Kodiak Sciences Announces Pricing of Upsized Public Offering of Common Stock

Rhea-AI Summary

Kodiak Sciences (Nasdaq: KOD) priced an upsized underwritten public offering of 6,956,522 shares of common stock at $23.00 per share, producing expected gross proceeds of approximately $160 million before underwriting discounts, commissions and expenses.

The offering is expected to close on or about December 18, 2025, subject to customary closing conditions. Kodiak granted underwriters a 30-day option to buy up to an additional 1,043,478 shares at the public offering price less underwriting discounts and commissions. All shares are being sold by Kodiak Sciences.

J.P. Morgan, Jefferies, Evercore ISI and UBS Investment Bank are joint book-running managers. The shares are offered under a shelf registration on Form S-3 declared effective June 2, 2023, and prospectus materials have been filed with the SEC.

Positive

• 6,956,522 shares offered at $23.00 per share
• Expected $160 million gross proceeds before fees
• Underwriters include J.P. Morgan, Jefferies, Evercore ISI, UBS

Negative

• Shareholder dilution risk from all shares sold by Kodiak
• Underwriting discounts and expenses will reduce net proceeds
• Closing is subject to customary conditions, not guaranteed

News Market Reaction

+4.82%

30 alerts

+4.82% News Effect

+33.8% Peak in 25 hr 49 min

+$70M Valuation Impact

$1.53B Market Cap

0.7x Rel. Volume

On the day this news was published, KOD gained 4.82%, reflecting a moderate positive market reaction. Argus tracked a peak move of +33.8% during that session. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $70M to the company's valuation, bringing the market cap to $1.53B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares offered: 6,956,522 shares Offer price: $23.00 per share Gross proceeds: approximately $160 million +3 more

6 metrics

Shares offered 6,956,522 shares Upsized underwritten public offering of common stock

Offer price $23.00 per share Public offering price for common stock

Gross proceeds approximately $160 million Expected gross proceeds before fees and expenses

Underwriters’ option period 30 days Period to purchase additional shares

Underwriters’ additional shares 1,043,478 shares Additional shares subject to 30-day option

Expected closing date December 18, 2025 Anticipated closing of the public offering

Market Reality Check

Price: $22.07 Vol: Volume 1,128,358 is 1.57x...

high vol

$22.07 Last Close

Volume Volume 1,128,358 is 1.57x the 20-day average of 719,967, showing elevated trading ahead of the offering. high

Technical Price at $24.13 is above the 200-day MA of $9.34 and within 7.94% of the 52-week high $26.21.

Peers on Argus

KOD gained 4.82% while close peers were mixed: ATYR +2.3%, SAGE -0.69%, OLMA -3....

KOD gained 4.82% while close peers were mixed: ATYR +2.3%, SAGE -0.69%, OLMA -3.6%, OPT -2.01%, ORKA -2.53%, indicating a stock-specific move.

Historical Context

5 past events · Latest: Dec 15 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 15	Equity offering	Negative	-3.3%	Proposed underwritten common stock offering with additional underwriter option.
Nov 13	Earnings update	Negative	-6.8%	Q3 2025 net loss and cash position with continued R&D spending.
Nov 12	Investor conferences	Positive	+3.2%	CEO presentations at major healthcare investor conferences.
Nov 05	Clinical data	Positive	-1.5%	Strong Phase 1b APEX Week 20 data for KSI-101 in MESI.
Sep 15	Clinical data	Positive	+1.1%	APEX data showing meaningful vision gains and retinal drying for KSI-101.

Pattern Detected

Recent news reactions mostly aligned with sentiment: financing and earnings updates saw negative moves, while conferences and most clinical data produced modest gains, with one positive trial update sold off.

Recent Company History

Over recent months, Kodiak has reported multiple positive clinical updates for KSI-101 and other late‑stage programs, yet price reactions were modest, including a -1.49% move on strong APEX data and a 1.08% gain on earlier MESI results. The prior day’s proposed equity offering on Dec 15 led to a -3.32% reaction. Earnings on Nov 13 brought a wider loss and drove a -6.81% move. Today’s priced, upsized offering follows directly after that prior financing announcement.

Market Pulse Summary

This announcement prices an upsized equity offering of 6,956,522 shares at $23.00, with expected gro...

Analysis

This announcement prices an upsized equity offering of 6,956,522 shares at $23.00, with expected gross proceeds of about $160 million and an underwriters’ option for additional shares. It follows prior disclosures of sizeable losses and liquidity pressure, positioning this raise as a key funding step for multiple late‑stage retinal programs. Investors may monitor how the enlarged share count interacts with upcoming clinical milestones and future financing needs.

Key Terms

underwritten public offering, common stock, joint book-running managers, prospectus supplement

4 terms

underwritten public offering financial

"announced the pricing of an upsized underwritten public offering of 6,956,522 shares"

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.

common stock financial

"offering of 6,956,522 shares of its common stock at a price"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

joint book-running managers financial

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

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

prospectus supplement regulatory

"A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed"

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.

AI-generated analysis. Not financial advice.

PALO ALTO, Calif., Dec. 16, 2025 /PRNewswire/ -- Kodiak Sciences Inc. (Nasdaq: KOD), a precommercial retina focused biotechnology company committed to researching, developing and commercializing transformative therapeutics, today announced the pricing of an upsized underwritten public offering of 6,956,522 shares of its common stock at a price to the public of $23.00 per share. The gross proceeds to Kodiak Sciences from the offering are expected to be approximately $160 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Kodiak Sciences. The offering is expected to close on or about December 18, 2025, subject to customary closing conditions. In addition, Kodiak Sciences has granted the underwriters a 30-day option to purchase up to an additional 1,043,478 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares are being sold by Kodiak Sciences.

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

The shares described above are being 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 preliminary 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. A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, 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).

Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include, but are not limited to, statements regarding the completion and timing of the public offering. Any forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to satisfaction of customary closing conditions related to the public offering. Although Kodiak Sciences believes the expectations reflected in these forward-looking statements are reasonable, such statements are inherently subject to risk and Kodiak can give no assurances that its expectations will prove to be correct. As a result, you should not place undue reliance on these forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Kodiak Sciences' annual report on Form 10-K for the year ended December 31, 2024 and its subsequent quarterly reports on Form 10-Q filed with the SEC, as well as in the preliminary prospectus supplement related to the proposed public offering to be filed with the SEC. The forward-looking statements contained herein speak only as of the date hereof and Kodiak Sciences undertakes no obligation to revise or update these forward-looking statements for any reason, except as required by law.

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-pricing-of-upsized-public-offering-of-common-stock-302644213.html

SOURCE Kodiak Sciences Inc.

FAQ

What did Kodiak Sciences (KOD) announce on December 17, 2025 about a stock offering?

Kodiak priced an upsized offering of 6,956,522 shares at $23.00 per share, expected to raise ~$160 million in gross proceeds.

When is the Kodiak Sciences (KOD) offering expected to close?

The offering is expected to close on or about December 18, 2025, subject to customary closing conditions.

Does Kodiak Sciences (KOD) grant an option to underwriters and how large is it?

Yes. Kodiak granted a 30-day option to purchase up to 1,043,478 additional shares at the public offering price less discounts.

Who are the underwriters for Kodiak Sciences (KOD) public offering?

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

How much net proceeds will Kodiak Sciences (KOD) receive from the offering?

The release states expected $160 million in gross proceeds; net proceeds will be lower after underwriting discounts, commissions and offering expenses.

Where were Kodiak Sciences (KOD) offering documents filed and is a prospectus available?

The offering is made under a shelf registration statement declared effective June 2, 2023, and a preliminary prospectus supplement has been filed with the SEC.