Earnings Releases·Nov 12, 2026, 4:00 PM ET

Kodiak Sciences — Third Quarter 2026 Earnings Summary

**Financial Performance:** Net loss narrowed to $66.2 million ($1.05/share) in Q3 2026 from $61.5 million ($1.16/share) in Q3 2025, driven by a $3.1 million increase in R&D expenses offset by a $3.1 million decrease in G&A; however, cash and cash equivalents declined sharply to $88.7 million from $209.9 million at year-end 2025, with total stockholders' equity dropping to $12.6 million.
**Strategic Capital Actions:** Subsequent to the quarter, the company raised $69 million in net proceeds via an at-the-market equity offering to address liquidity concerns.
**Pipeline Milestones & Outlook:** Management expects to announce first Phase 3 KSI-101 results in December 2026 and submit a multi-indication BLA for Zenkuda by end-2026, with a potential BLA filing for KSI-101 targeted for Q2 2027 if results are successful.
**Clinical Progress:** Zenkuda met primary endpoints in the Phase 3 DAYBREAK study for wet AMD, diabetic retinopathy, and retinal vein occlusion, while Tabirafusp-ted (KSI-501) also met vision and anatomical endpoints in the same study and is enrolling in the Phase 3 ALTO trial.
**Going Concern Risk:** Despite confident milestone guidance, the company explicitly notes that its current financial condition raises substantial doubt regarding its ability to continue as a going concern.