Kodiak Q2 Loss Wider Than Expected, Pipeline Development in Focus

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]