Kodiak Sciences Inc Common Stock (KOD)

FairStock Score: 15/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Kodiak as a clinical-stage biotech, not a proven business. It has no revenue in the filed periods, and the losses are large: net loss was $260.5M in fiscal 2023, the year ended 2023-12-31, $176.2M in fiscal 2024, the year ended 2024-12-31, and $230.0M in fiscal 2025, the year ended 2025-12-31. In fiscal Q1 2026, the quarter ended 2026-03-31, and fiscal Q2 2026, the quarter ended 2026-06-30, net losses were $58.2M and $65.6M, with diluted EPS of -$0.94 and -$1.05. Trailing free cash flow was -$159.9M, a FairStock FCF yield of -2.8%. The company still depends on outside capital. The lead asset is Phase 3, so there is option value, but no commercial moat is visible in the numbers; a moat would require trial success, approval, and pricing power. On financial health, the FairStock Altman Z-Score is 8.08, a relative positive, but Piotroski is 0/9, ROE is -368.37%, ROCE is -60.45%, and D/E is 0.86. Valuation offers no Graham margin of safety: at the 2026-10-26 close, market cap was $5.6B, P/B was 92.37, and P/E was -20.32; FairStock Score is 15/100. Growth is binary: if tarcocimab works, the trajectory changes; until then, I see a speculative pipeline priced as if success is already likely.

In plain English: Kodiak Sciences is a biotech company testing treatments for retinal eye diseases. It has no product revenue yet and has reported losses in each of the last four years, so the business looks financially weak. At $89.60, the stock looks very expensive compared with the company's current losses and accounting value.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer