Group 1 - U.S. stocks showed mixed performance, with the Dow Jones index declining over 100 points on Monday [1] - PROS Holdings, Inc. shares surged 40% to $22.97 following the announcement of its acquisition by Thoma Bravo [1] - MBX Biosciences, Inc. saw a significant increase of 144% to $24.40 after its once-weekly Canvuparatide met primary endpoints in a Phase 2 trial [3] - Metsera, Inc. gained 62.8% to $54.25 amid reports of a near acquisition deal with Pfizer [3] - Anywhere Real Estate Inc. experienced a 57% rise to $11.13 due to a combination announcement with Compass in an all-stock transaction [3] - The ODP Corporation's shares increased by 33.6% to $27.82 after announcing a definitive agreement to be acquired by an affiliate of Atlas Holdings [3] - Banco BBVA Argentina S.A. shares rose 17.7% to $9.64 following U.S. Treasury Secretary Bessent's statement of support for Argentina [3] - Grupo Supervielle S.A. also saw a 16% increase to $5.83 under similar circumstances regarding U.S. support for Argentina [3] - Lumen Technologies, Inc. rose 12.5% to $6.43 after announcing significant progress in building infrastructure for the AI economy [3] - IREN Limited gained 10.7% to $42.88 after doubling its AI Cloud capacity to 23,000 GPUs [3]

Core Insights - Kodiak Sciences Inc. announced new data from the APEX study of KSI-101, a novel therapy for macular edema secondary to inflammation (MESI), presented at the Retina Society Annual Scientific Meeting [1][2] Group 1: Study Findings - The APEX Phase 1b study showed that patients with MESI experienced clinically meaningful gains in best-corrected visual acuity (BCVA) and rapid retinal drying by Week 12 [2][5] - In the study, the proportion of patients achieving a 15-letter gain in BCVA was 31% at the 2.5 mg dose, 62% at the 5 mg dose, and 54% at the 10 mg dose [5] - The mean change in BCVA from baseline to Week 12 was +8.8 letters for 2.5 mg, +10.7 letters for 5 mg, and +12.1 letters for 10 mg [5] - Patients with diabetic macular edema (DME) also showed significant visual and anatomical improvements, gaining an average of 12.0 letters and reducing retinal thickness by 157 microns by Week 24 [5] Group 2: Mechanism and Safety - KSI-101 is a bispecific antibody targeting interleukin-6 (IL-6) and vascular endothelial growth factor (VEGF), designed to treat MESI [4][10] - The therapy demonstrated a favorable safety profile, being well tolerated in both MESI and DME patients [6][12] - The drying effect of KSI-101 was reported to be comparable or superior to existing treatments like Ozurdex, without associated side effects [7] Group 3: Future Developments - Ongoing Phase 3 studies, PEAK and PINNACLE, are actively enrolling patients to further evaluate KSI-101 at the 5 mg and 10 mg dose levels [8][14] - The studies aim to cover a wide spectrum of MESI patients, with PEAK focusing on more severe cases and PINNACLE on milder cases [14] - Topline data readouts for KSI-101 are expected in late 2026 or early 2027, indicating a significant market opportunity for the treatment of MESI [17]

Company Overview - Kodiak Sciences Inc. reported a loss of $1.03 per share in Q2 2025, which was wider than the Zacks Consensus Estimate of a loss of $1.01, and compared to a loss of $0.86 per share in the same quarter last year [2] - The company currently has no approved products and has not generated any revenues [2] Financial Performance - Research and development expenses for the reported quarter were $42.8 million, reflecting a 32% increase year-over-year due to heightened clinical activities [3] - General and administrative expenses decreased to $12.8 million, down 18% year-over-year, primarily due to lower non-cash stock-based compensation expenses [3] - As of June 30, 2025, Kodiak had cash, cash equivalents, and marketable securities totaling $104.2 million, down from $138.9 million as of March 31, 2025, which the company believes is sufficient to support operations into 2026 [4] Market Sentiment - There has been a downward trend in estimates for Kodiak Sciences, with the consensus estimate shifting down by 14.44% over the past month [5] - The stock has a Growth Score of B but is rated F for Momentum and D for Value, resulting in an aggregate VGM Score of F [6] Industry Comparison - Kodiak Sciences is part of the Zacks Medical - Biomedical and Genetics industry, where Exact Sciences (EXAS) has seen a 24.5% gain over the past month, reporting revenues of $811.09 million for the last quarter, a 16% year-over-year increase [8] - Exact Sciences is expected to post earnings of $0.10 per share for the current quarter, indicating a 147.6% change from the year-ago quarter, with a Zacks Rank of 3 (Hold) [9]

Core Insights - Harbour BioMed reported significant financial growth in the first half of 2025, with total revenue of approximately US$101.3 million, representing a 327% increase year over year, and net profit reaching approximately US$73.0 million, a 51-fold increase compared to the same period in 2024 [4][5][25] Financial Performance - The company achieved a profit growth of more than fiftyfold year over year, indicating strong growth momentum [2] - Harbour BioMed's cash position improved to about US$320 million, a 92% increase since the end of the previous year [4] Product Pipeline and Development - Harbour Therapeutics, a sub-brand, is responsible for the development of the company's product pipeline in immunology and oncology, with several key clinical-stage projects making significant progress [6] - Key products in clinical stages include: - Batoclimab (HBM9161), a novel anti-FcRn monoclonal antibody, has completed Phase I to pivotal trials in China and has shown sustained efficacy and safety in treating gMG [7] - HBM9378, targeting TSLP for asthma and COPD, has received IND approval and is undergoing global Phase 2 trials [8][9] - Porustobart (HBM4003), a next-generation anti-CTLA-4 antibody, has shown positive efficacy and safety data in trials for advanced solid tumors [10] - HBM1020, targeting B7H7, has demonstrated excellent safety profiles in patients with advanced solid tumors [10] Strategic Collaborations - The company entered a global strategic collaboration with AstraZeneca to develop next-generation multi-specific antibodies, which includes a $105 million equity investment from AstraZeneca [16] - Harbour BioMed has signed several licensing and collaboration agreements, including partnerships with Windward Bio and Otsuka Pharmaceutical to advance the development of HBM9378 and HBM7020, respectively [17][12] Innovation and Technology - Harbour BioMed is leveraging its proprietary Harbour Mice® platform to develop next-generation biologics for CNS disorders and obesity treatment through its new venture Élancé Therapeutics [14][15] - The company continues to expand its technology platforms, including the launch of Hu-mAtrIx™, an AI-assisted drug discovery engine [22] Future Outlook - The achievements in the first half of 2025 position Harbour BioMed well for future growth, with plans to advance multiple clinical trials and expand its global collaboration network [25][27][28]

Core Insights - Kodiak Sciences Inc. is focused on developing transformative therapeutics for retinal diseases, particularly glaucoma, and will present its pipeline programs at the ACS Fall 2025 Meeting [1][4] - Glaucoma affects approximately 76 million people globally and is the leading cause of irreversible blindness, with current treatments only addressing intraocular pressure [2] Company Overview - Kodiak Sciences is a precommercial biotechnology company dedicated to researching and commercializing innovative retinal therapeutics [6] - The company utilizes its Antibody Biopolymer Conjugate Drug (ABCD) platform to create dual-mechanism therapies targeting both neuroinflammation and intraocular pressure [3][8] Pipeline and Innovations - The company is advancing a dual-acting therapy that combines a small-molecule NLRP3 inhibitor with an IOP-lowering agent, delivered via a single intravitreal injection for quarterly dosing [3] - Kodiak is also innovating in clinical trial design through its VETi program, which employs AI and machine learning to enhance testing frequency and accuracy [3] Presentation Details - The presentation titled "Unmet clinical endpoints and therapeutics for retinal diseases: Challenges and innovations" will be delivered by Chief Scientific Officer Dolly S. Chang on August 19, 2025 [4]

Core Insights - Kodiak Sciences reported a loss of $1.03 per share in Q2 2025, which is wider than the Zacks Consensus Estimate of a loss of $1.01 and a loss of $0.86 per share in the same quarter last year [1][4] - The company currently has no approved products and has not generated any revenue [1] Financial Performance - Research and development expenses increased by 32% year over year to $42.8 million, primarily due to heightened clinical activities [2] - General and administrative expenses decreased by 18% year over year to $12.8 million, mainly due to lower non-cash stock-based compensation [2] - As of June 30, 2025, Kodiak had cash and marketable securities totaling $104.2 million, down from $138.9 million as of March 31, 2025, which the company believes is sufficient to support operations into 2026 [3] Pipeline Developments - Kodiak is conducting a phase III study (GLOW2) to evaluate tarcocimab for treatment-naïve patients with diabetic retinopathy, with top-line data expected in Q1 2026 [5] - The company is also studying tarcocimab in the DAYBREAK study for wet age-related macular degeneration, with results anticipated in Q3 2026 [6] - KSI-101, a candidate for macular edema, has completed an early-stage study, and two pivotal phase III studies (PEAK and PINNACLE) are currently enrolling patients, with results expected in late 2026 or early 2027 [7] Market Performance - Kodiak's shares have declined by 13.4% year to date, contrasting with the industry's growth of 0.6% [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number: 001-38682 KODIAK SCIENCES INC. (Exact Name of Registrant as Specified in its Charter) Delaware 27-0476525 (State ...

Exhibit 99.1 • Tarcocimab – Phase 3 topline data expected in 1Q 2026 (6 months) and 3Q 2026 (12 months) o Phase 3 GLOW2 diabetic retinopathy study – topline data on track for 1Q 2026 o Phase 3 DAYBREAK wet AMD study – topline data expected 3Q 2026 o Completed the manufacturing and release of BLA-facing commercial-scale batches in Kodiak's URSUS facility • KSI-501 – Phase 3 topline data expected in 3Q 2026 (12 months) o Phase 3 DAYBREAK wet AMD study – topline data expected 3Q 2026 o Planning for second Phas ...

Core Insights - Kodiak Sciences Inc. reported significant advancements in its late-stage clinical assets, particularly focusing on the transformative potential of tarcocimab, KSI-501, and KSI-101 in treating retinal diseases [2][3]. Recent Business Highlights and Upcoming Catalysts - The company held an Investor R&D Day on July 16, 2025, showcasing new data and a commercial vision for its clinical assets [2]. - KSI-101 demonstrated rapid anatomical gains and visual acuity improvements in patients with macular edema secondary to inflammation (MESI) during the Phase 1b APEX study [5]. - Upcoming topline data for tarcocimab and KSI-501 is expected in 1Q 2026 and 3Q 2026, respectively, with KSI-101 data anticipated in 4Q 2026 to 1Q 2027 [5]. Financial Results - Kodiak ended Q2 2025 with $104.2 million in cash and cash equivalents, sufficient to support operations into 2026 [4]. - The net loss for Q2 2025 was $54.3 million, or $1.03 per share, compared to a net loss of $45.1 million, or $0.86 per share, in Q2 2024 [6]. - Research and development expenses rose to $42.8 million in Q2 2025 from $32.5 million in Q2 2024, driven by increased clinical activities [7]. Pipeline Programs - Tarcocimab is an investigational anti-VEGF therapy designed for extended durability in ocular tissues, with ongoing Phase 3 studies in diabetic retinopathy and wet AMD [9][10]. - KSI-501 is a bispecific therapy targeting IL-6 and VEGF, currently in the Phase 3 DAYBREAK study for wet AMD [17][19]. - KSI-101 is being developed for MESI, with ongoing Phase 3 studies (PEAK and PINNACLE) actively enrolling patients [22][26]. Digital Health Initiatives - The VETi program has made significant advancements in AI and machine learning, aimed at enhancing the company's commercial retina franchise [5]. Company Overview - Kodiak Sciences is focused on developing transformative therapeutics for retinal diseases, utilizing its proprietary ABC Platform to create next-generation retinal medicines [29].

Summary of Kodiak Sciences (KOD) Investor R&D Day - July 16, 2025 Company Overview - **Company**: Kodiak Sciences (KOD) - **Event**: Investor R&D Day - **Date**: July 16, 2025 - **Market Cap**: $250 million [10] Key Clinical Assets - **Late Stage Clinical Assets**: - **Tarcosumab** - **KSI-501** - **KSI-101** [2][5] Core Points and Arguments 1. **KSI-101 Performance**: - KSI-101 is showing strong Phase Ib data, outperforming expectations with over 10 letters mean gain in visual acuity, compared to the expected 7-8 letters [11] - Nearly all patients are dry on intraretinal fluid and subretinal fluid by week 12, indicating high efficacy [11] 2. **Unmet Need in Macular Edema**: - KSI-101 addresses macular edema secondary to inflammation, a leading cause of blindness in working-age populations [10][12] - The potential for KSI-101 to unify treatment across diverse patient types is emphasized, akin to the early anti-VEGF treatments [12][13] 3. **Commercial Opportunity**: - Estimated prevalence of over 450,000 patients with macular edema in the U.S., with 300,000 trial-eligible for KSI-101 [17] - KSI-101 is positioned as a first-line treatment for severe cases and may be first choice for intraocular injection [17] 4. **Clinical Trial Design**: - PEEK and PINNACLE studies for KSI-101 are live and screening patients, showcasing efficient operationalization [18] - The DAYBREAK study will compare Tarcosumab and KSI-501 against EYLEA, focusing on both immediacy and durability [20][21] 5. **Durability and Efficacy**: - Kodiak's ABC platform science aims to provide both strong immediacy and durability in treatment, with a mean ocular half-life of 20 days for their conjugates [22][59] - The need for a biologic that combines rapid drying capacity with increased durability is highlighted as a significant unmet need in the market [24][83] 6. **Market Landscape**: - The retinal vascular diseases market is described as commercially attractive, with a global market exceeding $20 billion [31] - Kodiak's focus on retina is contrasted with the complexities and costs associated with oncology and obesity markets [31][32] Additional Important Insights - **Technological Leadership**: - Kodiak operates its own in-house CRO, enhancing efficiency and connection to the physician community [19] - The company is also developing AI technology (Vedi program) aimed at improving treatment outcomes [29] - **Patient-Centric Approach**: - Emphasis on patient-centric trial designs, allowing for flexible dosing based on individual patient needs [72][73] - The importance of addressing the heterogeneity of patient responses to treatments is acknowledged [58] - **Future Outlook**: - Anticipated BLA filings for Tarcosumab and KSI-101 in 2027, with multiple registrational studies reading out in the next 6 to 18 months [26][34] - Kodiak's proprietary science and manufacturing capabilities position it well for future growth in the retinal disease market [27][28] This summary encapsulates the key points discussed during the Kodiak Sciences Investor R&D Day, focusing on the company's clinical assets, market opportunities, and strategic direction in the retinal disease sector.