Kodiak Sciences (KOD) . Earnings Quick Look

KOD reported Q4 and full year 2025 financials alongside the GLOW2 Phase 3 topline data. Here's what matters.

The Cash

$209.9M on hand at year end. They raised $173M in December through an equity offering at $23/share. Stock is now trading around $42, so that raise looks smart in hindsight. Management guided runway into 2027, which covers all the near-term catalysts.

The Burn

R&D spending jumped to $45.5M in Q4 2025, up from $31.8M in Q4 2024. Full year R&D was $182.4M vs $126.1M the year prior. That's a 45% increase year over year, driven by DAYBREAK enrollment and the PEAK/PINNACLE KSI-101 studies ramping up. G&A actually came down slightly to $52M from $60.8M, helped by sublease income.

Net loss for Q4 was $56.7M. Full year burn is running north of $230M annually. At that rate, $209.9M gets them through most of 2027 but not comfortably. Keep an eye on whether they need to raise again before the BLA submission.

The Data

GLOW2 is the headline. Zenkuda hit the primary endpoint hard. 62.5% of treated patients achieved a 2-step or greater improvement in diabetic retinopathy severity vs 3.3% on sham. That's a p-value under 0.0001. Sight-threatening complications dropped 85% vs sham. Clean safety profile, no intraocular inflammation, no vasculitis.

Combined with GLOW1, Zenkuda now has a multi-indication BLA-ready profile across diabetic retinopathy, retinal vein occlusion, and wet AMD. Management is accelerating the BLA submission timeline.

What's Coming

DAYBREAK topline data (Zenkuda and KSI-501 in wet AMD) expected September 2026. PEAK topline for KSI-101 expected Q4 2026. PINNACLE in Q2 2027. Next earnings May 13, 2026.

The Setup

52-week range is $1.92 to $45.60. This was a sub-$2 stock within the last year. $2.33B market cap now. Pre-revenue, high burn, but the clinical data is backing up the move. The anti-VEGF market they're targeting is $15B and the 6-month dosing interval is a real differentiator vs current standard of care.

Catalyst-dense name through year end. Worth watching.