# Kodiak Sciences Inc. (KOD)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $1.81B  
**Price:** $33.97 (+8.15%)

> Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company focused on the research, development, and commercialization of novel therapeutics for retinal diseases. The company specializes in next-generation therapies targeting chronic, high-prevalence ophthalmic conditions that lead to vision loss, including wet age-related macular degeneration, diabetic macular edema, retinal vein occlusion, diabetic retinopathy, uveitis, and macular edema secondary to inflammation. Its proprietary Antibody Biopolymer Conjugate Drug platform enables multi-modal treatments through bio-inspired antibody biopolymer conjugates. Key pipeline candidates include tarcocimab tedromer (KSI-301), an anti-VEGF antibody biopolymer in Phase 3 studies for retinal vascular diseases; KSI-501, a bispecific anti-IL-6 and VEGF-trap for inflammatory retinal conditions; and KSI-101, targeting IL-6 and VEGF for patients with retinal fluid and inflammation. Kodiak Sciences Inc. operates as a retina-focused biotechnology firm advancing late-stage programs to address unmet needs in ophthalmology. Founded in 2009 and headquartered in Palo Alto, California, it remains committed to developing innovative biologic medicines for complex ocular diseases.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | — | — | -$234M | -$230M | $-4.32 |
| 2024 | — | — | -$187M | -$176M | $-3.35 |
| 2023 | — | — | -$277M | -$260M | $-4.97 |
| 2022 | — | — | -$341M | -$334M | $-6.39 |
| 2021 | — | — | -$267M | -$267M | $-5.16 |
| 2020 | — | — | -$136M | -$133M | $-2.91 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $352M | $194M | $157M | $210M | $47M |
| 2024 | $336M | $185M | $150M | $168M | $60M |
| 2023 | $479M | $214M | $266M | $286M | $72M |
| 2022 | $667M | $230M | $436M | $190M | $78M |
| 2021 | $904M | $241M | $663M | $732M | $76M |
| 2020 | $1.07B | $207M | $861M | $944M | $75M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$148M | -$506,000 | -$137M |
| 2024 | -$110M | -$400,000 | -$118M |
| 2023 | -$149M | -$41M | -$196M |
| 2022 | -$200M | -$47M | -$254M |
| 2021 | -$196M | -$63M | -$246M |
| 2020 | -$97M | -$7M | -$90M |

Source: [CompaniesByCap](https://companiesbycap.com/company/KOD)