Estados financieros detallados de Kodiak Sciences Inc. (KOD): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $32.77, KOD presenta beneficios negativos (P/E no significativo) y un ROE del -273.23%. La capitalización bursátil es de $2.1B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | $257000 | $549000 | $490000 | $911000 | $4.2M | $8.7M | $11.0M | $25.9M | $26.7M | 0 |
| Beneficio Bruto | -$257000 | -$549000 | -$490000 | -$911000 | -$4.2M | -$8.7M | -$11.0M | -$25.9M | -$26.7M | 0 |
| I+D | $14.1M | $22.0M | $18.8M | $37.5M | $107.4M | $217.3M | $267.6M | $206.3M | $126.1M | $182.4M |
| Generales y Administrativos | $3.1M | $3.5M | $7.6M | $10.8M | $24.4M | $41.0M | $62.8M | $71.0M | $34.0M | $52.0M |
| Gastos Operativos | $17.2M | $25.5M | $26.4M | $48.3M | $131.8M | $258.3M | $330.4M | $251.4M | $160.1M | $234.4M |
| Beneficio Operativo | -$17.2M | -$25.5M | -$26.4M | -$49.2M | -$136.0M | -$267.1M | -$341.4M | -$277.3M | -$186.8M | -$234.4M |
| EBITDA | -$16.9M | -$26.2M | -$35.4M | -$46.4M | -$128.9M | -$258.3M | -$322.8M | -$234.5M | -$149.5M | -$203.6M |
| Gastos por Intereses | $6000 | $1.2M | $5.5M | $8000 | $25000 | $22000 | $18000 | $13000 | 0 | 0 |
| Beneficio Antes de Impuestos | -$17.1M | -$27.9M | -$41.4M | -$47.4M | -$133.1M | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| Impuestos | $31000 | -$45000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$17.1M | -$27.9M | -$41.4M | -$47.4M | -$133.1M | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| BPA | $-2.30 | $-1.05 | $-1.16 | $-1.23 | $-2.91 | $-5.16 | $-6.39 | $-4.97 | $-3.35 | $-4.32 |
| BPA Diluido | $-2.30 | $-1.05 | $-1.16 | $-1.23 | $-2.91 | $-5.16 | $-6.39 | $-4.97 | $-3.35 | $-4.32 |
| Acciones en Circulación (Diluidas) | $7.4M | $26.6M | $35.9M | $37.9M | $45.7M | $51.8M | $52.2M | $52.4M | $52.6M | $53.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 |
| Beneficio Operativo | -$62.4M | -$57.5M | -$59.8M | -$66.8M |
| EBITDA | -$54.9M | -$46.5M | -$51.8M | -$66.8M |
| Beneficio Neto | -$61.5M | -$56.7M | -$58.2M | -$65.6M |
| BPA | $-1.16 | $-1.04 | $-0.94 | $-1.05 |
| BPA Diluido | $-1.16 | $-1.04 | $-0.94 | $-1.05 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $9.6M | $1.4M | $88.3M | $211.8M | $944.4M | $731.5M | $190.4M | $285.5M | $168.1M | $209.9M |
| Inversiones a Corto | 0 | 0 | 0 | $124.7M | $24.6M | 0 | $288.5M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $10.2M | $1.6M | $90.4M | $339.2M | $972.0M | $734.8M | $486.0M | $289.3M | $171.9M | $214.8M |
| Inmovilizado Material | $1.8M | $1.5M | $1.1M | $2.8M | $78.8M | $108.1M | $115.8M | $175.0M | $148.7M | $121.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $12.1M | $3.2M | $92.2M | $358.9M | $1.07B | $904.2M | $666.6M | $479.4M | $335.6M | $351.5M |
| Cuentas por Pagar | $1.1M | $3.4M | $1.1M | $2.6M | $8.6M | $12.4M | $9.1M | $13.6M | $3.9M | $12.9M |
| Deuda a Corto | 0 | 0 | 0 | $434000 | 0 | $3.9M | $9.9M | $9.8M | 0 | $12.1M |
| Pasivos Corrientes | $2.5M | $9.2M | $4.8M | $11.7M | $31.4M | $64.7M | $52.5M | $41.7M | $25.6M | $45.5M |
| Deuda a Largo | 0 | $10.0M | 0 | 0 | 0 | $99.9M | $100.0M | $100.0M | 0 | $100.0M |
| Pasivos Totales | $53.2M | $72.0M | $5.4M | $13.5M | $206.6M | $240.9M | $230.5M | $213.6M | $185.3M | $194.2M |
| Reservas | -$41.4M | -$69.3M | -$110.8M | -$158.1M | -$291.2M | -$558.2M | -$892.0M | -$1.15B | -$1.33B | -$1.56B |
| Patrimonio Neto | -$41.1M | -$68.7M | $86.8M | $345.4M | $860.8M | $663.3M | $436.2M | $265.8M | $150.3M | $157.4M |
| Deuda Total | $185000 | $10.1M | 0 | $1.9M | $77.4M | $179.9M | $187.7M | $181.6M | $70.3M | $159.2M |
| Deuda Neta | -$9.4M | $8.7M | -$88.3M | -$334.5M | -$891.6M | -$551.6M | -$291.2M | -$103.9M | -$97.7M | -$50.7M |
| Capital Circulante | $7.7M | -$7.6M | $85.6M | $327.5M | $940.6M | $670.1M | $433.5M | $247.6M | $146.4M | $169.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $72.0M | $209.9M | $169.5M | $125.9M |
| Activos Totales | $218.1M | $351.5M | $306.0M | $256.8M |
| Pasivos Totales | $194.4M | $194.2M | $193.9M | $195.7M |
| Patrimonio Neto | $23.7M | $157.4M | $112.1M | $61.1M |
| Deuda Total | $62.2M | $159.2M | $156.0M | $95.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$17.1M | -$27.9M | -$41.4M | -$47.4M | -$133.1M | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| Amortizaciones | $257000 | $549000 | $490000 | $911000 | $4.2M | $8.7M | $11.0M | $25.9M | $26.7M | $18.3M |
| Compensación en Acciones | $272000 | $275000 | $2.7M | $6.1M | $30.7M | $61.4M | $106.0M | $88.6M | $60.2M | $58.9M |
| Cambio en Capital Circulante | $556000 | $7.0M | -$6.4M | $1.4M | $14.8M | $14.4M | $12.0M | -$7.4M | -$28.4M | $6.8M |
| Flujo de Caja Operativo | -$16.0M | -$17.7M | -$29.0M | -$39.1M | -$83.4M | -$182.3M | -$206.5M | -$154.2M | -$117.3M | -$136.0M |
| Inversiones (CapEx) | -$771000 | -$209000 | -$581000 | -$437000 | -$7.0M | -$63.3M | -$47.4M | -$41.4M | -$400000 | -$506000 |
| Adquisiciones | 0 | 0 | 0 | $136561 | $3.2M | 0 | 0 | -$290653 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$132000 | -$487000 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$16.8M | -$17.9M | -$29.6M | -$39.6M | -$90.4M | -$245.6M | -$253.8M | -$195.6M | -$117.7M | -$136.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$32.9M | -$39.4M | -$40.0M | -$46.2M |
| Inversiones (CapEx) | -$59999 | -$43000 | -$942000 | -$352000 |
| Flujo de Caja Libre | -$32.9M | -$39.4M | -$41.0M | -$46.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $14.0M | $27.3M | $12.2M | $11.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | -63.1% | -48.3% | -14.3% | -181.0% | -100.6% | -25.0% | +22.0% | +32.4% | -30.5% |
| Crecimiento BPA (anual) | | +54.3% | -10.5% | -6.0% | -136.6% | -77.3% | -23.8% | +22.2% | +32.6% | -29.0% |
| Cambio en Acciones (anual) | | +256.7% | +35.1% | +5.5% | +20.8% | +13.2% | +0.9% | +0.3% | +0.3% | +1.2% |
| Crecimiento FCF (anual) | | -6.2% | -65.8% | -33.7% | -128.4% | -171.6% | -3.4% | +22.9% | +39.8% | -16.0% |
| Tasa Impositiva Efectiva | -0.2% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-2.26 | $-0.67 | $-0.83 | $-1.05 | $-1.98 | $-4.74 | $-4.86 | $-3.73 | $-2.24 | $-2.57 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $7.4M | $26.6M | $35.9M | $37.9M | $45.7M | $51.8M | $52.2M | $52.4M | $52.6M | $53.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -273.23% |
| Rentabilidad sobre capital invertido | -115.23% |
| Rentabilidad sobre activos | -94.23% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 1.57 |
| Ratio corriente | 2.49 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -3.23 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.88 | -1.93 | -1.22 | -11.70 | -10.10 | -3.29 | -1.12 | -0.61 | -2.97 | -6.47 |
| P/VC | -0.37 | -0.78 | 0.59 | 1.58 | 1.56 | 1.32 | 0.86 | 0.60 | 3.48 | 9.45 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |