Kodiak Sciences, Inc. (KOD)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$87.63+2.16%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Kodiak Sciences, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	0
EPS	—	-1.03
Annual ending 2026-12-31
Revenue	—	11.32M
EPS	—	-4.079
Annual ending 2027-12-31
Revenue	—	49.14M
EPS	—	-3.85

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain cash runway into 2027	The company aims to maintain its cash runway into 2027.	Intact	Cash runway falls short of covering operations into 2027	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 2 quarters (2026-Q1 and 2026-Q2) that cash and cash equivalents will support operations into 2027. Cash declined from $169.5 million in 2026-Q1 to $125.9 million in 2026-Q2. Management reiterates runway guidance, indicating ongoing liquidity management but with a declining cash balance. Delivery assessment Oct 24, 2026
EPS loss narrows toward consensus	A primary condition in Kodiak Sciences, Inc.'s published investment case. The stated target is EPS improves to about -3.74 USD per share in FY26 and -3.12 USD in FY27.	Broken	EPS loss worsens or fails to improve toward consensus estimates in FY26 and FY27	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Begin generating meaningful revenue	A supporting condition in Kodiak Sciences, Inc.'s published investment case. The stated target is Revenue reaches at least $57 million in FY27.	Broken	Revenue fails to reach $57 million in FY27	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

Unavailable → Unavailable · observed estimates

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	4 / 4
2026-07-25	Unavailable	Unavailable	4 / 4
2026-07-26	Unavailable	Unavailable	4 / 4
2026-07-27	Unavailable	Unavailable	4 / 4
2026-07-28	Unavailable	Unavailable	4 / 4
2026-07-29	$-3.12	Unavailable	5 / 4
2026-07-30	$-3.12	Unavailable	5 / 4
2026-07-31	$-3.12	Unavailable	5 / 4
2026-08-01	Unavailable	Unavailable	4 / 4
2026-08-02	$-3.12	Unavailable	5 / 4
2026-08-03	Unavailable	Unavailable	4 / 4
2026-08-04	Unavailable	Unavailable	4 / 4
2026-08-05	Unavailable	Unavailable	4 / 4
2026-08-06	Unavailable	Unavailable	4 / 4
2026-08-07	Unavailable	Unavailable	3 / 3
2026-08-08	Unavailable	Unavailable	4 / 4
2026-08-09	Unavailable	Unavailable	4 / 4
2026-08-10	Unavailable	Unavailable	3 / 3
2026-08-12	Unavailable	Unavailable	3 / 3
2026-08-13	Unavailable	Unavailable	3 / 3
2026-08-14	Unavailable	Unavailable	3 / 3
2026-08-15	Unavailable	Unavailable	3 / 3
2026-08-16	Unavailable	Unavailable	3 / 3
2026-08-17	Unavailable	Unavailable	3 / 3
2026-08-18	Unavailable	Unavailable	3 / 3
2026-08-19	Unavailable	Unavailable	3 / 3
2026-08-20	Unavailable	Unavailable	3 / 3
2026-08-21	Unavailable	Unavailable	3 / 3
2026-08-22	Unavailable	Unavailable	3 / 3
2026-08-23	Unavailable	Unavailable	3 / 3
2026-08-24	Unavailable	Unavailable	3 / 3
2026-08-25	Unavailable	Unavailable	3 / 3
2026-08-26	Unavailable	Unavailable	3 / 3
2026-08-27	Unavailable	Unavailable	3 / 3
2026-08-28	Unavailable	Unavailable	3 / 3
2026-08-29	Unavailable	Unavailable	3 / 3
2026-08-30	Unavailable	Unavailable	3 / 3
2026-08-31	Unavailable	Unavailable	3 / 3
2026-09-01	Unavailable	Unavailable	3 / 3
2026-09-02	Unavailable	Unavailable	3 / 3
2026-09-03	Unavailable	Unavailable	3 / 3
2026-09-04	Unavailable	Unavailable	3 / 3
2026-09-05	Unavailable	Unavailable	3 / 3
2026-09-06	Unavailable	Unavailable	3 / 3
2026-09-07	Unavailable	Unavailable	3 / 3
2026-09-08	Unavailable	Unavailable	3 / 3
2026-09-09	Unavailable	Unavailable	3 / 3
2026-09-10	Unavailable	Unavailable	3 / 3
2026-09-11	Unavailable	Unavailable	3 / 3
2026-09-12	Unavailable	Unavailable	3 / 3
2026-09-13	Unavailable	Unavailable	3 / 3
2026-09-14	Unavailable	Unavailable	3 / 3
2026-09-15	Unavailable	Unavailable	3 / 3
2026-09-16	Unavailable	Unavailable	3 / 3
2026-09-17	Unavailable	Unavailable	3 / 3
2026-09-18	Unavailable	Unavailable	3 / 3
2026-09-19	Unavailable	Unavailable	3 / 3
2026-09-20	Unavailable	Unavailable	3 / 3
2026-09-21	Unavailable	Unavailable	3 / 3
2026-09-22	Unavailable	Unavailable	3 / 3
2026-09-23	Unavailable	Unavailable	3 / 3
2026-09-24	Unavailable	Unavailable	3 / 3
2026-09-25	Unavailable	Unavailable	3 / 4
2026-09-26	Unavailable	Unavailable	3 / 4
2026-09-27	Unavailable	Unavailable	3 / 4
2026-09-28	Unavailable	Unavailable	3 / 4
2026-09-29	Unavailable	Unavailable	3 / 4
2026-09-30	Unavailable	Unavailable	3 / 4
2026-10-01	Unavailable	Unavailable	3 / 4
2026-10-02	Unavailable	Unavailable	3 / 4
2026-10-03	Unavailable	Unavailable	3 / 4
2026-10-04	Unavailable	Unavailable	3 / 4
2026-10-05	Unavailable	Unavailable	3 / 4
2026-10-06	Unavailable	Unavailable	3 / 4
2026-10-07	Unavailable	Unavailable	3 / 4
2026-10-08	Unavailable	Unavailable	3 / 4
2026-10-09	Unavailable	Unavailable	3 / 4
2026-10-10	Unavailable	Unavailable	3 / 4
2026-10-11	Unavailable	Unavailable	3 / 4
2026-10-12	Unavailable	Unavailable	3 / 4
2026-10-13	Unavailable	Unavailable	3 / 4
2026-10-14	Unavailable	Unavailable	3 / 4
2026-10-15	Unavailable	Unavailable	3 / 4
2026-10-16	Unavailable	Unavailable	3 / 4
2026-10-17	Unavailable	Unavailable	3 / 4
2026-10-18	Unavailable	Unavailable	3 / 4
2026-10-19	Unavailable	Unavailable	3 / 4
2026-10-20	Unavailable	Unavailable	3 / 4
2026-10-21	Unavailable	Unavailable	3 / 4
2026-10-22	Unavailable	Unavailable	3 / 4
2026-10-23	Unavailable	Unavailable	3 / 4
2026-10-24	Unavailable	Unavailable	3 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	7	1
2026-06-01	7	0
2026-07-01	7	0
2026-08-01	6	0
2026-09-01	6	1
2026-10-01	6	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 6 Buy / Strong Buy · 1 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades4 maintains

Recent actions · Sep 25–Oct 24 · 4 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

H.C. WainwrightOct 12 · prior Sep 28

$96.00 → $126.00+31.3%

Goldman SachsSep 30 · prior Sep 24

$36.00 → $103.00+186.1%

UBSSep 29

$120.00New observation · no comparable prior

JefferiesSep 28

$112.00New observation · no comparable prior

$0$69.30$138.60

2 raises · 0 cuts · 0 unchanged · 2 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain cash runway into 2027Direct metric needs a verified mapping
EPS loss narrows toward consensusPublished status: Broken
Begin generating meaningful revenuePublished status: Broken

Next proof point

Nov 12, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.9%Typical daily move · historical

Downside history

-36.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Kodiak Sciences, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

KOD is a high-risk clinical-stage healthcare company, not an established earnings compounder. Its multi-year view is in a watch state: management has advanced some study milestones, but execution is mixed and the company remains loss-making.

What's priced into Kodiak Sciences, Inc.

The evidence gives no valuation estimate or clear account of market expectations, so whether KOD is cheap or expensive versus peers cannot be assessed. No priced-in fragility gates fired, but that does not establish that expectations are modest.

What the fundamentals likely do

Near term, results may remain uneven: KOD had an earnings miss in August after a beat in May and a miss in March, and the next report carries elevated miss risk. Over the multi-year view, Phase 3 readouts and planned BLA filings are key milestones, while the cash balance fell from the first to the second quarter even as management said it could fund operations into 2027.

What Kodiak Sciences, Inc. hinges on

The thesis depends on KOD delivering planned study results and regulatory filings, including the expected Zenkuda filing in the fourth quarter of 2026 and KSI-101 filing in the second quarter of 2027. A guidance cut or further cash decline would add pressure; continued healthcare-sector strength could help the backdrop, but does not resolve company-specific execution risk.