Kodiak Sciences Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Kodiak Sciences Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Research and development	14.1	22	18.8	37.5	107	217	268	206	126	182
General and administrative	3.1	3.5	7.58	11.7	28.6	49.7	73.8	71	60.8	52
Operating expenses	17.2	25.5	26.4	49.2	136	267	341	277	187	234
Operating income	-17.2	-25.5	-26.4	-49.2	-136	-267	-341	-277	-187	-234
Interest expense	0.01	1.19	5.52	0.01	0.03	0.05	0.02	0.01	0	0
Interest income		0.03	0.62	1.57	2.97	0.3	7.07	16.7	11.1	4.52
Other non-operating income	0.03	-1.26	-4.69	0.27	-0.03	-0.19	0.5	0.11	-0.51	-0.1
Pre-tax income	-17.1	-27.9	-41.4	-47.4	-133	-267	-334	-260	-176	-230
Income tax					0.01	0.07	0.03	0.03	0.02	0.05
Net income	-17.1	-27.9	-41.4	-47.4	-133	-267	-334	-260	-176	-230
EBITDA	-16.9	-25	-25.9	-48.7	-136	-266	-338	-259	-168	-216
EPS, basic	-2.38	-3.72	-2.77	-1.25	-2.91	-5.16	-6.39	-4.97	-3.35	-4.32
EPS, diluted	-2.38	-3.72	-2.77	-1.25	-2.91	-5.16	-6.39	-4.97	-3.35	-4.32
Shares, basic (weighted)	7.21	7.52	15	37.9	45.7	51.8	52.2	52.4	52.6	53.2
Shares, diluted (weighted)	7.21	7.52	15	37.9	45.7	51.8	52.2	52.4	52.6	53.2

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.62	1.4	88.3	212	944	732	190	286	168	210
Short-term investments				125	24.6	0	289	0
Other current assets		0.2	2.2	2.75	3.03	3.3	7.07	3.8	3.86	4.95
Total current assets		1.6	90.4	339	972	735	486	289	172	215
Property, plant and equipment		1.51	1.1	1	5.14	41.3	56.4	120	102	85.3
Lease right-of-use assets				1.79	73.7	66.7	59.4	54.5	46.5	36.6
Long-term investments				11.7
Other non-current assets			0.5	5.01	10.2	55	58.5	8.72	8.73	8.67
Total assets		3.24	92.2	359	1,067	904	667	479	336	352
Accounts payable		3.36	1.05	2.62	8.65	12.4	9.13	13.6	3.92	12.9
Accrued liabilities		5.8	3.78	8.66	20.4	48.3	33.4	18.4	11	20.6
Total current liabilities		9.16	4.83	11.7	31.4	64.7	52.5	41.7	25.6	45.5
Lease liabilities				1.5	75	76.1	77.8	71.9	59.7	47.1
Other non-current liabilities		0.59	0.53	0.3	0.26	0.21	0.16	0
Total liabilities		22	5.36	13.5	207	241	230	214	185	194
Paid-in capital		0.58	198	503	1,152	1,222	1,330	1,418	1,479	1,716
Retained earnings		-69.3	-111	-158	-291	-558	-892	-1,153	-1,329	-1,559
Other comprehensive income				0.01	0.05	0	-1.31	0
Shareholders' equity	-41.1	-68.7	86.8	345	861	663	436	266	150	157
Total equity	-41.1	-68.7	86.8	345	861	663	436	266	150	157
Total liabilities and equity		3.24	92.2	359	1,067	904	667	479	336	352
Shares outstanding		7.94	36.8	44.4	51.1	51.8	52.3	52.5	52.7	61.8

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-17.1	-27.9	-41.4	-47.4	-133	-267	-334	-260	-176	-230
Depreciation and amortization	0.26	0.55	0.49	0.54	0.48	1	3.8	18.3	18.7	18.3
Stock-based compensation	0.27	0.28	2.67	6.11	30.7	61.4	106	88.6	60.2	58.9
Deferred income tax					0	0	0	0	0
Change in payables	0.02	2.28	-2.32	1.57	5.22	-2.09	1.66	5.6	-9.69	8.07
Cash from operations	-16	-17.7	-29	-39.1	-83.4	-182	-206	-154	-117	-136
Capital expenditures	-0.77	-0.21	-0.08	-0.44	-3.81	-17	-37	-41.4	-0.38	-0.51
Purchases of investments				-151	-86.3	0	-428	-49.3	0	0
Sales and maturities of investments				14.4	198	24.5	138	340	0	0
Cash from investing	-0.77	-0.21	-0.58	-137	105	-38.8	-337	249	-0.76	-0.51
Stock issued	0.01	0	83.8	298	612	0	0	0.06	0.39	5.16
Share buybacks	-0	0	0
Cash from financing	-0.12	9.64	116	300	717	8.18	1.9	0.03	0.5	178
Net change in cash	-16.9	-8.23	86.9	124	739	-213	-541	95.1	-118	41.8
Free cash flow	-16.8	-17.9	-29.1	-39.6	-87.2	-199	-243	-196	-118	-137
Interest paid	0.01	0.02	0.02	0.01	0.03	0.02	0.02	0.01	0	0
Income taxes paid								0	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-396.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-94.2%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Book value growth, 1y	4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-28.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-28.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-19.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-19.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.49x	Current assets / current liabilities.
Quick ratio	2.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.39x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	76.2%	Total liabilities / total assets.
Working capital	$78.6M	Current assets - current liabilities.
Tangible book value	$61.1M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	-$2.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$2.53	Cash from operations / diluted weighted shares.
Book value per share	$0.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.97	Tangible book value / shares outstanding.
Cash per share	$2.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.03B	Share price x shares outstanding.
Enterprise value	$1.91B	Market cap + total debt - cash - short-term investments.
P/B	33.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	33.3x	Market cap / tangible book value, when positive.
FCF yield	-7.9%	Free cash flow / market cap.
Earnings yield	-11.9%	Net income / market cap (the inverse of P/E).

Was Kodiak Sciences Inc. profitable in fiscal 2025?

No. It reported a net loss of $230.0M.

How much free cash flow did Kodiak Sciences Inc. generate in fiscal 2025?

Cash from operations of $136.0M minus capital expenditures of $506.0K left free cash flow of -$136.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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