1. Kodiak focuses on executing its strategy amid ongoing clinical trials. 2. Investor R&D Update scheduled for July 16, 2025, to showcase progress. 3. Major assets KOD, KSI-501, and KSI-101 on track for topline data in 2026. 4. Company ended Q1 2025 with $138.9 million in cash reserves. 5. Net loss in Q1 2025 increased to $57.5 million from $43 million.
Positive news about ongoing clinical trials suggests growth potential, backed by cash reserves. Historical precedents show stocks often react favorably to pipelines expected to deliver promising data.
The article presents substantial information on key clinical developments and financial health, indicating a high likelihood of impacting stock performance.
Topline data expected in 2026 may influence stock performance positively over the next few years, akin to other biotech companies that saw stock increases post successful trials.
Today reported recent business highlights and financial results for the first quarter ended March 31, 2025.
"In the first quarter of 2025, we maintained a strong focus on execution. We look forward to sharing our progress at an Investor R&D Update scheduled for July 16, 2025 at 1:00pm Eastern Time. We aim to demonstrate that our vision for Kodiak 2.0 as a precommercial stage retina focused biotech company with a maturing portfolio of three promising Phase 3 assets on track for topline data in 2026 is well-supported by our science and our progress on execution," said Victor Perlroth, M.D., Chairman and Chief Executive Officer of Kodiak Sciences.
We plan to host an Investor R&D Update on July 16, 2025 at 1:00pm ET. The update will feature scientific, clinical and commercial perspectives across the Kodiak pipeline. The agenda is expected to include the following:
Kodiak ended the first quarter of 2025 with $138.9 million of cash and cash equivalents. We believe that our current cash will support our current and planned operations into 2026.
The net loss for the first quarter of 2025 was $57.5 million, or $1.09 per share on both a basic and diluted basis, as compared to a net loss of $43.0 million, or $0.82 per share on both a basic and diluted basis, for the first quarter of 2024. The net loss for the quarter ended March 31, 2025 included non-cash stock-based compensation of $15.9 million, as compared to $18.4 million for the quarter ended March 31, 2024.
Research and development ("R&D") expenses were $43.6 million for the quarter ended March 31, 2025, as compared to $29.9 million for the quarter ended March 31, 2024. The R&D expenses for the first quarter of 2025 included non-cash stock-based compensation of $7.9 million, as compared to $8.7 million for the first quarter of 2024. The increase in R&D expenses in the first quarter of 2025 was primarily driven by increased clinical activities related to our active GLOW2, DAYBREAK, and APEX studies, as well as increased manufacturing activities.
General and administrative ("G&A") expenses were $15.4 million for the quarter ended March 31, 2025, as compared to $16.1 million for the quarter ended March 31, 2024. The G&A expenses for the first quarter of 2025 included non-cash stock-based compensation of $8.0 million, as compared to $9.7 million for the first quarter of 2024.
Tarcocimab is an investigational anti-VEGF therapy built on Kodiak's proprietary Antibody Biopolymer Conjugate ("ABC") Platform and is designed to maintain potent and effective drug levels in ocular tissues for longer than existing available agents. Tarcocimab is being developed as a mainstay intravitreal biologic monotherapy that provides high immediacy, driven by the enhanced formulation, and high durability, driven by the ABC® platform and our science of durability, with the ultimate objective of providing, once approved, a flexible 1-month through 6-month label for all patients with retinal vascular disease (treatment-naïve, treatment-experienced, mild patients, severe patients).
The Phase 3 GLOW1 demonstrated that with extended 6-month dosing in every patient, tarcocimab can achieve strong efficacy both in treating existing disease (primary endpoint) and preventing vision threatening complications and disease progression (key secondary endpoint). In GLOW1, tarcocimab met its primary endpoint of the proportion of patients with at least a 2-step improvement on the Diabetic Retinopathy Severity Scale ("DRSS") score with 41.1% of tarcocimab-treated patients demonstrating at least a 2-step improvement vs. 1.4% of patients in the sham group, a 29-fold increased response rate ratio (p-value less than 0.0001). Tarcocimab also met all key secondary endpoints, including greater reductions in the proportion of patients developing sight-threatening complications (such as diabetic macular edema and proliferative diabetic retinopathy), versus sham, demonstrating an 89% decreased risk, achieving 21.0% versus 2.3% (p-value less than 0.0001). Tarcocimab also showed a 95% risk reduction in the development of DME, versus sham, from 13.7% on sham versus 0.7% on tarcocimab.
Kodiak Sciences (Nasdaq: KOD) is a biopharmaceutical company committed to researching, developing, and commercializing transformative therapeutics to treat a broad spectrum of retinal diseases. We are focused on bringing new science to the design and manufacture of next generation retinal medicines to prevent and treat the leading causes of blindness globally. Our ABC Platform® uses molecular engineering to merge the fields of protein-based and chemistry-based therapies and has been at the core of Kodiak's discovery engine. We are developing a portfolio of three clinical programs, two of which are late-stage today and derived from our ABC Platform and one which is platform-independent and which we believe can progress rapidly into pivotal studies.
For more information, please visit www.kodiak.com.