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Kodiak Sciences Recent Business Developments and Financial Results

PALO ALTO, Calif., August 13, 2025 – Kodiak Sciences Inc. (NASDAQ: KOD) has disclosed significant developments and financial results for the second quarter of 2025, marking a noteworthy period for the retina-focused biotechnology company. This quarter saw the company share critical insights from their recent Investor R&D Day, particularly emphasizing their three late-stage clinical assets: Tarcocimab, KSI-501, and KSI-101. Dr. Victor Perlroth, CEO of Kodiak Sciences, highlighted new data from the KSI-101 APEX Phase 1b study during the event, underlining its potential in treating macular edema secondary to inflammation.

Promising Business Highlights

Tarcocimab Updates

Tarcocimab, an investigational anti-VEGF therapy, is at the forefront of Kodiak’s offerings. Key updates include:

• - Phase 3 data is expected in the first quarter of 2026, with topline results anticipated for the 6 and 12-month intervals in the GLOW2 diabetic retinopathy study.
• - Progress is steady with the DAYBREAK wet AMD study expected to deliver topline data by the third quarter of 2026.
• - Additionally, Kodiak has successfully completed the manufacturing of commercial-scale batches for the BLA submission from their URSUS facility.

KSI-501 and KSI-101 Insights

• - KSI-501 is also advancing towards Phase 3 trials with anticipated topline data in Q3 2026. Plans are in motion for a second Phase 3 study possibly beginning in early 2026.
• - KSI-101 is currently showcased in clinical trials for macular edema, with results from the APEX study indicating significant improvement in both visual and anatomical metrics. Over 90% of enrolled patients reached a state of dryness by the eighth week.

Financial Performance Overview

Kodiak Sciences reported a cash position of $104.2 million, which is projected to sustain their operations through 2026. However, the second quarter reflected a net loss of $54.3 million (or $1.03 per share), a slight increase compared to a loss of $45.1 million from the same time last year.

Research and Development Expenses

R&D expenses totaled $42.8 million for the quarter, attributed largely to increased clinical activities across ongoing studies including APEX, DAYBREAK, and GLOW2. Comparatively, these expenses had been $32.5 million in Q2 2024.

General Administrative Expenses

GA expenses were reported at $12.8 million, showing a decrease from $15.5 million in Q2 2024. The dip was partly due to reduced stock-based compensation expenses and income from subleasing one of their office properties, which helped offset some costs.

Innovative Pipeline Programs

Kodiak's innovation continues with two cytokine-targeting bispecific antibody programs: KSI-102 and KSI-103, both progressing through pre-IND activities. These programs target ocular inflammation, showcasing the breadth of Kodiak's research endeavors.

The VETi (Visual Engagement Technology and Imager) program has also made significant strides, with advancements in AI and hardware that promise to enhance the company’s commercial retinal franchise. Applications in fields beyond ocular health, including cognitive sciences and identity security, are being explored as promising potentials.

Conclusion

As Kodiak Sciences moves through 2025, their advancements in retinal treatment technologies and strategic business focus position them well in the multibillion-dollar ophthalmology market. With both innovative pipelines and robust financial backing, Kodiak is on a solid path to achieving its long-term goals and continuing its mission to combat blindness globally.

For further updates on Kodiak Sciences and their clinical programs, please visit www.kodiak.com.