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

FY2025 annual

Revenue Not reported for FY2025

Net Income -$230.0M -30.5% YoY

EPS (Diluted) -$4.32 -29.0% YoY

Free Cash Flow -$136.5M -16.0% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 13, 2026 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 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).

Rhea AI KOD FY2025 2026-05-07

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 $182.4M from $126.1M while SG&A fell. That pattern makes FY2025 resemble a renewed spending push after FY2024 restraint, not a general loss of cost control.

Kodiak is also becoming more asset-light: FY2025 operating cash flow and free cash flow were both about -$136M, so cash burn came from operations rather than heavy fixed-asset reinvestment. With capex at just $506K and a current ratio of 4.7x, near-term obligations look covered, but the company still depends on periodic financing because reinvestment is mostly scientific rather than physical.

Financial Health Signals

Financial health score not available

Kodiak Sciences Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

Kodiak Sciences Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

Kodiak Sciences Inc. reported a net loss of $230.0M while operations used $136.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

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.

Revenue

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$136.5M

YoY-16.0%

Kodiak Sciences Inc. recorded an outflow of $136.5M in free cash flow in fiscal year 2025, representing a cash shortfall 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 as of fiscal year 2025; long-term debt is not reported for that period.

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.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

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.

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.

Share Buybacks

Not reported for fiscal year 2025.

KOD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

KOD quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
R&D Expenses	N/A	$182.4M+44.6%	$126.1M-38.9%	$206.3M-22.9%	$267.6M+23.1%	$217.3M+102.4%	$107.4M+186.3%	$37.5M+99.6%	$18.8M	N/A	$14.1M
SG&A Expenses	N/A	$52.0M-14.4%	$60.8M-14.5%	$71.0M-3.7%	$73.8M+48.4%	$49.7M+73.7%	$28.6M+144.9%	$11.7M+54.1%	$7.6M+116.7%	$3.5M+12.9%	$3.1M
Operating Income	N/A	-$234.4M-25.4%	-$186.8M+32.6%	-$277.3M+18.8%	-$341.4M-27.8%	-$267.1M-96.4%	-$136.0M-176.5%	-$49.2M-86.5%	-$26.4M	N/A	-$17.2M
Interest Expense	N/A	$0	$0-100.0%	$13K-27.8%	$18K-61.7%	$47K+88.0%	$25K+212.5%	$8K-99.9%	$5.5M+365.7%	$1.2M+19650.0%	$6K
Income Tax	N/A	$52K+160.0%	$20K-39.4%	$33K0.0%	$33K-55.4%	$74K+428.6%	$14K	N/A	N/A	N/A	N/A
Net Income	N/A	-$230.0M-30.5%	-$176.2M+32.4%	-$260.5M+22.0%	-$333.8M-25.0%	-$267.0M-100.6%	-$133.1M-181.0%	-$47.4M-14.3%	-$41.4M	N/A	-$17.1M
EPS (Diluted)	-$4.19	-$4.32-29.0%	-$3.35+32.6%	-$4.97+22.2%	-$6.39-23.8%	-$5.16-77.3%	-$2.91	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
R&D Expenses	$56.1M+15.5%	$48.5M	N/A	$50.5M+18.0%	$42.8M-2.0%	$43.6M	N/A	$31.9M
SG&A Expenses	$10.8M-4.2%	$11.2M	N/A	$11.9M-6.9%	$12.8M-17.4%	$15.4M	N/A	$14.8M
Operating Income	-$66.8M-11.8%	-$59.8M	N/A	-$62.4M-12.3%	-$55.5M+6.0%	-$59.1M	N/A	-$46.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Net Income	-$65.6M-12.9%	-$58.2M	N/A	-$61.5M-13.2%	-$54.3M+5.5%	-$57.5M	N/A	-$43.9M
EPS (Diluted)	-$1.05-11.7%	-$0.94+9.6%	-$1.04+10.3%	-$1.16-12.6%	-$1.03+5.5%	-$1.09-29.8%	-$0.840.0%	-$0.84

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.

KOD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

KOD quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$351.5M+4.8%	$335.6M-30.0%	$479.4M-28.1%	$666.6M-26.3%	$904.2M-15.3%	$1.1B+197.4%	$358.9M+289.3%	$92.2M+2741.8%	$3.2M	N/A
Current Assets	$214.8M+24.9%	$171.9M-40.6%	$289.3M-40.5%	$486.0M-33.9%	$734.8M-24.4%	$972.0M+186.5%	$339.2M+275.1%	$90.4M+5570.8%	$1.6M	N/A
Cash & Equivalents	$209.9M+24.9%	$168.1M-41.1%	$285.5M+49.9%	$190.4M-74.0%	$731.5M-22.5%	$944.4M+345.9%	$211.8M+140.0%	$88.3M+6226.5%	$1.4M-85.5%	$9.6M
Total Liabilities	$194.2M+4.8%	$185.3M-13.3%	$213.6M-7.3%	$230.5M-4.3%	$240.9M+16.6%	$206.6M+1429.5%	$13.5M+152.2%	$5.4M-92.6%	$72.0M	N/A
Current Liabilities	$45.5M+78.1%	$25.6M-38.7%	$41.7M-20.5%	$52.5M-18.8%	$64.7M+105.9%	$31.4M+168.3%	$11.7M+142.7%	$4.8M-47.3%	$9.2M	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+149.2%	$345.4M+297.7%	$86.8M+226.3%	-$68.7M-67.3%	-$41.1M
Retained Earnings	-$1.6B-17.3%	-$1.3B-15.3%	-$1.2B-29.2%	-$892.0M-59.8%	-$558.2M-91.7%	-$291.2M-84.2%	-$158.1M-42.8%	-$110.8M-59.8%	-$69.3M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$256.8M-16.1%	$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
Current Assets	$131.4M-25.0%	$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
Cash & Equivalents	$125.9M-25.7%	$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
Total Liabilities	$195.7M+0.9%	$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
Current Liabilities	$52.8M+6.4%	$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
Total Equity	$61.1M-45.5%	$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
Retained Earnings	-$1.7B-4.1%	-$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

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

KOD Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

KOD quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	-$158.5M	-$136.0M-15.9%	-$117.3M+23.9%	-$154.2M+25.3%	-$206.5M-13.3%	-$182.3M-118.5%	-$83.4M-113.1%	-$39.1M-34.8%	-$29.0M	N/A	-$16.0M
Capital Expenditures	$1.4M	$506K+34.9%	$375K-99.1%	$41.4M+11.7%	$37.0M+117.4%	$17.0M+346.6%	$3.8M+772.8%	$437K+460.3%	$78K-62.7%	$209K-72.9%	$771K
Free Cash Flow	-$159.9M	-$136.5M-16.0%	-$117.7M+39.8%	-$195.5M+19.7%	-$243.5M-22.2%	-$199.3M-128.4%	-$87.2M-120.4%	-$39.6M-36.0%	-$29.1M	N/A	-$16.8M
Investing Cash Flow	-$1.4M	-$506K+33.0%	-$755K-100.3%	$249.2M+174.1%	-$336.5M-767.3%	-$38.8M-137.0%	$104.8M+176.5%	-$137.0M-23479.7%	-$581K-178.0%	-$209K+72.9%	-$771K
Financing Cash Flow	$181.6M	$178.3M+35489.2%	$501K+1516.1%	$31K-98.4%	$1.9M-76.8%	$8.2M-98.9%	$717.4M+139.4%	$299.7M+157.3%	$116.5M+1108.6%	$9.6M+8130.8%	-$120K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$4K

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$46.2M-15.6%	-$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
Capital Expenditures	$352K-62.6%	$942K+2090.7%	$43K-28.3%	$60K-54.9%	$133K-50.7%	$270K+117.7%	$124K-31.1%	$180K
Free Cash Flow	-$46.6M-13.8%	-$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
Investing Cash Flow	-$352K+62.6%	-$942K-2090.7%	-$43K+28.3%	-$60K+54.9%	-$133K+50.7%	-$270K-117.7%	-$124K+39.5%	-$205K
Financing Cash Flow	$3.0M+378.7%	$619K-99.7%	$177.2M+21701.4%	$813K+577.5%	$120K-3.2%	$124K-69.3%	$404K	$0

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

KOD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

KOD quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
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%-1.7pp	-13.7%+34.0pp	-47.7%	N/A	N/A
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%+0.7pp	-13.2%+31.8pp	-45.0%	N/A	N/A
Current Ratio	4.72-2.0x	6.72-0.2x	6.93-2.3x	9.26-2.1x	11.36-19.6x	30.93+2.0x	28.97+10.2x	18.74+18.6x	0.17	N/A
Debt-to-Equity	1.230.0x	1.23+0.4x	0.80+0.3x	0.53+0.2x	0.36+0.1x	0.24+0.2x	0.040.0x	0.06	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-107.4%-55.6pp	-51.9%	N/A	-259.4%-182.1pp	-77.3%-24.5pp	-52.8%	N/A	-23.7%
Return on Assets	-25.6%-6.6pp	-19.0%	N/A	-28.2%-7.0pp	-21.2%-1.9pp	-19.3%	N/A	-11.8%
Current Ratio	2.49-1.0x	3.54-1.2x	4.72+2.9x	1.78-1.7x	3.48-1.1x	4.62-2.1x	6.72-1.7x	8.42
Debt-to-Equity	3.20+1.5x	1.73+0.5x	1.23-7.0x	8.20+5.6x	2.65+0.9x	1.74+0.5x	1.23+0.2x	1.01

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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Where Kodiak Sciences Inc. Ranks

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) recorded an outflow of $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) recorded an outflow of $136.0M in operating cash flow during fiscal year 2025, representing cash used by 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.

How does Kodiak Sciences Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Kodiak Sciences Inc. (KOD) held $209.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $136.0M over that year. Dividing the one by the other, the reported balance equals about 19 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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

Kodiak Sciences Inc. (KOD) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $230.0M while operations used $136.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.