Kodiak Sciences Q4 2020 Earnings Report

Kodiak Sciences' financial results for Q4 2020 were announced, highlighting clinical program progress and financial position.

Key Takeaways

Kodiak Sciences reported a net loss of $46.6 million for the fourth quarter of 2020, compared to a net loss of $15.6 million for the same period in 2019. The company ended the year with $969.0 million in cash, cash equivalents, and marketable securities. The increase in net loss and R&D expenses was primarily driven by higher clinical trial costs and increased manufacturing activities.

Year 1 data from the KSI-301 Phase 1b study showed promising durability, efficacy, and safety in patients with wet AMD, DME, and RVO.

Global patient recruitment was completed for the pivotal wet AMD Phase 2b/3 study (DAZZLE) in November 2020, with topline results expected in early 2022.

Two Phase 3 studies in DME (GLEAM and GLIMMER) and one Phase 3 study in RVO (BEACON) were initiated, with patient recruitment underway globally.

A follow-on equity offering was completed in November 2020, resulting in net proceeds of $612.0 million.