Kodiak Sciences Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kodiak Sciences Inc. has filed its 2023 10-K report, providing a comprehensive overview of its financial position and operational details.</b>

AI Summary

Kodiak Sciences Inc. (KOD) filed a Annual Report (10-K) with the SEC on March 28, 2024. Kodiak Sciences Inc. filed its annual report for the fiscal year ending December 31, 2023. The report details various financial aspects, including retained earnings, common stock, and additional paid-in capital as of December 31, 2023. Key dates and events related to equity incentive plans and lease agreements are referenced, including a lease agreement on June 2, 2020. The company's business address is 1200 Page Mill Rd, Palo Alto, CA 94304, with a phone number of 650-281-0850. Kodiak Sciences Inc. was formerly known as Oligasis, LLC, with a name change date of July 21, 2009.

Why It Matters

For investors and stakeholders tracking Kodiak Sciences Inc., this filing contains several important signals. This filing provides stakeholders with the latest financial statements and disclosures, crucial for assessing the company's performance and future outlook. The detailed information on equity, debt, and operational assets is essential for investors and analysts to make informed decisions regarding Kodiak Sciences Inc.

Risk Assessment

Risk Level: low — Kodiak Sciences Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate significant market-moving events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Kodiak Sciences Inc.'s current financial health and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-28 — Filing Date (Date of submission)
• 001-38682 — SEC File Number (Kodiak Sciences Inc.)
• 2836 — SIC Code (Biological Products)

Key Players & Entities

• Kodiak Sciences Inc. (company) — Filer
• Oligasis, LLC (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-28 (date) — Filing date
• 1200 Page Mill Rd, Palo Alto, CA 94304 (address) — Business address
• 650-281-0850 (phone) — Business phone

FAQ

Industry Context

Kodiak Sciences Inc. operates in the biotechnology sector, focusing on the development of novel therapeutics.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and net income for fiscal year 2023.
2. Review the 'Risk Factors' section for any new or evolving risks impacting the company.
3. Examine disclosures related to executive compensation and stock-based awards.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-28: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2020-06-02: Lease Agreement — Specific lease agreement date mentioned in the filing.
• 2009-07-21: Company Name Change — Date Kodiak Sciences Inc. changed its name from Oligasis, LLC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023, following previous filings.

Key Financial Figures

• $0.0001 K — ch registered Common stock, par value $0.0001 KOD The Nasdaq Stock Market LLC Secur
• $0.0001 — had 52,508,602 shares of common stock, $0.0001 par value per share, outstanding. DOC
• $285.5 million — ompany. As of December 31, 2023, we had $285.5 million in cash and cash equivalents. Our obj

Filing Documents

• kod-20231231.htm (10-K) — 2706KB
• kod-ex23_1.htm (EX-23.1) — 2KB
• kod-ex31_1.htm (EX-31.1) — 15KB
• kod-ex31_2.htm (EX-31.2) — 15KB
• kod-ex32_1.htm (EX-32.1) — 10KB
• kod-ex32_2.htm (EX-32.2) — 10KB
• kod-ex97_1.htm (EX-97.1) — 41KB
• 0000950170-24-038025.txt (&nbsp;) — 10258KB
• kod-20231231.xsd (EX-101.SCH) — 1606KB
• kod-20231231_htm.xml (XML) — 1580KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 70 Item 1C. Cybersecurity 70 Item 2.

Properties

Properties 71 Item 3.

Legal Proceedings

Legal Proceedings 71 Item 4. Mine Safety Disclosures 71 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 72 Item 6. Reserved 72 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 73 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 83 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 83 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III. Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 109 Item 13. Certain Relationships and Related Transactions, and Director Independence 109 Item 14. Principal Accountant Fees and Services 109 PART IV. Item 15. Exhibits and Financial Statement Schedules 110 Item 16. Form 10-K Summary 112

Signatures

Signatures 113 i S PECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith beliefs as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "anticipate," "project," "target," "design," "estimate," "predict," "potential," "plan", "hope" or the negative of these terms, or similar expressions and comparable terminology intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties, including those set forth under the section titled "Risk Factors" and elsewhere in this Annual Report on Form 10-K. Forward-looking statements include, but are not limited to, statements about: the success, cost and timing of our development activities, preclinical studies, clinical trials and regulatory filings; the translation of our

BUSINESS

ITEM 1. BUSINESS Overview Since its founding in 2009, Kodiak Sciences Inc. ("Kodiak," the "Company," "we" or "our") has developed a new technology platform, the Antibody Biopolymer Conjugate ("ABC") Platform, for retinal medicines. Our goal is to prevent and treat the major causes of blindness by developing and commercializing next-generation therapeutics to address multiple unmet needs on the spectrum of retinal diseases. Kodiak has developed three clinical programs based on its internal discovery and development engine. The lead investigational medicine, tarcocimab tedromer ("KSI-301" or "tarcocimab"), was built from Kodiak's ABC Platform and has been studied in six pivotal clinical studies across four high prevalence retinal diseases, three of which were successful. The tarcocimab clinical program was designed to target high prevalence retinal diseases that are treated with anti-vascular endothelial growth factor ("anti-VEGF") therapies and was designed as a package to support a broad product label, which we hope will include the key diseases and the longest dosing intervals among anti-VEGF therapies. Tarcocimab is being developed to become a differentiated, long-interval therapy for use in many patients who may benefit from anti-VEGF therapy. Kodiak's second investigational medicine, KSI-501 (formerly KSI-501ABC), is a bispecific antibody biopolymer conjugate targeting the pro-inflammatory cytokine interleukin-6 (IL-6) and VEGF. KSI-501 is built from Kodiak's ABC Platform and designed to address the underlying inflammatory cascade in addition to vascular permeability in high prevalence retinal diseases. A Phase 1 study was conducted to evaluate KSI-501's safety, tolerability and bioactivity. Positive results from the Phase 1 study were recently shared. Kodiak expects to advance KSI-501 into pivotal clinical studies in 2024. Additionally, Kodiak is developing a third investigational medicine, KSI-101 (formerly KSI-501P), an unconjugated bispecific prote

View Full Filing

View this 10-K filing on SEC EDGAR