Executive Summary

Q4 2024 loss per share was $0.84, a modest beat versus S&P Global consensus of $0.864 (beat by ~$0.02), driven by lower operating expenses and sharply reduced non‑cash stock‑based compensation in R&D versus prior year * .
Cash and equivalents ended Q4 at $168.1M; management reiterated cash runway “into 2026,” aligning with prior-quarter commentary and sustaining clinical execution visibility .
Development timelines were clarified: tarcocimab GLOW2 topline in 1Q 2026 and DAYBREAK topline in 2Q 2026; DAYBREAK also explores differentiated efficacy for KSI‑501 versus aflibercept .
Strategic narrative (“Kodiak 2.0”) centers on immediacy plus durability across ABC® platform assets and expansion into macular edema due to inflammation (KSI‑101), with VETi AI/LiDAR device envisioned to complement medicines and trials .

What Went Well and What Went Wrong

Clear clinical execution: GLOW2 enrollment completed; DAYBREAK nearing completion, with defined topline data windows (1Q/2Q 2026), improving visibility for a 2026 BLA path across wet AMD, RVO, and DR .
Expense discipline: Q4 R&D fell to $31.8M (from $46.6M YoY) with R&D SBC reduced to $0.2M (from $11.9M YoY); G&A trimmed to $14.4M with lower SBC ($8.4M vs $10.9M YoY), narrowing net loss YoY .
Strategic positioning: CEO emphasized the unmet need for both immediacy and durability and framed tarcocimab/KSI‑501 as contenders built on the ABC® platform; “Kodiak 2.0” highlights dual track of efficacy and durability .

No revenues; biotech burn persisted with Q4 net loss of $44.1M and loss from operations of $46.2M; cash declined QoQ to $168.1M as programs advanced .
Limited external validation in Q4: the quarter was primarily operational/clinical rather than data‑disclosure heavy, leaving efficacy differentiation for KSI‑501 and DAYBREAK non‑inferiority to be proven in future readouts .
Absence of an earnings call transcript limited color on timelines, regulators, and trial operational risks; market communication relied on the press release .

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	n/a	n/a	n/a
Net Loss ($USD Millions)	$45.12	$43.95	$44.11
EPS ($USD)	-$0.86	-$0.84	-$0.84
Total Operating Expenses ($USD Millions)	$47.98	$46.63	$46.18
R&D Expenses ($USD Millions)	$32.51	$31.88	$31.77
G&A Expenses ($USD Millions)	$15.47	$14.75	$14.41
Cash and Equivalents ($USD Millions)	$219.23	$197.86	$168.07

Notes: Revenues not presented in company statements of operations; Kodiak is pre‑commercial .

Non‑GAAP/Stock‑based compensation details

Metric	Q2 2024	Q3 2024	Q4 2024
R&D SBC ($USD Millions)	$8.9	$6.3	$0.2
G&A SBC ($USD Millions)	$9.4	$8.5	$8.4

EPS vs Estimates (S&P Global)

Metric	Consensus (Q4 2024)	Actual (Q4 2024)	Beat/Miss	# of Estimates
EPS ($USD)	-0.864*	-0.84	Beat by ~$0.02	5*
Revenue ($USD Millions)	0.0*	n/a	n/a	2*

Values retrieved from S&P Global.*

Metric	Period	Previous Guidance (Q3 2024)	Current Guidance (Q4 2024)	Change
Cash runway	Company operations	“Into 2026”	“Into 2026”	Maintained
Tarcocimab GLOW2 topline	DR Phase 3	Complete enrollment 1H25 objective	Enrollment completed; topline 1Q 2026	Clarified timeline; progress
DAYBREAK topline (tarcocimab/KSI‑501)	Wet AMD Phase 3	Complete enrollment 1H25 objective	Expect topline 2Q 2026	Clarified timeline
KSI‑101 pivotal initiation (PEAK/PINNACLE in MESI)	Inflammation/MESI	“Hope to select doses and activate pivots in Q2 2025”	Expect to initiate pivotal study in 2Q 2025	Maintained/confirmed plan
Regulatory designations (KSI‑101)	Pediatric/Orphan/Fast Track	Submitted requests (rare pediatric, orphan, fast track)	Plan to highlight “FDA Orphan Drug designation received” in June update (forward‑looking)	Advanced (anticipated)

Note: No Q4 2024 earnings call transcript located; company scheduled call per MarketBeat but no transcript available via standard sources .

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
ABC® platform: immediacy + durability	Enhanced formulations for tarcocimab/KSI‑501; dual/durable design; human ocular half‑life for tarcocimab (~20 days) presented at R&D Day	Reaffirmed “Kodiak 2.0” focus; two strong contenders tarcocimab/KSI‑501	Consistent; reinforced
Tarcocimab in DR (GLOW2)	Ongoing enrollment; mirrors successful GLOW1; treat‑to‑dryness approach	Enrollment completed; topline 1Q 2026	Execution progress
DAYBREAK in wet AMD (tarcocimab & KSI‑501)	Active enrollment; non‑inferiority vs aflibercept; individualized dosing; explore bispecific efficacy	Expect topline 2Q 2026; explore differentiated efficacy for KSI‑501	Execution progress; clarity
KSI‑101 (MESI/DME)	APEX activated; plan for PEAK/PINNACLE; dose selection Q2 2025	Plan pivotal initiation in 2Q 2025; MESI cornerstone potential	Advancing to pivots
VETi AI/LiDAR device	Limited or no mention in Q2/Q3	Detailed overview; goal to commercialize with medicines; AI/ML apps and new trial endpoints	New/expanded program narrative

“The core unmet need remains unfulfilled – to control the disease with both (1) immediacy and (2) durability… Definitive improvement in both… is the promise and potential of Kodiak 2.0.” — Victor Perlroth, CEO .
“GLOW2 has completed enrollment… topline data in 1Q 2026… DAYBREAK… topline data in 2Q 2026… we remain well on track towards our goal of a single BLA filing in 2026 in… wet AMD, retinal vein occlusion and diabetic retinopathy.” .
“With KSI‑101… more than 100,000 patients [US]… today these patients have no approved therapy other than steroids… potential to be disease‑modifying.” .
On VETi: “An autonomous AI‑ and machine‑learning‑enabled headset… goal is to commercialize VETi together with Kodiak’s emerging portfolio of retinal medicines… potential to disrupt future ophthalmology clinical trials by enabling new trial endpoints.” .

No Q4 2024 earnings call transcript was available from standard sources; MarketBeat listed a scheduled call, but no transcript or detailed Q&A content was accessible for review .

Q4 2024 EPS of -$0.84 beat S&P Global consensus of -$0.864 (beat ~$0.02); revenue consensus was $0 with no reported revenue line item in filings *.
With operating discipline (lower R&D and G&A, reduced SBC) and cash runway reiterated into 2026, near‑term estimate revisions are likely modest; more material changes should follow pivotal progress and any interim data disclosures *.

Values retrieved from S&P Global.*

Execution de‑risking: GLOW2 enrollment completion and defined topline windows for GLOW2/DAYBREAK (1Q/2Q 2026) increase visibility toward the 2026 multi‑indication BLA plan .
Expense control supports EPS: Q4 EPS beat driven by narrowed operating loss and sharply lower R&D SBC versus prior year; continued cost discipline is a bridge to catalysts *.
Dual thesis in wet AMD: tarcocimab seeks durability with individualized dosing; KSI‑501 targets differentiated efficacy via dual IL‑6/VEGF inhibition — both in DAYBREAK against aflibercept .
New market wedge: KSI‑101 addresses macular edema secondary to inflammation where no approved intravitreal biologic exists; pivotal initiation targeted for 2Q 2025 .
Platform and device optionality: ABC/ABCD programs (glaucoma, GA) and VETi AI/LiDAR device may create data/endpoint advantages and future commercial synergies .
Cash runway into 2026 provides time to reach pivotal readouts; investors should monitor burn trajectory and any financing windows tied to major data events .
Near‑term catalysts: June 2025 Investor R&D update (KSI‑101 multiple‑dose data, regulatory updates), and progress updates on DAYBREAK enrollment status .