Kodiak Sciences (KOD)
Develops intravitreal biologics for retinal vascular and inflammatory diseases.
Something off on this page? Send us feedback.
Develops intravitreal biologics for retinal vascular disease and inflammation-related macular edema through the ABC platform. Its late-stage programs remain precommercial, so revenue depends on clinical success, regulatory approval, and commercialization.
Develops intravitreal medicines for retinal disease using the Antibody Biopolymer Conjugate (ABC) platform, which attaches therapeutic proteins to a biopolymer to extend their residence in the eye. The late-stage portfolio comprises Zenkuda, an anti-VEGF therapy for retinal vascular diseases; KSI-501, an IL-6/VEGF bispecific for wet age-related macular degeneration; and KSI-101, an IL-6/VEGF bispecific for inflammation-related macular edema.
Carries internally discovered programs through global clinical development while retaining worldwide rights. An expanded ABCD platform adds small-molecule conjugates, and commercial-scale drug substance manufacturing relies on a dedicated facility developed with Lonza.
Operates without an approved product or product-sales revenue. Commercialization depends on successful trials, regulatory approval, additional financing, and third parties that support clinical studies and manufacturing.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 11, 2026 | Chardan Capital | Upgrade | Neutral | Buy | $18 | $61 |
| Mar 27, 2026 | UBS | Reiterate | Buy | $50 | $80 | |
| Mar 27, 2026 | H.C. Wainwright | Target | $38 | $58 | ||
| Mar 26, 2026 | Jefferies | Target | $20 | $56 | ||
| Jan 22, 2026 | H.C. Wainwright | Target | $38 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $125.9M · Total debt $95.7M · Total assets $256.8M · Shareholders' equity $61.1M
- Revenue
- $0
- Operating income
- −$66.8M
- Net income
- −$65.6M
No dividends on record.
| Institutions215 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 95.89% | 60.27M shares | |
| Insiders3 holders · as of Jun 5, 2026 | 22.14% | 13.91M shares | |
| Adds to | 118.03% |
62.85M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 118.03%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Baker Bros. Advisors LPInstitution | 31.69% | 19.92M | 13Fas of Jun 30, 2026 |
The Vanguard GroupInstitution | 23.63% | 14.85M | 13D/Gfiled Feb 10, 2022 ↗ |
Dustin A. MoskovitzInsider | 10.97% | 6.90M | 13Gfiled Feb 12, 2021 ↗ |
Victor Perlroth1,2Insiderdirector, officer: Chairman and CEO | 10.83% | 6.50M | 13Gfiled Mar 27, 2026 ↗ |
BlackRock, Inc.Institution | 6.58% | 4.14M | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
- Victor Perlroth's transaction reports restate only vehicles that traded; the 2026 ownership statement (6.50M) plus the 300.0K net shares acquired since is used instead.
- Victor Perlroth reports a block also reported by State Street Corp; it is counted once, under State Street Corp.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 4, 2026 | John A. Borgeson | officer: Chief Financial Officer | −30,000 | $34.10 |
| Apr 2, 2026 | John A. Borgeson | officer: Chief Financial Officer | −30,000 | $39.92 |
| Dec 18, 2025 | Baker Bros. Advisors LP | director, 10 percent owner: | +2,608,696 | $23.00 |
- Regeneron
Maker of Eylea and Eylea HD, the active comparator in all KOD Phase 3 trials
- Novartis (ADR)
Anti-VEGF retinal maker with Beovu for wet AMD/DME and ex-US Lucentis rights
- EyePoint
Bioerodible TKI insert (DURAVYU) for wet AMD; Phase 3 topline mid-2026
- 4D Molecular Therapeutics
Single-injection intravitreal gene therapy targeting wet AMD and DME
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Kodiak Sciences | $37.90 | +1.04% | $2.35B | — | — | — | — |
| Regeneron | $851.82 | −0.02% | $87.78B | 21.1 | 14.1 | 5.7 | +16.7% |
| Novartis (ADR) | $162.45 | +0.01% | $308.79B | 24.5 | 17.3 | 5.6 | +0.9% |
| EyePoint | $4.78 | −0.21% | $401.6M | — | — | 144.0 | −90.5% |
| 4D Molecular Therapeutics | $14.88 | −0.53% | $781.0M | — | — | 8.5 | +25,106.7% |
| Median | 22.8 | 15.7 | 7.1 | +8.8% |