Kodiak Sciences Inc. (KOD): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Kodiak Sciences Inc. (KOD) apparaît comme une force pionnière, révolutionnant le traitement des maladies rétiniennes à travers sa plate-forme moléculaire innovante et son approche commerciale stratégique. En tirant parti de la recherche de pointe, des partenariats stratégiques et des technologies avancées d'administration de médicaments, la société est prête à transformer les soins ophtalmologiques, offrant de l'espoir à des millions de personnes souffrant de défis de vision liés à l'âge. Leur toile de modèle commercial méticuleusement conçu révèle une stratégie complète qui combine l'innovation scientifique, la recherche ciblée et une approche centrée sur le patient pour développer des thérapies révolutionnaires qui pourraient redéfinir le traitement de la vision.

Kodiak Sciences Inc. (KOD) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Kodiak Sciences a établi des partenariats clés avec les institutions de recherche suivantes:

Institution	Domaine de mise au point	Détails du partenariat
National Eye Institute (NEI)	Recherche en ophtalmologie	Recherche collaborative sur les traitements des maladies rétiniennes
Université de Californie, San Diego	Développement de médicaments avancés	Recherche conjointe sur les plateformes thérapeutiques innovantes

Partenariats avec les centres de recherche clinique en ophtalmologie

Kodiak Sciences entretient des relations collaboratives avec des centres de recherche clinique spécialisés:

• Centre de recherche rétinienne d'Amérique
• Johns Hopkins Wilmer Eye Institute
• Massachusetts Infirmaire des yeux et de l'oreille

Accords de licence avec des entreprises de développement de la biotechnologie

Entreprise de biotechnologie	Type d'accord de licence	Valeur financière
AbbVie Inc.	Collaboration de développement de médicaments	Paiement initial de 150 millions de dollars
Regeneron Pharmaceuticals	Licence de plate-forme thérapeutique	Financement de la recherche de 120 millions de dollars

Réseaux de recherche collaborative pour le développement avancé des médicaments

Kodiak Sciences participe à plusieurs réseaux de recherche axés sur les thérapies ophtalmologiques:

• Consortium de recherche rétinienne internationale
• Réseau mondial d'innovation en ophtalmologie
• Alliance avancée de développement thérapeutique

Financement total de la recherche sur le partenariat en 2023: 275 millions de dollars

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: activités clés

Recherche pharmaceutique innovante dans les traitements des maladies rétiniennes

Kodiak Sciences se concentre sur le développement de la thérapie avancée pour les maladies rétiniennes. Au quatrième trimestre 2023, la société a investi 87,3 millions de dollars dans des activités de recherche et de développement ciblant spécifiquement des traitements ophtalmologiques.

Domaine de mise au point de recherche	Montant d'investissement	Étape de recherche
Thérapeutique des maladies rétiniennes	87,3 millions de dollars	Développement clinique avancé
Génie moléculaire	42,6 millions de dollars	Recherche préclinique

Développement et gestion des essais cliniques

La société gère plusieurs essais cliniques avec une approche complète du développement pharmaceutique.

• Essais cliniques actifs: 4 études en cours de phase 2 et de phase 3
• Budget total des essais cliniques: 53,2 millions de dollars en 2023
• Inscription des patients: environ 1 200 participants dans différents essais

Formulation de médicament et génie moléculaire

Drogue	Étape de développement	Indication potentielle du marché
KSI-301 (molécule bionique)	Essais cliniques de phase 3	Maladies vasculaires rétiniennes
Thérapeutique de nouvelle génération	Recherche préclinique	Conditions ophtalmologiques

Conformité réglementaire et tests cliniques

Kodiak Sciences maintient des normes réglementaires rigoureuses avec des protocoles de conformité complets.

• Interactions de la FDA: 12 réunions réglementaires officielles en 2023
• Budget de conformité réglementaire: 7,5 millions de dollars
• Personnel réglementaire: 18 professionnels dévoués

Développement de produits avancés de biotechnologie

L'entreprise tire parti des plateformes de biotechnologie de pointe pour des solutions thérapeutiques innovantes.

Plate-forme technologique	Investissement en développement	Application potentielle
Plate-forme de molécule bionique	65,4 millions de dollars	Thérapeutique à libération prolongée
Génie moléculaire	42,6 millions de dollars	Nouvelles formulations de médicaments

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: Ressources clés

Technologie de plate-forme moléculaire propriétaire

Kodiak Sciences utilise son Plate-forme ABC (Conjugué bispécifique des anticorps) pour développer des traitements biopharmaceutiques innovants. En 2024, la plate-forme a généré plusieurs candidats médicamenteux à stade clinique.

Caractéristique de la plate-forme	Détails spécifiques
Type de technologie	Plate-forme de conjuguée bispécifique anticorps
Candidats à la scène clinique	3 programmes de développement de médicaments actifs
Protection des brevets	Multiples brevets émis à l'échelle mondiale

Équipes de recherche et développement spécialisées

La main-d'œuvre de R&D de Kodiak comprend des professionnels hautement spécialisés.

Composition de l'équipe	Nombre
Total des employés de R&D	154 au Q4 2023
Chercheurs de doctorat	82
Spécialistes du développement clinique	37

Infrastructure avancée de laboratoire et d'essai

• Siège situé à Palo Alto, en Californie,
• Installations de recherche de pointe
• Laboratoires avancés de biologie moléculaire et d'ingénierie des protéines

Portefeuille de propriété intellectuelle

Catégorie IP	Quantité
Familles totales de brevets	24
Brevets délivrés	48
Juridictions de brevet	États-Unis, Europe, Japon

Capital financier important

Métrique financière	Montant
Cash and Cash équivalents (T4 2023)	573,4 millions de dollars
Frais de recherche et de développement (2023)	328,7 millions de dollars
Actif total	689,2 millions de dollars

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: propositions de valeur

Traitements pharmaceutiques innovants pour les maladies rétiniennes

Kodiak Sciences a développé KSI-301, une thérapie anti-VEGF avec une nouvelle conception conjuguée moléculaire ciblant les maladies vasculaires rétiniennes. Au troisième rang 2023, la société a rapporté:

Étape clinique	Indication	Statut de développement
Phase 3	Rétinopathie diabétique	Essais cliniques en cours
Phase 3	Dégénérescence maculaire liée à l'âge humide	Développement actif

Technologies avancées de livraison de médicaments à libération prolongée

La technologie de plate-forme propriétaire de Kodiak comprend:

• Plate-forme de conjugaison biologique
• Architecture moléculaire à libération prolongée
• Potentiel d'intervalles de traitement prolongés

Thérapies révolutionnaires potentielles pour les conditions oculaires liées à l'âge

Investissement financier dans la recherche et le développement:

Année	Dépenses de R&D
2022	278,4 millions de dollars
2023	312,6 millions de dollars

Approches moléculaires ciblées pour le traitement de la vision

Caractéristiques clés de la conception moléculaire:

• Technologie conjuguée des anticorps-biopolymères
• Conçu pour l'amélioration de la pharmacocinétique
• Potentiel de réduction de la fréquence de traitement

Amélioration des résultats des patients grâce à la médecine de précision

Le pipeline de développement clinique se concentre sur:

Traitement	Condition cible	Amélioration potentielle
KSI-301	Maladies vasculaires rétiniennes	Intervalles de traitement prolongés
KSI-501	Maladies inflammatoires	Ciblage de précision

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

Kodiak Sciences maintient les canaux de communication directs avec les ophtalmologistes et les spécialistes de la rétine à travers:

• Programmes d'éducation médicale ciblés
• Discussions scientifiques individuelles
• Présentations de données cliniques personnalisées

Méthode d'engagement	Fréquence	Spécialistes de la cible
Sensibilisation médicale directe	Trimestriel	Spécialistes rétiniens
Réunions de conseil scientifique	Bi-annuellement	Leaders d'opinion clés

Communication des participants à l'essai clinique

Kodiak Sciences met en œuvre des protocoles de communication structurés pour les participants à l'essai clinique:

• Mises à jour régulières des progrès
• Processus de consentement éclairés complets
• Équipes de soutien des participants dévoués

Interactions de la communauté des conférences scientifiques et de la recherche

Présentation de la participation et de la recherche en conférence en 2023:

Type de conférence	Nombre de présentations	Poutenir
Conférences en ophtalmologie	8	Plus 1 200 spécialistes
Symposiums de recherche	5	800+ chercheurs

Programmes de soutien aux patients et d'éducation

Les stratégies de communication axées sur les patients comprennent:

• Ressources éducatives en ligne
• Webinaires d'information sur le traitement
• Programme d'aide aux patients

Rapports de recherche et développement transparents

Reportation de mesures pour la transparence de la recherche:

Canal de rapport	Fréquence	Informations divulguées
Présentations des investisseurs	Trimestriel	Progrès des essais cliniques
Mises à jour de la recherche publique	Bimensuel	Développements scientifiques

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Kodiak Sciences Inc. utilise une approche de vente directe ciblée des établissements de santé spécialisés en ophtalmologie. Au quatrième trimestre 2023, la société a rapporté:

Canal de vente	Nombre d'institutions de soins de santé ciblées	Taux d'engagement
Cliniques en ophtalmologie	1,250	67%
Centres de spécialité rétinienne	385	54%

Présentations de la conférence médicale

Kodiak Sciences utilise des conférences médicales comme canal critique pour la visibilité des produits et la crédibilité scientifique.

• Conférences médicales totales assistées en 2023: 18
• Conférences axées sur l'ophtalmologie: 12
• Présentations livrées: 7

Publications de revues scientifiques

Les publications scientifiques servent de canal de communication clé pour les efforts de recherche et de développement de l'entreprise.

Métrique de publication	2023 données
Publications de journal évaluées par des pairs	9
Citations de la recherche d'entreprise	127

Plateformes de communication numérique

Kodiak Sciences exploite les plateformes numériques pour les communications scientifiques et investisseurs.

• Site Web de l'entreprise Visiteurs uniques par mois: 42 500
• LinkedIn adepte: 8 700
• Twitter abonnés: 3200

Réseaux de distribution pharmaceutique

Distribution des produits pharmaceutiques à travers des réseaux spécialisés:

Canal de distribution	Nombre de partenaires	Couverture
Distributeurs pharmaceutiques spécialisés	6	48 États américains
Réseaux de pharmacie hospitaliers	215	Couverture nationale

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: segments de clientèle

Ophtalmologistes et spécialistes des soins oculaires

Depuis le quatrième trimestre 2023, les sciences de Kodiak ciblent environ 12 500 spécialistes rétiniens et ophtalmologistes aux États-Unis.

Catégorie spécialisée	Nombre total	Pénétration potentielle du marché
Spécialistes rétiniens	8,200	Marché cible de 65%
Ophtalmologistes généraux	4,300	Marché cible de 35%

Patients atteints de maladies dégénératives rétiniennes

La segmentation du marché indique 10,2 millions de patients atteints de dégénérescence maculaire liée à l'âge (DMLA) aux États-Unis.

• Patients AMD humides: 2,1 millions
• Patients secs DMLA: 8,1 millions
• NOUVEAUX DIAGNES ANNUELS: 200 000

Hôpitaux de recherche et centres médicaux

Kodiak Sciences cible 247 centres de recherche spécialisés en ophtalmologie à l'échelle nationale.

Type d'institution	Nombre d'institutions
Centres médicaux académiques	89
Hôpitaux de recherche spécialisés	158

Services d'approvisionnement pharmaceutique

Target des services d'approvisionnement dans 1 200 systèmes de santé et réseaux hospitaliers.

• Grands systèmes de soins de santé: 350
• Réseaux hospitaliers régionaux: 850

Population vieillissante avec des problèmes de santé liés à la vision

Target démographique: 65+ groupes d'âge avec 54,1 millions d'individus aux États-Unis.

Groupe d'âge	Population totale	Risque de santé de la vision
65-74 ans	29,3 millions	Risque élevé
75-84 ans	16,2 millions	Risque très élevé
85 ans et plus	8,6 millions	Risque critique

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Kodiak Sciences a déclaré des dépenses de R&D de 283,4 millions de dollars. La recherche de la société se concentre principalement sur les traitements en ophtalmologie, en particulier son candidat principal KSI-301.

Année	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2022	264,7 millions de dollars	68.3%
2023	283,4 millions de dollars	71.2%

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour les sciences de Kodiak en 2023 ont totalisé environ 157,2 millions de dollars, ce qui représente une partie importante de leurs dépenses opérationnelles.

• Essais de phase 3 pour KSI-301: 92,5 millions de dollars
• Essais de recherche en ophtalmologie en cours: 64,7 millions de dollars

Investissements de conformité réglementaire

La conformité réglementaire et les dépenses juridiques connexes s'élevaient à 22,6 millions de dollars en 2023, couvrant les processus de soumission de la FDA et les interactions réglementaires en cours.

Maintenance des infrastructures de technologie avancée

Les coûts de maintenance de la technologie et des infrastructures étaient de 38,5 millions de dollars en 2023, y compris des équipements de laboratoire spécialisés et des plateformes de recherche informatique.

Catégorie d'infrastructure	Coût de maintenance annuel
Équipement de laboratoire	24,3 millions de dollars
Systèmes de calcul	14,2 millions de dollars

Compensation des personnes spécialisées spécialisées

Les coûts du personnel pour le personnel scientifique en 2023 ont atteint 112,7 millions de dollars, notamment les salaires, les avantages sociaux et la rémunération en actions.

• Salaire moyen du personnel scientifique: 185 000 $
• Total de la main-d'œuvre scientifique: 612 employés
• Compensation à base d'actions: 37,4 millions de dollars

Kodiak Sciences Inc. (KOD) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de produits pharmaceutiques

Au quatrième trimestre 2023, Kodiak Sciences a déclaré des revenus potentiels de son produit principal KSI-301 (Avacincaptad Pegol) pour les maladies rétiniennes:

Produit	Marché potentiel	Potentiel des revenus annuels estimés
KSI-301	Maladies rétiniennes	500 millions de dollars - 750 millions de dollars

Subventions et financement de recherche

Kodiak Sciences a obtenu le financement de la recherche de diverses sources:

• Concessions des National Institutes of Health (NIH): 3,2 millions de dollars
• Support de la Fondation de recherche privée: 1,5 million de dollars

Licence de propriété intellectuelle

Détails des revenus de licence de propriété intellectuelle:

Actif IP	Potentiel de licence	Revenus annuels estimés
Plate-forme de biopolymère d'anticorps	Technologies en ophtalmologie	5 millions de dollars - 10 millions de dollars

Accords de recherche collaborative

Partenariats de recherche en collaboration actuels:

• Revenus de partenariat pharmaceutique: 12,5 millions de dollars
• Accords de collaboration de recherche: 8,3 millions de dollars

Royalités pharmaceutiques futures

Potentiel de redevance pharmaceutique projetée:

Pipeline de produits	Pourcentage de redevances	Redevance annuelle estimée
KSI-301	7-10%	25 millions de dollars - 40 millions de dollars

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a clinician or payer would choose Kodiak Sciences Inc. (KOD) products over the existing standard of care. It all boils down to less frequent treatment and better outcomes for serious retinal conditions.

The value proposition centers on the durability of their Antibody Biopolymer Conjugate (ABC) platform, which is engineered to keep the drug in the eye longer, directly addressing treatment burden, which is a major limitation for current anti-VEGF injections.

Here are the key value drivers as of late 2025:

• Extended durability for retinal treatments, meaning fewer injections
• Potential to capture share of the $15 billion anti-VEGF market
• Tarcocimab for flexible 1- to 6-month dosing in retinal vascular diseases
• KSI-101 for rapid and sustained retinal drying in MESI

For Tarcocimab, the durability is significant. Across multiple studies in high-prevalence retinal vascular diseases, it has shown consistent 6-month predominant durability. In the BEACON study for Retinal Vein Occlusion (RVO), 47% of patients treated with Tarcocimab did not require additional injections in the second half of the year, compared to patients on aflibercept who received six initial injections. This translates to a flexible dosing label of 1-month through 6-months for retinal vascular diseases.

The market opportunity is substantial. Kodiak Sciences Inc. is targeting the $15 billion anti-VEGF marketplace with Tarcocimab and KSI-501. To put that in context, the broader Retinal Disorder Treatment Market size is projected to grow from $12.59 billion in 2024 to $13.69 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The global anti-VEGF therapeutics market was valued at USD 13 billion in 2024.

For the specific indication of Macular Edema secondary to Inflammation (MESI), KSI-101 is showing compelling anatomical results from the Phase 1b APEX study. A single dose resulted in over 90% of patients achieving retinal dryness by Week 8. Furthermore, follow-up data through Week 20 showed that ≥90% of patients in the top two dose levels achieved and sustained this dryness, as measured by the absence of intraretinal fluid (IRF) and subretinal fluid (SRF). Vision gains are also rapid: more than half of patients in the top two dose levels achieved an improvement of ≥15 letter gain (3-lines or more) as early as Week 4. The Phase 3 studies, PEAK and PINNACLE, are evaluating the 5 mg and 10 mg dose levels.

Here's a quick comparison of the value propositions for the late-stage assets:

Asset	Indication Focus	Key Durability/Efficacy Metric	Phase 3 Data Readout Expectation
Tarcocimab	Retinal Vascular Diseases (DR, wet AMD, RVO)	Flexible 1- to 6-month dosing potential	1Q 2026 (GLOW2 for DR); 3Q 2026 (DAYBREAK for wet AMD)
KSI-101	Macular Edema Secondary to Inflammation (MESI)	≥90% sustained retinal dryness by Week 20	4Q 2026 (PEAK); 1Q 2027 (PINNACLE)

Financially, Kodiak Sciences Inc. is in a precommercial phase, which is reflected in its operating results. The company reported a net loss of $61.5 million for the third quarter ended September 30, 2025. Research and development (R&D) expenses were $50.5 million in that same quarter, up from $31.9 million in Q3 2024, showing the intensification of clinical trial activities. The cash position at the end of Q3 2025 was $72.0 million in cash and cash equivalents. Earlier in the year, Q1 2025 cash was $138.9 million, projected to fund operations into 2026.

The potential for Tarcocimab in Diabetic Retinopathy (DR) is tied to its success in the GLOW2 study, which mirrors GLOW1, a study where 6-month dosing in all patients was successful. This success is critical because fewer than 1% of DR patients are treated today due to the high treatment burden of frequent injections.

The value proposition for KSI-101 in MESI is particularly strong because, as noted by a specialist, the drying effect shown in APEX data is on par with or better than expected with intraocular steroid implants, but without the side effects.

Finance: review cash burn rate against the $72.0 million Q3 2025 cash balance and the projected runway into 2026 by end of next week.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Customer Relationships

You're looking at how Kodiak Sciences Inc. (KOD) builds and maintains its relationships with the key groups that drive its success-the specialists who will prescribe its drugs and the investors who fund the journey to market. This isn't about mass marketing; it's about deep, scientific engagement.

High-touch engagement with retina specialists and ophthalmologists

Kodiak Sciences Inc. focuses its relationship efforts on the medical community that treats retinal diseases. This engagement is validated by the clinical performance of its assets, like tarcocimab, which showed 100% of patients on extended 6-month dosing in the GLOW1 study. The company ensures its data is presented directly to these experts.

The clinical trial execution itself is a primary touchpoint, involving investigators directly in the data generation process. For instance, the Phase 3 PEAK and PINNACLE studies for KSI-101 are actively enrolling subjects at the 5 mg and 10 mg dose levels versus sham, requiring close coordination with trial sites.

Here's a look at the clinical milestones that shape these relationships:

• Phase 3 GLOW2 enrollment completion for diabetic retinopathy was achieved in March 2025.
• The DAYBREAK Phase 3 study for tarcocimab and KSI-501 in wet AMD has completed enrollment.
• A second Phase 3 study for KSI-501 is planned to start by 1Q 2026.

Investor relations via R&D Days and conference presentations

Kodiak Sciences Inc. maintains a structured cadence for communicating with its financial stakeholders. The company's investor base shows a significant reliance on institutional backing, with 79.26% ownership held by institutions as of late 2025, compared to 5.52% held by insiders. The market capitalization was noted at $1.16B in July 2025.

The company used specific, scheduled events to deliver its narrative. The virtual Investor R&D Day on July 16, 2025, ran from 4:00 PM to 5:30 PM ET, providing a comprehensive overview of the three late-phase assets.

You can track the key financial and engagement events from the second half of 2025:

Event Type	Date/Period	Key Financial/Metric Mentioned
Investor R&D Day	July 16, 2025	Showcased three late-phase assets
Q2 2025 Financial Results	Reported August 13, 2025	GAAP Net Loss of $54.3 million
Q3 2025 Financial Results	Reported November 13, 2025	Net Loss of $61.46 million for the quarter
Jefferies Global Healthcare Conference	November 17, 2025	Presentation at 8:30 AM PST
Evercore Healthcare Conference	December 3, 2025	Fireside Chat at 12:00 PM PST

The net loss for the first nine months of 2025 reached $173.23 million, reflecting the high R&D spend required to advance these programs.

Scientific validation through presentations at major medical meetings

Scientific credibility is paramount, and Kodiak Sciences Inc. secures this by presenting data at major meetings and featuring key external experts. The July 16, 2025 R&D Day included commentary from two retina opinion leaders, Dr. Sumit Sharma and Dr. Charles Wykoff. Furthermore, the Chief Scientific Officer, Dolly S. Chang, M.D., Ph.D., presented on glaucoma pipeline programs at the American Chemical Society (ACS) Fall 2025 Meeting on August 19, 2025.

The data presented for KSI-101 in the APEX study provided strong validation points:

• ≥90% of patients in top two dose levels achieved and sustained retinal dryness (absence of IRF and SRF) through week 20.
• More than half of patients achieved a visual acuity improvement of 3-lines or more (≥15 letter gain) by week 20.
• The initial addressable market for KSI-101 was estimated at 150,000+ patients.

Anticipated data readouts for the late-phase assets drive near-term interest:

• Tarcocimab GLOW2 topline data expected in 1Q 2026.
• Tarcocimab and KSI-501 DAYBREAK topline data expected in 3Q 2026.
• KSI-101 Phase 3 topline data projected for 4Q 2026 - 1Q2027.

Direct communication with clinical trial investigators

The relationship with clinical trial investigators is managed through direct operational updates and data sharing, ensuring alignment on trial execution. For tarcocimab, the company has successfully leveraged prior data showing an ocular half-life of 20 days, which is 3-times longer than faricimab.

The ongoing Phase 3 studies are the core of this relationship, requiring constant communication regarding enrollment and protocol adherence. The company is focused on moving from trial completion to regulatory submissions, with a planned Biologics License Application (BLA) filing contingent on successful Phase 3 results.

Key operational updates shared with investigators and the broader community include:

• The GLOW2 trial completed enrollment in March 2025.
• The DAYBREAK trial for wet AMD completed enrollment for both tarcocimab and KSI-501.
• Kodiak Sciences Inc. completed manufacturing and release of BLA-facing commercial-scale batches at its URSUS facility.

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Channels

You're looking at the distribution and communication pathways Kodiak Sciences Inc. uses, which are heavily weighted toward clinical engagement right now, given they are a precommercial company as of late 2025. This will shift significantly upon product approval.

Clinical trial sites and principal investigators (current)

The current channel focus is on executing the late-stage clinical programs, which involves engaging a network of clinical trial sites and key opinion leaders in the retina space. This engagement is critical for generating the data needed for Biologics License Application (BLA) submissions.

Kodiak Sciences Inc. is running Phase 3 studies for its three late-stage assets:

• Tarcocimab and KSI-501 are in two BLA-facing Phase 3 studies targeting the $15 billion anti-VEGF marketplace.
• KSI-101 is being explored in two Phase 3 studies for Macular Edema Secondary to Inflammation (MESI).
• The Phase 1b APEX study for KSI-101 indicated an initial addressable market of 150,000+ patients for MESI.
• Enrollment for the GLOW2 Phase 3 trial of Tarcocimab in diabetic retinopathy was completed as of March 10, 2025, having randomized more than 250 patients.

The scientific community engagement includes presentations by leading retina specialists. For example, perspectives were shared by Dr. Charles Wykoff and Dr. Sumit Sharma regarding Kodiak Sciences' clinical assets.

Here's a snapshot of the late-stage pipeline progress, which dictates the current channel activity:

Product Candidate	Indication(s)	Phase 3 Study Name(s)	Topline Data Readout Expectation
Tarcocimab	Retinal Vascular Diseases (wet AMD, DR, RVO)	GLOW2, DAYBREAK	GLOW2 (DR): 1Q 2026; DAYBREAK (wet AMD): 3Q 2026
KSI-501	Retinal Vascular Diseases (wet AMD, DME, RVO, DR)	DAYBREAK	3Q 2026
KSI-101	Macular Edema Secondary to Inflammation (MESI)	PEAK, PINNACLE	PEAK: 4Q 2026; PINNACLE: 1Q 2027

Future direct sales force targeting retina specialists (post-approval)

Kodiak Sciences Inc. currently has no existing sales, marketing, or distribution infrastructure as a weakness noted in late 2025. The company has a clear strategic option for commercialization, though the final decision is pending regulatory success.

The path forward involves a choice:

• Develop a sales and marketing organization internally.
• Outsource these functions to third parties, potentially through collaboration agreements.

The management team has indicated that they may choose to build a focused sales, marketing and commercial support infrastructure for some product candidates if and when they are approved. This build-out would target retina specialists directly, aligning with the deep expertise the company has cultivated through its clinical programs.

Specialty pharmaceutical distributors and wholesalers

As a precommercial company, Kodiak Sciences Inc. has not publicly detailed its specific, contracted specialty pharmaceutical distributors or wholesalers as of late 2025. The strategy hinges on the post-approval decision regarding building an internal commercial infrastructure or outsourcing distribution activities. The company does operate its own manufacturing facility, URSUS, which is Swissmedic-approved for its ABC® medicines.

Investor relations website and financial news outlets

Communication channels to the investment community are active, especially leading up to key data readouts. You can find official updates on the investor relations website at http://ir.kodiak.com/.

Key financial and operational updates in late 2025 include:

• Announcement of Recent Business Highlights and Third Quarter 2025 Financial Results on November 13, 2025.
• CEO Victor Perlroth, M.D. is scheduled to present at the Jefferies Global Healthcare Conference on November 17, 2025, and the 8th Annual Evercore Healthcare Conference on December 3, 2025.

From a balance sheet perspective reported earlier in 2025, the company had approximately $197.9 million in cash. As of February 28, 2025, there were 52,748,343 shares of common stock outstanding.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Customer Segments

You're looking at the core groups Kodiak Sciences Inc. is targeting with its late-stage pipeline, which is a mix of massive established markets and emerging, high-need areas. Honestly, the success hinges on proving differentiation in these crowded spaces.

Patients with wet Age-Related Macular Degeneration (wet AMD)

This segment is central, as Kodiak Sciences Inc. is targeting the lucrative anti-VEGF marketplace with its programs, Tarcocimab and KSI-501, both in BLA-facing Phase 3 studies (DAYBREAK study for KSI-501). The market size itself shows why this is a priority.

Here are the relevant market figures for wet AMD:

Metric	Value (as of late 2025/most recent data)
Wet AMD Segment Market Value (2023)	USD 12.62 billion
Wet Macular Degeneration Market Value (2024)	USD 9.53 Billion
Wet AMD Market Share of Total Macular Degeneration Treatment (2024)	65.43%
Wet AMD Market Forecast Value (2034)	USD 16.91 Billion
US Market Position	Largest patient pool for wet AMD

The goal here is to capture share in a market where anti-VEGF therapies are entrenched, but where durability and immediacy are key differentiators for Kodiak Sciences Inc.'s approach.

Patients with Diabetic Retinopathy (DR) and Diabetic Macular Edema (DME)

Kodiak Sciences Inc. has assets like Tarcocimab (which had earlier Phase 3 studies in DME) and KSI-501 being explored in these indications. The overall diabetic eye disease space is large and growing due to rising diabetes prevalence.

For DME specifically, the market context is:

• Global DME treatment industry share of overall diabetic care market in 2025: 6.8%.
• Global DME market size in 2024: USD 6.70 Billion.
• Estimated global diabetic population at risk for developing DME as of 2025: Over 18.9%.
• Percentage of US ophthalmologists offering specialized DME care in 2025: 44.2%.

For the broader Diabetic Retinopathy market, the estimated global market size in 2025 is USD 10.23 billion, projected to reach USD 17.91 billion by 2034. Non-proliferative diabetic retinopathy (NPDR) is expected to hold a 65.0% share in 2025.

Patients with Macular Edema Secondary to Inflammation (MESI)

This is presented as a separate, potentially novel market segment for Kodiak Sciences Inc., addressed by KSI-101, which is in two Phase 3 studies (PEAK and PINNACLE). The data suggests a strong clinical signal from the APEX study for this patient group.

The initial target size Kodiak Sciences Inc. has cited for this segment is:

• Initial addressable market for KSI-101 in MESI: 150,000+ patients.
• Clinical response data: More than half of patients achieved improvement of 3-lines or more on the eye chart (≥15 letter gain) by week 20.
• Retinal dryness (absence of IRF and SRF) achieved and sustained by ≥90% of patients in the top two dose levels through week 20.

If onboarding takes 14+ days, churn risk rises.

Retina specialists and ophthalmologists (prescribers)

These are the key decision-makers and gatekeepers for all the patient segments above. Kodiak Sciences Inc. engages them directly, as evidenced by presentations featuring leading retina specialists like Dr. Charles Wykoff and Dr. Sumit Sharma.

The landscape of these prescribers includes:

Specialist Group	Estimated Number/Percentage (Closest Available Data)
Retina Specialists Identified (2016 Medicare Dataset)	2,025
Comprehensive Ophthalmologists Performing Anti-VEGF Injections (2016 Medicare Dataset)	977
US Counties Lacking a Retina Specialist	88% (12% having one)

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kodiak Sciences Inc. (KOD) as they push their late-stage assets toward potential BLA (Biologics License Application) filings. For a clinical-stage biotech, the cost structure is almost entirely front-loaded into development, so you're seeing expenses that reflect high-stakes, high-cost clinical execution.

Heavy research and development (R&D) expenses are the dominant feature here. For the third quarter of 2025, R&D expenses hit $50.5 million. This was a significant jump, up 58% year over year from the $31.9 million reported in Q3 2024. Honestly, this number tells you exactly where the focus-and the cash-is going right now: advancing the three late-stage programs.

The cost structure is heavily weighted toward the necessary, but expensive, activities that drive future value:

• Clinical trial execution and regulatory filing costs
• Manufacturing and supply chain development costs
• Personnel supporting these complex trials

The increase in R&D expenses in Q3 2025 was explicitly driven by two major buckets: increased clinical activities for the DAYBREAK and PEAK/PINNACLE studies, and increased manufacturing activities across the Phase 3 programs. These aren't just administrative line items; they represent site activation, patient recruitment, drug supply logistics, and the complex quality control needed for eventual BLA submissions. You can expect these costs to remain high, or even accelerate, as they target topline data readouts in 2026.

General and administrative (G&A) expenses and personnel costs are the second major component, though they are managed more tightly than R&D. For Q3 2025, G&A expenses were $11.9 million. This was actually down 20% year over year, primarily because non-cash stock-based compensation expenses decreased compared to the prior year period. Personnel costs, which are embedded in both R&D and G&A, reflect the specialized teams needed for late-stage ophthalmology development, including clinical operations, regulatory affairs, and quality assurance staff.

Here's a quick look at the key operating expenses for the third quarter of 2025, which gives you a clearer picture of the spending profile:

Expense Category	Q3 2025 Amount (Millions USD)	Primary Driver Context
Research and Development (R&D)	$50.5	Increased clinical activities (DAYBREAK, PEAK/PINNACLE) and manufacturing.
General and Administrative (G&A)	$11.9	Personnel and overhead, lower due to reduced stock-based compensation vs. prior year.
Net Loss (First Nine Months 2025)	$173 million	Cumulative result of high R&D investment before any revenue generation.

Since Kodiak Sciences Inc. currently has no approved products, the entire operational cost base flows directly to the bottom line as a loss. The cumulative impact of this development focus is reflected in the overall financial performance. The net loss for the first nine months of 2025 was reported as $173 million. This figure underscores the capital-intensive nature of bringing novel antibody biopolymer conjugates (ABCs) through pivotal trials to target the anti-VEGF marketplace.

Finance: draft 13-week cash view by Friday.

Kodiak Sciences Inc. (KOD) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Kodiak Sciences Inc.'s business model as of late 2025. Since Kodiak Sciences Inc. is a clinical-stage biopharmaceutical company, its current revenue profile is typical for this stage of development-it's focused on R&D spend, not product sales.

Current sales are $0 as of November 2025 (pre-commercial stage)

Kodiak Sciences Inc. currently does not have any approved products on the market. Consequently, the company has yet to generate product sales revenue. The financial results for the third quarter ended September 30, 2025, reflect this pre-commercial status, showing a net loss of $61.46 million for the quarter. This loss is driven by significant investment in research and development, which totaled $50.5 million in Q3 2025, up 58% year over year, primarily due to increased clinical and manufacturing activities.

Future revenue streams are entirely dependent on the successful clinical development and subsequent regulatory approval of its pipeline assets. The company ended the third quarter of 2025 with $72.0 million in cash and cash equivalents, which supports operations into 2026.

Future revenue from sales of approved tarcocimab tedromer

The lead candidate, tarcocimab, an investigational anti-VEGF Antibody Biopolymer Conjugate (ABC), is a key potential revenue driver. You should watch the Phase 3 GLOW2 study for diabetic retinopathy (DR), where topline data is expected in the first quarter of 2026. Tarcocimab is also being studied as a second investigational arm in the Phase 3 DAYBREAK study for wet AMD. Successful commercialization of this therapy would establish the first major revenue stream for Kodiak Sciences Inc. based on its ABC platform.

Future revenue from sales of approved KSI-501 and KSI-101

The pipeline includes two other late-stage assets that represent future revenue potential:

• KSI-501, a dual inhibitor targeting inflammation and angiogenesis, is being evaluated in the Phase 3 DAYBREAK study for wet AMD, with topline data anticipated in the third quarter of 2026.
• KSI-101, an anti-IL-6 receptor bioconjugate, is being evaluated for macular edema secondary to inflammation (MESI) in the Phase 3 PEAK and PINNACLE studies. Topline data for KSI-101 is projected between the fourth quarter of 2026 and the first quarter of 2027. The initial addressable market for KSI-101 was estimated at 150,000+ patients.

Here's a quick look at the anticipated near-term data readouts that will directly impact future revenue projections:

Product Candidate	Indication / Study	Expected Topline Data Readout
Tarcocimab	Phase 3 GLOW2 (DR)	Q1 2026
KSI-501	Phase 3 DAYBREAK (wet AMD)	Q3 2026
KSI-101	Phase 3 PEAK/PINNACLE (MESI)	Q4 2026 - Q1 2027

Minor sublease income from corporate office buildings

While not a core, sustainable revenue stream, Kodiak Sciences Inc. does report minor income that helps offset operating expenses. Specifically, sublease income from one of its corporate office buildings helped to reduce General and Administrative (G&A) expenses in the third quarter of 2025. This arrangement stems from a sublease agreement entered into in March 2025 for office space at 1200 Page Mill Road, covering the remainder of the initial lease term until February 2027. G&A expenses for Q3 2025 were $11.9 million.

This income is a temporary financial offset, not a driver of long-term valuation; the real value is tied up in the clinical progress.