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Kodiak Sciences Inc (KOD)
NASDAQ:KOD
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Kodiak Sciences
(NASDAQ:KOD)
44Neutral
Positive Factors
Drug Approval Potential
There is a potential path to approval for the tarcocimab drug, which is differentiated by its up to 6-month durability and improved trial designs.
Stock Valuation
Investors are starting to come back to Kodiak Sciences, viewing the stock as very cheap with lots of room to grow.
Negative Factors
Past Trial Failures
Investors are reminded of the prior late-stage failures for tarcocimab in the Phase 3 GLEAM and GLIMMER trials in DME, unexpected increase in cataract AEs over time for tarcocimab, and the Phase 2b/3 DAZZLE trial failure in wet AMD.
Kodiak Sciences (KOD) vs. S&P 500 (SPY)
Market Cap
$195.76M
Dividend YieldN/A
Average Volume (3M)347.01K
Price to Earnings (P/E)―
Beta (1Y)3.95
Revenue GrowthN/A
EPS Growth29.63%
CountryUS
Employees111
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.65
Shares Outstanding52,623,775
10 Day Avg. Volume354,180
30 Day Avg. Volume347,011
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
Price to Cash Flow (P/CF)-2.30
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$20.00Price Target Upside447.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
Kodiak Sciences Business Overview & Revenue Model
Company DescriptionKodiak Sciences Inc. is a clinical-stage biopharmaceutical company specializing in the development of novel therapies for retinal diseases. The company's primary focus is on creating treatments that address significant unmet medical needs in ophthalmology, particularly for diseases such as age-related macular degeneration (AMD) and diabetic retinopathy. Kodiak Sciences leverages its proprietary antibody biopolymer conjugate platform to design innovative medicines aimed at improving clinical outcomes for patients.
How the Company Makes MoneyKodiak Sciences Inc. primarily makes money through the development and commercialization of its drug candidates. As a clinical-stage company, its revenue model is heavily reliant on advancing its pipeline through clinical trials and eventually gaining regulatory approval to bring its products to market. The company may also enter into strategic partnerships and licensing agreements with larger pharmaceutical companies, which can provide upfront payments, milestone payments, and royalties based on sales of its approved therapies. Currently, as Kodiak Sciences is in the clinical development phase, it may not yet generate significant revenue from product sales, focusing instead on securing funding through investments and collaborations to support its research and development efforts.
Kodiak Sciences Financial Statement Overview
Summary
Kodiak Sciences faces significant financial challenges with consistent losses and negative cash flows. While there are indications of slight improvements in EBIT and cash flow management, the absence of revenue and a high debt burden pose risks. The company needs to focus on revenue generation strategies and cost control to improve its financial health.Income Statement
Kodiak Sciences has consistently reported zero revenue, reflecting a challenging environment for monetization. The negative gross profit and significant net losses highlight profitability challenges. Despite these difficulties, there is a slight improvement in EBIT and net income from 2023 to TTM 2024, indicating potential cost management efforts.20
Very Negative
Balance Sheet
The company has a relatively high debt-to-equity ratio but maintains a positive equity position as of TTM 2024. The declining equity ratio suggests weakening financial stability. However, the reduction in total liabilities and maintenance of a substantial cash position are positive indicators for liquidity.30
Negative
Cash Flow
Negative operating cash flows and declining free cash flow raise concerns about the company's cash management and operational efficiency. However, the reduction in negative free cash flow from 2023 to TTM 2024 denotes slight improvement in cash flow management.25
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| -19.99M | -25.95M | -11.00M | -8.71M | -4.21M | -911.00K | EBIT |
| -204.04M | -277.32M | -341.38M | -267.05M | -136.01M | -49.19M | EBITDA |
| -164.93M | -259.02M | -322.80M | -258.26M | -128.86M | -46.45M | Net Income Common Stockholders |
| -191.62M | -260.49M | -333.82M | -266.99M | -133.10M | -46.73M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 285.51M | 285.51M | 478.93M | 731.51M | 968.97M | 348.18M | Total Assets |
| 479.37M | 479.37M | 666.63M | 904.22M | 1.07B | 358.87M | Total Debt |
| 181.63M | 81.63M | 87.73M | 80.00M | 77.40M | 1.94M | Net Debt |
| -103.88M | -203.88M | -102.70M | -651.51M | -866.99M | -209.86M | Total Liabilities |
| 213.59M | 213.59M | 230.46M | 240.90M | 206.60M | 13.51M | Stockholders Equity |
| 265.78M | 265.78M | 436.17M | -558.22M | -291.23M | -158.13M |
| Cash Flow | Free Cash Flow | ||||
| -147.22M | -195.61M | -253.82M | -245.57M | -90.43M | -39.58M | Operating Cash Flow |
| -119.49M | -154.18M | -206.46M | -182.27M | -83.43M | -39.15M | Investing Cash Flow |
| -28.43M | 249.23M | -336.51M | -38.80M | 104.83M | -137.00M | Financing Cash Flow |
| -27.00K | 31.00K | 1.90K | 8.18K | 717.38M | 299.69M |
Kodiak Sciences Technical Analysis
Negative
3.65
Price Trends
6.42
Negative
6.21
Negative
4.46
Negative
Market Momentum
-0.73
Negative
28.91
Positive
21.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KOD, the sentiment is Negative. The current price of 3.65 is below the 20-day moving average (MA) of 4.33, below the 50-day MA of 6.42, and below the 200-day MA of 4.46, indicating a bearish trend. The MACD of -0.73 indicates Negative momentum. The RSI at 28.91 is Positive, neither overbought nor oversold. The STOCH value of 21.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KOD.
Kodiak Sciences Risk Analysis
Kodiak Sciences disclosed 72 risk factors in its most recent earnings report. Kodiak Sciences reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kodiak Sciences Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $1.22B | ― | -95.21% | ― | 9.03% | -25.00% | |
49 Neutral | $6.90B | -0.08 | -53.01% | 2.43% | 24.84% | -3.06% | |
48 Neutral | $3.72B | ― | -19.20% | ― | -89.95% | -123.71% | |
46 Neutral | $302.72M | ― | -71.87% | ― | -15.14% | 15.84% | |
44 Neutral | $195.76M | ― | -78.57% | ― | ― | 29.63% | |
42 Neutral | $129.44M | ― | -98.10% | ― | -58.64% | -40.05% | |
42 Neutral | $91.53M | ― | -76.26% | ― | -72.22% | 51.95% |
* Healthcare Sector Average
Performance Comparison
KOD
Kodiak Sciences
3.65
-2.28
-38.45%
OCUL
Ocular Therapeutix
8.51
-0.78
-8.40%
RGNX
RegenXBio
6.11
-15.87
-72.20%
EDIT
Editas Medicine
1.47
-7.14
-82.93%
ADVM
Adverum Biotechnologies
4.47
-13.63
-75.30%
CRSP
Crispr Therapeutics AG
42.37
-32.93
-43.73%
Kodiak Sciences Earnings Call Summary
Earnings Call Date: Nov 14, 2024 | % Change Since: -31.13% | Next Earnings Date: Mar 27, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Kodiak Sciences' strong pipeline and positive Phase III outcomes, along with a good financial position. However, there are uncertainties regarding the DAYBREAK study and potential risks if the study does not succeed. Overall, the sentiment leans positive due to the outweighing highlights.Highlights
Strong Pipeline and Diversification
Kodiak Sciences has a portfolio of three clinical programs, two of which are derived from the ABC Platform with focus on durability, and one is platform-independent. This diversification offers both opportunity and risk mitigation.
Positive Phase III Outcomes
Three positive Phase III studies completed for tarcocimab in diabetic retinopathy, retinal vein occlusion, and wet AMD. These studies have shown favorable safety and a strong six-month durability signal.
Regulatory Alignment Achieved
The FDA has agreed on a bridging strategy for the go-to-market formulation of tarcocimab, which is a significant regulatory milestone.
Cash Position
Kodiak is in an attractive cash position as of Q4, providing a runway into 2026 to support their clinical programs and planned pivotal studies.
Lowlights
Uncertainty in Phase III DAYBREAK Study Design
There is ongoing discussion with the FDA regarding the final design of the DAYBREAK study, which introduces uncertainty in timelines and outcomes.
Risk of Failure in DAYBREAK Study
The tarcocimab arm in the DAYBREAK study is a gamble that could result in regulatory and market setbacks if unsuccessful.
Company Guidance
During the Q4 2023 earnings call for Kodiak Sciences (symbol: KOD) held on March 28, 2024, extensive guidance was provided on the company's strategic direction and clinical program updates. The call highlighted Kodiak's focus on advancing three clinical programs, including two derived from the ABC Platform and one platform-independent. Key metrics discussed included the company's strong cash position as of Q4, the completion of three positive Phase III studies for tarcocimab in diabetic retinopathy, retinal vein occlusion, and wet AMD, and the regulatory alignment achieved for a bridging strategy to the go-to-market formulation. Furthermore, the company outlined plans for additional studies, such as the actively recruiting GLOW2 study in diabetic retinopathy and the inclusion of tarcocimab in the DAYBREAK study to validate its durability in wet AMD. Kodiak aims to progress rapidly into pivotal studies for KSI-501 and KSI-101, with a goal to have four pivotal studies ongoing later in the year. The comprehensive discussion underscored Kodiak's commitment to achieving significant value inflection points within its cash runway extending into 2026.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.