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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-204M | $-230M | $-137M | -146.1% | - | - |
| 2024 | $0M | $-150M | $-176M | $-118M | -117.2% | - | - |
| 2023 | $0M | $-235M | $-260M | $-196M | -98.0% | - | - |
| 2022 | $0M | $-323M | $-334M | $-254M | -76.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 341.38 | 277.32 | 186.85 | 234.39 |
| Operating Income | -341.38 | -277.32 | -186.85 | -234.39 |
| EBITDA | -322.80 | -234.53 | -149.50 | -203.65 |
| EBIT | -333.81 | -260.48 | -176.21 | -229.97 |
| Pretax Income | -333.82 | -260.49 | -176.21 | -229.97 |
| Net Income | -333.82 | -260.49 | -176.21 | -229.97 |
| Net Income Common Stockholders | -333.82 | -260.49 | -176.21 | -229.97 |
| Total Expenses | 341.38 | 277.32 | 186.85 | 234.39 |
| Interest Expense | 0.02 | 0.01 | 0 | 0 |
| Interest Income | 7.07 | 16.73 | 11.15 | 4.52 |
| Research And Development | 267.59 | 206.30 | 126.09 | 182.37 |
| Selling General And Administration | 73.79 | 71.02 | 60.75 | 52.02 |
| Normalized EBITDA | -322.80 | -234.53 | -149.50 | -203.65 |
| Normalized Income | -333.82 | -260.49 | -176.21 | -229.97 |
| Basic EPS | -6.39 | -4.97 | -3.35 | -4.32 |
| Diluted EPS | -6.39 | -4.97 | -3.35 | -4.32 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -333.82 | -260.49 | -176.21 | -229.97 |
| Reconciled Depreciation | 11 | 25.95 | 26.71 | 26.32 |
| Net Interest Income | 7.05 | 16.72 | 11.15 | 4.52 |
| Net Income From Continuing And Discontinued Operation | -333.82 | -260.49 | -176.21 | -229.97 |
| Total Operating Income As Reported | -341.38 | -277.32 | -186.85 | -234.39 |
| Diluted Average Shares | 52.25 | 52.41 | 52.58 | 53.21 |
| Basic Average Shares | 52.25 | 52.41 | 52.58 | 53.21 |
| Diluted NI Availto Com Stockholders | -333.82 | -260.49 | -176.21 | -229.97 |
| Net Income Including Noncontrolling Interests | -333.82 | -260.49 | -176.21 | -229.97 |
| Net Income Continuous Operations | -333.82 | -260.49 | -176.21 | -229.97 |
| Other Income Expense | 0.50 | 0.11 | -0.51 | -0.10 |
| Other Non Operating Income Expenses | 0.50 | 0.11 | -0.51 | -0.10 |
| Net Non Operating Interest Income Expense | 7.05 | 16.72 | 11.15 | 4.52 |
| Interest Expense Non Operating | 0.02 | 0.01 | 0 | 0 |
| Interest Income Non Operating | 7.07 | 16.73 | 11.15 | 4.52 |
| General And Administrative Expense | 73.79 | 71.02 | 60.75 | 52.02 |
| Other Gand A | 73.79 | 71.02 | 60.75 | 52.02 |
| Operating Revenue | 0 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kodiak Sciences Inc.this co. | KOD | $2.7B | - | 17.11 | -146.1% | -11.78 |
| Erasca, Inc. | ERAS | $2.8B | - | 7.96 | -38.3% | -20.28 |
| Arcutis Biotherapeutics, Inc. | ARQT | $2.8B | - | 14.56 | -8.5% | -352.93 |
| Haemonetics Corporation | HAE | $2.7B | 16.26 | 3.03 | 20.4% | 9.88 |
| Soleno Therapeutics, Inc. | SLNO | $2.7B | 135.33 |
| 6.13 |
| 4.6% |
| 145.68 |
| Warby Parker Inc. | WRBY | $2.6B | 2147.00 | 7.15 | 0.4% | 56.61 |
| Tarsus Pharmaceuticals, Inc. | TARS | $2.6B | - | 7.52 | -19.3% | -32.50 |
| Immunome, Inc. | IMNM | $2.6B | - | 4.09 | -33.5% | -9.20 |
| Enliven Therapeutics, Inc. | ELVN | $2.6B | - | 5.48 | -22.6% | -17.36 |
| Peer Median | - | 135.33 | 6.64 | -13.9% | -13.28 | |