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Kodiak Sciences

KOD Lead: Phase 3 7 Biotech Distilled articles ↓ 21 filings & releases ↓ Cash $126M (Jun 30, 2026) ↓ 7 verdicts ↓ 8 timing quotes ↓
Ophthalmology Protein

Market cap $6.24B 62.8M shares (10-Q, Aug 6, 2026) × $99.30 close Nov 6, 2026

Most recent annual filing: 2026-03-31

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. KSI-101 Ph3 toplineDec 2026KSI-101 Ph3 topline, Dec 2026, thesis-defining

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (8 active programs)

Technology platforms

ABC Platform

Antibody Biopolymer Conjugate (ABC) platform — a proprietary drug delivery technology pairing free protein for immediate disease control with antibody conjugated to a high-molecular-weight biopolymer for extended ocular half-life and durability; used to develop retinal medicine candidates including Zenkuda and tabirafusp-ted

Targets: VEGF, IL-6

ABCD Platform

Antibody Biopolymer Conjugate Drug platform extending ABC to embed small molecule APIs into the biopolymer backbone for high drug-antibody ratio medicines; advancing duet programs for glaucoma (NLRP3 inhibitor + IOP-lowering molecule) and geographic atrophy (complement inhibitor + NLRP3 inhibitor); focus on ophthalmic and systemic multifactorial diseases.

Targets: NLRP3

VETi

Visual Engagement Technology and Imager — AI- and machine-learning-enabled wearable headset digital health platform with applications in retina care, identity security and cognitive sciences.

Capital (as filed)

Cash
$126M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$46.2M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$126M cash per the update of Oct 20, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (7)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (7 calls)

Every verdict Biotech Distilled has published on Kodiak Sciences, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-29 Watch Kodiak Sciences (KOD): Scientific Deep Dive for Lead and Pipeline Products High-risk binary event play with Baker Bros. insider buying as the tie-breaker, but position sizing for a 50-70% drawdown is required given formulation and safety risks.
  2. 2026-03-29 Hold UPDATE: Kodiak Sciences (KOD) - The Franken-Formulation Gets Vindicated (and a New Name) GLOW2 data validated the commercial formulation with clean safety, but after the stock doubled the risk-management call is to take principal off the table and let the remainder ride into DAYBREAK.
  3. 2026-05-08 Hold UPDATE: Kodiak Sciences (KOD) - The Going Concern Footnote Nobody is Reading Going-concern disclosure signals an imminent pre-DAYBREAK raise; the science remains intact but the stock is no longer asymmetrically priced and anything held into September should be sized as a binary bet.
  4. 2026-08-14 Hold UPDATE: Kodiak Sciences (KOD) - They Started a Third Phase 3 With $125.9M in the Bank Cash burned to $125.9M with going-concern language intact and a new 910-patient Phase 3 launched, making a pre-DAYBREAK raise near-certain; hold house money and wait for the raise to price before re-engaging.
  5. 2026-09-29 Hold UPDATE: Kodiak Sciences (KOD) - DAYBREAK Delivers the Six-Month Number Both DAYBREAK arms met non-inferiority and Zenkuda is now scientifically de-risked, but after a ~125% move the easy money is made; hold house money through the likely offering and into PEAK while KSI-501's IL-6 thesis remains unproven.
  6. 2026-09-30 Hold UPDATE: Kodiak Sciences (KOD) - Baker Bros. Bought the Breakout Baker Bros. buying at post-DAYBREAK prices strengthens conviction for existing holders, but a financing is still pending and an offering-driven dip remains the more attractive entry for new positions.
  7. 2026-10-20 Hold UPDATE: Kodiak Sciences (KOD) - The Raise Arrives as a Faucet The $350M ATM program closes the going-concern risk on favorable terms (~6% dilution at ~$91), removing the key balance-sheet bear case while PEAK in December remains the next scientific test.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (8 quotes from 4 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (21)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

6 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)