KOD Stock — Kodiak Sciences Inc: Cash, EV, Pipeline

Share price

$32.71

Market cap

$2,055.8M

Cash

$125.9M

Enterprise value

$1,929.9M

Balance sheet

Cash	$125.9M
Debt	$0.0M
Net cash	$125.9M
Enterprise value	$1,929.9M
Basic shares	62.8M shares
Fully diluted shares	87.3M shares
Fully diluted market cap	$2,854.9M
Cash per share	$2.00

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Oct 24, 2026	Tarcocimab tedromer	Phase 3	Wet Age-related Macular Degeneration	—
Mar 15 - Apr 26	KSI-101	Phase 3	Macular Edema Secondary to Inflammation	—
May 13 - Jun 24	KSI-101	Phase 3	Macular Edema Secondary to Inflammation	December 2026
Oct 12 - Nov 23	Tabirafusp tedromer	Phase 3	Diabetic Macular Edema (DME)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Zenkuda

Phase 3 · Active Modality: anti-VEGF antibody biopolymer conjugate (ABC platform)

Aliases tarcocimab

Target VEGF

Partnerships Lonza: custom-built commercial-scale drug substance manufacturing facility (Ursus)

Indications

Wet age-related macular degeneration (wet AMD) (Phase 3)
Diabetic retinopathy (Phase 3)

Catalysts

— September 2026
— 2026

Status note Phase 3 DAYBREAK in wet AMD (enrollment completed); BLA filing intended in DR, RVO and wet AMD in 2026.

KSI-501

Phase 3 · Active Modality: ABC platform conjugate (50 mg/mL enhanced formulation)

Target VEGF/IL-6

Partnerships Lonza: manufacturing

Indications

Wet AMD (Phase 3)

Catalysts

— September 2026

Status note Parallel investigational arm in Phase 3 DAYBREAK vs aflibercept; enrollment completed.

KSI-101

Phase 3 · Active Modality: bispecific protein (100 mg/mL)

Target IL-6 and VEGF

Indications

Macular edema secondary to inflammation (MESI) (Phase 3)

Catalysts

— December 2026
— 2Q 2027

Status note PEAK and PINNACLE Phase 3 studies enrolling MESI subjects.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	KSI-101
Lead indication	Macular Edema Secondary to Inflammation
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06996080	Phase 3	Recruiting	Sponsor	KOD	—	Macular Edema Secondary to Inflammation	—
NCT06990399	Phase 3	Recruiting	Sponsor	KOD	—	Macular Edema Secondary to Inflammation	December 2026
NCT07734844	Phase 3	Recruiting	Sponsor	KOD	—	Diabetic Macular Edema (DME)	—
NCT06556368	Phase 3	Active, not recruiting	Sponsor	KOD	—	Wet Age-related Macular Degeneration	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Kodiak Sciences Inc on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	19,919,186	no change	3.89%	2026-08-14
Braidwell LP	1,787,318	-31,347	2.58%	2026-08-14
RTW Investments	1,487,934	no change	0.49%	2026-08-14
Ikarian Capital	1,059,730	-206,065	6.76%	2026-08-14
Sphera Biotech	81,796	-33,000	0.46%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

KOD — Kodiak Sciences Inc

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders