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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% | - | 30.5% |
| 2024 | $0M | $-150M | $-176M | $-118M | -117.2% | - | -32.4% |
| 2023 | $0M | $-235M | $-260M | $-196M | -98.0% | - | -22.0% |
| 2022 | $0M | $-323M | $-334M | $-254M | -76.5% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 0 |
| Operating Revenue | - | 0 | 0 | 0 | 0 |
| Operating Expense | - | 341.38 | 277.32 | 186.85 | 234.39 |
| Research And Development | - | 267.59 | 206.30 | 126.10 | 182.37 |
| Selling General And Administration | - | 73.79 | 71.02 | 60.75 | 52.02 |
| Total Expenses | - | 341.38 | 277.32 | 186.85 | 234.39 |
| Operating Income | - | -341.38 | -277.32 | -186.85 | -234.39 |
| Total Operating Income As Reported | - | -341.38 | -277.32 | -186.85 | -234.39 |
| EBITDA | - | -322.80 | -234.53 | -149.50 | -203.65 |
| Normalized EBITDA | - | -322.80 | -234.53 | -149.50 | -203.65 |
| EBIT | - | -333.80 | -260.48 | -176.21 | -229.97 |
| Interest Income | - | 7.07 | 16.73 | 11.15 | 4.52 |
| Interest Expense | - | 0.02 | 0.01 | 0 | 0 |
| Net Interest Income | - | 7.05 | 16.72 | 11.15 | 4.52 |
| Other Non Operating Income Expenses | - | 0.50 | 0.11 | -0.51 | -0.10 |
| Other Income Expense | - | 0.50 | 0.11 | -0.51 | -0.10 |
| Interest Income Non Operating | - | 7.07 | 16.73 | 11.15 | 4.52 |
| Interest Expense Non Operating | - | 0.02 | 0.01 | 0 | 0 |
| Net Non Operating Interest Income Expense | - | 7.05 | 16.72 | 11.15 | 4.52 |
| Pretax Income | - | -333.82 | -260.49 | -176.21 | -229.97 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -333.82 | -260.49 | -176.21 | -229.97 |
| Net Income From Continuing And Discontinued Operation | - | -333.82 | -260.49 | -176.21 | -229.97 |
| Net Income From Continuing Operation Net Minority Interest | - | -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 |
| Net Income Including Noncontrolling Interests | - | -333.82 | -260.49 | -176.21 | -229.97 |
| Normalized Income | - | -333.82 | -260.49 | -176.21 | -229.97 |
| Diluted NI Availto Com Stockholders | - | -333.82 | -260.49 | -176.21 | -229.97 |
| Basic Average Shares | - | 52.25 | 52.41 | 52.58 | 53.21 |
| Diluted Average Shares | - | 52.25 | 52.41 | 52.58 | 53.21 |
| Reconciled Depreciation | - | 11 | 25.95 | 26.71 | 26.32 |
| General And Administrative Expense | - | 73.79 | 71.02 | 60.75 | 52.02 |
| Other Gand A | - | 73.79 | 71.02 | 60.75 | 52.02 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kodiak Sciences Inc.this co. | KOD | $2.1B | - | 13.58 | -146.1% | - |
| Immunome, Inc. | IMNM | $2.2B | -10.49 | 3.51 | -33.5% | -7.14 |
| Mineralys Therapeutics, Inc. | MLYS | $2.2B | -14.28 | 3.41 | -23.9% | - |
| Enliven Therapeutics, Inc. | ELVN | $2.2B | -20.85 | 4.70 | -22.6% | -17.28 |
| BioCryst Pharmaceuticals, Inc. | BCRX | $2.2B |
| - |
| - |
| - |
| 8.16 |
| -18.07 |
| -221.4% |
| 7.20 |
| Aurinia Pharmaceuticals Inc. | AUPH | $2.1B | 7.33 | 3.62 | 49.4% | 15.22 |
| Clover Health Investments, Corp. | CLOV | $2.1B | -24.56 | 6.81 | -27.7% | - |
| NovoCure Limited | NVCR | $2.1B | - | 6.12 | -40.0% | - |
| Intellia Therapeutics, Inc. | NTLA | $2.1B | - | 3.07 | -61.5% | - |
| Peer Median | - | -12.39 | 3.57 | -30.6% | 0.03 | |