Kodiak Sciences develops long-acting eye injections for retinal diseases, led by Zenkuda for wet AMD, diabetic retinopathy and retinal vein occlusion; none is approved.
Kodiak plans to file Zenkuda for wet AMD, diabetic retinopathy and retinal vein occlusion in the fourth quarter of 2026 on five positive Phase 3 trials. In DAYBREAK, Zenkuda matched aflibercept on vision in wet AMD, with 54% of patients on six-month dosing. KSI-101's first Phase 3 data in inflammatory macular edema come in December 2026. Cash of $125.9 million at June 30 lasts into 2027, and the 10-Q reports going-concern doubt. Kodiak filed a shelf registration in October.
Thesis checklist
1 risk needs attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: KSI-101 succeeds in PEAK
Does KSI-101 improve vision versus sham in moderate to severe macular edema from inflammation?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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Kodiak plans a Zenkuda BLA after five Phase 3 wins but needs funding
Going-concern cloud over a multi-program retina pipeline; surviving to the Zenkuda BLA is the condition the thesis requires
KSI-501's DAYBREAK Phase 3 readout will determine whether Kodiak's bispecific platform extends beyond Zenkuda's DR success into the crowded wet AMD market
Zenkuda's DR win sets up a BLA path, but KSI-501's wet AMD value hinges on DAYBREAK differentiating against Vabysmo and biosimilar pressure
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
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Disease areas: Eye diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
7 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.