Kodiak Sciences Inc. Financials

KOD

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Kodiak Sciences Inc. (KOD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Kodiak Sciences Inc. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.67x

For every $1 of reported earnings, Kodiak Sciences Inc. generates $0.67 in operating cash flow (-$117.3M OCF vs -$176.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$168.1M

YoY+35.1%

Kodiak Sciences Inc.'s EBITDA was -$168.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.1% from the prior year.

Free Cash Flow

-$117.7M

YoY+39.8%

Kodiak Sciences Inc. generated -$117.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 39.8% from the prior year.

Net Income

-$176.2M

YoY+32.4%

Kodiak Sciences Inc. reported -$176.2M in net income in fiscal year 2024. This represents an increase of 32.4% from the prior year.

EPS (Diluted)

$-3.35

YoY+32.6%

Kodiak Sciences Inc. earned $-3.35 per diluted share (EPS) in fiscal year 2024. This represents an increase of 32.6% from the prior year.

Cash & Debt

$168.1M

YoY-41.1%

5Y CAGR-4.5%

Kodiak Sciences Inc. held $168.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

53M

YoY+0.4%

5Y CAGR+3.5%

Kodiak Sciences Inc. had 53M shares outstanding in fiscal year 2024. This represents an increase of 0.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$126.1M

YoY-38.9%

5Y CAGR+27.4%

Kodiak Sciences Inc. invested $126.1M in research and development in fiscal year 2024. This represents a decrease of 38.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$375K

YoY-99.1%

5Y CAGR-3.0%

Kodiak Sciences Inc. invested $375K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 99.1% from the prior year.

KOD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$126.1M-38.9%	$206.3M-22.9%	$267.6M+23.1%	$217.3M+102.4%	$107.4M+186.3%	$37.5M
SG&A Expenses	$60.8M-14.5%	$71.0M-3.7%	$73.8M+48.4%	$49.7M+73.7%	$28.6M+144.9%	$11.7M
Operating Income	-$186.8M+32.6%	-$277.3M+18.8%	-$341.4M-27.8%	-$267.1M-96.4%	-$136.0M-176.5%	-$49.2M
Interest Expense	$0-100.0%	$13K-27.8%	$18K-61.7%	$47K+88.0%	$25K+212.5%	$8K
Income Tax	$20K-39.4%	$33K0.0%	$33K-55.4%	$74K+428.6%	$14K	N/A
Net Income	-$176.2M+32.4%	-$260.5M+22.0%	-$333.8M-25.0%	-$267.0M-100.6%	-$133.1M-181.0%	-$47.4M
EPS (Diluted)	$-3.35+32.6%	$-4.97+22.2%	$-6.39-23.8%	$-5.16-77.3%	$-2.91	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$50.5M+58.3%	$31.9M	N/A	$36.2M	N/A	$61.7M	N/A	$56.0M
SG&A Expenses	$11.9M-19.5%	$14.8M	N/A	$18.3M	N/A	$17.8M	N/A	$11.5M
Operating Income	-$62.4M-33.7%	-$46.6M	N/A	-$54.5M	N/A	-$79.5M+14.6%	-$93.0M-37.8%	-$67.5M
Interest Expense	N/A	$0	N/A	$5K	N/A	$4K	N/A	$6K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$61.5M-39.8%	-$43.9M	N/A	-$50.0M	N/A	-$77.0M+17.3%	-$93.2M-38.0%	-$67.5M
EPS (Diluted)	$-1.16-38.1%	$-0.84	N/A	$-0.95	N/A	$-1.47	N/A	$-1.30

KOD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$335.6M-30.0%	$479.4M-28.1%	$666.6M-26.3%	$904.2M-15.3%	$1.1B+197.4%	$358.9M
Current Assets	$171.9M-40.6%	$289.3M-40.5%	$486.0M-33.9%	$734.8M-24.4%	$972.0M+186.5%	$339.2M
Cash & Equivalents	$168.1M-41.1%	$285.5M+49.9%	$190.4M-74.0%	$731.5M-22.5%	$944.4M+345.9%	$211.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$185.3M-13.3%	$213.6M-7.3%	$230.5M-4.3%	$240.9M+16.6%	$206.6M+1429.5%	$13.5M
Current Liabilities	$25.6M-38.7%	$41.7M-20.5%	$52.5M-18.8%	$64.7M+105.9%	$31.4M+168.3%	$11.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$150.3M-43.5%	$265.8M-39.1%	$436.2M-34.2%	$663.3M-22.9%	$860.8M+149.2%	$345.4M
Retained Earnings	-$1.3B-15.3%	-$1.2B-29.2%	-$892.0M-59.8%	-$558.2M-91.7%	-$291.2M-84.2%	-$158.1M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Total Assets	$218.1M-35.0%	$335.6M-30.0%	$479.4M-12.5%	$547.7M-17.8%	$666.6M-7.9%	$724.0M-19.9%	$904.2M-5.6%	$958.2M
Current Assets	$75.7M-56.0%	$171.9M-40.6%	$289.3M-17.6%	$350.9M-27.8%	$486.0M-10.8%	$544.7M-25.9%	$734.8M-8.8%	$805.5M
Cash & Equivalents	$72.0M-57.1%	$168.1M-41.1%	$285.5M-17.4%	$345.7M+81.5%	$190.4M+6.7%	$178.4M-75.6%	$731.5M-8.5%	$799.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$194.4M+4.9%	$185.3M-13.3%	$213.6M-12.9%	$245.2M+6.4%	$230.5M-5.7%	$244.5M+1.5%	$240.9M+3.9%	$231.9M
Current Liabilities	$42.4M+65.9%	$25.6M-38.7%	$41.7M-41.0%	$70.8M+34.8%	$52.5M-20.0%	$65.6M+1.4%	$64.7M+18.9%	$54.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$23.7M-84.2%	$150.3M-43.5%	$265.8M-12.1%	$302.4M-30.7%	$436.2M-9.0%	$479.5M-27.7%	$663.3M-8.7%	$726.3M
Retained Earnings	-$1.5B-13.0%	-$1.3B-15.3%	-$1.2B-5.4%	-$1.1B-22.5%	-$892.0M-8.6%	-$821.6M-47.2%	-$558.2M-20.0%	-$465.1M

KOD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$117.3M+23.9%	-$154.2M+25.3%	-$206.5M-13.3%	-$182.3M-118.5%	-$83.4M-113.1%	-$39.1M
Capital Expenditures	$375K-99.1%	$41.4M+11.7%	$37.0M+117.4%	$17.0M+346.6%	$3.8M+772.8%	$437K
Free Cash Flow	-$117.7M+39.8%	-$195.5M+19.7%	-$243.5M-22.2%	-$199.3M-128.4%	-$87.2M-120.4%	-$39.6M
Investing Cash Flow	-$755K-100.3%	$249.2M+174.1%	-$336.5M-767.3%	-$38.8M-137.0%	$104.8M+176.5%	-$137.0M
Financing Cash Flow	$501K+1516.1%	$31K-98.4%	$1.9M-76.8%	$8.2M-98.9%	$717.4M+139.4%	$299.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Operating Cash Flow	-$32.9M-9.3%	-$30.1M+6.7%	-$32.2M+1.6%	-$32.8M+40.5%	-$55.1M-3.7%	-$53.1M+10.1%	-$59.0M-13.6%	-$51.9M
Capital Expenditures	$60K-51.6%	$124K-99.5%	$27.5M+12061.1%	$226K-92.6%	$3.1M-63.0%	$8.3M-2.0%	$8.4M+74.8%	$4.8M
Free Cash Flow	-$32.9M-9.1%	-$30.2M+49.4%	-$59.7M-81.0%	-$33.0M+43.3%	-$58.1M+5.2%	-$61.4M+9.1%	-$67.5M-18.8%	-$56.8M
Investing Cash Flow	-$60K+51.6%	-$124K+99.6%	-$27.8M-12200.0%	-$226K-100.3%	$67.0M+14.1%	$58.7M+640.8%	-$10.9M+65.7%	-$31.7M
Financing Cash Flow	$813K+101.2%	$404K+425.8%	-$124K-933.3%	-$12K-112.4%	$97K+24.4%	$78K-96.4%	$2.2M+6.2%	$2.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KOD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-52.5%+1.8pp	-54.3%-4.3pp	-50.1%-20.6pp	-29.5%-17.1pp	-12.5%+0.7pp	-13.2%
Current Ratio	6.72-0.2	6.93-2.3	9.26-2.1	11.36-19.6	30.93+2.0	28.97
Debt-to-Equity	1.23+0.4	0.80+0.3	0.53+0.2	0.36+0.1	0.24+0.2	0.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-28.2%-16.4pp	-11.8%	N/A	-9.1%	N/A	-10.6%-0.3pp	-10.3%-3.3pp	-7.0%
Current Ratio	1.78-4.9	6.72-0.2	6.93+2.0	4.96-4.3	9.26+1.0	8.30-3.1	11.36-3.4	14.81
Debt-to-Equity	8.20+7.0	1.23+0.4	0.800.0	0.81+0.3	0.53+0.0	0.51+0.1	0.36+0.0	0.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Kodiak Sciences Inc. profitable?

No, Kodiak Sciences Inc. (KOD) reported a net income of -$176.2M in fiscal year 2024.

What is Kodiak Sciences Inc.'s earnings per share (EPS)?

Kodiak Sciences Inc. (KOD) reported diluted earnings per share of $-3.35 for fiscal year 2024. This represents a 32.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Kodiak Sciences Inc.'s EBITDA?

Kodiak Sciences Inc. (KOD) had EBITDA of -$168.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Kodiak Sciences Inc.'s free cash flow?

Kodiak Sciences Inc. (KOD) generated -$117.7M in free cash flow during fiscal year 2024. This represents a 39.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Kodiak Sciences Inc.'s operating cash flow?

Kodiak Sciences Inc. (KOD) generated -$117.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Kodiak Sciences Inc.'s total assets?

Kodiak Sciences Inc. (KOD) had $335.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Kodiak Sciences Inc.'s capital expenditures?

Kodiak Sciences Inc. (KOD) invested $375K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Kodiak Sciences Inc. spend on research and development?

Kodiak Sciences Inc. (KOD) invested $126.1M in research and development during fiscal year 2024.

How many shares does Kodiak Sciences Inc. have outstanding?

Kodiak Sciences Inc. (KOD) had 53M shares outstanding as of fiscal year 2024.

What is Kodiak Sciences Inc.'s current ratio?

Kodiak Sciences Inc. (KOD) had a current ratio of 6.72 as of fiscal year 2024, which is generally considered healthy.

What is Kodiak Sciences Inc.'s debt-to-equity ratio?

Kodiak Sciences Inc. (KOD) had a debt-to-equity ratio of 1.23 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kodiak Sciences Inc.'s return on assets (ROA)?

Kodiak Sciences Inc. (KOD) had a return on assets of -52.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Kodiak Sciences Inc.'s cash runway?

Based on fiscal year 2024 data, Kodiak Sciences Inc. (KOD) had $168.1M in cash against an annual operating cash burn of $117.3M. This gives an estimated cash runway of approximately 17 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Kodiak Sciences Inc.'s Piotroski F-Score?

Kodiak Sciences Inc. (KOD) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kodiak Sciences Inc.'s earnings high quality?

Kodiak Sciences Inc. (KOD) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.