Kodiak Sciences (KOD) Misses on Q4 Earnings, KSI-301 in Focus

Zacks Equity Research
·3 min read

Kodiak Sciences Inc. KOD reported fourth-quarter 2020 loss per share of 97 cents, wider than the Zacks Consensus Estimate of a loss of 87 cents and also the year-ago quarter’s loss of 40 cents.

Kodiak Sciences currently does not have any approved product in its portfolio. As a result, the company is yet to generate revenues.

Shares of Kodiak Sciences have declined 8.3% so far this year against the industry’s increase of 3.1%.

price chart for KOD
price chart for KOD


Quarter in Detail

Research and development (R&D) expenses were $37.4 million in the quarter, significantly up from the year-ago period.

General and administrative (G&A) expenses were $9.5 million, also significantly up on a year-over-year basis.

As of Dec 31, 2020, Kodiak Sciences had cash worth $969 million compared with $380.5 million as of Sep 30, 2020.

Pipeline Updates

In the absence of an approved product in Kodiak Sciences’ portfolio, its pipeline development remains in key focus.

The company’s lead pipeline candidate, KSI-301, is being developed for treating various retinal vascular diseases. In November 2020, the company completed enrollment in the pivotal phase II/III DAZZLE study on KSI-301 for treating wet age-related macular degeneration (wet AMD). A similar study is also recruiting patients in the EU. Top-line data from the same is expected in early 2022.

Meanwhile, In October 2020, Kodiak Sciences treated the first patient in two pivotal phase III studies, namely GLEAM and GLIMMER, evaluating KSI-301 for treating diabetic macular edema (DME). Another phase III BEACON study is evaluating KSI-301 for addressing macular edema due to retinal vein occlusion (“RVO”). The company plans to complete enrollment in all these studies later this year.

We note that Kodiak Sciences remains on course to file a single biologics license application for KSI-301 in 2022 to treat wet AMD, DME and RVO.

Additionally, Kodiak Sciences plans to initiate the pivotal phase III GLOW study on KSI-301 in non-proliferative diabetic retinopathy patients without DME in the first half of 2021.

Kodiak Sciences Inc. Price, Consensus and EPS Surprise

Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Kodiak Sciences Inc. Price, Consensus and EPS Surprise


Kodiak Sciences Inc. price-consensus-eps-surprise-chart | Kodiak Sciences Inc. Quote

Zacks Rank & Stocks to Consider

Kodiak Sciences currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the biotech sector include Lexicon Pharmaceuticals, Inc. LXRX, Repligen Corporation RGEN and NabrivaTherapeutics AG NBRV, all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Lexicon’s loss per share estimates have narrowed 74.2% for 2021 over the past 60 days. The stock has skyrocketed 122.2% year to date.

Repligen’s earnings estimates have been revised 10.8% upward for 2021 over the past 60 days. The stock has rallied 15.8% year to date.

Nabriva’s loss per share estimates have narrowed 8.9% for 2021 over the past 60 days.

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