KODKodiak Sciences Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$216M
- 29% YoY
- Market cap
- $6.2B
- Employees
- 124
- Net debt / EBITDA
- —
- AI in 10-K
- 2.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.0 per 10K words · 55th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$6.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$212M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$267M | −$341M | −$277M | −$187M | −$234M | 25% |
| Net income | −$267M | −$334M | −$260M | −$176M | −$230M | 31% |
| Operating cash flow | −$182M | −$206M | −$154M | −$117M | −$136M | 16% |
| Capex | $17M | $37M | $41M | $375K | $506K | 35% |
| Stock-based comp | $61M | $106M | $89M | $60M | $59M | 2.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 30, 2026 | BAKER BROS. ADVISORS LP | SCHEDULE 13D/A | — | Passive |
| Dec 19, 2025 | BAKER BROS. ADVISORS LP | SCHEDULE 13D/A | — | Passive |
| Jun 6, 2022 | BAKER BROS. ADVISORS LP | SC 13D/A | 33.4% | Passive |
| May 18, 2022 | BAKER BROS. ADVISORS LP | SC 13D/A | 31.6% | Passive |
| Jan 31, 2022 | BAKER BROS. ADVISORS LP | SC 13D/A | 30.1% | Passive |
| Oct 1, 2021 | BAKER BROS. ADVISORS LP | SC 13D/A | 28.5% | Passive |
| Jul 26, 2021 | BAKER BROS. ADVISORS LP | SC 13D/A | 27.8% | Passive |
| Mar 5, 2021 | BAKER BROS. ADVISORS LP | SC 13D/A | 27.4% | Passive |
| Nov 24, 2020 | BAKER BROS. ADVISORS LP | SC 13D/A | 27.6% | Passive |
| Sep 8, 2020 | BAKER BROS. ADVISORS LP | SC 13D/A | 27.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $217M · 84
- Open-market sells, 12 mo
- $5M · 14
- Net
- $212M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $24M | 391 | — |
| FY2024 | $2M | $11M | 12 | — |
| FY2023 | $3M | −$830K | 4 | — |