Quarterly ResultMay 7, 2026, 04:03 PM
Kodiak Sciences Zenkuda GLOW2 Positive; Q1 Net Loss $(58.2)M
AI Summary
Kodiak Sciences reported its Q1 2026 financial results, with a net loss of $(58.2) million, or $(0.94) per share. The company announced positive topline results from the GLOW2 Phase 3 study for Zenkuda in diabetic retinopathy, demonstrating superiority over sham and an 85% reduction in sight-threatening complications. This positions Zenkuda for its first multi-indication BLA submission. Kodiak also provided updates on its late-stage pipeline, including anticipated topline data for DAYBREAK (wet AMD) in September 2026 and PEAK (MESI) in Q4 2026. The company ended the quarter with $169.5 million in cash, extending its runway into 2027.
Key Highlights
- Zenkuda GLOW2 Phase 3 study in diabetic retinopathy showed superiority over sham (p<0.0001).
- 62.5% of Zenkuda patients achieved ">=2-step DRSS improvement vs 3.3% of sham.
- Zenkuda reduced risk of sight-threatening complications by 85% (p=0.0001).
- Q1 2026 net loss was $(58.2) million, or $(0.94) per share.
- R&D expenses increased to $48.5 million in Q1 2026 from $43.6 million in Q1 2025.
- Cash and cash equivalents totaled $169.5 million, providing runway into 2027.
- DAYBREAK Phase 3 data for wet AMD expected September 2026.
- PEAK Phase 3 data for MESI expected 4Q 2026.