Kodiak Sciences Q4 net loss $93.2M; wet AMD pivotal trial misses primary endpoint

Kodiak Sciences Inc.

2022-FY EPS reported -$5.16

Phase 2b/3 KSI-301 study in wet AMD did not meet non-inferiority vs aflibercept for extended dosing.
59% of KSI-301 patients achieved 5-month dosing; safety profile acceptable with no new signals.
Q4 net loss $93.2M ($1.79/share) vs $46.6M a year ago; full year net loss $267.0M.
R&D expenses $75.6M in Q4, up from $37.4M, driven by clinical trial and manufacturing costs.
Cash and equivalents $731.5M; BEACON RVO top-line data expected Q3 2022.

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