Kodiak Sciences (KOD) Q1 2026 earnings summary

Executive summary

• Advancing three late-stage clinical programs—Zenkuda (tarcocimab), KSI-501, and KSI-101—through pivotal trials for multiple retinal indications, with Zenkuda completing four Phase 3 studies and a BLA submission planned for 2026.

• Positive Phase 3 GLOW2 results for Zenkuda in diabetic retinopathy reinforce the ABC Platform and support a multi-indication BLA submission.

• KSI-501 and KSI-101 are advancing in Phase 3 trials targeting unmet needs in retinal vascular diseases and macular edema secondary to inflammation.

• Pipeline includes pre-IND bispecific antibody programs and digital health initiatives.

Financial highlights

• Net loss for Q1 2026 was $58.2 million ($0.94 per share), compared to $57.5 million ($1.09 per share) in Q1 2025.

• Cash and cash equivalents at March 31, 2026, were $169.5 million, down from $209.9 million at year-end 2025, expected to fund operations into 2027.

• Operating expenses totaled $59.8 million, with R&D expenses of $48.5 million and G&A expenses of $11.2 million for Q1 2026.

• Accumulated deficit reached $1.617 billion as of March 31, 2026.

• Net cash used in operating activities was $40.0 million for Q1 2026.

Outlook and guidance

• Topline data for DAYBREAK (Zenkuda and KSI-501) expected in Q3 2026; PEAK and PINNACLE (KSI-101) readouts expected in late 2026 and 2027.

• Anticipates multi-indication BLA submission for Zenkuda based on positive Phase 3 results.

• Current cash is expected to support operations into 2027, but substantial doubt exists about the ability to continue as a going concern without additional capital.

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