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

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.

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

Argus Dec 19 session

-1.44% close to close 4.0x rel. volume Open Argus

Details

News Market Reaction – KOD

On Dec 19, the first trading day after this news, KOD closed 1.44% below the previous close. That session’s volume was 4.0x the stock’s average daily volume.

Data tracked by StockTitan Argus for the Dec 19 session.

Key Figures

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

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

Historical Context

5 past events · Latest: Dec 16

5 events

1. Dec 16

   Equity offering pricing

   24h Move

   +4.8%

   Priced upsized underwritten common stock offering at $23 per share.

2. Dec 15

   Equity offering proposed

   24h Move

   -3.3%

   Announced proposed underwritten common stock offering with 30-day option.

3. Nov 13

   Earnings and outlook

   24h Move

   -6.8%

   Reported Q3 net loss, cash of $72M and ongoing late-stage trial spending.

4. Nov 12

   Investor conferences

   24h Move

   +3.2%

   Announced CEO presentations at two upcoming healthcare investor conferences.

5. Nov 05

   Clinical data update

   24h Move

   -1.5%

   Released positive Week 20 KSI-101 APEX data with strong efficacy signals.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

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. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.