Kodiak Sciences

Q2 FY2026 EarningsQ2 FY26 reported a wider-than-expected loss: revenue was $0 as expected, but Net Loss of $65.6M was 10.9% worse than the consensus of -$59.2M. Diluted EPS (GAAP) of -$1.05 missed the -$0.96 estimate by 9.38%. The variance was primarily driven by accelerated R&D spend in the KSI-501 and KSI-101 clinical programs, which saw a combined increase of $19.7M YoY. With only $125.9M in cash and a 6-month burn rate of $86.2M, the company has flagged substantial doubt about its ability to continue as a going concern.