0001193125-26-134854
SEC filingKodiak Sciences Inc. reported Q4 and full year 2025 financial results with increased R&D expenses and $209.9 million cash position supporting operations into 2027, alongside positive Phase 3 GLOW2 topline results for Zenkuda in diabetic retinopathy.
Kodiak Sciences reported widening net losses for Q4 2025 at $56.7 million ($1.04 per share), up from $44.1 million ($0.84 per share) in Q4 2024, primarily due to elevated R&D spending of $45.5 million versus $31.8 million last year. Full-year R&D expenses rose to $182.4 million from $126.1 million, reflecting intensified clinical efforts in the Phase 3 DAYBREAK study for wet AMD (enrollment complete, topline September 2026) and PEAK/PINNACLE trials for KSI-101 (topline 4Q 2026 and 2Q 2027). G&A expenses declined to $12.0 million in Q4 and $52.0 million for the year, aided by sublease income. CEO Victor Perlroth highlighted building momentum from GLOW2 Phase 3 results, where Zenkuda showed 62.5% of patients achieving ≥2-step DRSS improvement versus 3.3% sham, validating the ABC platform for a planned multi-indication BLA. Cash position strengthened to $209.9 million at year-end, bolstered by $173 million net proceeds from a December 2025 equity offering of 8 million shares at $23 each, funding operations into 2027. Pipeline expansion includes KSI-501, KSI-101 with strong Phase 1b APEX data in MESI, and duet programs in glaucoma and geographic atrophy, alongside VETi digital health advancements positioning Kodiak as a vision sciences company.