earnings
confidence high
sentiment positive
materiality 0.70
Kodiak Sciences Q3 net loss $61.5M ($1.16/share); cash $72M; Phase 3 trials on track
Kodiak Sciences Inc.
2025-Q3 EPS reported
-$3.28
- Net loss of $61.5M ($1.16/sh) vs $43.9M ($0.84/sh) in Q3 2024; R&D expenses rose to $50.5M from $31.9M on higher clinical and manufacturing activity.
- Cash and equivalents $72.0M as of Sept 30, 2025, down from prior quarter given ongoing Phase 3 spend.
- Phase 1b APEX (KSI-101) showed ≥90% of patients in top doses achieved absence of retinal fluid; Phase 3 PEAK/PINNACLE enrolling faster than expected.
- Phase 3 DAYBREAK (tarcocimab/KSI-501) in wet AMD completed enrollment of ~690 patients; topline data expected 3Q 2026.
- Upcoming catalysts: GLOW2 topline 1Q 2026; KSI 101 Phase 3 topline 4Q 2026/1Q 2027.