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Kodiak (KOD) Q2 Loss Narrower Than Expected, Pipeline in Focus
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Kodiak Sciences Inc. (KOD - Free Report) incurred a loss of 86 cents per share in the second quarter of 2024, which was narrower than the Zacks Consensus Estimate of a loss of 87 cents. The company had incurred a loss of $1.53 per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development expenses were $32.5 million in the reported quarter, down 51.5% year over year. The decrease was mainly due to the reduction in expenses owing to lower manufacturing costs and lower cost of clinical studies on its lead pipeline candidate, tarcocimab.
General and administrative expenses were $15.5 million, down 13.4% on a year-over-year basis, primarily due to lower non-cash stock-based compensation expenses.
As of Jun 30, 2024, Kodiak had cash, cash equivalents and marketable securities worth $219.2 million compared with $245.9 million as of Mar 31, 2024. The company believes that its current cash balance is enough to support its present and planned operations into 2026.
Shares of Kodiak have lost 14.8% so far this year compared with the industry’s decline of 2.8%.
Image Source: Zacks Investment Research
Pipeline Updates
Kodiak is evaluating the efficacy and safety of tarcocimab in treatment-naïve patients with diabetic retinopathy in the phase III GLOW2 study. The study is currently enrolling patients.
Building on the success of the GLOW1 study, which evaluated tarcocimab in moderately severe to severe non-proliferative diabetic retinopathy, the company started the GLOW2 study.
Per the company, if successful, data from the GLOW2 study might serve as one of the two pivotal studies in one foundational indication, diabetic retinopathy, for the marketing authorization application for tarcocimab.
KOD’s second clinical candidate, KSI-501, a dual inhibitor Trap-Antibody-Fusion bioconjugate molecule, is designed to target concurrent inflammation and abnormal angiogenesis observed in the pathogenesis of retinal vascular diseases.
Please note that the company plans to study tarcocimab as a second investigational arm in the DAYBREAK study to treat wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm.
The phase III DAYBREAK study on tarcocimab and KSI-501 is currently enrolling patients.
Kodiak is also looking to initiate a clinical program to develop its third investigational candidate, KSI-101, for patients who have retinal fluid and inflammation. KSI-101 is the company’s novel, potent and high-strength bispecific protein targeting IL-6 and VEGF.
The company held a pre-IND meeting with the FDA followed by the investigational new drug application filing in the second quarter of 2024. During the same time, KOD submitted the protocol for the phase Ib APEX study, which will evaluate KSI-101 in two new cohorts – cohort 1 in patients with diabetic macular edema and cohort 2 in patients with macular edema secondary to inflammation ("MESI"). The APEX study is now actively enrolling patients.
The APEX study will evaluate the safety and tolerability and identify two dose levels of KSI-101 to progress into late-stage development. The pivotal phase IIb/III studies (PEAK and PINNACLE) will investigate KSI-101 in MESI.
Kodiak Sciences Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Illumina’s 2024 earnings per share have moved up from $1.07 to $2.93. Earnings per share estimates for 2025 have improved from $2.93 to $4.53. Year to date, shares of ILMN have lost 7.5%.
ILMN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 463.46%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have surged 43.6%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
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Kodiak (KOD) Q2 Loss Narrower Than Expected, Pipeline in Focus
Kodiak Sciences Inc. (KOD - Free Report) incurred a loss of 86 cents per share in the second quarter of 2024, which was narrower than the Zacks Consensus Estimate of a loss of 87 cents. The company had incurred a loss of $1.53 per share in the year-ago quarter.
The company currently does not have any approved products in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development expenses were $32.5 million in the reported quarter, down 51.5% year over year. The decrease was mainly due to the reduction in expenses owing to lower manufacturing costs and lower cost of clinical studies on its lead pipeline candidate, tarcocimab.
General and administrative expenses were $15.5 million, down 13.4% on a year-over-year basis, primarily due to lower non-cash stock-based compensation expenses.
As of Jun 30, 2024, Kodiak had cash, cash equivalents and marketable securities worth $219.2 million compared with $245.9 million as of Mar 31, 2024. The company believes that its current cash balance is enough to support its present and planned operations into 2026.
Shares of Kodiak have lost 14.8% so far this year compared with the industry’s decline of 2.8%.
Image Source: Zacks Investment Research
Pipeline Updates
Kodiak is evaluating the efficacy and safety of tarcocimab in treatment-naïve patients with diabetic retinopathy in the phase III GLOW2 study. The study is currently enrolling patients.
Building on the success of the GLOW1 study, which evaluated tarcocimab in moderately severe to severe non-proliferative diabetic retinopathy, the company started the GLOW2 study.
Per the company, if successful, data from the GLOW2 study might serve as one of the two pivotal studies in one foundational indication, diabetic retinopathy, for the marketing authorization application for tarcocimab.
KOD’s second clinical candidate, KSI-501, a dual inhibitor Trap-Antibody-Fusion bioconjugate molecule, is designed to target concurrent inflammation and abnormal angiogenesis observed in the pathogenesis of retinal vascular diseases.
Please note that the company plans to study tarcocimab as a second investigational arm in the DAYBREAK study to treat wet age-related macular degeneration (wet AMD), with KSI-501 being the first investigational arm.
The phase III DAYBREAK study on tarcocimab and KSI-501 is currently enrolling patients.
Kodiak is also looking to initiate a clinical program to develop its third investigational candidate, KSI-101, for patients who have retinal fluid and inflammation. KSI-101 is the company’s novel, potent and high-strength bispecific protein targeting IL-6 and VEGF.
The company held a pre-IND meeting with the FDA followed by the investigational new drug application filing in the second quarter of 2024. During the same time, KOD submitted the protocol for the phase Ib APEX study, which will evaluate KSI-101 in two new cohorts – cohort 1 in patients with diabetic macular edema and cohort 2 in patients with macular edema secondary to inflammation ("MESI"). The APEX study is now actively enrolling patients.
The APEX study will evaluate the safety and tolerability and identify two dose levels of KSI-101 to progress into late-stage development. The pivotal phase IIb/III studies (PEAK and PINNACLE) will investigate KSI-101 in MESI.
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 currently carries a Zacks Rank #4 (Sell).
Some top-ranked stocks in the biotech sector are Illumina, Inc. (ILMN - Free Report) and Fulcrum Therapeutics, Inc. (FULC - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Illumina’s 2024 earnings per share have moved up from $1.07 to $2.93. Earnings per share estimates for 2025 have improved from $2.93 to $4.53. Year to date, shares of ILMN have lost 7.5%.
ILMN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 463.46%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have surged 43.6%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.