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

Kodiak Sciences Inc. (KOD) reported diluted earnings per share of $-4.32 for fiscal year 2025. This represents a -29.0% 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.

Kodiak Sciences Inc. Financials

KOD

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Kodiak Sciences Inc. (KOD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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

1/9

Kodiak Sciences Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.59x

For every $1 of reported earnings, Kodiak Sciences Inc. generates $0.59 in operating cash flow (-$136.0M OCF vs -$230.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-18029.8x

Kodiak Sciences Inc. earns $-18029.8 in operating income for every $1 of interest expense (-$234.4M vs $13K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$216.1M

YoY-28.5%

Kodiak Sciences Inc.'s EBITDA was -$216.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 28.5% from the prior year.

Net Income

-$230.0M

YoY-30.5%

Kodiak Sciences Inc. reported -$230.0M in net income in fiscal year 2025. This represents a decrease of 30.5% from the prior year.

EPS (Diluted)

$-4.32

YoY-29.0%

Kodiak Sciences Inc. earned $-4.32 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 29.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$136.5M

YoY-16.0%

Kodiak Sciences Inc. generated -$136.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 16.0% from the prior year.

Cash & Debt

$209.9M

YoY+24.9%

5Y CAGR-26.0%

Kodiak Sciences Inc. held $209.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

62M

YoY+17.3%

5Y CAGR+3.9%

Kodiak Sciences Inc. had 62M shares outstanding in fiscal year 2025. This represents an increase of 17.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-146.1%

YoY-28.9pp

5Y CAGR-130.7pp

Kodiak Sciences Inc.'s ROE was -146.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$182.4M

YoY+44.6%

5Y CAGR+11.2%

Kodiak Sciences Inc. invested $182.4M in research and development in fiscal year 2025. This represents an increase of 44.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$506K

YoY+34.9%

5Y CAGR-33.2%

Kodiak Sciences Inc. invested $506K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 34.9% from the prior year.

KOD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	$182.4M+44.6%	$126.1M-38.9%	$206.3M-22.9%	$267.6M+23.1%	$217.3M+102.4%	$107.4M
SG&A Expenses	$52.0M-14.4%	$60.8M-14.5%	$71.0M-3.7%	$73.8M+48.4%	$49.7M+73.7%	$28.6M
Operating Income	-$234.4M-25.4%	-$186.8M+32.6%	-$277.3M+18.8%	-$341.4M-27.8%	-$267.1M-96.4%	-$136.0M
Interest Expense	$13K	$0-100.0%	$13K-27.8%	$18K-61.7%	$47K+88.0%	$25K
Income Tax	$52K+160.0%	$20K-39.4%	$33K0.0%	$33K-55.4%	$74K+428.6%	$14K
Net Income	-$230.0M-30.5%	-$176.2M+32.4%	-$260.5M+22.0%	-$333.8M-25.0%	-$267.0M-100.6%	-$133.1M
EPS (Diluted)	$-4.32-29.0%	$-3.35+32.6%	$-4.97+22.2%	$-6.39-23.8%	$-5.16-77.3%	$-2.91

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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+18.0%	$42.8M-2.0%	$43.6M	N/A	$31.9M-2.0%	$32.5M+8.6%	$29.9M	N/A
SG&A Expenses	$11.9M-6.9%	$12.8M-17.4%	$15.4M	N/A	$14.8M-4.6%	$15.5M-4.1%	$16.1M	N/A
Operating Income	-$62.4M-12.3%	-$55.5M+6.0%	-$59.1M	N/A	-$46.6M+2.8%	-$48.0M-4.2%	-$46.1M	N/A
Interest Expense	N/A	N/A	N/A	N/A	$0	$0	$0	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$61.5M-13.2%	-$54.3M+5.5%	-$57.5M	N/A	-$43.9M+2.6%	-$45.1M-4.8%	-$43.0M	N/A
EPS (Diluted)	$-1.16-12.6%	$-1.03+5.5%	$-1.09	N/A	$-0.84+2.3%	$-0.86-4.9%	$-0.82	N/A

KOD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$351.5M+4.8%	$335.6M-30.0%	$479.4M-28.1%	$666.6M-26.3%	$904.2M-15.3%	$1.1B
Current Assets	$214.8M+24.9%	$171.9M-40.6%	$289.3M-40.5%	$486.0M-33.9%	$734.8M-24.4%	$972.0M
Cash & Equivalents	$209.9M+24.9%	$168.1M-41.1%	$285.5M+49.9%	$190.4M-74.0%	$731.5M-22.5%	$944.4M
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	$194.2M+4.8%	$185.3M-13.3%	$213.6M-7.3%	$230.5M-4.3%	$240.9M+16.6%	$206.6M
Current Liabilities	$45.5M+78.1%	$25.6M-38.7%	$41.7M-20.5%	$52.5M-18.8%	$64.7M+105.9%	$31.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$157.4M+4.7%	$150.3M-43.5%	$265.8M-39.1%	$436.2M-34.2%	$663.3M-22.9%	$860.8M
Retained Earnings	-$1.6B-17.3%	-$1.3B-15.3%	-$1.2B-29.2%	-$892.0M-59.8%	-$558.2M-91.7%	-$291.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$218.1M-15.1%	$256.7M-13.8%	$297.9M-11.2%	$335.6M-10.0%	$372.7M-7.2%	$401.6M-7.6%	$434.8M-9.3%	$479.4M
Current Assets	$75.7M-29.8%	$107.9M-24.4%	$142.7M-17.0%	$171.9M-15.1%	$202.5M-9.9%	$224.6M-10.7%	$251.5M-13.1%	$289.3M
Cash & Equivalents	$72.0M-30.8%	$104.2M-25.0%	$138.9M-17.4%	$168.1M-15.1%	$197.9M-9.7%	$219.2M-10.9%	$245.9M-13.9%	$285.5M
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+4.3%	$186.4M-1.4%	$189.1M+2.0%	$185.3M-1.1%	$187.3M+0.1%	$187.1M-3.4%	$193.6M-9.4%	$213.6M
Current Liabilities	$42.4M+36.8%	$31.0M+0.4%	$30.9M+20.7%	$25.6M+6.3%	$24.1M+13.5%	$21.2M-14.7%	$24.9M-40.4%	$41.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$23.7M-66.3%	$70.3M-35.4%	$108.8M-27.6%	$150.3M-18.9%	$185.4M-13.6%	$214.5M-11.1%	$241.2M-9.3%	$265.8M
Retained Earnings	-$1.5B-4.3%	-$1.4B-3.9%	-$1.4B-4.3%	-$1.3B-3.4%	-$1.3B-3.5%	-$1.2B-3.8%	-$1.2B-3.7%	-$1.2B

KOD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$136.0M-15.9%	-$117.3M+23.9%	-$154.2M+25.3%	-$206.5M-13.3%	-$182.3M-118.5%	-$83.4M
Capital Expenditures	$506K+34.9%	$375K-99.1%	$41.4M+11.7%	$37.0M+117.4%	$17.0M+346.6%	$3.8M
Free Cash Flow	-$136.5M-16.0%	-$117.7M+39.8%	-$195.5M+19.7%	-$243.5M-22.2%	-$199.3M-128.4%	-$87.2M
Investing Cash Flow	-$506K+33.0%	-$755K-100.3%	$249.2M+174.1%	-$336.5M-767.3%	-$38.8M-137.0%	$104.8M
Financing Cash Flow	$178.3M+35489.2%	$501K+1516.1%	$31K-98.4%	$1.9M-76.8%	$8.2M-98.9%	$717.4M
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$32.9M+5.2%	-$34.7M-19.2%	-$29.1M+3.3%	-$30.1M-42.1%	-$21.2M+20.1%	-$26.5M+33.1%	-$39.6M-22.8%	-$32.2M
Capital Expenditures	$60K-54.9%	$133K-50.7%	$270K+117.7%	$124K-31.1%	$180K+267.3%	$49K+122.7%	$22K-99.9%	$27.5M
Free Cash Flow	-$32.9M+5.4%	-$34.8M-18.6%	-$29.3M+2.8%	-$30.2M-41.5%	-$21.3M+19.6%	-$26.5M+33.0%	-$39.6M+33.7%	-$59.7M
Investing Cash Flow	-$60K+54.9%	-$133K+50.7%	-$270K-117.7%	-$124K+39.5%	-$205K+21.2%	-$260K-56.6%	-$166K+99.4%	-$27.8M
Financing Cash Flow	$813K+577.5%	$120K-3.2%	$124K-69.3%	$404K	$0-100.0%	$59K+55.3%	$38K+130.6%	-$124K
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	FY25	FY24	FY23	FY22	FY21	FY20
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	-146.1%-28.9pp	-117.3%-19.2pp	-98.0%-21.5pp	-76.5%-36.3pp	-40.3%-24.8pp	-15.5%
Return on Assets	-65.4%-12.9pp	-52.5%+1.8pp	-54.3%-4.3pp	-50.1%-20.6pp	-29.5%-17.1pp	-12.5%
Current Ratio	4.72-2.0	6.72-0.2	6.93-2.3	9.26-2.1	11.36-19.6	30.93
Debt-to-Equity	1.230.0	1.23+0.4	0.80+0.3	0.53+0.2	0.36+0.1	0.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	-259.4%-182.1pp	-77.3%-24.5pp	-52.8%	N/A	-23.7%-2.7pp	-21.0%-3.2pp	-17.8%	N/A
Return on Assets	-28.2%-7.0pp	-21.2%-1.9pp	-19.3%	N/A	-11.8%-0.6pp	-11.2%-1.3pp	-9.9%	N/A
Current Ratio	1.78-1.7	3.48-1.1	4.62-2.1	6.72-1.7	8.42-2.2	10.59+0.5	10.12+3.2	6.93
Debt-to-Equity	8.20+5.6	2.65+0.9	1.74+0.5	1.23+0.2	1.01+0.1	0.87+0.1	0.800.0	0.80
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 -$230.0M in fiscal year 2025.

What is Kodiak Sciences Inc.'s EBITDA?

Kodiak Sciences Inc. (KOD) had EBITDA of -$216.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Kodiak Sciences Inc.'s return on equity (ROE)?

Kodiak Sciences Inc. (KOD) has a return on equity of -146.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

Kodiak Sciences Inc. (KOD) generated -$136.5M in free cash flow during fiscal year 2025. This represents a -16.0% 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 -$136.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kodiak Sciences Inc.'s total assets?

Kodiak Sciences Inc. (KOD) had $351.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Kodiak Sciences Inc.'s capital expenditures?

Kodiak Sciences Inc. (KOD) invested $506K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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

Kodiak Sciences Inc. (KOD) invested $182.4M in research and development during fiscal year 2025.

How many shares does Kodiak Sciences Inc. have outstanding?

Kodiak Sciences Inc. (KOD) had 62M shares outstanding as of fiscal year 2025.

What is Kodiak Sciences Inc.'s current ratio?

Kodiak Sciences Inc. (KOD) had a current ratio of 4.72 as of fiscal year 2025, 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 2025, 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 -65.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kodiak Sciences Inc.'s cash runway?

Based on fiscal year 2025 data, Kodiak Sciences Inc. (KOD) had $209.9M in cash against an annual operating cash burn of $136.0M. This gives an estimated cash runway of approximately 19 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 1 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 0.59x, 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.

Can Kodiak Sciences Inc. cover its interest payments?

Kodiak Sciences Inc. (KOD) has an interest coverage ratio of -18029.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.