The stock's near-term catalyst is the DAYBREAK Phase 3 readout in September 2026. Monitor cash runway closely — at the current burn rate, a dilutive equity offering is likely needed before mid-2027 to fund operations through the PEAK and PINNACLE readouts.
Price Chart
Executive Summary
Kodiak Sciences reported Q2 2026 financial results with a net loss of $65.6M ($1.05/share), wider than the $54.3M loss in Q2 2025, driven by increased R&D spending on late-stage trials. The pre-revenue biotech remains on track for three pivotal Phase 3 readouts by year-end: DAYBREAK (wet AMD) in September 2026 and PEAK (MESI) in December 2026. Cash burn accelerated to $84M in H1 2026, leaving $125.9M in cash, sufficient into 2027 but raising the likelihood of a dilutive financing before commercialization.
Key Financial Metrics
Key Facts
- Net loss for Q2 2026 was $65.6M ($1.05/share) vs $54.3M ($1.03/share) in Q2 2025.
- Cash and cash equivalents fell to $125.9M at June 30, 2026, from $209.9M at December 31, 2025.
- R&D expenses rose to $56.1M in Q2 2026 from $42.8M in Q2 2025, driven by PEAK/PINNACLE and manufacturing activities.
- Enrollment completed for the first 300-patient cohort of the Phase 3 PEAK study (KSI-101 in MESI); topline data expected December 2026.
- Phase 3 DAYBREAK study (Zenkuda and KSI-501 in wet AMD) topline data expected September 2026.
- First patients enrolled in the Phase 3 ALTO study of KSI-501 in diabetic macular edema (DME).
- BLA preparation activities for Zenkuda continue.
- Working capital decreased to $78.6M from $169.3M at year-end 2025.
- Total stockholders' equity fell to $61.1M from $157.4M at December 31, 2025.
Financial Impact
Net loss widened by $11.3M YoY to $65.6M in Q2 2026; cash burn of ~$84M in H1 2026
Risk Factors
- Cash burn rate is accelerating, with $84M consumed in H1 2026, potentially requiring dilutive financing before commercialization.
- Phase 3 DAYBREAK and PEAK readouts are binary events; failure to meet primary endpoints would significantly impair the pipeline's value.
- No revenue or approved products; the company is entirely dependent on clinical trial success and regulatory approvals.
- Accumulated deficit has grown to $1.68 billion, with no path to profitability in the near term.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-349107 |
| Document: kod-20260813.htm | 0001193125-26-349107 |
| Document: 0001193125-26-349107-index-headers.html | 0001193125-26-349107 |
| Document: 0001193125-26-349107-index.html | 0001193125-26-349107 |
| Document: 0001193125-26-349107.txt | 0001193125-26-349107 |
| 8-K Data (Synthetic) | 0001193125-26-349107 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $41.35 $33.14 | ▼ −19.85% | ▼ −17.86% | $94.45 (+128.42%) |
Aug 13, 2026 7w ago | Press Release | $41.35 $33.14 | ▼ −19.85% | ▼ −17.86% | $94.45 (+128.42%) |
Jun 11, 2026 16w ago | Institutional Cluster | $33.97 $40.08 | ▲ +17.99% | ▲ +16.10% | $94.45 (+178.04%) |
May 7, 2026 21w ago | 8-K | $41.01 $31.05 | ▼ −24.29% | ▼ −24.31% | $94.45 (+130.31%) |
Mar 31, 2026 26w ago | 8-K | $42.81 $43.67 | ▲ +2.01% | ▼ −7.71% | $94.45 (+120.63%) |
US Market Status
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