Kodiak Sciences Inc. (NASDAQ: KOD) announced its fourth‑quarter and full‑year 2025 financial results on March 31, 2026, reporting a net loss of $56.7 million for the quarter and $173.2 million for the year. The company’s earnings per share were $‑1.04, missing the consensus estimate of $‑1.00 by 4.1%.
The company’s cash position at the end of 2025 was $209.9 million, up from $96.6 million at the end of 2024, reflecting a significant capital raise in December 2025. However, research and development expenses rose to $45.5 million in the fourth quarter, driven by increased clinical activity for its Phase 3 programs.
Despite the cash infusion, Kodiak’s operating cash burn remains high, and the earnings miss underscores the ongoing financial pressure on the company as it continues to invest heavily in its retinal disease pipeline.
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