Kodiak Sciences KOD reported first-quarter 2026 loss of 94 cents per share, wider than the Zacks Consensus Estimate of a loss of 93 cents. The company had incurred a loss of $1.09 per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
KOD's Q1 Results in Detail
Research and development expenses were $48.5 million in the reported quarter, up 11.2% year over year. The rise was mainly due to increased clinical activities associated with ongoing clinical studies.
General and administrative (G&A) expenses were $11.2 million, down 27.2% year over year, primarily due to lower non-cash stock-based compensation expenses and additional sublease income that offset G&A costs.
As of March 31, 2026, Kodiak had cash, cash equivalents and marketable securities worth $169.5 million compared with $209.9 million as of Dec. 31, 2025. The company expects its cash position to support ongoing operations into 2027.
Year to date, shares of Kodiak have risen 56.2% against the industry’s 0.3% decline.
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KOD's Key Pipeline Updates
In March, Kodiak announced positive phase III GLOW2 data showing that Zenkuda (tarcocimab tedromer) significantly improved diabetic retinopathy outcomes in treatment-naïve patients compared with sham treatment. The therapy reduced the risk of vision-threatening complications, showed consistent efficacy regardless of GLP-1 use and demonstrated a favorable safety profile with no cases of retinal vasculitis or intraocular inflammation.
Backed by strong safety, efficacy and durability data from GLOW2, Zenkuda has achieved a multi-indication, approval-ready profile, leading Kodiak to accelerate its regulatory submission timeline.
KOD’s second clinical candidate, KSI-501, is an investigational bispecific therapy that targets IL-6 and VEGF for the treatment of retinal vascular diseases.
The company is studying tarcocimab as a second investigational arm in the phase III DAYBREAK study for the treatment of wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm. KOD has completed enrollment in the study. Top-line data from both arms of the DAYBREAK study are anticipated in September 2026.
Kodiak has also completed an early-stage study (APEX) evaluating its third investigational candidate, KSI-101, for macular edema. The candidate is a novel, potent, high-strength bispecific protein targeting IL-6 and VEGF.
Following the candidate’s success in the early-stage study, KOD has initiated two pivotal phase III studies (PEAK and PINNACLE) investigating two dose levels (5 mg and 10 mg) of KSI-101 for macular edema secondary to inflammation. PEAK and PINNACLE are currently enrolling patients with top-line results expected in the fourth quarter of 2026 and in the second quarter of 2027, respectively.
Price, Consensus and EPS Surprise
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KOD's Zacks Rank & Stocks to Consider
Kodiak currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Amarin Corporation AMRN, Indivior Pharmaceuticals INDV and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have declined from $2.14 to $1.75. Over the same period, EPS estimates for 2027 have decreased from $3.79 to $2.91. LQDA shares have gained 22.6% year to date.
Liquidia’s earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining occasions with the average surprise being 39.38%.
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