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Kodiak Sciences (KOD) Q1 Earnings Miss, KSI-301 in Focus

·4 min read

Kodiak Sciences Inc. KOD reported first-quarter 2021 loss per share of 98 cents, wider than both the Zacks Consensus Estimate of a loss of 94 cents and the year-ago quarter’s loss of 54 cents.

Kodiak Sciences currently does not have any approved product in its portfolio. As a result, the company is yet to generate revenues.

Shares of Kodiak Sciences were down 13% following the results. In fact, the stock has plunged 39.8% so far this year compared with the industry’s decrease of 5.2%.

price chart for KOD
price chart for KOD

Quarter in Detail

Research and development (R&D) expenses were $40.3 million in the quarter, significantly up from the year-ago period.

General and administrative (G&A) expenses were $10.2 million, up 82.1% on a year-over-year basis.

As of Mar 31, 2021, Kodiak Sciences had cash worth $929 million compared with $969 million as of Dec 31, 2020.

Pipeline Updates

In the absence of an approved product in Kodiak Sciences’ portfolio, its pipeline development remains in key focus.

The company’s lead pipeline candidate, KSI-301, is being developed for treating various retinal vascular diseases. In November 2020, the company completed enrollment in the pivotal phase II/III DAZZLE study on KSI-301 for treating wet-age-related macular degeneration (wet AMD). Enrollment for the study is complete and remains on track with the last patient's last visit for the primary efficacy endpoint, which is expected late in the fourth quarter of 2021.

Along with its earnings release, the company announced plans to initiate another pivotal phase III study – DAYLIGHT – to evaluate monthly dosing of KSI-301 in patients with treatment-naïve wet AMD. Data from this fifth study is expected to be included in the initial BLA for KSI-301.

Meanwhile, in October 2020, Kodiak Sciences treated the first patient in two pivotal phase III studies, namely GLEAM and GLIMMER, evaluating KSI-301 for treating diabetic macular edema (“DME”). Another phase III BEACON study is evaluating KSI-301 for addressing macular edema due to retinal vein occlusion (“RVO”). The company plans to complete enrollment in all these studies by the fourth quarter of 2021.

Each of these studies is evaluating the candidate’s potential for best-in-class dosing regimens.

Moreover, Kodiak Sciences plans to initiate the pivotal phase III GLOW study on KSI-301 in non-proliferative diabetic retinopathy patients without DME in the summer of 2021.

Kodiak Sciences remains on course to file a single biologics license application (“BLA”) for KSI-301 in 2022 to treat wet AMD, DME and RVO.

Kodiak Sciences Inc. Price, Consensus and EPS Surprise

Kodiak Sciences Inc. Price, Consensus and EPS Surprise
Kodiak Sciences Inc. Price, Consensus and EPS Surprise

Kodiak Sciences Inc. price-consensus-eps-surprise-chart | Kodiak Sciences Inc. Quote

Zacks Rank and Stocks to Consider

Kodiak Sciences currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the biotech sector include ASLAN Pharmaceuticals Limited ASLN, Adaptive Biotechnologies Corporation ADPT and Milestone Pharmaceuticals Inc. MIST, all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ASLAN Pharmaceuticals’ loss per share estimates have narrowed 12.5% for 2021 and 23.3% for 2022 over the past 60 days. The stock has surged 54.6% year to date.

Adaptive Biotechnologies’ loss per share estimates have narrowed 7.8% for 2021 and 1.5% for 2022 over the past 60 days.

Milestone Pharmaceuticals’ loss per share estimates have narrowed 20.3% for 2021 and 16.1% for 2022 over the past 60 days.

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