Kodiak Sciences Inc. (KOD) Stock Nose-Dived in Premarket Following Topline Results Release

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Kodiak Sciences Inc. (KOD) is a biotherapeutics company engaged in the research, development, and commercialization of therapeutics to treat retinal diseases. The company’s lead candidate is KSI-301, under development for treating age-related macular degeneration, and diabetes-related eye diseases. The company utilizes its ABC Platform to build a pipeline including KSI-501 (neovascular retinal diseases treatment).

The price of KOD stock during the regular trading on February 22, 2022, was $50.3 with a decrease of 4.26%. At last check in the premarket on February 23, 2022, the stock further dipped by 72.59%.

KOD: Events and Happenings

On February 23, 2022, KOD reported its top-line results from Phase 2/3 trials assessing the safety, efficacy, and durability of KSI-301used for treating neovascular age-related macular degeneration. The results demonstrated that although KSI-301 was safe and well-tolerated, it did not meet its primary endpoint.

On February 3, 2022, KOD updated about the completion of enrollment of patients in Phase 3 GLEAM and GLIMMER trials of KSI-301 for treating diabetic macular edema. On January 3, 2022, KOD announced its Executive management’s participation at the 40th Annual J.P. Morgan Healthcare Virtual Conference on January 10, 2022.

On December 16, 2021, KOD informed completion of patient enrollment in Phase 3 BEACON trials of KSI-301 for treating macular edema related to retinal vein occlusion.

KOD: Key Financials

On November 9, 2021, KOD released its third-quarter 2021 financial results ended September 30, 2021. Some of the focal points are mentioned below.

Revenue

No revenue was recorded in Q3 2021 as well as in the same quarter of 2020.

EPS

Basic and diluted net loss in the third quarter of 2021 was $67.5 million or $1.30 per share against $36.1 million or $0.80 per share in the same quarter of 2020. The company’s EPS decreased over the year. Also, the company missed the analysts’ estimated EPS target by -$0.11

Conclusion

KOD stock down-performed in the past year as the companies faced turmoil due to COVID-19. The company’s stock was down in Wednesday’s premarket session as the company announced its topline results did not meet the primary endpoints. The date of the fourth-quarter earnings release is approaching and the analysts are expecting an EPS of -$1.40.

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