Kodiak Sciences Inc.
KOD evidence brief
What we can confirm
- BioSniper Score:
- 5.5 / 10
- Market Cap:
- $2.12B
- Lead Asset:
- ksi-101 (Phase 3)
What it means
What to watch
Prepared research question
What matters most for KOD—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · KOD
Kodiak Sciences Inc. is a precommercial biotechnology company developing three late-stage retinal disease assets (Zenkuda, KSI-501, KSI-101) with recent positive Phase 3 DAYBREAK results and a cash position of $125.9M as of 2026-06-30 [sec].
Key risk: No approved products
BioSniper Score
Based on 4 of 6 signals
Market Cap
$2.12B
Cash Runway
—
Lead Asset
ksi-101 (Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 5 clinical trials for Kodiak Sciences Inc..
Kodiak Sciences Inc. is a precommercial biotechnology company developing three late-stage retinal disease assets (Zenkuda, KSI-501, KSI-101) with recent positive Phase 3 DAYBREAK results and a cash position of $125.9M as of 2026-06-30 [sec].
- Precommercial retina-focused biotech with three Phase 3 clinical assets: Zenkuda (tarcocimab), KSI-501 (tabirafusp-ted), and KSI-101 [sec · filed 2026-04-22].
- Reported cash & equivalents of $125.9M and net income of -$65.6M as of 2026-06-30 [sec].
- Zenkuda and KSI-501 met primary endpoints in the Phase 3 DAYBREAK study in wet AMD, demonstrating non-inferiority in vision gain [news · published 2026-09-28].
- Enrollment completed for GLOW2 and DAYBREAK in 2025; DAYBREAK topline data planned for 3Q 2026 [sec · filed 2026-04-22].
- Company plans to file a BLA for Zenkuda in DR, RVO, and wet AMD in 2026 [sec · filed 2026-04-22].
What works
- Three late-stage programs (Zenkuda, KSI-501, KSI-101) are advancing simultaneously, with Zenkuda and KSI-501 achieving positive Phase 3 DAYBREAK results [news · published 2026-09-28].
- The ABC platform enables a flexible 1-month through 6-month dosing label for retinal vascular diseases, potentially offering a competitive advantage [sec_mda · as of 2026-08-13].
- Enrollment for pivotal studies (GLOW2, DAYBREAK) completed ahead of schedule, indicating operational execution capability [sec · filed 2026-04-22].
What to weigh
- Company has not yet obtained marketing approval for any product candidate or conducted sales and marketing activities, making future success uncertain [sec_mda · as of 2026-03-31].
- Net loss of $65.6M as of 2026-06-30 with accumulated deficits; cash runway depends on continued financing and BLA outcomes [sec].
- Phase 3 PEAK and PINNACLE trials for KSI-101 are still enrolling, with topline data not expected until 2Q 2027, adding timeline risk [sec_mda · as of 2026-08-13].
- Company faces risks common to precommercial biopharma, including clinical, regulatory, and competitive uncertainties [sec_mda · as of 2026-03-31].
From the filings
Quoted directly from source documents.
Company is precommercial and retina-focused
“as a precommercial retina-focused biotechnology company seeking to mature our three Phase 3 clinical assets (Zenkuda, KSI-501 and KSI-101) simultaneously across a broad spectrum of retinal diseases.”
SEC filings · April 22, 2026
Zenkuda and KSI-501 met primary endpoints in DAYBREAK
“the primary endpoints were met for both Zenkuda (tarcocimab tedromer) and tabirafusp-ted (KSI-501) in the Phase 3 DAYBREAK study in patients with wet age-related macular degeneration (wAMD).”
News · September 28, 2026
No marketing approval obtained yet
“To date, we have not obtained marketing approval for any of our product candidates or conducted sales and marketing activities necessary for successful product commercialization.”
SEC MD&A · March 31, 2026
Catalyst timeline
- 2024-05-01 · Phase3_Start: GLOW2 (DR) — Enrollment completed in 2025; positive topline data released 1Q 2026.
- 2024-08-23 · Phase3_Start: DAYBREAK (wAMD) — Enrollment completed in 2025; topline data planned for 3Q 2026.
- 2025-07-16 · Phase3_Start: PEAK/PINNACLE (MESI) — Enrollment completion expected 4Q 2026; topline data 2Q 2027.
Risks & what to watch (3)›
Key risks
- No approved products — Company has no marketing approvals and no commercialization experience, creating significant revenue uncertainty [sec_mda · as of 2026-03-31].
- Ongoing net losses — Net loss of $65.6M as of 2026-06-30; cash burn may require additional financing before BLA approval [sec].
- Late-stage trial delays — PEAK/PINNACLE enrollment completion expected 4Q 2026, topline data 2Q 2027, adding timeline risk [sec_mda · as of 2026-08-13].
What to watch
- DAYBREAK topline data release planned for 3Q 2026 [sec · filed 2026-04-22].
- BLA filing for Zenkuda in DR, RVO, and wet AMD expected in 2026 [sec · filed 2026-04-22].
- Completion of enrollment for PEAK and PINNACLE studies in 4Q 2026 and topline data in 2Q 2027 [sec_mda · as of 2026-08-13].
- Clinical data presentations across all three late-stage programs at AAO 2026 [news · published 2026-10-07].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 10, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 3.20 · 0% dilution
Lead: Phase 3
2 candidates
No upcoming catalysts tracked
0 buys · 2 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
188
Total value held
$2.09B
| Holder | Shares | Value |
|---|---|---|
| baker bros. advisors lp | 19,919,186 | $759.3M |
| blackrock, inc. | 3,935,302 | $150.0M |
| state street corp | 2,250,920 | $85.8M |
| braidwell lp | 1,818,665 | $69.3M |
| vanguard capital management llc | 1,717,076 | $65.5M |
| goldman sachs group inc | 1,689,003 | $64.4M |
| rtw investments, lp | 1,487,934 | $56.7M |
| tcg crossover management, llc | 1,445,538 | $55.1M |
| boxer capital management, llc | 1,361,000 | $51.9M |
| janus henderson group plc | 1,325,457 | $50.5M |
Showing top 10 of 188 institutional holders of Kodiak Sciences Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 26.5%
- Days to cover
- 5.4
- Shares short
- 10,321,523
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
KOD short interestGovernance
Frequently asked questions
What is the AI investment thesis for Kodiak Sciences Inc.?
Kodiak Sciences Inc. is a precommercial biotechnology company developing three late-stage retinal disease assets (Zenkuda, KSI-501, KSI-101) with recent positive Phase 3 DAYBREAK results and a cash position of $125.9M as of 2026-06-30 [sec].
What is Kodiak Sciences Inc.'s lead drug candidate?
Kodiak Sciences Inc.'s most advanced tracked candidate is ksi-101 (Phase 3) for Macular Edema Secondary to Inflammation.
Who is the CEO of Kodiak Sciences Inc.?
Dr. Victor Perlroth M.D. is the chief executive officer of Kodiak Sciences Inc. (KOD).
Where is Kodiak Sciences Inc. headquartered?
Kodiak Sciences Inc. (KOD) is headquartered in Palo Alto, CA, United States.
What therapeutic areas does Kodiak Sciences Inc. focus on?
Kodiak Sciences Inc. develops therapies across Ophthalmology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.