Kodiak Sciences Reports $54.3 Million Net Loss in Q2 2025, Increases R&D Spending

Kodiak Sciences Inc. reported a net loss of $54.3 million for the second quarter of 2025, compared to a loss of $45.1 million in the same period of 2024. For the first half of 2025, the company’s net loss reached $111.8 million, up from $88.2 million in the prior year. The increase in losses is attributed to higher research and development expenses, which rose to $42.8 million in the second quarter, a 31% increase from $32.5 million in the same quarter of 2024. Total operating expenses for the first half of 2025 were $114.6 million, compared to $94.0 million in the same period last year.

The company’s cash and cash equivalents decreased significantly to $104.2 million as of June 30, 2025, down from $168.1 million at the end of 2024. This decline reflects ongoing operational expenditures, with net cash used in operating activities amounting to $63.8 million for the first half of 2025, slightly less than the $66.1 million used in the same period of 2024. Kodiak's accumulated deficit has now reached $1.44 billion, raising concerns about its ability to continue as a going concern without additional capital.

Strategically, Kodiak is advancing its clinical pipeline, focusing on its lead investigational drug, tarcocimab, which is currently undergoing two Phase 3 trials. The GLOW2 study for diabetic retinopathy has completed enrollment, while the DAYBREAK study for wet age-related macular degeneration is actively enrolling patients. The company plans to file a Biologics License Application (BLA) in 2026, contingent on the outcomes of these trials. Additionally, Kodiak is developing KSI-501 and KSI-101, both of which are also in late-stage clinical trials.

Operationally, Kodiak has made significant investments in its research and development capabilities, with total R&D expenses for the first half of 2025 reaching $86.4 million, compared to $62.4 million in the same period of 2024. The increase is primarily driven by costs associated with ongoing clinical trials and manufacturing activities. The company has also subleased one of its facilities in Palo Alto, California, which has led to a non-cash lease impairment expense of $1.9 million. Kodiak continues to explore additional funding options to support its operations and development programs, as it anticipates ongoing losses in the near future.