improvement allowance payable	0	0	−211,000	−49,000	−45,000
Net cash provided by financing activities	178	501,000	31,000	2	8
Net increase (decrease) in cash, cash equivalents and restricted cash	42	−118	95	−541	−213
Cash paid for interest	0	0	13,000	18,000	22,000
Purchase of property and equipment under accounts payable and accruals	878,000	50,000	0	3	21
Reclassification of deposits to property and equipment	0	25,000	44	5	2
Unpaid offering costs	303,000	0	0	0	0
Cash in-transit for stock option exercises	201,000	0	0	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro