Kodiak Sciences Inc. reported its financial results for the third quarter ended September 30, 2026, alongside updates on the clinical development of its late-stage retinal assets. The company ended the quarter with $88.7 million in cash and cash equivalents.
During the quarter, Kodiak raised aggregate net proceeds of $69 million through sales of common stock under its at-the-market (ATM) equity offering facility. The company noted that its current cash balance is expected to support operations into 2027.
In terms of financial performance, Kodiak reported a net loss of $66.2 million for the third quarter of 2026, or $1.05 per share on a basic and diluted basis. This compares to a net loss of $61.5 million, or $1.16 per share, for the same period in 2025. Research and development expenses totaled $58.3 million for the quarter, driven by increased clinical activities and manufacturing support for Phase 3 programs.
The company highlighted significant clinical milestones for its three late-stage assets. In the Phase 3 DAYBREAK study, Zenkuda (tarcocimab tedromer) met its primary endpoint with a p-value of 0.0007, demonstrating meaningful vision gains and rapid retinal drying. The data showed that 54% of patients were able to receive 6-month dosing intervals. Zenkuda is planned for a multi-indication BLA submission in the fourth quarter of 2026.
Tabirafusp-ted (KSI-501) also met its vision primary endpoint (p-value of 0.0036) and anatomical key secondary endpoint (p-value of <0.0001) in the DAYBREAK study. The company is actively enrolling patients in the Phase 3 ALTO study for diabetic macular edema.
Regarding KSI-101, Kodiak expects to announce the first Phase 3 results in December 2026. The company plans to file a Biologics License Application (BLA) for KSI-101 in the second quarter of 2027 if the results are successful.
