Kodiak Sciences (KOD) Goldman Sachs 45th Annual Global Healthcare Conference summary

Program pipeline and scientific progress

• Three lead programs: tarcocimab, KSI-501, and KSI-101, each targeting distinct retinal indications with significant unmet needs.

• Over 55,000 patient visits and 2,500 patient-years of exposure in pivotal programs, supporting robust data generation.

• Commercial-scale manufacturing facility completed and operational, supporting all ABC Medicines.

• KSI-101 targets macular edema secondary to inflammation, an area with no approved biologics, and is entering a phase 1B study soon.

• Tarcocimab and KSI-501 leverage the ABC Platform for enhanced durability and efficacy, with new formulations addressing prior efficacy gaps.

Industry landscape and competitive analysis

• Anti-VEGF market remains large and innovation-driven, with Vabysmo and Eylea HD showing commercial success but limited advances in durability or efficacy.

• Biosimilars for Eylea may be delayed until 2027, supporting continued market opportunity for innovative therapies.

• Surgical and gene therapy approaches remain complex and less attractive compared to biologic-based solutions.

• Physicians prioritize both durability and early efficacy; current therapies do not fully meet these needs.

Scientific learnings and formulation improvements

• ABC Platform designed for six-month dosing durability, with proprietary polymer technology extending ocular half-life beyond competitors.

• Previous studies revealed a deficit in early efficacy during the loading phase, prompting formulation changes to include more free antibody.

• New formulations balance free and conjugated antibody, improving early efficacy and reducing adverse events like cataracts.

• Enhanced dispersibility and reduced injection time improve safety and patient experience.