Kodiak Sciences Inc · Q1 2020 earnings

Briefing

Reported business highlights and financial results.

Kodiak Sciences reported its Q1 2020 financial results, highlighting a net loss of $24.4 million, or $0.54 per share. The company ended the quarter with $430.4 million in cash, cash equivalents, and marketable securities. Despite minimal disruption from COVID-19 in ongoing clinical trials, the initiation of the next set of KSI-301 pivotal studies was delayed by one quarter.

• Patient missed visit rates in the DAZZLE study are less than 5%, and clinical trial sites continue to enroll new patients.
• Kodiak Sciences has over $430 million in cash, cash equivalents, and marketable securities at quarter end.
• The initiation of the next set of KSI-301 pivotal studies was delayed by one quarter, from June/July to September/October 2020.
• Kodiak intends to conduct two phase 3 studies in DME, one study in wet AMD, one study in RVO, and one study in non-proliferative DR.

Headline financials

Revenue & EPS history

Kodiak expects to initiate two KSI-301 pivotal Phase 3 randomized head-to-head studies against aflibercept in treatment naïve Diabetic Macular Edema (DME) patients, initiate KSI-301 pivotal Phase 3 randomized head-to-head study against aflibercept in treatment naïve branch Retinal Vein Occlusion (BRVO) and central Retinal Vein Occlusion (CRVO) patients and initiate KSI-301 pivotal Phase 3 randomized study against sham in non-proliferative Diabetic Retinopathy (NPDR) without DME patients.