Detailed financial statements for Kodiak Sciences Inc. (KOD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kodiak Sciences Inc. is a biopharmaceutical firm currently in the clinical development phase, dedicated to discovering, advancing, and bringing to market treatments for various conditions affecting the retina. Their primary drug candidate, KSI-301, is an anti-vascular endothelial growth factor (anti-VEGF) antibody biopolymer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At $97.62 (closing price, November 2, 2026), KOD has negative trailing earnings (P/E not meaningful) and an ROE of -273.23%. Market capitalisation stands at $6.1B.
Balance sheet quality for KOD: debt-to-equity ratio of 1.57, current ratio of 2.49 over the last 12 months, net cash position of $50.7M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $257,000 | $549,000 | $490,000 | $911,000 | $4.2M | $8.7M | $11.0M | $25.9M | $26.7M | 0 |
| Gross Profit | -$257,000 | -$549,000 | -$490,000 | -$911,000 | -$4.2M | -$8.7M | -$11.0M | -$25.9M | -$26.7M | 0 |
| Research & Development | $14.1M | $22.0M | $18.8M | $37.5M | $107.4M | $217.3M | $267.6M | $206.3M | $126.1M | $182.4M |
| Selling, General & Admin | $3.1M | $3.5M | $7.6M | $10.8M | $24.4M | $41.0M | $62.8M | $71.0M | $34.0M | $52.0M |
| Operating Expenses | $17.2M | $25.5M | $26.4M | $48.3M | $131.8M | $258.3M | $330.4M | $251.4M | $160.1M | $234.4M |
| Operating Income | -$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 |
| Interest Expense | $6,000 | $1.2M | $5.5M | $8,000 | $25,000 | $22,000 | $18,000 | $13,000 | 0 | 0 |
| Pre-tax Income | -$17.1M | -$27.9M | -$41.4M | -$47.4M | -$133.1M | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| Income Tax | $31,000 | -$45,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$17.1M | -$27.9M | -$41.4M | -$47.4M | -$133.1M | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| EPS | -$2.30 | -$1.05 | -$1.16 | -$1.23 | -$2.91 | -$5.16 | -$6.39 | -$4.97 | -$3.35 | -$4.32 |
| EPS (Diluted) | -$2.30 | -$1.05 | -$1.16 | -$1.23 | -$2.91 | -$5.16 | -$6.39 | -$4.97 | -$3.35 | -$4.32 |
| Shares Outstanding (Diluted) | 7.4 M | 26.6 M | 35.9 M | 37.9 M | 45.7 M | 51.8 M | 52.2 M | 52.4 M | 52.6 M | 53.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$62.4M | -$57.5M | -$59.8M | -$66.8M |
| EBITDA | -$54.9M | -$46.5M | -$51.8M | -$60.6M |
| Net Income | -$61.5M | -$56.7M | -$58.2M | -$65.6M |
| EPS | -$1.16 | -$1.04 | -$0.94 | -$1.05 |
| EPS (Diluted) | -$1.16 | -$1.04 | -$0.94 | -$1.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $9.6M | $1.4M | $88.3M | $211.8M | $944.4M | $731.5M | $190.4M | $285.5M | $168.1M | $209.9M |
| Short-term Investments | 0 | 0 | 0 | $124.7M | $24.6M | 0 | $288.5M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $10.2M | $1.6M | $90.4M | $339.2M | $972.0M | $734.8M | $486.0M | $289.3M | $171.9M | $214.8M |
| Property, Plant & Equipment | $1.8M | $1.5M | $1.1M | $2.8M | $78.8M | $108.1M | $115.8M | $175.0M | $148.7M | $121.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $12.1M | $3.2M | $92.2M | $358.9M | $1.07B | $904.2M | $666.6M | $479.4M | $335.6M | $351.5M |
| Accounts Payable | $1.1M | $3.4M | $1.1M | $2.6M | $8.6M | $12.4M | $9.1M | $13.6M | $3.9M | $12.9M |
| Short-term Debt | 0 | 0 | 0 | $434,000 | 0 | $3.9M | $9.9M | $9.8M | 0 | $12.1M |
| Total Current Liabilities | $2.5M | $9.2M | $4.8M | $11.7M | $31.4M | $64.7M | $52.5M | $41.7M | $25.6M | $45.5M |
| Long-term Debt | 0 | $10.0M | 0 | 0 | 0 | $99.9M | $100.0M | $100.0M | 0 | $100.0M |
| Total Liabilities | $53.2M | $72.0M | $5.4M | $13.5M | $206.6M | $240.9M | $230.5M | $213.6M | $185.3M | $194.2M |
| Retained Earnings | -$41.4M | -$69.3M | -$110.8M | -$158.1M | -$291.2M | -$558.2M | -$892.0M | -$1.15B | -$1.33B | -$1.56B |
| Total Equity | -$41.1M | -$68.7M | $86.8M | $345.4M | $860.8M | $663.3M | $436.2M | $265.8M | $150.3M | $157.4M |
| Total Debt | $185,000 | $10.1M | 0 | $1.9M | $77.4M | $179.9M | $187.7M | $181.6M | $70.3M | $159.2M |
| Net Debt | -$9.4M | $8.7M | -$88.3M | -$334.5M | -$891.6M | -$551.6M | -$291.2M | -$103.9M | -$97.7M | -$50.7M |
| Working Capital | $7.7M | -$7.6M | $85.6M | $327.5M | $940.6M | $670.1M | $433.5M | $247.6M | $146.4M | $169.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $72.0M | $209.9M | $169.5M | $125.9M |
| Total Assets | $218.1M | $351.5M | $306.0M | $256.8M |
| Total Liabilities | $194.4M | $194.2M | $193.9M | $195.7M |
| Total Equity | $23.7M | $157.4M | $112.1M | $61.1M |
| Total Debt | $62.2M | $159.2M | $156.0M | $95.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$17.1M | -$27.9M | -$41.4M | -$47.4M | -$133.1M | -$267.0M | -$333.8M | -$260.5M | -$176.2M | -$230.0M |
| Depreciation & Amortization | $257,000 | $549,000 | $490,000 | $911,000 | $4.2M | $8.7M | $11.0M | $25.9M | $26.7M | $26.3M |
| Stock-based Compensation | $272,000 | $275,000 | $2.7M | $6.1M | $30.7M | $61.4M | $106.0M | $88.6M | $60.2M | $58.9M |
| Change in Working Capital | $556,000 | $7.0M | -$6.4M | $1.4M | $14.8M | $14.4M | $12.0M | -$7.4M | -$28.4M | $6.8M |
| Operating Cash Flow | -$16.0M | -$17.7M | -$29.0M | -$39.1M | -$83.4M | -$182.3M | -$206.5M | -$154.2M | -$117.3M | -$136.0M |
| Capital Expenditure | -$771,000 | -$209,000 | -$581,000 | -$437,000 | -$7.0M | -$63.3M | -$47.4M | -$41.4M | -$400,000 | -$506,000 |
| Acquisitions | 0 | 0 | 0 | $136,561 | $3.2M | 0 | 0 | -$290,653 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$132,000 | -$487,000 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.8M | -$17.9M | -$29.6M | -$39.6M | -$90.4M | -$245.6M | -$253.8M | -$195.6M | -$117.7M | -$136.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$32.9M | -$39.4M | -$40.0M | -$46.2M |
| Capital Expenditure | -$59,999 | -$43,000 | -$942,000 | -$352,000 |
| Free Cash Flow | -$32.9M | -$39.4M | -$41.0M | -$46.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $14.0M | $27.3M | $12.2M | $11.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -63.1% | -48.3% | -14.3% | -181.0% | -100.6% | -25.0% | +22.0% | +32.4% | -30.5% |
| EPS Growth (YoY) | | +54.3% | -10.5% | -6.0% | -136.6% | -77.3% | -23.8% | +22.2% | +32.6% | -29.0% |
| Shares Change (YoY) | | +256.7% | +35.1% | +5.5% | +20.8% | +13.2% | +0.9% | +0.3% | +0.3% | +1.2% |
| FCF Growth (YoY) | | -6.2% | -65.8% | -33.7% | -128.4% | -171.6% | -3.4% | +22.9% | +39.8% | -16.0% |
| Effective Tax Rate | -0.2% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | -$2.26 | -$0.67 | -$0.83 | -$1.05 | -$1.98 | -$4.74 | -$4.86 | -$3.73 | -$2.24 | -$2.57 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 7.4 M | 26.6 M | 35.9 M | 37.9 M | 45.7 M | 51.8 M | 52.2 M | 52.4 M | 52.6 M | 53.2 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -273.23% |
| Return on Invested Capital | -115.23% |
| Return on Assets | -94.23% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 1.57 |
| Current Ratio | 2.49 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -3.23 |
Key Ratios (10y)
| Year | 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/B | -0.37 | -0.78 | 0.59 | 1.58 | 1.56 | 1.32 | 0.86 | 0.60 | 3.48 | 9.45 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |