Kodiak Sciences Inc
kodiak.comKodiak 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.
Products & 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.
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.
Customers & 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.
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.
Financial Snapshot
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