Kodiak Sciences Inc. (NASDAQ: KOD) completed a $184 million public offering of its common stock on December 18, 2025. The transaction involved the sale of 8 million shares at a public price of $23.00 per share, including 1,043,478 shares purchased by the underwriters under their option exercise.
Prior to the raise, Kodiak’s cash balance stood at $104 million as of June 2025, with a cash burn of $116 million over the preceding year, giving the company roughly 11 months of runway. The new capital injection increases the cash pool to about $288 million, extending the runway to more than two and a half years and providing a substantial buffer for ongoing development and potential regulatory filings.
The proceeds will be directed toward the company’s Phase 3 clinical programs for tarcocimab, KSI‑501, and KSI‑101. Tarcocimab targets retinal vascular diseases, KSI‑501 addresses macular edema secondary to inflammation, and KSI‑101 is aimed at wet age‑related macular degeneration. Funding these programs is critical for reaching topline data readouts and preparing for future Biologics License Application submissions.
Dr. Victor Perlroth, Chairman and CEO, said the offering “strengthens our financial position as we execute through important Phase 3 topline readouts.” He added that Kodiak’s disciplined approach to capital formation and focus on long‑term shareholder value underpin the decision to raise additional equity.
Market reaction to the offering was mixed. Some investors expressed concern about dilution from the new shares, while others remained optimistic about the company’s pipeline and the potential upside of its retinal therapeutics portfolio. The overall sentiment reflects a balance between short‑term dilution worries and long‑term growth prospects.
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