Kodiak Sciences Q3 net loss widens as R&D expenses rise

Overview

• US retina biotech's Q3 net loss widened yr/yr as R&D expenses increased

• Company ended Q3 with $88.7 mln cash, raised $69 mln after quarter via equity offering

• Company plans BLA submission for Zenkuda by year-end, KSI-101 in 2027

Outlook

• Kodiak expects to submit Zenkuda BLA for three indications by end-2026

• Company plans to announce first Phase 3 KSI-101 results in December 2026

• Kodiak says current cash expected to support operations into 2027

Result Drivers

• HIGHER R&D SPENDING - Co said increased R&D expenses were mainly due to more clinical and manufacturing activity for PEAK/PINNACLE and ALTO studies

• PIPELINE PROGRESS - Co highlighted positive Phase 3 results for Zenkuda and tabirafusp-ted, and ongoing pivotal studies for KSI-101

• LOWER G&A EXPENSES - Co said G&A expenses fell due to a non-recurring gain from a lease termination

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Kodiak Sciences Inc. is $120.00, about 9.7% above its November 11 closing price of $109.34

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)