Kodiak Sciences Inc. is a precommercial retina-focused biotechnology company developing three late-stage clinical programs: tarcocimab tedromer (Zenkuda), KSI-501, and KSI-101, all based on its Antibody Biopolymer Conjugate (ABC) platform. Zenkuda, an anti-VEGF therapy, has completed four successful Phase 3 pivotal studies: GLOW1 and GLOW2 in diabetic retinopathy (DR), BEACON in retinal vein occlusion (RVO), and DAYLIGHT in wet age-related macular degeneration (wet AMD). In GLOW1 and GLOW2, Zenkuda achieved 41.1% and 62.5% of patients, respectively, demonstrating at least a 2-step improvement on the DRSS score versus sham (p-value < 0.0001 for both), with 100% of patients on extended 6-month dosing at Year 1 in DR. The BEACON study showed Zenkuda's matched efficacy with differentiated durability against aflibercept, with 47% of patients requiring no additional injections in the second 6 months after initial dosing, compared to 37% for aflibercept. The DAYLIGHT study demonstrated non-inferior efficacy and compelling safety for Zenkuda at a once-monthly dosing interval in treatment-naive wet AMD. The company plans to submit a Biologics License Application (BLA) for tarcocimab in DR, RVO, and wet AMD in 2026, potentially including data from the ongoing Phase 3 DAYBREAK study. KSI-501, an anti-IL-6, VEGF-trap bispecific therapy, is currently in the Phase 3 DAYBREAK study for wet AMD, with topline data expected in 3Q 2026. KSI-101, a high-strength bispecific protein targeting IL-6 and VEGF for macular edema secondary to inflammation (MESI), showed meaningful visual and anatomical gains in its Phase 1b APEX study, with Phase 3 PEAK and PINNACLE studies actively enrolling patients. Topline data for PEAK and PINNACLE are expected in 4Q 2026 and 2Q 2027, respectively. Kodiak reported a net loss of $229.9 million for the year ended December 31, 2025, an increase from $176.2 million in 2024, and an accumulated deficit of $1,559 million. Cash and cash equivalents stood at $209.9 million as of December 31, 2025. The company completed an equity offering in December 2025, issuing 8 million shares at $23.00 per share, generating net proceeds of $173.0 million. Substantial doubt exists regarding the company's ability to continue as a going concern, necessitating additional capital raises. Research and development expenses increased by $56.3 million (45%) to $182.4 million in 2025, primarily due to increased costs for the DAYBREAK, PEAK, and PINNACLE clinical trials and biopolymer manufacturing activities. General and administrative expenses decreased by $8.7 million (14%) to $52.0 million in 2025, mainly due to lower stock compensation expense and reduced net rent after subleasing a Palo Alto building.