Kodiak Sciences Inc. Financials
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).
Kodiak remains a cash-funded R&D enterprise, with new financing replenishing liquidity while operations still consume cash.
FY2025 cash rose to$209.9M even though free cash flow remained negative at-$136.5M . That only makes sense alongside financing inflow of$178.3M ; the higher 61.8M share count shows liquidity was rebuilt with outside capital rather than by the business turning cash-generative.
The wider FY2025 loss looks tied more to development intensity than to overhead sprawl: R&D rose to
Kodiak is also becoming more asset-light: FY2025 operating cash flow and free cash flow were both about
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Kodiak Sciences Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Kodiak Sciences Inc. carries a low D/E ratio of 1.23, meaning only $1.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.72, Kodiak Sciences Inc. holds $4.72 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.
Kodiak Sciences Inc. generates a -146.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -117.3% the prior year.
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).
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.
Key Financial Metrics
Earnings & Revenue
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.
Kodiak Sciences Inc. reported -$230.0M in net income in fiscal year 2025. This represents a decrease of 30.5% from the prior year.
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
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.
Kodiak Sciences Inc. held $209.9M in cash against $0 in long-term debt as of fiscal year 2025.
Kodiak Sciences Inc. had 62M shares outstanding in fiscal year 2025. This represents an increase of 17.1% from the prior year.
Margins & Returns
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $48.5M | N/A | $50.5M+18.0% | $42.8M-2.0% | $43.6M | N/A | $31.9M-2.0% | $32.5M |
| SG&A Expenses | $11.2M | N/A | $11.9M-6.9% | $12.8M-17.4% | $15.4M | N/A | $14.8M-4.6% | $15.5M |
| Operating Income | -$59.8M | N/A | -$62.4M-12.3% | -$55.5M+6.0% | -$59.1M | N/A | -$46.6M+2.8% | -$48.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$58.2M | N/A | -$61.5M-13.2% | -$54.3M+5.5% | -$57.5M | N/A | -$43.9M+2.6% | -$45.1M |
| EPS (Diluted) | $-0.94 | N/A | $-1.16-12.6% | $-1.03+5.5% | $-1.09 | N/A | $-0.84+2.3% | $-0.86 |
KOD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $306.0M-13.0% | $351.5M+61.2% | $218.1M-15.1% | $256.7M-13.8% | $297.9M-11.2% | $335.6M-10.0% | $372.7M-7.2% | $401.6M |
| Current Assets | $175.3M-18.4% | $214.8M+183.7% | $75.7M-29.8% | $107.9M-24.4% | $142.7M-17.0% | $171.9M-15.1% | $202.5M-9.9% | $224.6M |
| Cash & Equivalents | $169.5M-19.2% | $209.9M+191.3% | $72.0M-30.8% | $104.2M-25.0% | $138.9M-17.4% | $168.1M-15.1% | $197.9M-9.7% | $219.2M |
| 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 | $193.9M-0.1% | $194.2M-0.1% | $194.4M+4.3% | $186.4M-1.4% | $189.1M+2.0% | $185.3M-1.1% | $187.3M+0.1% | $187.1M |
| Current Liabilities | $49.6M+8.9% | $45.5M+7.3% | $42.4M+36.8% | $31.0M+0.4% | $30.9M+20.7% | $25.6M+6.3% | $24.1M+13.5% | $21.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $112.1M-28.8% | $157.4M+564.3% | $23.7M-66.3% | $70.3M-35.4% | $108.8M-27.6% | $150.3M-18.9% | $185.4M-13.6% | $214.5M |
| Retained Earnings | -$1.6B-3.7% | -$1.6B-3.8% | -$1.5B-4.3% | -$1.4B-3.9% | -$1.4B-4.3% | -$1.3B-3.4% | -$1.3B-3.5% | -$1.2B |
KOD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$40.0M-1.6% | -$39.4M-19.8% | -$32.9M+5.2% | -$34.7M-19.2% | -$29.1M+3.3% | -$30.1M-42.1% | -$21.2M+20.1% | -$26.5M |
| Capital Expenditures | $942K+2090.7% | $43K-28.3% | $60K-54.9% | $133K-50.7% | $270K+117.7% | $124K-31.1% | $180K+267.3% | $49K |
| Free Cash Flow | -$41.0M-3.9% | -$39.4M-19.7% | -$32.9M+5.4% | -$34.8M-18.6% | -$29.3M+2.8% | -$30.2M-41.5% | -$21.3M+19.6% | -$26.5M |
| Investing Cash Flow | -$942K-2090.7% | -$43K+28.3% | -$60K+54.9% | -$133K+50.7% | -$270K-117.7% | -$124K+39.5% | -$205K+21.2% | -$260K |
| Financing Cash Flow | $619K-99.7% | $177.2M+21701.4% | $813K+577.5% | $120K-3.2% | $124K-69.3% | $404K | $0-100.0% | $59K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -51.9% | N/A | -259.4%-182.1pp | -77.3%-24.5pp | -52.8% | N/A | -23.7%-2.7pp | -21.0% |
| Return on Assets | -19.0% | N/A | -28.2%-7.0pp | -21.2%-1.9pp | -19.3% | N/A | -11.8%-0.6pp | -11.2% |
| Current Ratio | 3.54-1.2 | 4.72+2.9 | 1.78-1.7 | 3.48-1.1 | 4.62-2.1 | 6.72-1.7 | 8.42-2.2 | 10.59 |
| Debt-to-Equity | 1.73+0.5 | 1.23-7.0 | 8.20+5.6 | 2.65+0.9 | 1.74+0.5 | 1.23+0.2 | 1.01+0.1 | 0.87 |
| 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.
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 to 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.
How financially healthy is Kodiak Sciences Inc.?
Kodiak Sciences Inc. (KOD) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.