Kodiak Sciences Inc.
KOD evidence brief
What we can confirm
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 clinical-stage biopharmaceutical company developing novel antibody biopolymer conjugate (ABC) therapies for retinal diseases, with lead candidates tarcocimab, KSI-501, and KSI-101 in Phase 3 trials.
Key risk: No approved products
BioSniper Score
Based on 6 of 6 signals
Market Cap
$2.37B
Cash Runway
8.3 moLead Asset
ksi-101 (Phase 3)
Next Catalyst
Phase3_Topline · Aug 1, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 5 clinical trials · 4 catalysts for Kodiak Sciences Inc..
Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company developing novel antibody biopolymer conjugate (ABC) therapies for retinal diseases, with lead candidates tarcocimab, KSI-501, and KSI-101 in Phase 3 trials.
- Cash and equivalents of $125.9M as of 2026-06-30 [sec].
- Net loss of $65.6M for the quarter ended 2026-06-30 [sec].
- Shareholders' equity of $70.3M as of 2026-06-30 [sec].
- Phase 3 trials ongoing for KSI-101 in MESI (PEAK and PINNACLE) and tarcocimab/KSI-501 in wet AMD [sec_mda · as of 2026-03-31].
- No marketing approval obtained for any product candidate to date [sec_mda · as of 2026-03-31].
What works
- The ABC Platform enables a differentiated development path for multiple candidates, including tarcocimab, KSI-501, and KSI-101 [sec · filed 2024-04-23].
- Successful manufacture of cGMP batches of KSI-501 with enhanced formulation, preparing for clinical studies [sec · filed 2024-04-23].
- Company has advanced digital health technology platform (VETi) alongside drug development [sec · filed 2024-04-23].
What to weigh
- No product revenue generated to date; expects to continue incurring significant losses for the foreseeable future [sec_mda · as of 2025-11-13].
- Phase 3 BEACON and GLOW1 results may not provide anticipated evidence or benefits [sec · filed 2023-11-06].
- Regulatory approval of tarcocimab BLA is uncertain and may not be accepted or approved by FDA or foreign agencies [sec · filed 2023-11-06].
- Company faces risks from public health crises, geopolitical conflicts, inflation, and volatile capital markets [sec_mda · as of 2026-05-07].
From the filings
Quoted directly from source documents.
No product revenue generated to date
“We do not expect to generate any product revenue unless and until we obtain regulatory approval of and commercialize any of our product candidates”
SEC MD&A · November 13, 2025
Phase 3 trials ongoing for KSI-101 in MESI
“We are continuing enrollment for the on-going Phase 3 PEAK and PINNACLE clinical trials of KSI-101 in patients with MESI.”
SEC MD&A · March 31, 2026
Catalyst timeline
- 2027-08-01 · Phase 3 Topline: A Prospective, Randomized, Double-masked, Active Comparator-controlled, Multi-center, Three-arm Phase 3 Study — Topline data from a Phase 3 study of tarcocimab/KSI-501 in wet AMD will be released.
- 2027-08-01 · Phase 3 Topline: A Randomized, Double-masked, Sham-controlled, Multicenter, Phase 3 Study to Evaluate the Efficacy and Safety — Topline data from a Phase 3 study of KSI-101 in MESI will be released.
- 2027-11-01 · Phase 3 Topline: A Randomized, Double-masked, Sham-controlled, Multicenter, Phase 3 Study to Evaluate the Efficacy and Safety — Topline data from another Phase 3 study of KSI-101 in MESI will be released.
- 2029-09-01 · Phase 3 Topline: A Randomized, Double-masked, Active-controlled, Multi-center, Phase 3 Study to Evaluate the Efficacy — Topline data from a Phase 3 study of KSI-101 in MESI will be released.
Risks & what to watch (4)›
Key risks
- No approved products — No marketing approval obtained for any product candidate; commercialization uncertain [sec_mda · as of 2026-03-31].
- Clinical trial failure risk — Phase 3 BEACON and GLOW1 results may not provide anticipated evidence [sec · filed 2023-11-06].
- Regulatory approval uncertainty — FDA may not accept or approve tarcocimab BLA [sec · filed 2023-11-06].
- Capital needs and losses — Expects significant losses and may need additional capital; no product revenue [sec_mda · as of 2025-11-13].
What to watch
- Phase 3 topline data for tarcocimab/KSI-501 in wet AMD expected August 2027 [catalyst].
- Phase 3 topline data for KSI-101 in MESI expected November 2027 [catalyst].
- Additional Phase 3 topline data for KSI-101 expected September 2029 [catalyst].
- Cash runway and ability to fund ongoing trials without additional capital [sec_mda · as of 2026-05-07].
Sources: SEC filings · SEC MD&A · Generated August 22, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
8.3 months
D/E 3.20 · 0% dilution
Lead: Phase 3
2 candidates
4 upcoming, next in ~336d
0 buys · 6 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
189
Total value held
$2.14B
| Holder | Shares | Value |
|---|---|---|
| baker bros. advisors lp | 19,919,186 | $759.3M |
| blackrock, inc. | 3,935,302 | $150.0M |
| vanguard capital management llc | 3,434,152 | $130.9M |
| janus henderson group plc | 2,650,914 | $101.1M |
| state street corp | 2,250,920 | $85.8M |
| braidwell lp | 1,818,665 | $69.3M |
| goldman sachs group inc | 1,739,003 | $66.3M |
| rtw investments, lp | 1,487,934 | $56.7M |
| ikarian capital, llc | 1,365,795 | $52.1M |
| iconiq capital, llc | 1,266,563 | $48.3M |
Showing top 10 of 189 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 clinical-stage biopharmaceutical company developing novel antibody biopolymer conjugate (ABC) therapies for retinal diseases, with lead candidates tarcocimab, KSI-501, and KSI-101 in Phase 3 trials.
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.
What is Kodiak Sciences Inc.'s next catalyst?
Kodiak Sciences Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Prospective, Randomized, Double-masked, Active Comparator-controlled, Multi-center, Three-arm Phas" — expected August 1, 2027.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.