Kodiak Sciences
KOD on Nasdaq. Kodiak Sciences develops retinal medicines for people with diseases that cause blindness. Market value $5.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$92.34 a share, 744% above its 1-year low
Over the past year the price has ranged from $10.94 to $104.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 20% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $66 million, compared with a loss of $54 million a year ago.
- 19% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$44m |
| December 2024 | -$44m |
| March 2025 | -$57m |
| June 2025 | -$54m |
| September 2025 | -$61m |
| December 2025 | -$57m |
| March 2026 | -$58m |
| June 2026 | -$66m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 200 funds in all.
- Bruce & Co.R. Jeffrey Bruce
- Value
- $6m
- Share of fund
- 1.5%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Bruce & Co.R. Jeffrey Bruce | $6m | 1.5% | |
| Polen CapitalDan Davidowitz | $1m | <0.1% | Cut |
Largest holders overall
- Baker Bros. Advisors LP$776m
- BlackRock$161mAdded
- Price T Rowe Associates$127mAdded
- State Street$94mAdded
- Goldman Sachs Group$90mAdded
- Vanguard Capital Management$70mAdded
- Braidwell LP$70m
- Jupiter Topco$60m
- RTW Investments, LP$58m
- Boxer Capital Management$58mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Baker Bros. Advisors LPPassive investorat least 35.0%+2.2 pts(filed with 3 related holders)Since 28 September 2026
What they said
Item 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: The disclosures in Item 5 below are incorporated herein by reference. This Amendment No. 12 is being filed to report the acquisition of common stock ("Common Stock") of Kodiak Sciences Inc. (the…
Read the filing - D. VICTOR PERLROTH, M.D.Passive investor9.9%−1.1 ptsSince 31 December 2025
- Sirenia Capital Management LPPassive investorat least 5.7%(filed with 1 related holder)Since 31 March 2026
- BlackRock, Inc.Passive investor5.3%+0.9 ptsSince 31 March 2026
- T. Rowe Price Associates, Inc.Passive investor5.2%Since 30 June 2026
- POINT72 ASSET MANAGEMENT, L.P.Passive investorSold down below 5%Since 26 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Baker Bros. Advisors LP Passive investor | at least 35.0%+2.2 pts (filed with 3 related holders) | 28 September 2026 | What they saidItem 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: The disclosures in Item 5 below are incorporated herein by reference. This Amendment No. 12 is being filed to report the acquisition of common stock ("Common Stock") of Kodiak Sciences Inc. (the… Read the filing |
D. VICTOR PERLROTH, M.D. Passive investor | 9.9%−1.1 pts | 31 December 2025 | |
Sirenia Capital Management LP Passive investor | at least 5.7% (filed with 1 related holder) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 5.3%+0.9 pts | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 5.2% | 30 June 2026 | |
POINT72 ASSET MANAGEMENT, L.P. Passive investor | Sold down below 5% | 26 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $217m of shares on the open market. 1 sold $2m, $2m of it under preset trading plans.
- BAKER BROS. ADVISORS LPDirectorBought
- Date
- 29 September 2026
- Shares
- 33,726
- Price
- $85.05
- Value
- $3m
- BAKER BROS. ADVISORS LPDirectorBought
- Date
- 28 September 2026
- Shares
- 681,866
- Price
- $88.77
- Value
- $61m
- BAKER BROS. ADVISORS LPDirectorBought
- Date
- 28 September 2026
- Shares
- 418,323
- Price
- $83.58
- Value
- $35m
- BAKER BROS. ADVISORS LPDirectorBought
- Date
- 28 September 2026
- Shares
- 807,840
- Price
- $72.57
- Value
- $59m
- BORGESON JOHN A.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 30,000
- Price
- $34.10
- Value
- $1m
- BORGESON JOHN A.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 2 April 2026
- Shares
- 30,000
- Price
- $39.92
- Value
- $1m
- Baker Brothers Life Sciences LPDirectorBought
- Date
- 18 December 2025
- Shares
- 2,608,696
- Price
- $23.00
- Value
- $60m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 September 2026 | BAKER BROS. ADVISORS LP Director | Bought | 33,726 | $85.05 | $3m |
| 28 September 2026 | BAKER BROS. ADVISORS LP Director | Bought | 681,866 | $88.77 | $61m |
| 28 September 2026 | BAKER BROS. ADVISORS LP Director | Bought | 418,323 | $83.58 | $35m |
| 28 September 2026 | BAKER BROS. ADVISORS LP Director | Bought | 807,840 | $72.57 | $59m |
| 4 June 2026 | BORGESON JOHN A. Chief Financial Officer | Sold under a preset trading plan | 30,000 | $34.10 | $1m |
| 2 April 2026 | BORGESON JOHN A. Chief Financial Officer | Sold under a preset trading plan | 30,000 | $39.92 | $1m |
| 18 December 2025 | Baker Brothers Life Sciences LP Director | Bought | 2,608,696 | $23.00 | $60m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Kodiak Sciences’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 4 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“• Our financial condition raises substantial doubt about our ability to continue as a going concern.”
From the 10-Q filed 13 August 2026, Part I. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.