# Kodiak Sciences Inc. (KOD)

> Source: Nexqual · https://nexqual.com/KOD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Kodiak Sciences Inc. (KOD), nexqual.com/KOD" · informational, not investment advice.

**Price:** USD 85.78 (-2.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 87.72 · day 84.86–89.52 · 52w 15.83–104 · market cap $5.39B · NGM

## Key facts
- 1 of 80 tracked superinvestors hold KOD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $1.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $157M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 121.67 (range 103–145).
- Total return with dividends: 1Y +401.3% vs S&P 500 +14.9%; 5Y -26.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -1.01, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$267M | -$341M | -$277M | -$187M | -$234M | -$246M |
| Net income | -$267M | -$334M | -$260M | -$176M | -$230M | -$242M |
| EPS (diluted) | -$5.16 | -$6.39 | -$4.97 | -$3.35 | -$4.32 | — |
| Free cash flow | -$199M | -$243M | -$196M | -$118M | -$137M | -$160M |
| Cash + short-term investments | $732M | $479M | $286M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 88.2x · FCF yield -2.97% · Earnings yield -4.49%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KOD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $1.4M | Reduced -14.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-04 | Borgeson John A. | Chief Financial Officer | 30,000 | $1.0M | 12.4% | Yes (adopted September 29, 2025) | Routine (sold in Jun each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $157M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-28…2026-09-29 | Baker Bros. Advisors Lp | Director | 715,592 | $63.4M | 88.59 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-28 | Baker Bros. Advisors Lp | Director | 418,323 | $35.0M | 83.58 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-28 | Baker Bros. Advisors Lp | Director | 807,840 | $58.6M | 72.57 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 121.67 (low 103, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | HC Wainwright & Co. | Target raised | Buy | $96 → $126 |
| 2026-09-28 | LifeSci Capital | Target raised | Outperform | $85 → $145 |
| 2026-09-28 | UBS | Target raised | Buy | $80 → $120 |
| 2026-09-28 | HC Wainwright & Co. | Target raised | Buy | $58 → $96 |
| 2026-09-17 | HC Wainwright & Co. | Reiterated | Buy | $58 |
| 2026-08-17 | HC Wainwright & Co. | Reiterated | Buy | $58 |
| 2026-08-03 | JP Morgan | Target raised | Overweight | $56 → $66 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +401.3% | -26.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +404.1% | -5.8% |
| Volatility (annualized) | 137.8% | 141.7% |
| Max drawdown | -36.2% (Apr 2026→Jun 2026) | -98.8% (Nov 2021→Oct 2023) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/KOD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KOD's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1468748/000119312526134887/kod-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | General | "General business and economic conditions that could affect our business, financial condition or results of operations include fluctuations in economic growth, debt and equity capital markets, liquidity of the global fina…" |
| Partner | Lonza | "In August 2020, we entered into a manufacturing agreement with Lonza for the clinical and commercial supply of the Company's antibody biopolymer conjugate drug substance which included a custom-built manufacturing facili…" |
| Competitor | AMD (AMD) | "The objectives for Zenkuda in DAYBREAK are to assess its durability potential, strengthen its competitive position in wet AMD and bolster the possible regulatory application package for the program." |

## Company outlook (8-K filed 2026-08-13)

- "We expect that our current cash and cash equivalents will support our current and planned operations into 2027."
- "Zenkuda is currently being studied in the Phase 3 DAYBREAK study in wet AMD, the final anticipated Phase 3 study in the program."
- "Topline results for the DAYBREAK one-year primary endpoint are expected in September 2026."
- "Topline data for the one-year primary endpoint in DAYBREAK are expected in September 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.01 | $-0.93 | +8.5% | $0 | 5 |
| Next quarter (ends 2026-12-31) | $-0.98 | $-0.92 | +7.5% | $0 | 5 |
| Current fiscal year (ends 2026-12-31) | $-3.98 | $-3.74 | +6.4% | $0 | 5 |
| Next fiscal year (ends 2027-12-31) | $-3.44 | $-3.12 | +10.2% | $49.1M | 4 |