Free cash flow remains deeply negative, with quarterly outflows reaching $41.0 million in 2026Q1, further exacerbated by significant stock-based compensation charges that reached $27.3 million in 2025Q4.
| Cash from Operations | -146.94M | -136.01M | -117.32M | -154.18M | -206.46M | -182.27M | -83.43M | -39.15M | -29.03M | -17.66M | -16.05M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -154.84% | -15.93% | 23.91% | 25.32% | -13.27% | -118.48% | -113.12% | -34.84% | -64.44% | -10.02% | - |
| Net Income | -230.66M | -229.97M | -176.21M | -260.49M | -333.82M | -266.99M | -133.1M | -47.37M | -41.44M | -27.94M | -17.13M |
| Depreciation & Amortization | 17.94M | 18.33M | 26.71M | 25.95M | 11M | 8.71M | 4.21M | 911K | 490K | 549K | 257K |
| Stock-Based Compensation | 55.13M | 58.86M | 60.21M | 88.56M | 106.03M | 61.38M | 30.67M | 6.11M | 2.67M | 275K | 272K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -51K | 0 | 10.17M | 1.26M | 0 |
| Other Non-Cash Items | 8M | 9.92M | 355K | -840K | -1.63M | 198K | 49K | -241K | 5.48M | 1.16M | 763K |
| Working Capital Changes | 2.65M | 6.85M | -28.39M | -7.36M | 11.96M | 14.43M | 14.79M | 1.44M | -6.39M | 7.04M | 556K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.73M | 8.07M | -9.69M | 5.6M | 1.66M | -2.09M | 5.22M | 1.57M | -2.32M | 2.28M | 23K |
| Cash from Investing | -1.18M | -506K | -755K | 249.23M | -336.51M | -38.8M | 104.83M | -137M | -581K | -209K | -771K |
| Capital Expenditures | -1.18M | -506K | -400K | -41.43M | -47.36M | -63.3M | -7M | -437K | -581K | -209K | -771K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -290.65K | 0 | 0 | 3.18M | 136.56K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 290.65K | 616K | 0 | -3.18M | -136.56K | -503K | 0 | 0 |
| Cash from Financing | 178.8M | 178.3M | 501K | 31K | 1.9M | 8.18M | 717.38M | 299.69M | 116.47M | 9.64M | -120K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -5K | -48K | 32.89M | 9.9M | -62K |
| Equity Issued (Net) | 178.8M | 178.3M | 501K | 242K | 1.94M | 0 | 611.53M | 297.48M | 83.75M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -487K | -132K | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -211K | -49K | 8.18M | 105.85M | 2.25M | -176K | -266K | -58K |
| Net Change in Cash | 30.68M | 41.79M | -117.57M | 95.07M | -541.08M | -212.89M | 738.78M | 123.54M | 86.86M | -8.23M | -16.94M |
| Free Cash Flow | -148.12M | -136.51M | -117.72M | -195.61M | -253.82M | -245.57M | -90.43M | -39.58M | -29.61M | -17.86M | -16.82M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -37.86% | -15.97% | 39.82% | 22.93% | -3.36% | -171.57% | -128.45% | -33.67% | -65.76% | -6.22% | - |
| FCF per Share | -2.39 | -2.57 | -2.24 | -3.73 | -4.86 | -4.74 | -1.98 | -1.05 | -0.83 | -0.67 | -2.26 |
| FCF Conversion (FCF/Net Income) | 0.64x | 0.59x | 0.67x | 0.59x | 0.62x | 0.68x | 0.63x | 0.83x | 0.70x | 0.63x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcomes
According to the provided financial data, Kodiak's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.48 and 0.92, indicating that non-cash items and working capital adjustments fail to bridge the gap between accounting losses and actual cash depletion.
The persistent gap between net income and operating cash flow suggests that the company's reported losses are not merely accounting artifacts but reflect genuine cash outflows required to sustain clinical operations. Investors should monitor this relationship, as the inability to achieve a closer alignment between earnings and cash flow highlights the structural dependency on external financing.
As reported in quarterly filings, Kodiak's free cash flow remains deeply negative, with quarterly outflows ranging from $21.4 million to $59.7 million, underscoring the company's status as a pre-revenue entity entirely dependent on capital markets to fund its ongoing research and development initiatives.
The lack of positive free cash flow is expected for a clinical-stage biotech, yet the volatility in these outflows warrants investigation into the timing of trial-related payments. This trajectory suggests that without a commercial product, the company will continue to face significant liquidity pressure as it advances its pipeline.
Based on the cash flow statements, stock-based compensation remains a significant non-cash add-back, reaching as high as $27.3 million in 2025Q4, which effectively masks the true economic cost of talent retention while the company continues to burn through its remaining cash reserves.
While SBC is a standard non-cash expense, its magnitude relative to the company's operating cash burn suggests that the true cost of operations is higher than the headline cash flow figures imply. This practice warrants further investigation into the dilution impact on shareholders as the company seeks to preserve its limited cash runway.
Data from recent quarterly reports reveal erratic working capital movements, including a $21.8 million outflow in 2024Q1, which suggests that timing differences in vendor payments and clinical trial accruals can create significant, albeit temporary, pressure on the company's already constrained cash position.
These fluctuations appear to be driven by the episodic nature of clinical trial milestones rather than operational efficiency. Investors should monitor these swings, as they may indicate periods of heightened cash demand that could accelerate the need for additional capital raises.
Quick answers to the most common questions about buying KOD stock.
Kodiak Sciences Inc. (KOD) generated $-136.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kodiak Sciences Inc. (KOD) reported negative free cash flow of $136.5M in 2025, indicating capital requirements exceeded cash from operations.
Kodiak Sciences Inc. (KOD) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.