The company remains in a pre-revenue phase, recording a net loss of $58.2 million in 2026Q1 while maintaining high R&D expenditures of $48.5 million for the same period.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 26.71M | 25.95M | 11M | 8.71M | 4.21M | 911K | 490K | 549K | 257K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | -26.71M | -25.95M | -11M | -8.71M | -4.21M | -911K | -490K | -549K | -257K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -2.93% | -135.86% | -26.29% | -107.01% | -361.91% | -85.92% | 10.75% | -113.62% | - |
| Operating Expenses | 235.09M | 234.39M | 160.14M | 251.37M | 330.38M | 258.34M | 131.8M | 48.28M | 26.37M | 25.52M | 17.15M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 47.82M | 52.02M | 34.05M | 71.02M | 62.79M | 41M | 24.41M | 10.77M | 7.58M | 3.5M | 3.1M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 187.28M | 182.37M | 126.09M | 206.3M | 267.59M | 217.34M | 107.39M | 37.51M | 18.79M | 22.02M | 14.05M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -25.95M | 0 | 0 | 0 | 0 | -4.07M | -1.23M | 25K |
| Operating Income | -235.09M | -234.39M | -186.85M | -277.32M | -341.38M | -267.05M | -136.01M | -49.19M | -26.37M | -25.52M | -17.15M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -25.44% | 32.62% | 18.76% | -27.83% | -96.35% | -176.49% | -86.51% | -3.34% | -48.8% | - |
| EBITDA | -209.16M | -234.39M | -160.14M | -251.37M | -330.38M | -258.34M | -131.8M | -48.28M | -25.88M | -24.97M | -16.89M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -20.85% | -46.36% | 36.29% | 23.91% | -27.88% | -96.01% | -172.99% | -86.52% | -3.65% | -47.82% | - |
| D&A (Non-Cash Add-back) | 25.93M | 0 | 26.71M | 25.95M | 11M | 8.71M | 4.21M | 911K | 490K | 549K | 257K |
| EBIT | -230.67M | -234.39M | -176.21M | -260.48M | -333.81M | -266.97M | -133.07M | -47.36M | -35.92M | -26.75M | -17.13M |
| Net Interest Income | 4.56M | 4.52M | 11.15M | 16.72M | 7.05M | 276K | 2.88M | 1.56M | 0 | 0 | 0 |
| Interest Income | 4.56M | 4.52M | 11.15M | 16.73M | 7.07M | 298K | 2.9M | 1.57M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 13K | 18K | 22K | 25K | 8K | 5.52M | 1.19M | 6K |
| Other Income/Expense | 4.43M | 4.42M | 10.64M | 16.83M | 7.56M | 61K | 2.91M | 1.82M | -15.07M | -2.42M | 19K |
| Pretax Income | -230.66M | -229.97M | -176.21M | -260.49M | -333.82M | -266.99M | -133.1M | -47.37M | -41.44M | -27.94M | -17.13M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45K | 31K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.16% | -0.18% |
| Net Income | -230.66M | -229.97M | -176.21M | -260.49M | -333.82M | -266.99M | -133.1M | -47.37M | -41.44M | -27.94M | -17.13M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -21% | -30.51% | 32.36% | 21.97% | -25.03% | -100.6% | -181% | -14.29% | -48.35% | -63.06% | - |
| Net Income (Continuing) | -230.66M | -229.97M | -176.21M | -260.49M | -333.82M | -266.99M | -133.1M | -47.37M | -41.44M | -27.94M | -17.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.73 | -4.32 | -3.35 | -4.97 | -6.39 | -5.16 | -2.91 | -1.23 | -1.16 | -1.05 | -2.30 |
| EPS Growth % | -14.88% | -28.96% | 32.6% | 22.22% | -23.84% | -77.32% | -136.59% | -6.03% | -10.48% | 54.35% | - |
| EPS (Basic) | - | -4.32 | -3.35 | -4.97 | -6.39 | -5.16 | -2.91 | -1.23 | -1.16 | -1.05 | -2.30 |
| Diluted Shares Outstanding | 61.86M | 53.21M | 52.58M | 52.41M | 52.25M | 51.79M | 45.74M | 37.85M | 35.87M | 26.56M | 7.44M |
| Basic Shares Outstanding | 61.86M | 53.21M | 52.58M | 52.41M | 52.25M | 51.79M | 45.74M | 37.85M | 35.87M | 26.56M | 7.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary outcomes
As reported in recent financial statements, Kodiak Sciences maintains a heavy R&D-centric cost structure, with quarterly research expenditures reaching $48.5 million in 2026Q1, reflecting the capital-intensive nature of advancing the proprietary ABC platform through late-stage clinical trials without any offsetting commercial product revenue.
The absence of revenue forces the company to rely entirely on capital raises to fund its high fixed-cost base. Investors should monitor whether the recent uptick in R&D spending correlates with sustainable clinical progress or merely reflects the high cost of maintaining late-stage trial infrastructure.
Based on the provided income statement data, Kodiak consistently records significant stock-based compensation, including a notable $27.3 million charge in 2025Q4, which complicates the assessment of true operational burn and dilutes existing shareholders while the company remains in a pre-revenue clinical development phase.
The reliance on equity-based incentives appears to be a primary mechanism for preserving cash, yet it obscures the underlying economic cost of talent retention. Analysts should adjust for these non-cash charges to better understand the true cash-burn trajectory required to reach potential commercialization.
According to historical income statement trends, the period surrounding 2023Q4 and 2024Q1 marked a critical inflection point where R&D spending volatility and the cessation of certain cost items signaled a strategic pivot following the failure of key Phase 3 trials to meet primary endpoints.
This period highlights the extreme sensitivity of the company's financial profile to clinical outcomes. The subsequent restructuring of expenses suggests management's attempt to preserve the remaining cash runway while recalibrating the development pipeline for the tarcocimab program.
Data from the most recent quarterly filings suggest that Kodiak faces a precarious financial position, as the persistent net losses, exemplified by the $58.2 million loss in 2026Q1, threaten to exhaust the company's $209 million cash position without a clear path to commercial revenue.
Short-term liquidity concerns appear to be the most significant threat to the current business model. The lack of a commercial partner or revenue-generating asset implies that future operations may require highly dilutive financing, which could fundamentally impair shareholder value if clinical milestones are not met.
Quick answers to the most common questions about buying KOD stock.
For fiscal year 2025, Kodiak Sciences Inc. (KOD) reported total revenue of $0.0M.
Kodiak Sciences Inc. (KOD) reported a net loss of $230.0M for the fiscal year ending 2025.