Kodiak Sciences (KOD) Q4 2025 earnings summary

Executive summary

• Achieved positive Phase 3 topline results for GLOW2 study, demonstrating efficacy and safety of Zenkuda in diabetic retinopathy.

• Completed enrollment in Phase 3 DAYBREAK study for Zenkuda and KSI-501 in wet AMD; topline data expected September 2026.

• Advanced KSI-101 with strong Phase 1b APEX results in MESI and ongoing Phase 3 PEAK and PINNACLE studies.

• Expanded pipeline with bispecific antibody candidates and progress in digital health/AI initiatives.

Financial highlights

• Ended 2025 with $209.9 million in cash and cash equivalents.

• Net loss for Q4 2025 was $56.7 million ($1.04/share), compared to $44.1 million ($0.84/share) in Q4 2024.

• Full-year 2025 net loss was $230.0 million ($4.32/share), up from $176.2 million ($3.35/share) in 2024.

• Completed $173.0 million equity offering in December 2025.

Outlook and guidance

• Intends to accelerate multi-indication BLA submission for Zenkuda based on strong GLOW2 data.

• Topline DAYBREAK data for Zenkuda and KSI-501 expected in Q3 2026; PEAK and PINNACLE topline data for KSI-101 expected in Q4 2026 and Q2 2027, respectively.

• Current cash expected to fund operations into 2027.