Kodiak Sciences Inc (NASDAQ: KOD) is a clinical-stage biopharmaceutical company developing treatments for retinal diseases. The company generates no product revenue as of the fiscal year ended December 31, 2025, operating entirely on capital raises and a liability related to the sale of future royalties. Kodiak's lead asset, Zenkuda, is a bispecific antibody targeting VEGF for diabetic retinopathy, supported by positive Phase 3 data from the GLOW1 and GLOW2 studies. The pipeline includes KSI-501, a bispecific IL-6 and VEGF inhibitor in the Phase 3 DAYBREAK study for wet AMD with topline data expected in Q3 2026, KSI-101, a bispecific protein targeting IL-6 and VEGF in Phase 1b development for macular edema secondary to inflammation, and earlier-stage programs KSI-102 and KSI-103 targeting dual cytokine combinations. The company carries an accumulated deficit and has reported net losses through at least December 31, 2025, per the 10-K filed March 31, 2026.

Revenue model

No product revenue as of FY2025. The company is pre-commercial and funds operations through equity financing and a liability related to the sale of future royalties, as disclosed in the 10-K filed March 31, 2026.

Products and services

Zenkuda: bispecific antibody targeting VEGF, Phase 3-complete for diabetic retinopathy (GLOW1 and GLOW2 studies). KSI-501: bispecific IL-6 and VEGF inhibitor, Phase 3 DAYBREAK study in wet AMD, enrollment complete as of filing date, topline data expected Q3 2026. KSI-101: bispecific protein targeting IL-6 and VEGF at 100 mg/mL, Phase 1b complete (APEX study), in development for macular edema secondary to inflammation (MESI). KSI-102: anti-TNFa/IL-6 bispecific antibody, pipeline stage. KSI-103: anti-IL-1/IL-6 bispecific antibody, pipeline stage.

Customers and end markets

Target patient populations are adults with diabetic retinopathy, diabetic macular edema, wet age-related macular degeneration, and macular edema secondary to intraocular inflammation. No commercial customers as of the fiscal year ended December 31, 2025.

Value-chain role

Drug developer with no manufacturing or commercial operations disclosed in the filing excerpts. Conducts clinical trials and maintains a pipeline of bispecific antibody candidates targeting retinal disease.

Geographic exposure

Incorporated and headquartered in the United States. Potential international regulatory and data-transfer exposure noted in risk factors regarding EEA and UK personal data rules, per the 10-K filed March 31, 2026.

Source: SEC 10-K, filed 2026-03-31

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