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Friday 6 November 2026
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Kodiak Sciences Inc.
- EPS
- −1.94%
- Free cash flow
- −33.9%
Quarter to June 2026, against a year earlier
98.85
7.83
+8.60%
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Target Price Range
Analyst price targets
Free accountTen years at a glance
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | — | — | — | — | 49 | 49 | 375 | +176.4% | |
| Gross margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | 0.00 | 0.0 pt | ||||||
| EBT | (17) | (28) | (41) | (47) | (133) | (267) | (334) | (260) | (176) | (230) | (242) | +33.4% | ||||||
| EBT margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| Net income | (17) | (28) | (41) | (47) | (133) | (267) | (334) | (260) | (176) | (230) | (242) | +33.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | |||||
| Earnings | (2.38) | (3.72) | (2.77) | (1.25) | (2.91) | (5.16) | (6.39) | (4.97) | (3.35) | (4.32) | (4.19) | +6.9% | ||||||
| Cash flow | (2.23) | (2.35) | (1.94) | (1.03) | (1.82) | (3.52) | (3.95) | (2.94) | (2.23) | (2.56) | (2.53) | +1.6% | ||||||
| Capex | (0.11) | (0.03) | (0.04) | (0.01) | (0.15) | (1.22) | (0.91) | (0.79) | (0.01) | (0.01) | (0.02) | (23.6%) | ||||||
| Free cash flow | (2.33) | (2.38) | (1.98) | (1.05) | (1.98) | (4.74) | (4.86) | (3.73) | (2.24) | (2.57) | (2.55) | +1.1% | ||||||
| Book value | (5.70) | (9.15) | 5.80 | 9.12 | 18.82 | 12.81 | 8.35 | 5.07 | 2.86 | 2.96 | 0.98 | n/m | ||||||
| Shares, m | 7 | 8 | 15 | 38 | 46 | 52 | 52 | 52 | 53 | 53 | 58 | +24.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | — | — | 0 | — | |||||
| P/S | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| P/B | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (16) | (18) | (29) | (39) | (83) | (182) | (206) | (154) | (117) | (136) | (159) | +26.8% | |||||
| Capex | (1) | 0 | (1) | 0 | (7) | (63) | (47) | (41) | 0 | (1) | (1) | (4.6%) | ||||||
| Free cash flow | (17) | (18) | (30) | (40) | (90) | (246) | (254) | (196) | (118) | (137) | (160) | +26.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 8 | (8) | 86 | 328 | 941 | 670 | 434 | 248 | 146 | 169 | 79 | +41.0% | |||||
| Net debt | (10) | 9 | (88) | (336) | (969) | (732) | (479) | (286) | (168) | (210) | (126) | +41.0% | ||||||
| Shareholders’ equity | (41) | (69) | 87 | 345 | 861 | 663 | 436 | 266 | 150 | 157 | 61 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (226.70) | (363.80) | (86.85) | (21.00) | (18.66) | (27.08) | (42.50) | (45.46) | (43.24) | (66.94) | (94.25) | +159.8 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | (346.29) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | 31.13 | 50.88 | (458.06) | (21.92) | (22.07) | (35.04) | (60.72) | (74.22) | (84.70) | (149.49) | (368.37) | (180.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | 28 | 28 | 31 | 72 | 93 | 112 | 111 | 109 | 124 | — | +20.4% | |||||
| Revenue/emp, $m | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Business profile
Kodiak Sciences Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IONS Ionis Pharmaceuticals, Inc. | $6.5B | — (loss-making) | — (loss-making) | −40.73% (below 0%: shrinking) | n/m | +299.29% (above 0%: growing) | 98.98% | (38.18%) | Compare |
| ORKA Oruka Therapeutics, Inc. | $6.4B | — (loss-making) | — | — | n/m | −43.00% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| MIRM Mirum Pharmaceuticals, Inc. | $6.1B | — (loss-making) | — (loss-making) | +39.63% (above 0%: growing) | n/m | −114.22% (below 0%: shrinking) | 81.06% | (32.17%) | Compare |
| LGND Ligand Pharmaceuticals Incorporated | $6.0B | 116× | 88.3× | −31.80% (below 0%: shrinking) | n/m | −268.45% (below 0%: shrinking) | 96.63% | (20.01%) | Compare |
| IMVT Immunovant, Inc. | $5.9B | — (loss-making) | — | — | n/m | −5.96% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| BLTE Belite Bio, Inc. Sponsored ADR | $5.8B | — (loss-making) | — | — | n/m | +64.67% (above 0%: growing) | — | 0.00% | Compare |
| CGON CG Oncology, Inc. | $5.7B | — (loss-making) | — (loss-making) | +2,125.00% (above 0%: growing) | n/m | −67.60% (below 0%: shrinking) | (239.24%) | (7,467.68%) | Compare |
| KOD Kodiak Sciences Inc. | $5.7B | — (loss-making) | — | — | n/m | −33.86% (below 0%: shrinking) | 0.00% | 0.00% | |
| PTCT PTC Therapeutics, Inc. | $5.5B | — (loss-making) | 42.2× | +69.57% (above 0%: growing) | n/m | +90.28% (above 0%: growing) | 93.39% | 7.02% | Compare |
| Median of peers | $5.9B | — | — | +39.63% | — | −24.48% | 81.06% | (10.00%) |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
96.21%
Held by the ten largest
67.65%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BAKER BROS. ADVISORS LP | 19.92m | 31.70% | 0.00 |
| T. Rowe Price | 4.73m | 7.52% | +1.85m |
| BlackRock | 4.14m | 6.58% | +200.05k |
| Vanguard | 2.71m | 4.31% | +294.90k |
| State Street | 2.42m | 3.85% | +168.50k |
| Goldman Sachs | 2.32m | 3.69% | +627.01k |
| BRAIDWELL LP | 1.79m | 2.84% | −31.35k |
| Jupiter Topco | 1.53m | 2.43% | +1.53m |
| RTW INVESTMENTS, LP | 1.49m | 2.37% | 0.00 |
| Boxer Capital Management, LLC | 1.48m | 2.35% | +116.60k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 22 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.50m | 24.35m | 390.50 |
| 2024 | 1.99m | 11.28m | 11.74 |
| 2023 | 2.73m | (830.47k) | 3.59 |
Ownership
Directors and executive officers, together
44.40%
Entities affiliated with Baker Bros. Advisors LP
32.20%
Felix J. Baker, Ph.D.
32.20%
Victor Perlroth, M.D.
13.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Kodiak Sciences is a clinical-stage biotechnology company developing medicines for diseases of the retina, the light-sensitive tissue at the back of the eye. Founded in 2009 and headquartered in Palo Alto, it aims to prevent and treat causes of blindness. It had 124 employees in FY2025.
Its lead investigational medicine, Zenkuda, also called tarcocimab, is designed to block VEGF, a protein involved in retinal vascular disease. It is injected into the eye and is being developed for diabetic retinopathy, retinal vein occlusion and wet age-related macular degeneration. Kodiak’s goal is a medicine that can maintain effective drug levels in the eye for longer between treatments.