KOD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $94.45

Market Cap (MRQ) $5.93B

P/E -21.9

EPS $-4.32

ROE -202.0%

52W Range $11–$104

KOD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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About Kodiak Sciences Inc - Common Stock Company overview from Wikipedia

05 · wikidata

Wikidata ↗

sectorHealthcare industryBiotechnology employees141 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06

EPS$-4.32

2020-12-31 → 2025-12-31

Free Cash Flow$-137M

2018-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	KOD	5Y avg	Peer Median	Verdict
P/E	-21.95Y avg ≈-5.5	≈-5.5	·	·
P/B (MRQ)	97.15Y avg ≈4.5	≈4.5	12.5	Overvalued
Price / FCF (TTM)	-37.15Y avg ≈-8.3	≈-8.3	·	·
Price / Cash Flow (TTM)	-37.45Y avg ≈-8.8	≈-8.8	·	·
Price / Tangible Book	37.15Y avg ≈4.5	≈4.5	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	KOD	5Y avg	Peer Median	Verdict
ROA	-66.9%5Y avg ≈-45.0%	≈-45.0%	-23.8%	Weak
ROE	-202.0%5Y avg ≈-102.0%	≈-102.0%	-56.0%	Weak
ROIC	-149.0%5Y avg ≈-99.2%	≈-99.2%	-55.8%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	5Y trend	KOD	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)		2.55Y avg ≈7.8	≈7.8	4.3	Low liquidity
Quick Ratio		4.65Y avg ≈7.7	≈7.7	3.1	Low liquidity

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	KOD	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-4.325Y avg ≈$-4.84	≈$-4.84	·	·
Cash Flow / Share	$-2.565Y avg ≈$-2.92	≈$-2.92	·	·
Cash / Share	$3.405Y avg ≈$5.96	≈$5.96	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise -2.9%

Next Report Nov 11, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 13, 2026	$-1.05	$-0.97	-8.7%
March 31, 2026	May 20, 2026	$-0.94	$-1.02	8.1%
Dec. 31, 2025		$-1.04	$-1.06	2.2%
Sept. 30, 2025		$-1.16	$-1.04	-11.6%
June 30, 2025		$-1.03	$-1.08	4.4%
March 31, 2025		$-1.09	$-0.90	-20.7%
Dec. 31, 2024		$-0.84	$-0.89	6.0%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 15

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
R&D Expense	$182M	$126M	$206M	$268M	$217M	$107M	$38M	$19M	$22M
SG&A Expense	$52M	$61M	$71M	$74M	$50M	$29M	$12M	$8M	$3M
Operating Expenses	$234M	$187M	$277M	$341M	$267M	$136M	$49M	$26M	$26M
Operating Income	$-234M	$-187M	$-277M	$-341M	$-267M	$-136M	$-49M	$-26M	$-26M
Interest Expense	$0	$0	$13.0K	$18.0K	$47.0K	$25.0K	$8.0K	$6M	$1M
Interest Income	$5M	$11M	$17M	$7M	$298.0K	$3M	$2M	$617.0K	$29.0K
Other Non-op	$-96.0K	$-506.0K	$110.0K	$503.0K	$-190.0K	$-30.0K	$265.0K	$-5M	$-1M
Pretax Income	$-230M	$-176M	$-260M	$-334M	$-267M	$-133M	$-47M	$-41M	$-28M
Income Tax	$52.0K	$20.0K	$33.0K	$33.0K	$74.0K	$14.0K	·	·	·
Net Income	$-230M	$-176M	$-260M	$-334M	$-267M	$-133M	$-47M	$-41M	$-28M
EPS (Basic)	$-4.32	$-3.35	$-4.97	$-6.39	$-5.16	$-2.91	·	·	·
EPS (Diluted)	$-4.32	$-3.35	$-4.97	$-6.39	$-5.16	$-2.91	·	·	·
Shares (Basic)	53,208,311	52,583,148	52,414,256	52,249,620	51,788,918	45,741,845	·	·	·
Shares (Diluted)	53,208,311	52,583,148	52,414,256	52,249,620	51,788,918	45,741,845	·	·	·
EBITDA	$-234M	$-187M	$-277M	$-341M	$-267M	$-136M	$-49M	$-26M	·

Balance Sheet 21

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Cash & Equivalents	$210M	$168M	$286M	$190M	$732M	$944M	$212M	$88M	$1M
Short-term Investments	·	·	$0	$288M	$0	$25M	$125M	·	·
Prepaid Expense	$5M	$4M	$4M	$7M	$3M	$3M	$3M	$2M	$200.0K
Current Assets	$215M	$172M	$289M	$486M	$735M	$972M	$339M	$90M	$2M
PP&E (Net)	$85M	$102M	$120M	$56M	$41M	$5M	$996.0K	$1M	$2M
PP&E (Gross)	$145M	$143M	$143M	$63M	$44M	$7M	$3M	$3M	$3M
Accum. Depreciation	$59M	$41M	$23M	$7M	$3M	$2M	$2M	$2M	$1M
Other Non-current Assets	$9M	$9M	$9M	$59M	$55M	$10M	$5M	$503.0K	·
Total Assets	$352M	$336M	$479M	$667M	$904M	$1.07B	$359M	$92M	$3M
Accounts Payable	$13M	$4M	$14M	$9M	$12M	$9M	$3M	$1M	$3M
Accrued Liabilities	$21M	$11M	$18M	$33M	$48M	$20M	$9M	$4M	$6M
Current Liabilities	$46M	$26M	$42M	$52M	$65M	$31M	$12M	$5M	$9M
Capital Leases	$47M	$60M	$72M	$78M	$76M	$75M	$2M	·	·
Other Non-current Liabilities	·	·	$0	$162.0K	$211.0K	$256.0K	$295.0K	$530.0K	$586.0K
Total Liabilities	$194M	$185M	$214M	$230M	$241M	$207M	$14M	$5M	$22M
Common Stock	$6.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$4.0K	$1.0K
Retained Earnings	$-1.56B	$-1.33B	$-1.15B	$-892M	$-558M	$-291M	$-158M	$-111M	$-69M
AOCI	·	·	$0	$-1M	$0	$53.0K	$10.0K	·	·
Stockholders' Equity	$157M	$150M	$266M	$436M	$663M	$861M	$345M	$87M	$-69M
Liabilities + Equity	$352M	$336M	$479M	$667M	$904M	$1.07B	$359M	$92M	$3M
Shares Outstanding	61,758,454	52,726,916	52,508,602	52,333,850	51,826,257	51,112,302	44,413,404	36,829,857	7,936,434

Cash Flow 12

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Stock-based Comp	$59M	$60M	$89M	$106M	$61M	$31M	$6M	$3M	$275.0K
Deferred Tax	·	$0	$0	$0	$0	$0	·	·	·
Operating Cash Flow	$-136M	$-117M	$-154M	$-206M	$-182M	$-83M	$-39M	$-29M	$-18M
CapEx	$506.0K	$375.0K	$41M	$37M	$17M	$4M	$437.0K	$78.0K	$209.0K
Investing Cash Flow	$-506.0K	$-755.0K	$249M	$-337M	$-39M	$105M	$-137M	$-581.0K	$-209.0K
Stock Issued	·	·	·	$0	$0	$612M	$298M	$84M	·
Stock Repurchased	·	·	·	·	·	·	·	$0	$0
Net Stock Activity	·	·	·	$0	·	$612M	$298M	$84M	·
Financing Cash Flow	$178M	$501.0K	$31.0K	$2M	$8M	$717M	$300M	$116M	$10M
Taxes Paid	$0	$0	$0	·	·	·	·	·	·
Free Cash Flow	$-137M	$-118M	$-196M	$-243M	$-199M	$-87M	$-40M	$-29M	·
Levered FCF	$-137M	$-118M	$-196M	$-243M	$-199M	$-87M	·	·	·

Profitability 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
ROA	-66.9%	-43.2%	-45.5%	-42.5%	-27.1%	-18.7%	-21.0%	-86.9%	·
ROE	-202.0%	-105.0%	-91.7%	-72.9%	-38.4%	-23.3%	-23.4%	1184.6%	·
ROIC	-149.0%	-124.3%	-104.3%	-78.3%	-40.3%	-15.8%	·	·	·

Liquidity & Solvency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Current Ratio	4.7	6.7	6.9	9.3	11.4	30.9	29.0	18.7	·
Quick Ratio	4.6	6.6	6.8	9.1	11.3	30.8	28.7	18.3	·
Interest Coverage	·	·	-21332.4	-18965.5	-12138.7	-5440.3	-6148.8	-4.8	·

Per Share 4

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Book Value / Share	$2.55	$2.86	$5.06	$8.33	$12.80	$16.84	$7.78	$2.36	·
Cash Flow / Share	$-2.56	$-2.23	$-2.94	$-3.95	·	·	·	·	·
Cash / Share	$3.40	$3.20	$5.44	$3.64	$14.11	$18.48	$4.77	$2.40	·
EPS (TTM)	$-4.32	$-3.35	$-4.97	$-6.39	$-5.16	$-2.91	·	·	·

Valuation (TTM) 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Net Income TTM	$-230M	$-176M	$-260M	$-334M	$-267M	$-133M	$-47M	$-41M	·
Market Cap	$1.73B	$522M	$160M	$375M	$4.39B	$7.51B	$3.20B	$261M	·
P/E	-6.5	-3.0	-0.6	-1.1	-16.4	-50.5	·	·	·
P/B	11.0	3.5	0.6	0.9	6.6	8.7	9.3	3.0	·
P / Tangible Book	11.0	3.5	0.6	0.9	6.6	8.7	·	·	·
P / Cash Flow	-12.7	-4.5	-1.0	-1.8	-24.1	-90.0	-81.6	-9.0	·
P / FCF	-12.6	-4.4	-0.8	-1.5	-22.0	-86.1	-80.7	-9.0	·
Earnings Yield	-15.4%	-33.7%	-163.5%	-89.2%	-6.1%	-2.0%	·	·	·

Income Statement 13

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
R&D Expense	$56M	$49M	$45M	$50M	$43M	$44M	$32M	$32M	$33M	$30M	$36M	$67M	$57M	$62M	$74M	$76M
SG&A Expense	$11M	$11M	$12M	$12M	$13M	$15M	$14M	$15M	$15M	$16M	$18M	$18M	$18M	$18M	$18M	$20M
Operating Expenses	$67M	$60M	$57M	$62M	$56M	$59M	$46M	$47M	$48M	$46M	$54M	$85M	$75M	$79M	$92M	$96M
Operating Income	$-67M	$-60M	$-57M	$-62M	$-56M	$-59M	$-46M	$-47M	$-48M	$-46M	$-54M	$-85M	$-75M	$-79M	$-92M	$-96M
Interest Expense	·	·	·	·	·	·	$0	$0	$0	$0	$5.0K	$4.0K	$4.0K	$4.0K	$5.0K	$5.0K
Interest Income	$1M	$2M	$757.0K	$917.0K	$1M	$2M	$2M	$3M	$3M	$3M	$5M	$5M	$4M	$2M	$1M	$76.0K
Other Non-op	$-60.0K	$-22.0K	$-40.0K	$-22.0K	$-44.0K	$10.0K	$-56.0K	$-25.0K	$-88.0K	$-337.0K	$-38.0K	$-35.0K	$222.0K	$-40.0K	$-49.0K	$-13.0K
Net Income	$-66M	$-58M	$-57M	$-61M	$-54M	$-57M	$-44M	$-44M	$-45M	$-43M	$-50M	$-80M	$-71M	$-77M	$-91M	$-96M
EPS (Basic)	$-1.05	$-0.94	$-1.04	$-1.16	$-1.03	$-1.09	$-0.83	$-0.84	$-0.86	$-0.82	$-0.95	$-1.53	$-1.35	$-1.47	$-1.74	$-1.83
EPS (Diluted)	$-1.05	$-0.94	$-1.04	$-1.16	$-1.03	$-1.09	$-0.83	$-0.84	$-0.86	$-0.82	$-0.95	$-1.53	$-1.35	$-1.47	$-1.74	$-1.83
Shares (Basic)	62,628,596	61,859,485	·	52,859,308	52,779,162	52,746,318	·	52,616,183	52,554,215	52,510,460	52,455,620	52,378,729	52,337,603	52,288,257	52,218,773	52,172,918
Shares (Diluted)	62,628,596	61,859,485	·	52,859,308	52,779,162	52,746,318	·	52,616,183	52,554,215	52,510,460	52,455,620	52,378,729	52,337,603	52,288,257	52,218,773	52,172,918
EBITDA	$-67M	$-60M	·	$-62M	$-56M	$-59M	·	$-47M	$-48M	$-46M	$-54M	$-85M	$-75M	$-79M	$-92M	$-96M

Balance Sheet 21

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Cash & Equivalents	$126M	$170M	$210M	$72M	$104M	$139M	$168M	$198M	$219M	$246M	$346M	$379M	$317M	$178M	$173M	$672M
Short-term Investments	·	·	·	·	·	·	·	·	·	·	$0	$0	$105M	$359M	$425M	·
Prepaid Expense	$5M	$6M	$5M	$4M	$4M	$4M	$4M	$5M	$5M	$6M	$5M	$8M	$10M	$7M	$6M	$10M
Current Assets	$131M	$175M	$215M	$76M	$108M	$143M	$172M	$202M	$225M	$252M	$351M	$387M	$431M	$545M	$604M	$682M
PP&E (Net)	$78M	$82M	$85M	$89M	$93M	$98M	$102M	$107M	$111M	$116M	$125M	$130M	$135M	$56M	$55M	$49M
PP&E (Gross)	·	·	$145M	·	·	·	$143M	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	·	$59M	·	·	·	$41M	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$9M	$56M	$54M	$48M
Total Assets	$257M	$306M	$352M	$218M	$257M	$298M	$336M	$373M	$402M	$435M	$548M	$590M	$640M	$724M	$782M	$850M
Accounts Payable	$13M	$11M	$13M	$10M	$5M	$7M	$4M	$3M	$2M	$2M	$39M	$12M	$6M	$16M	$21M	$13M
Accrued Liabilities	$30M	$27M	$21M	$20M	$15M	$13M	$11M	$11M	$9M	$13M	$23M	$54M	$55M	$41M	$43M	$58M
Current Liabilities	$53M	$50M	$46M	$42M	$31M	$31M	$26M	$24M	$21M	$25M	$71M	$74M	$69M	$66M	$70M	$76M
Capital Leases	$43M	$44M	$47M	$50M	$54M	$57M	$60M	$63M	$66M	$69M	$74M	$77M	$79M	$79M	$81M	$76M
Other Non-current Liabilities	·	·	·	·	·	·	·	·	·	·	$0	$0	$0	$175.0K	$187.0K	$199.0K
Total Liabilities	$196M	$194M	$194M	$194M	$186M	$189M	$185M	$187M	$187M	$194M	$245M	$251M	$248M	$244M	$251M	$253M
Common Stock	$6.0K	$6.0K	$6.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K
Retained Earnings	$-1.68B	$-1.62B	$-1.56B	$-1.50B	$-1.44B	$-1.39B	$-1.33B	$-1.28B	$-1.24B	$-1.20B	$-1.09B	$-1.04B	$-963M	$-822M	$-745M	$-654M
AOCI	·	·	·	·	·	·	·	·	·	·	$0	$0	$-96.0K	$-3M	$-2M	·
Stockholders' Equity	$61M	$112M	$157M	$24M	$70M	$109M	$150M	$185M	$215M	$241M	$302M	$338M	$393M	$480M	$531M	$597M
Liabilities + Equity	$257M	$306M	$352M	$218M	$257M	$298M	$336M	$373M	$402M	$435M	$548M	$590M	$640M	$724M	$782M	$850M
Shares Outstanding	62,830,860	62,155,685	61,758,454	52,998,561	52,821,689	52,751,875	52,726,916	52,623,087	52,614,729	52,523,447	52,467,291	52,453,163	52,344,741	52,304,154	52,024,621	51,939,881

Cash Flow 6

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Stock-based Comp	$12M	$12M	$13M	$14M	$16M	$16M	$9M	$15M	$18M	$18M	$14M	$26M	$26M	$26M	$26M	$28M
Operating Cash Flow	$-46M	$-40M	$-39M	$-33M	$-35M	$-29M	$-30M	$-21M	$-26M	$-40M	$-33M	$-42M	$-47M	$-53M	$-55M	$-43M
CapEx	$352.0K	$942.0K	$43.0K	$60.0K	$133.0K	$270.0K	$124.0K	$180.0K	$49.0K	$22.0K	$226.0K	$1M	$12M	$8M	$8M	$17M
Investing Cash Flow	$-352.0K	$-942.0K	$-43.0K	$-60.0K	$-133.0K	$-270.0K	$-124.0K	$-205.0K	$-260.0K	$-166.0K	$-226.0K	$104M	$173M	$59M	$-444M	$-18M
Financing Cash Flow	$3M	$619.0K	$177M	$813.0K	$120.0K	$124.0K	$404.0K	$0	$59.0K	$38.0K	$-12.0K	$170.0K	$-3.0K	$78.0K	$54.0K	$2M
Free Cash Flow	·	$-41M	·	·	·	$-29M	·	·	·	$-40M	·	·	$-59M	·	·	$-61M

Profitability 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
ROA		-25.6%	-19.3%	·	-20.8%	-16.5%	-15.7%	·	-9.6%	-9.1%	-8.0%	-7.9%	-11.7%	-9.5%	-9.2%	-10.2%	-10.2%
ROE		-99.9%	-52.6%	·	-58.8%	-38.1%	-32.8%	·	-18.0%	-16.3%	-13.6%	-12.8%	-18.4%	-14.3%	-12.8%	-13.8%	-13.5%

Liquidity & Solvency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Current Ratio	2.5	3.5	·	1.8	3.5	4.6	·	8.4	10.6	10.1	5.0	5.2	6.3	8.3	8.7	8.9
Quick Ratio	2.4	3.4	·	1.7	3.4	4.5	·	8.2	10.3	9.9	4.9	5.1	6.1	8.2	8.6	8.8
Interest Coverage	·	·	·	·	·	·	·	·	·	·	-10900.0	-21208.0	-18653.8	-19869.5	-18413.6	-19153.4

Per Share 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Book Value / Share	$0.97	$1.80	·	$0.45	$1.33	$2.06	·	$3.52	$4.08	$4.59	$5.76	$6.45	$7.50	$9.17	$10.21	$11.50
Cash Flow / Share	·	$-0.65	·	·	·	$-0.55	·	·	·	$-0.75	·	·	$-0.90	·	·	·
Cash / Share	$2.00	$2.73	·	$1.36	$1.97	$2.63	·	$3.76	$4.17	$4.68	$6.59	$7.22	$6.05	$3.41	$3.32	$12.93
EPS (TTM)	$-4.19	$-4.17	·	$-4.11	$-3.79	$-3.62	·	$-3.66	$-3.77	$-4.44	$-5.18	$-5.70	$-5.91	$-6.84	$-6.67	$-6.01

Valuation (TTM) 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022
Net Income TTM	$-242M	$-231M	·	$-217M	$-200M	$-191M	·	$-192M	$-198M	$-233M	$-271M	$-298M	$-309M	$-357M	$-347M	$-312M
Market Cap	$2.45B	$2.37B	·	$868M	$197M	$148M	·	$137M	$124M	$276M	$94M	$362M	$325M	$405M	$397M	$401M
P/E	-9.3	-9.1	·	-4.0	-1.0	-0.8	·	-0.7	-0.6	-1.2	-0.3	-1.2	-1.0	-1.1	-1.1	-1.3
P/B	40.1	21.1	·	36.6	2.8	1.4	·	0.7	0.6	1.1	0.3	1.1	0.8	0.8	0.7	0.7
P / Tangible Book	40.1	21.1	·	36.6	2.8	1.4	·	0.7	0.6	1.1	0.3	1.1	0.8	0.8	0.7	0.7
P / Cash Flow	·	-59.2	·	·	·	-5.1	·	·	·	-7.0	·	·	-6.9	·	·	-9.3
Earnings Yield	-10.8%	-10.9%	·	-25.1%	-101.6%	-128.8%	·	-140.2%	-160.4%	-84.4%	-287.8%	-82.6%	-95.3%	-88.4%	-87.3%	-77.8%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Net Income	$-230M	$-176M	$-260M	$-334M	$-267M
Diluted EPS	$-4.32	$-3.35	$-4.97	$-6.39	$-5.16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	4.7	6.7	6.9	9.3	11.4
Quick Ratio	4.6	6.6	6.8	9.1	11.3

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-137M	$-118M	$-196M	$-243M	$-199M

Institutional owners (13F) 214 filers · $2.3B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 214

Value held $2.3B

New positions 34

Exited positions 22

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
34 (-30 vs prior Q)	22 (+4 vs prior Q)	90 (+21 vs prior Q)	59 (+7 vs prior Q)	+1.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
BAKER BROS. ADVISORS LP	$776,051,487	19,919,186	34.06%	Shares
BlackRock, Inc.	$161,113,431	4,135,355	7.07%	Shares
STATE STREET CORP	$94,260,486	2,419,417	4.14%	Shares
GOLDMAN SACHS GROUP INC	$90,231,905	2,316,014	3.96%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$70,308,463	1,804,632	3.09%	Shares
BRAIDWELL LP	$69,633,909	1,787,318	3.06%	Shares
VANGUARD GROUP INC	$64,682,524	2,313,395	2.84%	Shares
RTW INVESTMENTS, LP	$57,969,909	1,487,934	2.54%	Shares
Boxer Capital Management, LLC	$57,567,296	1,477,600	2.53%	Shares
TCG Crossover Management, LLC	$56,318,161	1,445,538	2.47%	Shares
JANUS HENDERSON GROUP PLC	$50,539,675	1,325,457	2.22%	Shares
ICONIQ Capital, LLC	$49,345,294	1,266,563	2.17%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$41,420,974	1,062,955	1.82%	Shares
Ikarian Capital, LLC	$41,287,080	1,059,730	1.81%	Shares
Artisan Partners Limited Partnership	$37,714,722	968,037	1.66%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$30,919,164	793,613	1.36%	Shares
Board of Trustees of The Leland Stanford Junior University	$26,951,242	691,767	1.18%	Shares
SILVERARC CAPITAL MANAGEMENT, LLC	$21,282,134	546,256	0.93%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$20,758,628	532,819	0.91%	Shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	$19,480,000	500,000	0.85%	Shares
Squadron Capital Management LLC	$19,480,000	500,000	0.85%	Shares
TWO SIGMA INVESTMENTS, LP	$18,428,119	473,001	0.81%	Shares
MORGAN STANLEY	$16,948,748	435,029	0.74%	Shares
BANK OF AMERICA CORP /DE/	$14,949,303	383,709	0.66%	Shares
BOONE CAPITAL MANAGEMENT LLC	$14,727,270	378,010	0.65%	Shares
NORTHERN TRUST CORP	$14,291,579	366,827	0.63%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$13,949,862	358,056	0.61%	Shares
DIMENSIONAL FUND ADVISORS LP	$12,174,462	312,595	0.53%	Shares
VANGUARD FIDUCIARY TRUST CO	$11,375,112	291,969	0.50%	Shares
FMR LLC	$10,791,298	276,984	0.47%	Shares
BOOTHBAY FUND MANAGEMENT, LLC	$10,344,815	265,524	0.45%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$9,346,504	239,900	0.41%	Call option
DIADEMA PARTNERS LP	$8,497,838	218,117	0.37%	Shares
Ikarian Capital, LLC	$8,481,592	217,700	0.37%	Call option
D. E. Shaw & Co., Inc.	$8,232,248	211,300	0.36%	Shares
DIADEMA PARTNERS LP	$7,663,432	196,700	0.34%	Call option
TD Asset Management Inc	$7,563,383	194,132	0.33%	Shares
PFM Health Sciences, LP	$7,531,552	193,315	0.33%	Shares
UBS Group AG	$7,406,880	190,115	0.33%	Shares
RENAISSANCE TECHNOLOGIES LLC	$7,371,232	189,200	0.32%	Shares
ALGERT GLOBAL LLC	$7,265,105	186,476	0.32%	Shares
Nuveen, LLC	$6,807,481	174,730	0.30%	Shares
CITADEL ADVISORS LLC	$6,137,135	157,524	0.27%	Shares
Squarepoint Ops LLC	$5,886,778	151,098	0.26%	Shares
Ghisallo Capital Management LLC	$5,844,000	150,000	0.26%	Shares
DIADEMA PARTNERS LP	$5,723,224	146,900	0.25%	Put option
Bruce & Co., Inc.	$5,649,200	145,000	0.25%	Shares
FEDERATED HERMES, INC.	$5,612,772	144,065	0.25%	Shares
PRUDENTIAL FINANCIAL INC	$4,694,485	120,495	0.21%	Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$4,444,907	114,089	0.20%	Shares

Show all 214 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Baker Bros. Advisors (GP) LLC, Baker Bros. Advisors LP, Felix J. Baker, Julian C. Baker	Sept. 30, 2026	35.00%	Amendment	Passive investment	SEC
Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×12 filings	Dec. 19, 2025	32.80%	Amendment	Capital structure	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 9 insiders · 4 officers · 6 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Victor Perlroth	Chairman and CEO	Sept. 25, 2026 M	3,676,062	0	$0
John A. Borgeson	Chief Financial Officer	July 15, 2026 A	211,930	6	$-2,220,497
Jason Ehrlich	Chief Medical Officer and Chief Development Officer	June 24, 2023 A	61,924	0	$0
Hong Liang	SVP, Discovery Medicine	April 2, 2020 S	130,166	0	$0
Bassil I Dahiyat	Director	June 30, 2026 A	·	0	$0
Charles A Bancroft	Director	June 30, 2026 A	·	0	$0
Richard S Levy	Director	June 30, 2026 A	1,000	0	$0
Taiyin Yang	Director	June 30, 2026 A	·	0	$0
Robert Profusek	Director	June 30, 2026 A	·	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 29 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
BBC · ETFis Series Trust I	0.82%	9,125 NS	July 31, 2026	N-PORT
LABU · Direxion Shares ETF Trust	0.43%	50,808 NS	July 31, 2026	N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust …	0.41%	4,423 SH	Oct. 2, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.14%	38,803 SH	Oct. 2, 2026	Daily
IBB · iShares Trust	0.14%	443,467 SH	Sept. 11, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	0.14%	70,377 SH	Aug. 19, 2026	Daily
PWS · Pacer Funds Trust	0.12%	694 NS	July 31, 2026	N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS	0.09%	42,202 SH	Aug. 19, 2026	Daily
IWO · iShares Trust	0.08%	369,841 SH	Sept. 11, 2026	Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.06%	10,682 NS	July 31, 2026	N-PORT
RSSL · Global X Funds	0.05%	18,846 NS	July 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.05%	226,556 SH	Aug. 19, 2026	Daily
IWM · iShares Trust	0.04%	1,011,605 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.02%	475,491 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.02%	93,063 SH	Aug. 19, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.02%	14,697 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.01%	1,802 SH	Sept. 11, 2026	Daily
DFAS · Dimensional ETF Trust	0.01%	23,200 NS	July 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	3,093 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	8,843 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.00%	14,520 SH	Sept. 10, 2026	Daily
ITOT · iShares Trust	0.00%	61,260 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	4,260 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	1,288,755 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	3,260 SH	Aug. 19, 2026	Daily
DXUV · Dimensional ETF Trust	0.00%	4 NS	July 31, 2026	N-PORT
ISCB · iShares Trust	·	1,789 SH	Sept. 11, 2026	Daily
ISCV · iShares Trust	·	8,719 SH	Sept. 11, 2026	Daily
SMLF · iShares Trust	·	15,858 SH	Sept. 11, 2026	Daily

KOD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 10 analysts BUY

Median target $116.00 +22.8%

2 20.0% Strong Buy

7 70.0% Buy

1 10.0% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

6 analysts · 2026-10-03

Mean target $116.67 +23.5%

← Below all targets Current price $94.45

Low$96.00 Mean$116.67 High$145.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
KOD	$1.73B	-6.5	·	·	-202.0%	·
RYTM	$7.19B	-34.4	45.8%	-103.6%	-309.1%	·
IOVA	$1.12B	-2.5	60.6%	-148.4%	-56.0%	·
GRAL	$3.45B	-7.7	17.2%	-277.5%	-16.7%	·
CGON	$3.35B	-20.0	254.7%	-3985.0%	-22.6%	·
SRRK	$4.78B	-13.4	·	·	-157.9%	·
ORKA	$1.48B	-3.3	·	·	-25.9%	·
COGT	$5.72B	-16.4	·	·	-83.1%	·
TVTX	$3.47B	-131.8	110.5%	-5.2%	-34.6%	·
MIRM	$4.10B	-168.1	54.7%	-4.5%	-8.2%	·
PTCT	$6.19B	9.8	114.5%	39.4%	-331.5%	·

Latest News Recent headlines mentioning this company

23

Why Kodiak Sciences Skyrocketed Today Nasdaq · 5 days, 2 hours ago Kodiak Sciences Inc (KOD): What’s the Chance of Success for Zenkuda? Yahoo Finance · 5 months, 1 week ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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KOD Kodiak Sciences Inc - Common Stock