Kodiak Sciences (KOD) Q2 2026 earnings summary

Executive summary

• Advancing three late-stage clinical programs—Zenkuda (tarcocimab), KSI-501, and KSI-101—with key Phase 3 data readouts expected between September and December 2026, and additional milestones in 2027.

• Zenkuda completed four Phase 3 studies and is preparing for a BLA submission in 2026, with final DAYBREAK topline data expected in September 2026.

• KSI-501 and KSI-101 are advancing in Phase 3 studies targeting diabetic macular edema and macular edema secondary to inflammation, with enrollment and data milestones on track.

• The company is precommercial, has not generated product revenue, and continues to invest heavily in R&D and manufacturing capabilities.

• Completed enrollment for the first 300-patient cohort in the PEAK Phase 3 study and initiated enrollment in the ALTO Phase 3 study.

Financial highlights

• Cash and cash equivalents as of June 30, 2026, were $125.9 million, down from $209.9 million at year-end 2025.

• Net loss for the six months ended June 30, 2026, was $123.8 million, compared to $111.8 million for the same period in 2025.

• Q2 2026 net loss was $65.6 million ($1.05 per share), compared to $54.3 million ($1.03 per share) in Q2 2025.

• Research and development expenses increased to $104.6 million for the six months ended June 30, 2026, up from $86.4 million year-over-year, driven by increased clinical activity.

• General and administrative expenses decreased to $22.0 million for the six months ended June 30, 2026, from $28.2 million in the prior year.

Outlook and guidance

• Cash reserves are expected to support operations into 2027 but may not be sufficient for the 12 months following the report date, raising substantial doubt about the ability to continue as a going concern.

• Topline data for DAYBREAK Phase 3 (Zenkuda and KSI-501 in wet AMD) expected September 2026; PEAK Phase 3 Pivotal Analysis 1 topline data (KSI-101 in MESI) expected December 2026.

• Plans to raise additional capital through equity, debt, or collaborations; failure to secure funding may require pausing or discontinuing development programs.

• No product revenue expected until regulatory approval and commercialization of product candidates.