Kodiak Q1 Loss Wider Than Expected, Pipeline Development in Focus

Core Viewpoint - Kodiak Sciences reported a wider loss per share of $1.09 in Q1 2025 compared to the Zacks Consensus Estimate of a loss of 89 cents, and a loss of 82 cents per share in the same quarter last year [1] Financial Performance - Research and development expenses increased to $43.6 million, reflecting a 45.8% year-over-year rise due to heightened clinical activities and manufacturing efforts [1] - General and administrative expenses decreased to $15.4 million, down 4.3% year-over-year, mainly due to lower non-cash stock-based compensation [2] - As of March 31, 2025, Kodiak had cash and marketable securities totaling $138.9 million, down from $168.1 million as of December 31, 2024, which the company believes is sufficient to support operations into 2026 [2] Stock Performance - Kodiak's shares have declined by 60.4% year-to-date, contrasting with an 8.4% decline in the industry [3] Pipeline Developments - Kodiak is conducting the phase III GLOW2 study to evaluate tarcocimab for treatment-naïve patients with diabetic retinopathy, with patient enrollment completed [4] - The company is also studying tarcocimab in the DAYBREAK study for wet age-related macular degeneration, with KSI-501 as the first investigational arm [5] - Kodiak plans to host an investor conference in July to discuss timelines for top-line data from ongoing studies and updates on enrollment for the DAYBREAK study [7] - Kodiak is enrolling patients in the phase Ib APEX study for KSI-101, targeting diabetic macular edema and inflammation-related macular edema, with updates expected in July 2025 [8][9] Regulatory Plans - Based on the outcomes of the GLOW2 and DAYBREAK studies, Kodiak intends to submit a single regulatory filing for tarcocimab to seek approval for three indications: diabetic retinopathy, wet AMD, and retinal vein occlusion [7]