| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 33 | — | 17.3x | Bottom tier | |
Growth | 21 | — | 7.1% | Bottom tier | |
Quality | 2 | -163.1% | 4.5% | Bottom tier | |
Safety | 43 | — | 2.6x | Around median | |
Capital Return | 12 | 0.00% | 0.06% | Bottom tier | |
Momentum | 88 | 84.0% | -1.6% | Top tier | |
Sentiment | 91 | 4 | 3 | Top tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Kodiak Sciences Inc. is a biopharmaceutical company focused on retinal diseases, and the provided statements report no commercial revenue; therefore, its economic value depends on the success of its clinical programs and obtaining approvals before sales can be generated. The portfolio consists of three programs: tarcocimab, an anti-VEGF therapy built on the ABC platform to extend durability; KSI-501, which combines VEGF and IL-6 inhibition with the ABC platform; and KSI-101, which uses the same two mechanisms but is independent of the platform and targets inflammation-associated macular edema.
In fiscal 2026 Q2, Kodiak reported no revenue or gross profit and recorded a net loss of $65.6 million and a loss per share of $1.05, compared with a net loss of $58.2 million and a loss per share of $0.94 in fiscal 2026 Q1. On a trailing-twelve-month basis ending in fiscal 2026, the net loss was $242.0 million and the loss per share was $4.19, compared with a net loss of $230.0 million and a loss per share of $4.32 in fiscal 2025.
There is no revenue mix or gross margin to analyze from the provided statements because the investment thesis remains distributed across clinical development outcomes rather than income-generating commercial segments. tarcocimab was the most advanced program during the March 28, 2024 call, following three successful phase 3 trials in diabetic retinopathy, retinal vein occlusion, and wet age-related macular degeneration, while KSI-501 was based on early signals from a study involving 16 patients, and KSI-101 represented a pathway independent of the ABC platform.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $63.75, ranging from a low of $56 to a high of $80; the average is approximately 33% above the 52-week range high of $47.84, while the highest target is approximately 67% above it. There is no usable price-to-earnings ratio because of the losses, and the wide 52-week range of $8.29 to $47.84 reveals the valuation's sensitivity to clinical program outcomes, while the net loss of $242.0 million on a trailing-twelve-month basis ending in fiscal 2026 represents a clear weight on the conservative side.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Kodiak focuses on reducing the injection burden through the ABC platform, which is designed to extend durability. In GLOW1, tarcocimab was associated with dosing every six months and reduced the risk of vision-threatening complications by approximately 90%. In BEACON, it achieved visual and anatomical outcomes comparable to aflibercept with five injections over one year versus seven injections. The company also adds the IL-6 mechanism to VEGF in KSI-501 and KSI-101 instead of relying exclusively on VEGF inhibition.
tarcocimab was the most advanced program according to the March 28, 2024 call, following the success of three phase 3 studies in diabetic retinopathy, retinal vein occlusion, and wet age-related macular degeneration. Management said that one additional successful pivotal study using the commercial-ready material might be sufficient to file for approval. GLOW2 was enrolling patients on March 28, 2024 and was designed based on GLOW1, with three monthly loading doses and an endpoint at week 48. tarcocimab was also planned for inclusion in DAYBREAK to test its durability in wet age-related macular degeneration and support the regulatory filing outside the United States.
KSI-501 is a bispecific antibody conjugated to a biopolymer, and it inhibits both VEGF and IL-6. In the phase 1 study involving 16 patients with diabetic macular edema, gains in visual acuity and reductions in retinal thickness persisted throughout a 24-week follow-up. The announced DAYBREAK design compared KSI-501 and tarcocimab at a dose of 5 mg each with aflibercept at a dose of 2 mg. However, the small phase 1 sample and the transition to a different disease make confirmation of the results in a larger study a critical factor.
KSI-101 is the unconjugated protein portion of KSI-501 and targets VEGF and IL-6, but it is independent of the ABC platform. The March 28, 2024 plan focused on macular edema associated with retinal inflammation, where the company said there are no approved intravitreal biologic therapies targeting the underlying disease mechanisms. Management indicated that available treatments include steroids and immunomodulators, in addition to systemically administered adalimumab, with limited efficacy and potential side effects. The plan during that call was to conduct a phase 1b study to select two dose levels before two pivotal phase 2b/3 studies.
The provided statements report no revenue or gross profit, reflecting the company's reliance on its clinical assets rather than sales of approved products. Kodiak recorded a net loss of $65.6 million in fiscal 2026 Q2, following a loss of $58.2 million in fiscal 2026 Q1. The net loss was $242.0 million on a trailing-twelve-month basis ending in fiscal 2026, compared with $230.0 million in fiscal 2025. Therefore, no valid price-to-earnings ratio is available for valuing the stock.
The first risk is the absence of revenue alongside a net loss of $242.0 million on a trailing-twelve-month basis ending in fiscal 2026. The second is that tarcocimab approval requires additional pivotal success using the commercial-ready formulation, and a DAYBREAK failure could harm its prospects in the wet age-related macular degeneration indication. The third is that the early KSI-501 evidence came from only 16 patients, despite the plan's transition to a larger pivotal trial. The company also faces competition from Roche and Regeneron, which management described on March 28, 2024 as the two dominant players in the retinal market.