Kodiak Sciences Inc. Segments Disclosure
12. Segment Information
The Company operates and manages its business as one operating and reportable segment, which is the business of researching, developing and commercializing transformative therapeutics to treat a broad spectrum of retinal diseases. The
chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses net loss to allocate resources and assess performance when making decisions on the timing and extent of the Company's development programs for its product candidates. The assets are managed on a consolidated basis as reported on the consolidated balance sheets.
The significant expense categories within net loss are presented on the consolidated statements of operations. The research and development expenses have been disaggregated as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Tarcocimab program expenses |
|
$ |
54,049 |
|
|
$ |
39,496 |
|
|
$ |
90,513 |
|
KSI-501 and KSI-101 program expenses |
|
|
28,980 |
|
|
|
8,495 |
|
|
|
7,264 |
|
ABC Platform and other program expenses |
|
|
23,776 |
|
|
|
12,915 |
|
|
|
20,997 |
|
Payroll and personnel expenses |
|
|
56,082 |
|
|
|
45,522 |
|
|
|
65,382 |
|
Facilities and other research and development expenses |
|
|
19,486 |
|
|
|
19,667 |
|
|
|
22,142 |
|
Total research and development expenses |
|
$ |
182,373 |
|
|
$ |
126,095 |
|
|
$ |
206,298 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.