Healthcare · Biotechnology
Price
$35.94
Market Cap
$1.9B
Employees
109
Beta
2.21
Avg Volume
1,103,393
CEO
Victor Perlroth
Business Description
Kodiak Sciences Inc. is a biopharmaceutical firm currently in the clinical development phase, dedicated to discovering, advancing, and bringing to market treatments for various conditions affecting the retina. Their primary drug candidate, KSI-301, is an anti-vascular endothelial growth factor (anti-VEGF) antibody biopolymer. This compound is currently undergoing Phase IIb/III clinical trials, targeting illnesses such as wet age-related macular degeneration (AMD), diabetic macular edema, previously untreated macular edema resulting from retinal vein occlusion, and non-proliferative diabetic retinopathy. In its earlier, preclinical development pipeline, the company is also working on KSI-501, a bispecific conjugate designed for retinal conditions involving inflammation, and KSI-601, a triplet inhibitor aimed at addressing dry AMD. Established in 2009, this Palo Alto, California-based company operated under the name Oligasis, LLC before rebranding as Kodiak Sciences Inc. in September 2015.
Business History
Price Overview
Last updated: Jun 27, 2026 9:03am (just now)$35.94
+1.85 (+5.43%)
Day Range
$33.68 – $36.36
52-Week Range
$3.60 – $47.84
50-Day MA
$38.30
200-Day MA
$27.03
Volume
2,085,296.00
Analyst Price Targets
Low
$56.00
Consensus
$63.75
High
$80.00
(19 analysts)
Share Structure
Outstanding
52,930,198.00
Float
48,987,544.00
Free Float
92.6%
High free float
— 92.6% of shares trade freely, ~7.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
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
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-8.32
Stock Price: $35.94
EPS (Diluted): -4.32
EPS (Diluted): -4.32
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
9.45
Stock Price: $35.94
Total Equity: $157.38M
Shares: 53,208,311
Total Equity: $157.38M
Shares: 53,208,311
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-9.40
Market Cap: $1.90B
Total Debt: $112.06M
Cash: $209.86M
EBITDA: -$203.65M
Total Debt: $112.06M
Cash: $209.86M
EBITDA: -$203.65M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.4B
Market Cap: $1.90B
Total Debt: $112.06M
Cash: $209.86M
Total Debt: $112.06M
Cash: $209.86M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.00
Stock Price: $35.94
Revenue: $0.00
Shares: 53,208,311
Revenue: $0.00
Shares: 53,208,311
EV/Sales (Total value vs revenue — works when P/E can't)
API0.00
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
0.0%
Gross Profit: $0.00
Revenue: $0.00
Revenue: $0.00
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.0%
Operating Income: -$234.39M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$229.97M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-253.8%
Net Income: -$229.97M
Total Equity: $157.38M
Total Equity: $157.38M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-87.7%
Operating Income: -$234.39M
Tax Rate: 0.0%
Equity: $157.38M
Total Debt: $112.06M
Cash: $209.86M
Tax Rate: 0.0%
Equity: $157.38M
Total Debt: $112.06M
Cash: $209.86M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
4.72
Current Assets: $214.82M
Current Liabilities: $45.53M
Current Liabilities: $45.53M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.71
Short-Term Debt: $12.06M
Long-Term Debt: $100.00M
Total Debt: $112.06M
Total Equity: $157.38M
Long-Term Debt: $100.00M
Total Debt: $112.06M
Total Equity: $157.38M
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 53,208,311
Shares: 53,208,311
Book Value/Share (Net assets per share)
CALC(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)
CALC(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)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $35.94
Stock Price: $35.94
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$229.97M
Net Income: -$229.97M
Dividends paid not available in cash flow statement
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)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:00pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Cost of Revenue | $8.7M | $11.0M | $25.9M | $26.7M | $0 |
| Gross Profit | -$8.7M | -$11.0M | -$25.9M | -$26.7M | $0 |
| Operating Expenses | $258.3M | $330.4M | $251.4M | $160.1M | $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 | -$258.3M | -$322.8M | -$234.5M | -$149.5M | -$203.6M |
| EPS | $-5.16 | $-6.39 | $-4.97 | $-3.35 | $-4.32 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:00pm (5d 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 | $99.9M | $100.0M | $100.0M | $0 | $100.0M |
| 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: Jun 21, 2026 7:00pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$182.3M | -$206.5M | -$154.2M | -$117.3M | -$136.0M |
| Capital Expenditure | -$63.3M | -$47.4M | -$41.4M | $-400,000 | $-506,000 |
| Free Cash Flow | -$245.6M | -$253.8M | -$195.6M | -$117.7M | -$136.5M |
| Acquisitions (net) | $0 | $0 | $-290,653 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$212.9M | -$541.1M | $95.1M | -$117.6M | $41.8M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:22pm (11h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$45.9M $916,262 – $79.9M
|
$236.3M $236.3M – $236.3M
|
$497.9M $199.9M – $720.7M
|
$870.8M $349.6M – $1.3B
|
| EBITDA | $0 | $0 | $0 | $0 |
| Net Income |
-$166.1M -$187.7M – -$144.6M
|
-$67.1M -$92.6M – -$20.8M
|
$62.0M $13.8M – $98.0M
|
$213.1M $47.3M – $337.0M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:00pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | -26.3% | -135.9% | -2.9% | +100.0% |
| Operating Income Growth | -27.8% | +18.8% | +32.6% | -25.4% |
| Net Income Growth | -25.0% | +22.0% | +32.4% | -30.5% |
| EBITDA Growth | -25.0% | +27.3% | +36.3% | -36.2% |
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 |
|---|---|---|---|---|---|
| 2026-06-04 | BORGESON JOHN A. | M-Exempt | 30,000.00 | $1.04 | $31,200 |
| 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 |
| 2026-06-04 | BORGESON JOHN A. | M-Exempt | 30,000.00 | $1.04 | $31,200 |
| 2026-04-15 | BORGESON JOHN A. | M-Exempt | 28,614.00 | $1.04 | $29,759 |
| 2026-04-15 | BORGESON JOHN A. | M-Exempt | 28,614.00 | $1.04 | $29,759 |
| 2026-04-02 | BORGESON JOHN A. | M-Exempt | 30,000.00 | $1.04 | $31,200 |
| 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 |
| 2026-04-02 | BORGESON JOHN A. | S-Sale | 4,231.00 | $40.88 | $172,963 |
| 2026-04-02 | BORGESON JOHN A. | S-Sale | 600.00 | $41.77 | $25,062 |
| 2026-04-02 | BORGESON JOHN A. | M-Exempt | 30,000.00 | $1.04 | $31,200 |
| 2026-03-25 | PERLROTH VICTOR | M-Exempt | 300,000.00 | $1.04 | $312,000 |
| 2026-03-25 | PERLROTH VICTOR | M-Exempt | 300,000.00 | $1.04 | $312,000 |
| 2026-03-18 | PERLROTH VICTOR | A-Award | 175,000.00 | $25.00 | $4.4M |
| 2025-12-31 | PERLROTH VICTOR | 0.00 | $0.00 | $0 | |
| 2025-12-18 | BAKER BROS. ADVISORS LP | P-Purchase | 2,391,268.00 | $23.00 | $55.0M |
| 2025-12-18 | BAKER BROS. ADVISORS LP | P-Purchase | 217,428.00 | $23.00 | $5.0M |
| 2025-07-04 | BORGESON JOHN A. | A-Award | 250,000.00 | $3.95 | $987,500 |
| 2025-07-04 | PERLROTH VICTOR | A-Award | 340,000.00 | $3.95 | $1.3M |
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).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30