Kodiak Sciences Inc. (KOD): Business Model Canvas [Dec-2025 Updated]

As an analyst who's seen a few biotech gambles pay off-and many more fizzle-you need to see the blueprint for Kodiak Sciences Inc. right now. This is a pre-commercial operation entirely riding on successful Phase 3 data expected in 2026, which explains the hefty $173 million net loss they racked up through the first nine months of 2025. Honestly, they are burning cash to deliver a value proposition of fewer injections for retinal patients, aiming for a slice of that $15 billion anti-VEGF market. So, let's break down the nine building blocks-from their proprietary Antibody Biopolymer Conjugate (ABC) Platform to their zero current revenue-that explain exactly how they plan to turn this high-risk R&D spend into a blockbuster.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Kodiak Sciences Inc. centers on securing specialized manufacturing capacity, executing complex global clinical programs, and gaining validation from the retina specialist community.

Lonza Ltd for drug substance manufacturing and commercial supply

Kodiak Sciences Inc. has a deep, multi-year commercial collaboration with Lonza Ltd, which is critical for scaling up and securing the supply chain for its lead candidate, tarcocimab (formerly KSI-301).

This partnership includes the operation of a custom-built bioconjugation facility within Lonza's Ibex® Dedicate complex in Visp, Switzerland, which opened in May 2022. Lonza also utilizes its global network for other components of the drug substance.

Here are the key operational details of this manufacturing partnership:

This collaboration has also resulted in direct employment creation: 12 full-time positions at Kodiak Sciences in Visp and 70 positions at Lonza. Kodiak Sciences ended the third quarter of 2025 with $72.0 million in cash and cash equivalents, underscoring the capital required to manage these complex external relationships.

Clinical research organizations (CROs) for global Phase 3 trials

Kodiak Sciences Inc. relies on CROs to execute its global Phase 3 studies, primarily conducted in the United States with select international sites for global patient enrollment. These trials are crucial as they target the $15 billion anti-VEGF marketplace.

The scope of the Phase 3 trials managed through these external research partners includes:

• Tarcocimab (anti-VEGF): Phase 3 GLOW2 (Diabetic Retinopathy) and Phase 3 DAYBREAK (wet AMD). Enrollment for DAYBREAK was completed as of Q3 2025.
• KSI-501 (anti-IL-6/VEGF): Phase 3 DAYBREAK (wet AMD).
• KSI-101 (bispecific protein): Phase 3 PEAK and PINNACLE studies (Macular Edema Secondary to Inflammation, MESI). These studies are enrolling at a faster-than-expected pace.

Topline data readouts for the BLA-facing Phase 3 studies are expected in 2026.

Key opinion leaders (KOLs) in the retina specialist community

Engagement with KOLs is a key partnership for validating the science and commercial potential of Kodiak Sciences Inc.'s pipeline.

Examples of KOL engagement in 2025 include:

• Presentations by leading retina specialists, such as Dr. Charles Wykoff and Dr. Sumit Sharma, sharing perspectives on clinical assets during the July 16, 2025, Investor R&D Day webcast.
• Management and KOLs presenting KSI-101 highlights at the 2025 Congress of the International Ocular Inflammation Society (IOIS) on June 27, 2025.

Academic and institutional research collaborators

While specific financial terms are not publicly detailed, the advancement of Kodiak Sciences Inc.'s pipeline, particularly the validation of the mechanism of action for KSI-101, involves interaction with the broader scientific community.

For instance, at the recent American Academy of Ophthalmology (AAO) meetings, data from Phase 3 clinical trials involving intraocular interleukin-6 inhibition (relevant to KSI-101) were presented, showing meaningful improvement in vision and anatomy in MESI patients.

Finance: review Q4 2025 cash burn projections by end of January 2026.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Key Activities

Conducting three late-stage Phase 3 clinical programs

Kodiak Sciences Inc. is actively running a portfolio of three late-stage clinical programs: Tarcocimab, KSI-501, and KSI-101. All three assets are on track for Phase 3 topline data readouts in 2026 or later.

The key timelines and patient data points for these programs include:

• Tarcocimab and KSI-501 are in two BLA-facing Phase 3 studies targeting the $15 billion anti-VEGF marketplace.
• Phase 3 GLOW2 study for Tarcocimab in diabetic retinopathy (DR) completed enrollment with over 250 patients.
• Phase 3 DAYBREAK study for Tarcocimab and KSI-501 in wet AMD has completed enrollment.
• KSI-101 Phase 1b APEX study showed >90% of patients in top two dose levels achieved sustained retinal dryness through week 20.
• More than half of KSI-101 patients in the top two dose levels achieved an improvement of 3-lines or more on the eye chart (≥15 letter gain).

Here is the expected readout schedule for the Phase 3 programs:

Research and development (R&D) of the ABC Platform

The ABC Platform is central to Kodiak Sciences Inc.'s discovery engine, using molecular engineering to merge protein-based and chemistry-based therapies. The financial commitment to this R&D is reflected in recent expense reports. Research and development expenses were $50.5 million for the third quarter ended September 30, 2025. This compares to $42.8 million in R&D expenses for the second quarter ended June 30, 2025. The increase in Q3 2025 R&D expenses was primarily driven by increased clinical activities across the Phase 3 programs and increased manufacturing activities. As of September 30, 2025, Kodiak Sciences Inc. had $72.0 million in cash and cash equivalents.

Manufacturing BLA-facing commercial-scale drug batches

Kodiak Sciences Inc. has executed on its manufacturing readiness. The company completed the manufacturing and release of BLA-facing commercial-scale batches in Kodiak's URSUS facility. This activity contributed to the increase in Research and development expenses reported for Q3 2025.

Advancing the VETi digital health technology program

The VETi™ (Visual Engagement Technology and Imager) program is advancing with significant progress in its core components. The program utilizes an AI- and machine-learning-enabled wearable headset.

• Achieved significant advancements in hardware, software and algorithms development.
• Explored broader application in identity security and cognitive science, leading to the rapid development of functioning prototype devices.
• The goal is to use VETi with apps applying AI-enabled tools to bolster the commercial retina franchise.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Key Resources

When you look at the core assets Kodiak Sciences Inc. (KOD) relies on, it's all about proprietary science and the infrastructure to scale it. These are the things that truly underpin their value proposition as of late 2025.

Proprietary Technology and Intellectual Property

The foundation here is the Proprietary Antibody Biopolymer Conjugate (ABC) Platform. This technology is what Kodiak Sciences Inc. uses to merge the fields of protein-based and chemistry-based therapies through molecular engineering. It's been central to their discovery engine, allowing them to design medicines that aim for long durability in retinal treatments. The platform is designed to embed small molecules and other active pharmaceutical ingredients (APIs) into a proprietary biopolymer backbone, which is key for creating multi-mechanism and high drug-antibody-ratio (DAR) medicines. This intellectual property is what protects their pipeline candidates.

Here's a quick look at the key assets protected by this IP:

• Tarcocimab: An anti-VEGF Antibody Biopolymer Conjugate (ABC) medicine designed for potent, long-lasting drug levels in ocular tissues.
• KSI-501: An investigational bispecific antibody biopolymer conjugate currently in a Phase 3 study for wet AMD.
• KSI-101: A novel, potent, high-strength bispecific protein targeting IL-6 and VEGF, with Phase 3 studies (PEAK and PINNACLE) enrolling for macular edema secondary to inflammation (MESI).

The clinical data supports the value of this IP; for instance, follow-up data through week 20 from the Phase 1b APEX study of KSI-101 showed that more than half of patients achieved improvement of 3-lines or more on the eye chart ($\ge$15 letter gain), and $\ge$90% of patients in the top two dose levels sustained real dryness of the retina.

Financial Strength

For a precommercial company, the cash position is a critical resource that funds all operations, especially late-stage clinical trials. Kodiak Sciences Inc. ended the third quarter of 2025 with $72.0 million in cash and cash equivalents. You'll note that the net loss for Q3 2025 was $61.5 million. This cash balance supports their current and planned operations into 2026, which is important as they push toward Phase 3 topline data readouts in 2026.

Manufacturing Capability

Having control over manufacturing is a significant resource, especially for a complex bioconjugate. Kodiak Sciences Inc. possesses the purpose-built URSUS bioconjugation manufacturing facility. This facility is located in Lonza's Ibex Dedicate Biopark in Visp, Switzerland. It was commissioned as a cGMP facility in January 2023. As of Q2 2025, Kodiak Sciences Inc. had completed the manufacturing and release of BLA-facing commercial-scale batches in the URSUS facility. The final payment to Lonza for the facility's final activation was $26.8 million in October 2023.

The table below summarizes the key pipeline assets that leverage these core resources:

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a clinician or payer would choose Kodiak Sciences Inc. (KOD) products over the existing standard of care. It all boils down to less frequent treatment and better outcomes for serious retinal conditions.

The value proposition centers on the durability of their Antibody Biopolymer Conjugate (ABC) platform, which is engineered to keep the drug in the eye longer, directly addressing treatment burden, which is a major limitation for current anti-VEGF injections.

Here are the key value drivers as of late 2025:

• Extended durability for retinal treatments, meaning fewer injections
• Potential to capture share of the $15 billion anti-VEGF market
• Tarcocimab for flexible 1- to 6-month dosing in retinal vascular diseases
• KSI-101 for rapid and sustained retinal drying in MESI

For Tarcocimab, the durability is significant. Across multiple studies in high-prevalence retinal vascular diseases, it has shown consistent 6-month predominant durability. In the BEACON study for Retinal Vein Occlusion (RVO), 47% of patients treated with Tarcocimab did not require additional injections in the second half of the year, compared to patients on aflibercept who received six initial injections. This translates to a flexible dosing label of 1-month through 6-months for retinal vascular diseases.

The market opportunity is substantial. Kodiak Sciences Inc. is targeting the $15 billion anti-VEGF marketplace with Tarcocimab and KSI-501. To put that in context, the broader Retinal Disorder Treatment Market size is projected to grow from $12.59 billion in 2024 to $13.69 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The global anti-VEGF therapeutics market was valued at USD 13 billion in 2024.

For the specific indication of Macular Edema secondary to Inflammation (MESI), KSI-101 is showing compelling anatomical results from the Phase 1b APEX study. A single dose resulted in over 90% of patients achieving retinal dryness by Week 8. Furthermore, follow-up data through Week 20 showed that ≥90% of patients in the top two dose levels achieved and sustained this dryness, as measured by the absence of intraretinal fluid (IRF) and subretinal fluid (SRF). Vision gains are also rapid: more than half of patients in the top two dose levels achieved an improvement of ≥15 letter gain (3-lines or more) as early as Week 4. The Phase 3 studies, PEAK and PINNACLE, are evaluating the 5 mg and 10 mg dose levels.

Here's a quick comparison of the value propositions for the late-stage assets:

Financially, Kodiak Sciences Inc. is in a precommercial phase, which is reflected in its operating results. The company reported a net loss of $61.5 million for the third quarter ended September 30, 2025. Research and development (R&D) expenses were $50.5 million in that same quarter, up from $31.9 million in Q3 2024, showing the intensification of clinical trial activities. The cash position at the end of Q3 2025 was $72.0 million in cash and cash equivalents. Earlier in the year, Q1 2025 cash was $138.9 million, projected to fund operations into 2026.

The potential for Tarcocimab in Diabetic Retinopathy (DR) is tied to its success in the GLOW2 study, which mirrors GLOW1, a study where 6-month dosing in all patients was successful. This success is critical because fewer than 1% of DR patients are treated today due to the high treatment burden of frequent injections.

The value proposition for KSI-101 in MESI is particularly strong because, as noted by a specialist, the drying effect shown in APEX data is on par with or better than expected with intraocular steroid implants, but without the side effects.

Finance: review cash burn rate against the $72.0 million Q3 2025 cash balance and the projected runway into 2026 by end of next week.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Customer Relationships

You're looking at how Kodiak Sciences Inc. (KOD) builds and maintains its relationships with the key groups that drive its success-the specialists who will prescribe its drugs and the investors who fund the journey to market. This isn't about mass marketing; it's about deep, scientific engagement.

High-touch engagement with retina specialists and ophthalmologists

Kodiak Sciences Inc. focuses its relationship efforts on the medical community that treats retinal diseases. This engagement is validated by the clinical performance of its assets, like tarcocimab, which showed 100% of patients on extended 6-month dosing in the GLOW1 study. The company ensures its data is presented directly to these experts.

The clinical trial execution itself is a primary touchpoint, involving investigators directly in the data generation process. For instance, the Phase 3 PEAK and PINNACLE studies for KSI-101 are actively enrolling subjects at the 5 mg and 10 mg dose levels versus sham, requiring close coordination with trial sites.

Here's a look at the clinical milestones that shape these relationships:

• Phase 3 GLOW2 enrollment completion for diabetic retinopathy was achieved in March 2025.
• The DAYBREAK Phase 3 study for tarcocimab and KSI-501 in wet AMD has completed enrollment.
• A second Phase 3 study for KSI-501 is planned to start by 1Q 2026.

Investor relations via R&D Days and conference presentations

Kodiak Sciences Inc. maintains a structured cadence for communicating with its financial stakeholders. The company's investor base shows a significant reliance on institutional backing, with 79.26% ownership held by institutions as of late 2025, compared to 5.52% held by insiders. The market capitalization was noted at $1.16B in July 2025.

The company used specific, scheduled events to deliver its narrative. The virtual Investor R&D Day on July 16, 2025, ran from 4:00 PM to 5:30 PM ET, providing a comprehensive overview of the three late-phase assets.

You can track the key financial and engagement events from the second half of 2025:

The net loss for the first nine months of 2025 reached $173.23 million, reflecting the high R&D spend required to advance these programs.

Scientific validation through presentations at major medical meetings

Scientific credibility is paramount, and Kodiak Sciences Inc. secures this by presenting data at major meetings and featuring key external experts. The July 16, 2025 R&D Day included commentary from two retina opinion leaders, Dr. Sumit Sharma and Dr. Charles Wykoff. Furthermore, the Chief Scientific Officer, Dolly S. Chang, M.D., Ph.D., presented on glaucoma pipeline programs at the American Chemical Society (ACS) Fall 2025 Meeting on August 19, 2025.

The data presented for KSI-101 in the APEX study provided strong validation points:

• ≥90% of patients in top two dose levels achieved and sustained retinal dryness (absence of IRF and SRF) through week 20.
• More than half of patients achieved a visual acuity improvement of 3-lines or more (≥15 letter gain) by week 20.
• The initial addressable market for KSI-101 was estimated at 150,000+ patients.

Anticipated data readouts for the late-phase assets drive near-term interest:

• Tarcocimab GLOW2 topline data expected in 1Q 2026.
• Tarcocimab and KSI-501 DAYBREAK topline data expected in 3Q 2026.
• KSI-101 Phase 3 topline data projected for 4Q 2026 - 1Q2027.

Direct communication with clinical trial investigators

The relationship with clinical trial investigators is managed through direct operational updates and data sharing, ensuring alignment on trial execution. For tarcocimab, the company has successfully leveraged prior data showing an ocular half-life of 20 days, which is 3-times longer than faricimab.

The ongoing Phase 3 studies are the core of this relationship, requiring constant communication regarding enrollment and protocol adherence. The company is focused on moving from trial completion to regulatory submissions, with a planned Biologics License Application (BLA) filing contingent on successful Phase 3 results.

Key operational updates shared with investigators and the broader community include:

• The GLOW2 trial completed enrollment in March 2025.
• The DAYBREAK trial for wet AMD completed enrollment for both tarcocimab and KSI-501.
• Kodiak Sciences Inc. completed manufacturing and release of BLA-facing commercial-scale batches at its URSUS facility.

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Channels

You're looking at the distribution and communication pathways Kodiak Sciences Inc. uses, which are heavily weighted toward clinical engagement right now, given they are a precommercial company as of late 2025. This will shift significantly upon product approval.

Clinical trial sites and principal investigators (current)

The current channel focus is on executing the late-stage clinical programs, which involves engaging a network of clinical trial sites and key opinion leaders in the retina space. This engagement is critical for generating the data needed for Biologics License Application (BLA) submissions.

Kodiak Sciences Inc. is running Phase 3 studies for its three late-stage assets:

• Tarcocimab and KSI-501 are in two BLA-facing Phase 3 studies targeting the $15 billion anti-VEGF marketplace.
• KSI-101 is being explored in two Phase 3 studies for Macular Edema Secondary to Inflammation (MESI).
• The Phase 1b APEX study for KSI-101 indicated an initial addressable market of 150,000+ patients for MESI.
• Enrollment for the GLOW2 Phase 3 trial of Tarcocimab in diabetic retinopathy was completed as of March 10, 2025, having randomized more than 250 patients.

The scientific community engagement includes presentations by leading retina specialists. For example, perspectives were shared by Dr. Charles Wykoff and Dr. Sumit Sharma regarding Kodiak Sciences' clinical assets.

Here's a snapshot of the late-stage pipeline progress, which dictates the current channel activity:

Future direct sales force targeting retina specialists (post-approval)

Kodiak Sciences Inc. currently has no existing sales, marketing, or distribution infrastructure as a weakness noted in late 2025. The company has a clear strategic option for commercialization, though the final decision is pending regulatory success.

The path forward involves a choice:

• Develop a sales and marketing organization internally.
• Outsource these functions to third parties, potentially through collaboration agreements.

The management team has indicated that they may choose to build a focused sales, marketing and commercial support infrastructure for some product candidates if and when they are approved. This build-out would target retina specialists directly, aligning with the deep expertise the company has cultivated through its clinical programs.

Specialty pharmaceutical distributors and wholesalers

As a precommercial company, Kodiak Sciences Inc. has not publicly detailed its specific, contracted specialty pharmaceutical distributors or wholesalers as of late 2025. The strategy hinges on the post-approval decision regarding building an internal commercial infrastructure or outsourcing distribution activities. The company does operate its own manufacturing facility, URSUS, which is Swissmedic-approved for its ABC® medicines.

Investor relations website and financial news outlets

Communication channels to the investment community are active, especially leading up to key data readouts. You can find official updates on the investor relations website at http://ir.kodiak.com/.

Key financial and operational updates in late 2025 include:

• Announcement of Recent Business Highlights and Third Quarter 2025 Financial Results on November 13, 2025.
• CEO Victor Perlroth, M.D. is scheduled to present at the Jefferies Global Healthcare Conference on November 17, 2025, and the 8th Annual Evercore Healthcare Conference on December 3, 2025.

From a balance sheet perspective reported earlier in 2025, the company had approximately $197.9 million in cash. As of February 28, 2025, there were 52,748,343 shares of common stock outstanding.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Customer Segments

You're looking at the core groups Kodiak Sciences Inc. is targeting with its late-stage pipeline, which is a mix of massive established markets and emerging, high-need areas. Honestly, the success hinges on proving differentiation in these crowded spaces.

Patients with wet Age-Related Macular Degeneration (wet AMD)

This segment is central, as Kodiak Sciences Inc. is targeting the lucrative anti-VEGF marketplace with its programs, Tarcocimab and KSI-501, both in BLA-facing Phase 3 studies (DAYBREAK study for KSI-501). The market size itself shows why this is a priority.

Here are the relevant market figures for wet AMD:

The goal here is to capture share in a market where anti-VEGF therapies are entrenched, but where durability and immediacy are key differentiators for Kodiak Sciences Inc.'s approach.

Patients with Diabetic Retinopathy (DR) and Diabetic Macular Edema (DME)

Kodiak Sciences Inc. has assets like Tarcocimab (which had earlier Phase 3 studies in DME) and KSI-501 being explored in these indications. The overall diabetic eye disease space is large and growing due to rising diabetes prevalence.

For DME specifically, the market context is:

• Global DME treatment industry share of overall diabetic care market in 2025: 6.8%.
• Global DME market size in 2024: USD 6.70 Billion.
• Estimated global diabetic population at risk for developing DME as of 2025: Over 18.9%.
• Percentage of US ophthalmologists offering specialized DME care in 2025: 44.2%.

For the broader Diabetic Retinopathy market, the estimated global market size in 2025 is USD 10.23 billion, projected to reach USD 17.91 billion by 2034. Non-proliferative diabetic retinopathy (NPDR) is expected to hold a 65.0% share in 2025.

Patients with Macular Edema Secondary to Inflammation (MESI)

This is presented as a separate, potentially novel market segment for Kodiak Sciences Inc., addressed by KSI-101, which is in two Phase 3 studies (PEAK and PINNACLE). The data suggests a strong clinical signal from the APEX study for this patient group.

The initial target size Kodiak Sciences Inc. has cited for this segment is:

• Initial addressable market for KSI-101 in MESI: 150,000+ patients.
• Clinical response data: More than half of patients achieved improvement of 3-lines or more on the eye chart (≥15 letter gain) by week 20.
• Retinal dryness (absence of IRF and SRF) achieved and sustained by ≥90% of patients in the top two dose levels through week 20.

If onboarding takes 14+ days, churn risk rises.

Retina specialists and ophthalmologists (prescribers)

These are the key decision-makers and gatekeepers for all the patient segments above. Kodiak Sciences Inc. engages them directly, as evidenced by presentations featuring leading retina specialists like Dr. Charles Wykoff and Dr. Sumit Sharma.

The landscape of these prescribers includes:

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kodiak Sciences Inc. (KOD) as they push their late-stage assets toward potential BLA (Biologics License Application) filings. For a clinical-stage biotech, the cost structure is almost entirely front-loaded into development, so you're seeing expenses that reflect high-stakes, high-cost clinical execution.

Heavy research and development (R&D) expenses are the dominant feature here. For the third quarter of 2025, R&D expenses hit $50.5 million. This was a significant jump, up 58% year over year from the $31.9 million reported in Q3 2024. Honestly, this number tells you exactly where the focus-and the cash-is going right now: advancing the three late-stage programs.

The cost structure is heavily weighted toward the necessary, but expensive, activities that drive future value:

• Clinical trial execution and regulatory filing costs
• Manufacturing and supply chain development costs
• Personnel supporting these complex trials

The increase in R&D expenses in Q3 2025 was explicitly driven by two major buckets: increased clinical activities for the DAYBREAK and PEAK/PINNACLE studies, and increased manufacturing activities across the Phase 3 programs. These aren't just administrative line items; they represent site activation, patient recruitment, drug supply logistics, and the complex quality control needed for eventual BLA submissions. You can expect these costs to remain high, or even accelerate, as they target topline data readouts in 2026.

General and administrative (G&A) expenses and personnel costs are the second major component, though they are managed more tightly than R&D. For Q3 2025, G&A expenses were $11.9 million. This was actually down 20% year over year, primarily because non-cash stock-based compensation expenses decreased compared to the prior year period. Personnel costs, which are embedded in both R&D and G&A, reflect the specialized teams needed for late-stage ophthalmology development, including clinical operations, regulatory affairs, and quality assurance staff.

Here's a quick look at the key operating expenses for the third quarter of 2025, which gives you a clearer picture of the spending profile:

Since Kodiak Sciences Inc. currently has no approved products, the entire operational cost base flows directly to the bottom line as a loss. The cumulative impact of this development focus is reflected in the overall financial performance. The net loss for the first nine months of 2025 was reported as $173 million. This figure underscores the capital-intensive nature of bringing novel antibody biopolymer conjugates (ABCs) through pivotal trials to target the anti-VEGF marketplace.

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Kodiak Sciences Inc.'s business model as of late 2025. Since Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company, its current revenue profile is typical for this stage of development-it's focused on R&D spend, not product sales.

Current sales are $0 as of November 2025 (pre-commercial stage)

Kodiak Sciences Inc. currently does not have any approved products on the market. Consequently, the company has yet to generate product sales revenue. The financial results for the third quarter ended September 30, 2025, reflect this pre-commercial status, showing a net loss of $61.46 million for the quarter. This loss is driven by significant investment in research and development, which totaled $50.5 million in Q3 2025, up 58% year over year, primarily due to increased clinical and manufacturing activities.

Future revenue streams are entirely dependent on the successful clinical development and subsequent regulatory approval of its pipeline assets. The company ended the third quarter of 2025 with $72.0 million in cash and cash equivalents, which supports operations into 2026.

Future revenue from sales of approved tarcocimab tedromer

The lead candidate, tarcocimab, an investigational anti-VEGF Antibody Biopolymer Conjugate (ABC), is a key potential revenue driver. You should watch the Phase 3 GLOW2 study for diabetic retinopathy (DR), where topline data is expected in the first quarter of 2026. Tarcocimab is also being studied as a second investigational arm in the Phase 3 DAYBREAK study for wet AMD. Successful commercialization of this therapy would establish the first major revenue stream for Kodiak Sciences Inc. based on its ABC platform.

Future revenue from sales of approved KSI-501 and KSI-101

The pipeline includes two other late-stage assets that represent future revenue potential:

• KSI-501, a dual inhibitor targeting inflammation and angiogenesis, is being evaluated in the Phase 3 DAYBREAK study for wet AMD, with topline data anticipated in the third quarter of 2026.
• KSI-101, an anti-IL-6 receptor bioconjugate, is being evaluated for macular edema secondary to inflammation (MESI) in the Phase 3 PEAK and PINNACLE studies. Topline data for KSI-101 is projected between the fourth quarter of 2026 and the first quarter of 2027. The initial addressable market for KSI-101 was estimated at 150,000+ patients.

Here's a quick look at the anticipated near-term data readouts that will directly impact future revenue projections:

Minor sublease income from corporate office buildings

While not a core, sustainable revenue stream, Kodiak Sciences Inc. does report minor income that helps offset operating expenses. Specifically, sublease income from one of its corporate office buildings helped to reduce General and Administrative (G&A) expenses in the third quarter of 2025. This arrangement stems from a sublease agreement entered into in March 2025 for office space at 1200 Page Mill Road, covering the remainder of the initial lease term until February 2027. G&A expenses for Q3 2025 were $11.9 million.

This income is a temporary financial offset, not a driver of long-term valuation; the real value is tied up in the clinical progress.