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What this page is: Delvantic's full research page for Kodiak Sciences Inc. (KOD) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
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Kodiak Sciences Inc.
KOD NASDAQ
Healthcare · Biotechnology
Palo Alto, CA 94304, United States
kodiak.com
Price
$40.15
Market Cap
$2.5B
Employees
130
Beta
2.21
Avg Volume
604,075
CEO
Dr. Victor Perlroth M.D.
Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company focused on the research, development, and commercialization of novel therapeutics for retinal diseases. The company specializes in next-generation therapies targeting chronic, high-prevalence ophthalmic conditions that lead to vision loss, including wet age-related macular degeneration, diabetic macular edema, retinal vein occlusion, diabetic retinopathy, uveitis, and macular edema secondary to inflammation. Its proprietary Antibody Biopolymer Conjugate Drug platform enables multi-modal treatments through bio-inspired antibody biopolymer conjugates. Key pipeline candidates include tarcocimab tedromer (KSI-301), an anti-VEGF antibody biopolymer in Phase 3 studies for retinal vascular diseases; KSI-501, a bispecific anti-IL-6 and VEGF-trap for inflammatory retinal conditions; and KSI-101, targeting IL-6 and VEGF for patients with retinal fluid and inflammation. Kodiak Sciences Inc. operates as a retina-focused biotechnology firm advancing late-stage programs to address unmet needs in ophthalmology. Founded in 2009 and headquartered in Palo Alto, California, it remains committed to developing innovative biologic medicines for complex ocular diseases.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 13 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was May 18, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
+2.4%
Feb '26
+3.3%
Feb '26
+1.0%
Mar '26
+6.9%
May '26
+11.1%
May '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| May 18, 2026 | $1.35 | $1.50 +11.1% | — | — |
| May 7, 2026 | $-1.01 | $-0.94 +6.9% | — | — |
| Mar 31, 2026 | $-1.05 | $-1.04 +1.0% | — | — |
| Feb 17, 2026 | $3.94 | $4.07 +3.3% | — | — |
| Feb 2, 2026 | $0.85 | $0.87 +2.4% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 13, 2026 | 10-Q | View |
| Aug 13, 2026 | 8-K | View |
| Jul 17, 2026 | 4 | View |
| Jul 17, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jun 5, 2026 | 4 | View |
| Jun 4, 2026 | 8-K | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 14, 2026 9:06am (just now)
Current data · timestamped when a report runs
$39.98
Change · Aug 14
-3.43 (-7.90%)
Day Range
$39.15 – $44.50
52-Week Range
$8.29 – $47.84
50-Day MA
$38.76
200-Day MA
$31.56
Volume
756,240.00
Share Structure
Outstanding
62,155,685.00
Float
39,134,888.00
Free Float
63.0%
Normal free float
— 63.0% of shares trade freely, ~37% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
-9.29
Stock Price: $40.15
EPS (Diluted): -4.32
EPS (Diluted): -4.32
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
13.57
Stock Price: $40.15
Total Equity: $157.38M
Shares: 53,208,311
Total Equity: $157.38M
Shares: 53,208,311
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
-10.52
Market Cap: $2.51B
Total Debt: $0.00
Cash: $209.86M
EBITDA: -$216.06M
Total Debt: $0.00
Cash: $209.86M
EBITDA: -$216.06M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$2.3B
Market Cap: $2.51B
Total Debt: $0.00
Cash: $209.86M
Total Debt: $0.00
Cash: $209.86M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: N/A
Revenue: N/A
Missing from API: Gross Profit, Revenue
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: -$234.39M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
—
Net Income: -$229.97M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-146.1%
Net Income: -$229.97M
Total Equity: $157.38M
Total Equity: $157.38M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
446.7%
Operating Income: -$234.39M
Tax Rate: 0.0%
Equity: $157.38M
Total Debt: $0.00
Cash: $209.86M
Tax Rate: 0.0%
Equity: $157.38M
Total Debt: $0.00
Cash: $209.86M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
4.72
Current Assets: $214.82M
Current Liabilities: $45.53M
Current Liabilities: $45.53M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $157.38M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $157.38M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
—
Revenue: N/A
Shares: 53,208,311
Shares: 53,208,311
Missing from API: Revenue
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$2.96
Total Equity: $157.38M
Shares: 53,208,311
Shares: 53,208,311
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-2.57
Operating CF: -$136.01M
CapEx: -$506,000
Shares: 53,208,311
CapEx: -$506,000
Shares: 53,208,311
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $40.15
Stock Price: $40.15
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$229.97M
Net Income: -$229.97M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 13, 2026 4:41pm (16h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $267.1M | $341.4M | $277.3M | $186.8M | $234.4M |
| Operating Income | -$267.1M | -$341.4M | -$277.3M | -$186.8M | -$234.4M |
| Net Income | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| EBITDA | -$266.0M | -$337.6M | -$259.0M | -$168.1M | -$216.1M |
| EPS | $-5.16 | $-6.39 | $-4.97 | $-3.35 | $-4.32 |
| EPS (Diluted) | $-5.16 | $-6.39 | $-4.97 | $-3.35 | $-4.32 |
Balance Sheet (Annual)
Last updated: Aug 13, 2026 4:41pm (16h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $731.5M | $190.4M | $285.5M | $168.1M | $209.9M |
| Total Current Assets | $734.8M | $486.0M | $289.3M | $171.9M | $214.8M |
| Total Assets | $904.2M | $666.6M | $479.4M | $335.6M | $351.5M |
| Current Liabilities | $64.7M | $52.5M | $41.7M | $25.6M | $45.5M |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $240.9M | $230.5M | $213.6M | $185.3M | $194.2M |
| Total Equity | $663.3M | $436.2M | $265.8M | $150.3M | $157.4M |
| Retained Earnings | -$558.2M | -$892.0M | -$1.2B | -$1.3B | -$1.6B |
Cash Flow (Annual)
Last updated: Aug 13, 2026 4:41pm (16h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$182.3M | -$206.5M | -$154.2M | -$117.3M | -$136.0M |
| Capital Expenditure | -$17.0M | -$37.0M | -$41.4M | $-375,000 | $-506,000 |
| Free Cash Flow | -$199.3M | -$243.5M | -$195.5M | -$117.7M | -$136.5M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | — | — | — | — | — |
Growth Trends (YoY %)
Last updated: Aug 13, 2026 4:41pm (16h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | -27.8% | +18.8% | +32.6% | -25.4% |
| Net Income Growth | -25.0% | +22.0% | +32.4% | -30.5% |
| EBITDA Growth | -26.9% | +23.3% | +35.1% | -28.5% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-15 | BORGESON JOHN A. | A-Award | 66,500.00 | $0.00 | $0 |
| 2026-07-15 | PERLROTH VICTOR | A-Award | 100,000.00 | $0.00 | $0 |
| 2026-06-30 | Yang Taiyin | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | PROFUSEK ROBERT | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | Levy Richard S | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | Dahiyat Bassil I | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | Bancroft Charles A | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | BAKER BROS. ADVISORS LP | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | 667, L.P. | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | Baker Bros. Advisors (GP) LLC | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | Baker Brothers Life Sciences LP | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | BAKER FELIX | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-30 | BAKER JULIAN | A-Award | 17,731.00 | $0.00 | $0 |
| 2026-06-04 | BORGESON JOHN A. | M-OptionExercise | 30,000.00 | $0.00 | $0 |
| 2026-06-04 | BORGESON JOHN A. | S-Sale | 25,896.00 | $34.01 | $880,723 |
| 2026-06-04 | BORGESON JOHN A. | S-Sale | 4,104.00 | $34.67 | $142,286 |
| 2026-04-15 | BORGESON JOHN A. | M-OptionExercise | 28,614.00 | $0.00 | $0 |
| 2026-04-02 | BORGESON JOHN A. | M-OptionExercise | 30,000.00 | $0.00 | $0 |
| 2026-04-02 | BORGESON JOHN A. | S-Sale | 12,692.00 | $39.14 | $496,765 |
| 2026-04-02 | BORGESON JOHN A. | S-Sale | 12,477.00 | $40.29 | $502,698 |
Industry Benchmarks
Compares KOD against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for KOD — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for KOD — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for KOD — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for KOD — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.532 · 1ec19de8 · 2026-08-13 17:53:37