Kodiak Sciences Inc. KOD R2K

Healthcare · Biotechnology · United States

Kodiak Sciences Inc., a clinical stage biopharmaceutical company, engages in the research, development, and commercialization of therapeutics to treat retinal diseases. Its lead product candidate is tarcocimab tedromer (KSI-301), an anti-vascular endothelial growth factor (VEGF) antibody biopolymer that has complete Phase 3 clinical study to treat high prevalence retinal vascular diseases; and in Phase 3 clinical study for the treatment of diabetic retinopathy, wet age-related macular degeneration (AMD), retinal vein occlusion, and diabetic macular edema, as well as in Phase 2/3 clinical study to treat wet AMD. The company's preclinical stage product candidate includes KSI-501, an anti- interleukin-6 (IL-6) and VEGF-trap bispecific antibody biopolymer conjugate for high prevalence retinal vascular diseases; and KSI-101 (KSI-501P), a bispecific protein targeting IL-6 and VEGF developed for patients who have retinal fluid and inflammation. The company was formerly known as Oligasis, LLC and changed its name to Kodiak Sciences Inc. in September 2015. Kodiak Sciences Inc. was incorporated in 2009 and is based in Palo Alto, California.

Market & Price

Market Cap

$2.30B

Current Price

$36.71

High / Low (52W)

$46.44 / $3.40

Beta

2.32

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

PEG Ratio

Book Value

$1.81

Price to Book

20.30

P/S

EV/EBITDA

-9.94

Dividend Yield

Profitability & Returns

ROCE

-75.15%

ROE

ROA

-49.05%

Profit Margin

0.00%

Op Margin

0.00%

EPS (Latest Qtr)

$-0.94

EPS (TTM)

$-4.17

Balance Sheet & Liquidity

Debt/Equity

0.50

Quick Ratio

3.42

Current Ratio

3.54

Debt

$55.99M

Total Assets

$351.53M

Current Assets

$214.82M

Working Capital

$169.28M

Ownership

Promoter Holding

5.18%

Chg in Prom Hold

FII / Inst Holding

99.56%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$2.18B

Total Revenue (TTM)

EBITDA

$-219.17M

Free Cash Flow

$-52.15M

Operating Cash Flow

$-146.94M

Shares Outstanding

62.58M

Gross Margin

0.00%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

Profit 5Y

10.37%

Revenue (YoY)

Earnings (YoY)

PROS

Profit CAGR of 10.4% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	KOD Kodiak Sciences Inc. R2K	36.71	-	$2.30B	-	-75.15%	-	-	10.37%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	59.07M	55.51M	62.35M	57.45M	59.78M
Operating Income	-5.04M	-6.74M	-3.98M	-9.76M	-5.55M	-5.09M	-6.38M	-9.36M	-8.46M	-11.81M	-12.73M	-16.18M	-25.72M	-26.78M	-36.66M	-46.84M	-50.56M	-55.91M	-67.53M	-93.05M	-95.77M	-92.07M	-79.48M	-74.61M	-84.83M	-54.50M	-46.05M	-47.98M	-	-	-59.07M	-55.51M	-62.35M	-57.45M	-59.78M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-52.34M	-48.97M	-55.81M	-46.52M	-53.44M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-57.46M	-54.31M	-61.46M	-56.74M	-58.16M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-5.04M	-6.74M	-4.58M	-11.57M	-8.92M	-7.41M	-10.45M	-14.66M	-7.98M	-11.38M	-12.38M	-15.62M	-24.39M	-26.00M	-36.12M	-46.58M	-50.45M	-55.85M	-67.53M	-93.17M	-95.71M	-90.63M	-77.04M	-70.78M	-80.19M	-50.01M	-43.04M	-45.12M	-	-	-57.46M	-54.31M	-61.46M	-56.74M	-58.16M
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.08	-1.30	-	-1.83	-1.74	-1.47	-1.35	-1.53	-0.95	-0.82	-0.86	-	-	-1.09	-1.03	-1.16	-1.04	-0.94
R&D Expense	-	-	3.15K	-	3.64M	3.59M	4.71M	-	5.72M	8.84M	10.12M	-	20.17M	20.56M	29.31M	-	40.34M	45.40M	56.00M	-	76.18M	73.74M	61.68M	56.52M	66.96M	36.19M	29.93M	32.51M	31.88M	-	43.64M	42.76M	50.48M	-	48.55M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	0	0	0	0
Cost of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	341.38M	277.32M	186.85M	234.39M
Operating Income	-17.15M	-25.52M	-26.37M	-49.19M	-136.01M	-267.05M	-341.38M	-277.32M	-186.85M	-234.39M
EBITDA	-	-	-	-	-	-	-322.80M	-234.53M	-149.50M	-203.65M
Interest Expense	-	-	-	-	-	-	18.00K	13.00K	0	0
Pretax Income	-	-	-	-	-	-	-333.82M	-260.49M	-176.21M	-229.97M
Tax Provision	-	-	-	-	-	-	-	-	-	-
Net Income	-17.13M	-27.94M	-41.44M	-47.37M	-133.10M	-266.99M	-333.82M	-260.49M	-176.21M	-229.97M
Diluted EPS	-	-	-	-	-2.91	-5.16	-6.39	-4.97	-3.35	-4.32
R&D Expense	14.05M	22.02M	18.79M	37.51M	107.39M	217.34M	267.59M	206.30M	126.09M	182.37M

Compounded Sales Growth

5 Years:	-
1 Year:	-

Compounded Profit Growth

5 Years:	10.37%
1 Year:	-

Stock Price Performance

1 Year:	+979.71%
6 Months:	+59.68%
3 Months:	+36.98%
1 Month:	-15.94%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	3.24M	92.19M	358.87M	1.07B	-	666.63M	479.37M	335.58M	351.53M
Current Assets	-	-	-	-	-	-	-	486.00M	289.31M	171.94M	214.82M
Cash & Equivalents	-	9.62M	1.40M	88.25M	211.80M	944.40M	-	190.43M	285.51M	168.07M	209.86M
Inventory	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-
Total Liabilities	-	-	21.96M	5.36M	13.51M	206.60M	-	230.46M	213.59M	185.29M	194.15M
Current Liabilities	-	-	9.16M	4.83M	11.71M	31.42M	-	52.50M	41.73M	25.57M	45.53M
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-
Total Debt	-	-	-	-	-	-	-	87.73M	81.63M	70.34M	59.18M
Total Equity	-24.24M	-41.08M	-68.74M	86.83M	345.36M	860.75M	-	436.17M	265.78M	150.29M	157.38M
Shares Outstanding	-	-	-	-	-	-	-	52.33M	52.51M	52.73M	61.76M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-16.05M	-17.66M	-29.03M	-39.15M	-83.43M	-	-206.46M	-154.18M	-117.32M	-136.01M
Investing Cash Flow	-771.00K	-209.00K	-581.00K	-137.00M	104.83M	-	-336.51M	249.23M	-755.00K	-506.00K
Financing Cash Flow	-120.00K	9.64M	116.47M	299.69M	717.38M	-	1.90M	31.00K	501.00K	178.30M
Capital Expenditure	-771.00K	-209.00K	-78.00K	-437.00K	-3.81M	-	-47.36M	-41.43M	-400.00K	-506.00K
Free Cash Flow	-16.82M	-17.86M	-29.11M	-39.58M	-87.24M	-	-253.82M	-195.61M	-117.72M	-136.51M
Net Change in Cash	-	-	-	-	-	-	-541.08M	95.07M	-117.57M	41.79M
Share Buybacks	4.00K	0	0	-	-	-	-	-	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-
ROE %	41.7%	40.6%	-47.7%	-13.7%	-15.5%	-	-76.5%	-98.0%	-117.2%	-146.1%
ROCE %	-	431.5%	-30.2%	-14.2%	-13.1%	-	-55.6%	-63.4%	-60.3%	-76.6%

Shareholding Pattern

Insiders

5.18%

Institutions

99.56%

Public Float

105.01%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Baker Bros. Advisors, LP	31.83%	19.92M	$731.23M
2	Blackrock Inc.	6.29%	3.94M	$144.46M
3	State Street Corporation	3.60%	2.25M	$82.63M
4	Price (T.Rowe) Associates Inc	3.26%	2.04M	$74.86M
5	Braidwell LP	2.91%	1.82M	$66.76M
6	Vanguard Capital Management LLC	2.74%	1.72M	$63.03M
7	Goldman Sachs Group Inc	2.70%	1.69M	$62.00M
8	RTW Investments LP	2.38%	1.49M	$54.62M
9	TCG Crossover Management, LLC	2.31%	1.45M	$53.07M
10	Boxer Capital Management, LLC	2.17%	1.36M	$49.96M

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