Kodiak Sciences Announces Closing of $184 Million Public Offering of Common Stock including Full Exercise of Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Kodiak Sciences (Nasdaq: KOD) closed an underwritten public offering of 8,000,000 common shares, including 1,043,478 shares sold under the underwriters' full option exercise, at $23.00 per share.

The gross proceeds to Kodiak Sciences were approximately $184 million before underwriting discounts, commissions and estimated offering expenses. The offering used a shelf registration declared effective June 2, 2023, and the final prospectus supplement is filed with the SEC.

Joint book-running managers were J.P. Morgan, Jefferies, Evercore ISI and UBS Investment Bank. Management said the transaction strengthens the company’s financial position as it advances Phase 3 topline readouts for KSI-101, KSI-501 and tarcocimab.

Positive

• Gross proceeds of approximately $184 million
• Underwriters exercised 1,043,478 additional shares
• Offering priced at $23.00 per share
• Proceeds intended to support Phase 3 readouts for three assets

Negative

• Issued 8,000,000 new shares, increasing outstanding share count
• Offering proceeds reported net of underwriting discounts and expenses, reducing cash benefit

News Market Reaction

-2.19% 4.0x vol

4 alerts

-2.19% News Effect

+2.0% Peak Tracked

-$31M Valuation Impact

$1.38B Market Cap

4.0x Rel. Volume

On the day this news was published, KOD declined 2.19%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.0% during that session. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $31M from the company's valuation, bringing the market cap to $1.38B at that time. Trading volume was very high at 4.0x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares offered: 8,000,000 shares Overallotment shares: 1,043,478 shares Offering price: $23.00 per share +1 more

4 metrics

Shares offered 8,000,000 shares Total common shares in the completed underwritten public offering

Overallotment shares 1,043,478 shares Shares sold via full exercise of underwriters’ option

Offering price $23.00 per share Public offering price for the common stock

Gross proceeds $184 million Gross proceeds before underwriting discounts and expenses

Market Reality Check

Price: $22.07 Vol: Volume 791,945 is 1.04x t...

normal vol

$22.07 Last Close

Volume Volume 791,945 is 1.04x the 20-day average of 761,828, indicating only modestly elevated trading. normal

Technical Shares at $26.38 are trading above the 200-day MA of $9.57 and 8.37% below the 52-week high of $28.79.

Peers on Argus

KOD fell 2.19% while peers ATYR, SAGE, OLMA, OPT and ORKA were also negative (ra...

KOD fell 2.19% while peers ATYR, SAGE, OLMA, OPT and ORKA were also negative (ranging from about -0.69% to -6.58%), suggesting weak biotech sentiment but no distinct sector momentum signal.

Historical Context

5 past events · Latest: Dec 16 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 16	Equity offering pricing	Neutral	+4.8%	Priced upsized underwritten common stock offering at $23 per share.
Dec 15	Equity offering proposed	Neutral	-3.3%	Announced proposed underwritten common stock offering with 30-day option.
Nov 13	Earnings and outlook	Negative	-6.8%	Reported Q3 net loss, cash of $72M and ongoing late-stage trial spending.
Nov 12	Investor conferences	Neutral	+3.2%	Announced CEO presentations at two upcoming healthcare investor conferences.
Nov 05	Clinical data update	Positive	-1.5%	Released positive Week 20 KSI-101 APEX data with strong efficacy signals.

Pattern Detected

Recent news shows mostly aligned price reactions, with a single divergence where positive clinical data was followed by a modest decline.

Recent Company History

Over the last two months, Kodiak has balanced late-stage clinical progress with financing needs. A Nov 5 Phase 1b KSI-101 update showed strong vision and fluid outcomes, yet shares slipped. The Nov 13 Q3 results highlighted sizeable losses and going-concern risk, and the stock fell further. In mid-December, a sequence of proposed and upsized equity offerings led to mixed, mostly aligned moves as investors digested dilution alongside funding for multiple Phase 3 programs.

Market Pulse Summary

This announcement confirms closing of an underwritten offering of 8,000,000 shares at $23, generatin...

Analysis

This announcement confirms closing of an underwritten offering of 8,000,000 shares at $23, generating $184 million in gross proceeds to support Kodiak’s late-stage retina pipeline, including three Phase 3 assets. Recent filings described sizable losses, limited cash and funding needs for ongoing trials, so this capital raise meaningfully updates the funding picture. Investors may track how proceeds are deployed across Phase 3 programs and monitor subsequent clinical readouts and regulatory milestones against the expanded share base.

Key Terms

underwritten public offering, option to purchase additional shares, prospectus supplement, prospectus, +1 more

5 terms

underwritten public offering financial

"announced the closing of its previously announced underwritten public offering"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

option to purchase additional shares financial

"exercise in full of their option to purchase additional shares"

An option to purchase additional shares is a contractual right that lets a holder buy more company stock at a predetermined price and within a set time frame, often tied to a share offering or financing. For investors this matters because it can change ownership percentages and raise cash for the company—like a coupon that lets someone buy extra items at a fixed price, it can dilute existing holders but also stabilize an offering or fund growth.

prospectus supplement regulatory

"A final prospectus supplement and accompanying prospectus relating to the offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

prospectus regulatory

"A final prospectus supplement and accompanying prospectus relating to the offering"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

Phase 3 medical

"execute through important Phase 3 topline readouts for all three of our late-stage"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

AI-generated analysis. Not financial advice.

PALO ALTO, Calif., Dec. 18, 2025 /PRNewswire/ -- Kodiak Sciences Inc. (Nasdaq: KOD), a precommercial retina focused biotechnology company committed to researching, developing and commercializing transformative therapeutics, today announced the closing of its previously announced underwritten public offering of 8,000,000 shares of its common stock, which includes 1,043,478 shares sold pursuant to the underwriters' exercise in full of their option to purchase additional shares, at a price to the public of $23.00 per share. The gross proceeds to Kodiak Sciences from the offering were approximately $184 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Kodiak Sciences.

J.P. Morgan, Jefferies, Evercore ISI and UBS Investment Bank acted as joint book-running managers for the offering.

Dr. Victor Perlroth, M.D., Chairman and CEO of Kodiak commented, "we are pleased to have successfully completed this public offering, which strengthens our financial position as we execute through important Phase 3 topline readouts for all three of our late-stage clinical assets of KSI-101, KSI-501 and tarcocimab. The transaction was thoughtfully structured, reflecting our disciplined approach to capital formation and our continued focus on long-term shareholder value."

The shares described above were offered by Kodiak Sciences pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed by Kodiak Sciences with the Securities and Exchange Commission (the "SEC") and that was declared effective by the SEC on June 2, 2023. A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available for free on the SEC's website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, telephone: (877) 821-7388, or by emailing prospectus_department@jefferies.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at 888-474-0200, or by email at ecm.prospectus@evercore.com; or UBS Securities LLC, Attention: Prospectus Department, UBS Investment Bank, 11 Madison Avenue, New York, New York 10010 or by email at ol-prospectus-request@ubs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Kodiak Sciences Inc.
Kodiak Sciences (Nasdaq: KOD) is a precommercial retina focused biotechnology company committed to researching, developing and commercializing transformative therapeutics. We are focused on bringing new science to the design and manufacture of next generation retinal medicines to prevent and treat the leading causes of blindness globally. Our ABC® Platform uses molecular engineering to merge the fields of protein-based and chemistry-based therapies and has been at the core of Kodiak's discovery engine. We are developing a portfolio of three late-stage clinical programs. Tarcocimab and KSI-501 are being explored in two BLA-facing Phase 3 studies in the retinal vascular diseases. KSI-101 is a bispecific protein being explored in two Phase 3 studies in Macular Edema Secondary to Inflammation (MESI).

Kodiak®, Kodiak Sciences®, ABC™, ABC Platform™ and the Kodiak logo are registered trademarks or trademarks of Kodiak Sciences Inc. in various global jurisdictions.

View original content:https://www.prnewswire.com/news-releases/kodiak-sciences-announces-closing-of-184-million-public-offering-of-common-stock-including-full-exercise-of-underwriters-option-to-purchase-additional-shares-302646525.html

SOURCE Kodiak Sciences Inc.

FAQ

How many shares did Kodiak Sciences (KOD) sell in the Dec 18, 2025 offering?

Kodiak sold 8,000,000 common shares, including 1,043,478 via the underwriters' option.

What was the offering price per share for Kodiak Sciences (KOD) on Dec 18, 2025?

The offering price was $23.00 per share.

How much gross capital did Kodiak Sciences (KOD) raise in the Dec 2025 offering?

The gross proceeds were approximately $184 million before underwriting discounts and expenses.

What will Kodiak Sciences (KOD) use the offering proceeds for?

Management said proceeds will strengthen the balance sheet to support Phase 3 topline readouts for KSI-101, KSI-501 and tarcocimab.

Who were the joint book-running managers for Kodiak Sciences (KOD) Dec 2025 offering?

J.P. Morgan, Jefferies, Evercore ISI and UBS Investment Bank acted as joint book-running managers.