Kodiak Sciences Reports $57.5 Million Net Loss in Q1 2025, Increases R&D Spending

Kodiak Sciences Inc. reported a net loss of $57.5 million for the first quarter of 2025, compared to a net loss of $43.0 million for the same period in 2024, reflecting an increase of 33% year-over-year. The company's total operating expenses rose to $59.1 million, up from $46.1 million in the prior year, primarily driven by increased research and development costs associated with ongoing clinical trials for its lead product candidate, tarcocimab. Research and development expenses surged to $43.6 million, a 46% increase from $29.9 million in the first quarter of 2024, largely due to heightened activities related to pivotal Phase 3 trials.

As of March 31, 2025, Kodiak's cash and cash equivalents stood at $138.9 million, down from $168.1 million at the end of 2024. The company’s total assets decreased to $297.9 million from $335.6 million, while total liabilities increased slightly to $189.1 million from $185.3 million. The accumulated deficit also widened to $1.39 billion, up from $1.33 billion at the end of 2024. The increase in liabilities was attributed to higher accounts payable and accrued liabilities, which rose to $30.9 million from $25.6 million.

Strategically, Kodiak is advancing its clinical programs, with tarcocimab currently in two Phase 3 trials: GLOW2 for diabetic retinopathy and DAYBREAK for wet age-related macular degeneration (AMD). The GLOW2 trial has completed enrollment, while DAYBREAK is actively enrolling patients. The company is also developing KSI-501 and KSI-101, both of which are in various stages of clinical trials. Additionally, Kodiak has initiated a sublease for its Palo Alto office, which resulted in a non-cash lease impairment expense of $1.9 million.

Operationally, Kodiak's employee headcount remained stable, with no significant changes reported. The company continues to focus on its ABC Platform technology, which aims to enhance the efficacy and durability of its therapeutics. Kodiak's management indicated that while the current cash reserves are expected to support operations into 2026, there is substantial doubt regarding the company's ability to continue as a going concern without additional capital. The company plans to explore various funding options, including equity or debt financing, to sustain its operations and development activities.

Looking ahead, Kodiak anticipates continued operating losses as it progresses through its clinical trials and seeks regulatory approvals for its product candidates. The company expects to announce topline data for the GLOW2 trial in the first quarter of 2026 and for the DAYBREAK trial in the second quarter of 2026, which will be critical for its future funding and operational strategies.