KOD Stock — Kodiak Sciences Inc: Cash, EV, Pipeline

What they do

Our goal is to prevent and treat the major causes of blindness by developing and commercializing next-generation therapeutics to address multiple unmet needs on the spectrum of retinal diseases. Kodiak has developed three late-stage clinical programs based on its internal discovery and development engine.

Source: 10-K FY2025 via SEC EDGAR

Share price

$99.30

Market cap

$6,241.0M

Cash

$125.9M

Enterprise value

$6,115.1M

Balance sheet

Cash	$125.9M
Debt	$0.0M
Net cash	$125.9M
Enterprise value	$6,115.1M
Basic shares	61.8M shares
Fully diluted shares	83.6M shares
Fully diluted market cap	$8,306.2M
Cash per share	$2.04
Quarterly burn	$46.2M
Cash runway	2.7 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

61.8M

Pre-funded warrants

0.0M

Options

21.7M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.2M

FDSO

83.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

KSI-101 (PEAK Pivotal Analysis 1) · Dec 1-31 · guided in 24d

Recently reported

Tarcocimab tedromer Phase 3 Positive · 2026-09-28

KSI-501

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDDec 1-31 in 24d	KSI-101 (PEAK Pivotal Analysis 1) PEAK Phase 3, Pivotal Analysis 1 (first 300-patient cohort) in macular edema secondary to inflammation · NCT06990399	Phase 3	macular edema secondary to inflammation	December 2026
Mar 15 - Apr 26 in 4 mo	KSI-101	Phase 3	Macular Edema Secondary to Inflammation	—
May 13 - Jun 24 in 6 mo	KSI-101	Phase 3	Macular Edema Secondary to Inflammation	Q2 2027 Est. May 16, 2027 · quarter midpoint
Oct 12 - Nov 23 in 24 mo	Tabirafusp tedromer	Phase 3	Diabetic Macular Edema (DME)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Zenkuda

Phase 3 · Active Modality: anti-VEGF antibody biopolymer conjugate (ABC platform)

Aliases tarcocimab

Target VEGF

Partnerships Lonza: custom-built commercial-scale drug substance manufacturing facility (Ursus)

Indications

Wet age-related macular degeneration (wet AMD) (Phase 3)
Diabetic retinopathy (Phase 3)

Catalysts

— September 2026
— 2026

Status note Phase 3 DAYBREAK in wet AMD (enrollment completed); BLA filing intended in DR, RVO and wet AMD in 2026.

KSI-501

Phase 3 · Active Modality: ABC platform conjugate (50 mg/mL enhanced formulation)

Target VEGF/IL-6

Partnerships Lonza: manufacturing

Indications

Wet AMD (Phase 3)

Catalysts

— September 2026

Status note Parallel investigational arm in Phase 3 DAYBREAK vs aflibercept; enrollment completed.

KSI-101

Phase 3 · Active Modality: bispecific protein (100 mg/mL)

Target IL-6 and VEGF

Indications

Macular edema secondary to inflammation (MESI) (Phase 3)

Catalysts

— December 2026
— 2Q 2027

Status note PEAK and PINNACLE Phase 3 studies enrolling MESI subjects.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tarcocimab tedromer
Lead indication	Wet Age-related Macular Degeneration
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06996080	Phase 3	Recruiting	Sponsor	KOD	—	Macular Edema Secondary to Inflammation	—
NCT06990399	Phase 3	Recruiting	Sponsor	KOD	—	Macular Edema Secondary to Inflammation	December 2026 Q2 2027 Est. May 16, 2027 · quarter midpoint
NCT07734844	Phase 3	Recruiting	Sponsor	KOD	—	Diabetic Macular Edema (DME)	—
NCT06556368	Phase 3	Active, not recruiting	Sponsor	KOD	—	Wet Age-related Macular Degeneration	September 2026

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Kodiak Sciences Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	19,919,186	no change	3.89%	2026-08-14
Braidwell LP	1,787,318	-31,347	2.58%	2026-08-14
RTW Investments	1,487,934	no change	0.49%	2026-08-14
Boxer Capital	1,477,600	+116,600	4.34%	2026-08-14
Ikarian Capital	1,059,730	-206,065	6.76%	2026-08-14
Sphera Biotech	81,796	-33,000	0.46%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KOD — Kodiak Sciences Inc ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KOD — Kodiak Sciences Inc