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Mar 31
Kodiak Sciences Q1 2025 Earnings Report
Kodiak Sciences reported a net loss of $57.5 million for the first quarter of 2025, with increased R&D expenses driven by clinical and manufacturing activities.
Key Takeaways
Kodiak Sciences Inc. reported a net loss of $57.5 million for the first quarter of 2025, an increase from $43.0 million in the same period last year. The company's cash and cash equivalents stood at $138.9 million, expected to support operations into 2026. R&D expenses rose due to increased clinical and manufacturing activities, while G&A expenses slightly decreased.
Net loss for Q1 2025 was $57.5 million, compared to $43.0 million in Q1 2024.
Cash and cash equivalents totaled $138.9 million at the end of Q1 2025, projected to fund operations into 2026.
Research and development expenses increased to $43.6 million in Q1 2025 from $29.9 million in Q1 2024, driven by clinical and manufacturing activities.
General and administrative expenses slightly decreased to $15.4 million in Q1 2025 from $16.1 million in Q1 2024.
Kodiak Sciences
Kodiak Sciences
Forward Guidance
Kodiak Sciences plans to host an Investor R&D Update on July 16, 2025, to discuss scientific, clinical, and commercial perspectives across its pipeline. The company aims to demonstrate its vision for Kodiak 2.0 as a precommercial stage retina-focused biotech company with three promising Phase 3 assets on track for topline data in 2026. The current cash position is expected to support operations into 2026.
Positive Outlook
- Investor R&D Update scheduled for July 16, 2025, to provide updates on pipeline progress.
- Vision for Kodiak 2.0 as a precommercial stage retina-focused biotech company with a maturing portfolio.
- Three promising Phase 3 assets (Tarcocimab, KSI-501, KSI-101) on track for topline data in 2026.
- Current cash and cash equivalents of $138.9 million are expected to support operations into 2026.
- Tarcocimab's potential to achieve strong efficacy and prevent vision-threatening complications.
Challenges Ahead
- Risk that cessation or delay of ongoing clinical studies may occur.
- Risk that clinical study results may not provide anticipated evidence, insights, or benefits.
- Risk that safety, efficacy, and durability data observed in prior studies may not persist.
- Risk that Phase 3 study results may be insufficient to support a single BLA submission for wet AMD, retinal vein occlusion, and diabetic retinopathy.
- Risk that a BLA may not be accepted or approved by regulatory agencies when expected, or at all.