1.Sales and profit
See section β- Kodiak Sciences Inc. lost $230M in fiscal 2025.
Kodiak Sciences Inc.
KOD Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2016βFY2025
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3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$87.63
2.2%KIRAβs summary AI analyst
Hi! I read Kodiak Sciences Inc.βs latest annual report (fiscal 2025). Here is what stands out:
2 to watch
2.Cash and shareholders
See section β- Free cash flow was β$137M in fiscal 2025, β of revenue.
- No open-market insider trades in the last 12 months.
Kodiak Sciences Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$230M
No. It lost money last year.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$5.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$4.19 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Kodiak Sciences Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 12, 2026
Thursday Β· in 17 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $1.00
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 13, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 7, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 31, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 13, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 13, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 14, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 27, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue β
FY17
Revenue β
FY18
Revenue β
FY19
Revenue β
FY20
Revenue β
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY16
Gross β
Operating β
Net β
FCF β
FY17
Gross β
Operating β
Net β
FCF β
FY18
Gross β
Operating β
Net β
FCF β
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Kodiak Sciences Inc. lost $230M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income β$17.1M
FY17
Net income β$27.9M
FY18
Net income β$41.4M
FY19
Net income β$47.4M
FY20
Net income β$133M
FY21
Net income β$267M
FY22
Net income β$334M
FY23
Net income β$260M
FY24
Net income β$176M
FY25
Net income β$230M
Net income
Q3 '23
Net income β$50.0M
Q4 '23
Net income β$59.5M
Q1 '24
Net income β$43.0M
Q2 '24
Net income β$45.1M
Q3 '24
Net income β$43.9M
Q4 '24
Net income β$44.1M
Q1 '25
Net income β$57.5M
Q2 '25
Net income β$54.3M
Q3 '25
Net income β$61.5M
Q4 '25
Net income β$56.7M
Q1 '26
Net income β$58.2M
Q2 '26
Net income β$65.6M
Diluted EPS
FY16
Diluted EPS β$2.38
FY17
Diluted EPS β$3.72
FY18
Diluted EPS β$2.77
FY19
Diluted EPS β$1.25
FY20
Diluted EPS β$2.91
FY21
Diluted EPS β$5.16
FY22
Diluted EPS β$6.39
FY23
Diluted EPS β$4.97
FY24
Diluted EPS β$3.35
FY25
Diluted EPS β$4.32
Diluted EPS
Q3 '23
Diluted EPS β$0.95
Q4 '23
Diluted EPS β$1.14
Q1 '24
Diluted EPS β$0.82
Q2 '24
Diluted EPS β$0.86
Q3 '24
Diluted EPS β$0.84
Q4 '24
Diluted EPS β$0.83
Q1 '25
Diluted EPS β$1.09
Q2 '25
Diluted EPS β$1.03
Q3 '25
Diluted EPS β$1.16
Q4 '25
Diluted EPS β$1.04
Q1 '26
Diluted EPS β$0.94
Q2 '26
Diluted EPS β$1.05
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$137M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β$16.8M
FY17
Free cash flow β$17.9M
FY18
Free cash flow β$29.1M
FY19
Free cash flow β$39.6M
FY20
Free cash flow β$87.2M
FY21
Free cash flow β$199M
FY22
Free cash flow β$243M
FY23
Free cash flow β$196M
FY24
Free cash flow β$118M
FY25
Free cash flow β$137M
Free cash flow
Q3 '23
Free cash flow β$33.0M
Q4 '23
Free cash flow β$59.7M
Q1 '24
Free cash flow β$39.6M
Q2 '24
Free cash flow β$26.5M
Q3 '24
Free cash flow β$21.3M
Q4 '24
Free cash flow β$30.2M
Q1 '25
Free cash flow β$29.3M
Q2 '25
Free cash flow β$34.8M
Q3 '25
Free cash flow β$32.9M
Q4 '25
Free cash flow β$39.4M
Q1 '26
Free cash flow β$41.0M
Q2 '26
Free cash flow β$46.6M
Cash from operations vs capital spending
FY16
Cash from operations β$16.0M
Capital spending $0.8M
FY17
Cash from operations β$17.7M
Capital spending $0.2M
FY18
Cash from operations β$29.0M
Capital spending $0.1M
FY19
Cash from operations β$39.1M
Capital spending $0.4M
FY20
Cash from operations β$83.4M
Capital spending $3.8M
FY21
Cash from operations β$182M
Capital spending $17.0M
FY22
Cash from operations β$206M
Capital spending $37.0M
FY23
Cash from operations β$154M
Capital spending $41.4M
FY24
Cash from operations β$117M
Capital spending $0.4M
FY25
Cash from operations β$136M
Capital spending $0.5M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$32.8M
Capital spending $0.2M
Q4 '23
Cash from operations β$32.2M
Capital spending $27.5M
Q1 '24
Cash from operations β$39.6M
Capital spending $0.0M
Q2 '24
Cash from operations β$26.5M
Capital spending $0.0M
Q3 '24
Cash from operations β$21.2M
Capital spending $0.2M
Q4 '24
Cash from operations β$30.1M
Capital spending $0.1M
Q1 '25
Cash from operations β$29.1M
Capital spending $0.3M
Q2 '25
Cash from operations β$34.7M
Capital spending $0.1M
Q3 '25
Cash from operations β$32.9M
Capital spending $0.1M
Q4 '25
Cash from operations β$39.4M
Capital spending $0.0M
Q1 '26
Cash from operations β$40.0M
Capital spending $0.9M
Q2 '26
Cash from operations β$46.2M
Capital spending $0.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends β
Buybacks $0.0M
FY17
Dividends β
Buybacks $0.0M
FY18
Dividends β
Buybacks $0.0M
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Kodiak Sciences Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $9.6M
Debt β
FY17
Cash $1.4M
Debt β
FY18
Cash $88.3M
Debt β
FY19
Cash $336M
Debt β
FY20
Cash $969M
Debt β
FY21
Cash $732M
Debt β
FY22
Cash $479M
Debt β
FY23
Cash $286M
Debt β
FY24
Cash $168M
Debt β
FY25
Cash $210M
Debt β
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $732M | $479M | $286M | $168M | $210M |
| Interest coverage | β5,681.9x | β18,965.5x | β21,332.4x | β | β |
| Current ratio | 11.4x | 9.3x | 6.9x | 6.7x | 4.7x |
| Quick ratio | 11.4x | 9.3x | 6.9x | 6.7x | 4.7x |
| Total assets | $904M | $667M | $479M | $336M | $352M |
| Total liabilities | $241M | $230M | $214M | $185M | $194M |
| Shareholders' equity | $663M | $436M | $266M | $150M | $157M |
| Net debt (β = net cash) | β | β | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity β
Return on assets β
FY17
Return on capital β
Return on equity β
Return on assets β861.2%
FY18
Return on capital β
Return on equity β458.1%
Return on assets β86.9%
FY19
Return on capital β
Return on equity β21.9%
Return on assets β21.0%
FY20
Return on capital β
Return on equity β22.1%
Return on assets β18.7%
FY21
Return on capital β
Return on equity β35.0%
Return on assets β27.1%
FY22
Return on capital β
Return on equity β60.7%
Return on assets β42.5%
FY23
Return on capital β
Return on equity β74.2%
Return on assets β45.5%
FY24
Return on capital β
Return on equity β84.7%
Return on assets β43.2%
FY25
Return on capital β
Return on equity β149.5%
Return on assets β66.9%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | β316.9% | β26.0% | β3.6% | β7.0% | β8.6% | β16.2% | β18.6% | β14.5% | β27.3% |
| Altman Z'' | β | β141.11 | 17.28 | 30.48 | 8.41 | 3.76 | β1.55 | β7.03 | β12.94 | β14.93 |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Research and development | $14.1M | $22.0M | $18.8M | $37.5M | $107M | $217M | $268M | $206M | $126M | $182M |
| Operating income | β$17.2M | β$25.5M | β$26.4M | β$49.2M | β$136M | β$267M | β$341M | β$277M | β$187M | β$234M |
| Interest expense | $0.0M | $1.2M | $5.5M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | β$17.1M | β$27.9M | β$41.4M | β$47.4M | β$133M | β$267M | β$334M | β$260M | β$176M | β$230M |
| Income tax | β | β | β | β | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.1M |
| Net income | β$17.1M | β$27.9M | β$41.4M | β$47.4M | β$133M | β$267M | β$334M | β$260M | β$176M | β$230M |
| Net income to common | β$17.1M | β$27.9M | β$41.4M | β | β | β | β | β | β | β |
| Diluted EPS | β$2.38 | β$3.72 | β$2.77 | β$1.25 | β$2.91 | β$5.16 | β$6.39 | β$4.97 | β$3.35 | β$4.32 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | β$16.0M | β$17.7M | β$29.0M | β$39.1M | β$83.4M | β$182M | β$206M | β$154M | β$117M | β$136M |
| Capital expenditure | $0.8M | $0.2M | $0.1M | $0.4M | $3.8M | $17.0M | $37.0M | $41.4M | $0.4M | $0.5M |
| Free cash flow | β$16.8M | β$17.9M | β$29.1M | β$39.6M | β$87.2M | β$199M | β$243M | β$196M | β$118M | β$137M |
| Depreciation and amortization | $0.3M | $0.5M | $0.5M | $0.5M | $0.5M | $1.0M | $3.8M | $18.3M | $18.7M | $18.3M |
| Stock-based compensation | $0.3M | $0.3M | $2.7M | $6.1M | $30.7M | $61.4M | $106M | $88.6M | $60.2M | $58.9M |
| Share buybacks | $0.0M | $0.0M | $0.0M | β | β | β | β | β | β | β |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | β | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $9.6M | $1.4M | $88.3M | $336M | $969M | $732M | $479M | $286M | $168M | $210M |
| Current assets | β | $1.6M | $90.4M | $339M | $972M | $735M | $486M | $289M | $172M | $215M |
| Current liabilities | β | $9.2M | $4.8M | $11.7M | $31.4M | $64.7M | $52.5M | $41.7M | $25.6M | $45.5M |
| Property and equipment, net | β | $1.5M | $1.1M | $1.0M | $5.1M | $41.3M | $56.4M | $120M | $102M | $85.3M |
| Total assets | β | $3.2M | $92.2M | $359M | $1.1B | $904M | $667M | $479M | $336M | $352M |
| Total liabilities | β | $22.0M | $5.4M | $13.5M | $207M | $241M | $230M | $214M | $185M | $194M |
| Preferred stock | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$41.1M | β$68.7M | $86.8M | $345M | $861M | $663M | $436M | $266M | $150M | $157M |
| Returns | ||||||||||
| Return on capital employed | β | 431.5% | β30.2% | β14.2% | β13.1% | β31.8% | β55.6% | β63.4% | β60.3% | β76.6% |
| Return on equity | β | β | β458.1% | β21.9% | β22.1% | β35.0% | β60.7% | β74.2% | β84.7% | β149.5% |
| Return on assets | β | β861.2% | β86.9% | β21.0% | β18.7% | β27.1% | β42.5% | β45.5% | β43.2% | β66.9% |
| Return on tangible equity | β | β | β47.7% | β13.7% | β15.5% | β40.3% | β76.5% | β98.0% | β117.2% | β146.1% |
| Growth | ||||||||||
| Share count change | β | 4.2% | 99.3% | 152.8% | 20.8% | 13.2% | 0.9% | 0.3% | 0.3% | 1.2% |
| Financial health | ||||||||||
| Interest coverage | β2,858.5x | β21.5x | β4.8x | β6,148.8x | β5,440.3x | β5,681.9x | β18,965.5x | β21,332.4x | β | β |
| Current ratio | β | 0.2x | 18.7x | 29.0x | 30.9x | 11.4x | 9.3x | 6.9x | 6.7x | 4.7x |
| Quick ratio | β | 0.2x | 18.7x | 29.0x | 30.9x | 11.4x | 9.3x | 6.9x | 6.7x | 4.7x |
| Quality scores | ||||||||||
| Altman Z'' | β | β141.1 | 17.3 | 30.5 | 8.4 | 3.8 | β1.6 | β7.0 | β12.9 | β14.9 |
| Accruals ratio | β | β316.9% | β26.0% | β3.6% | β7.0% | β8.6% | β16.2% | β18.6% | β14.5% | β27.3% |
Source: SEC EDGAR XBRL filings (CIK 0001468748). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.