On February 17, 2026, Baker Bros. Advisors LP disclosed a buy of 2,608,696 shares of Kodiak Sciences (KOD 3.02%), an estimated $53.42 million trade based on quarterly average pricing.
What happened
According to its SEC filing dated February 17, 2026, Baker Bros. Advisors LP increased its position in Kodiak Sciences (KOD 3.02%) by 2,608,696 shares during the fourth quarter of 2025. The estimated transaction value was $53.42 million, calculated using the average unadjusted closing price for the quarter. The value of the Kodiak Sciences holding at quarter-end rose by $273.57 million, a figure that includes both the additional shares and stock price movement.
What else to know
- Kodiak Sciences represents 3.26% of 13F reportable AUM after the trade.
- Top holdings after the filing:
- INCY: $3.04 billion (17.8% of AUM)
- ONC: $2.67 billion (15.7% of AUM)
- MDGL: $1.25 billion (7.3% of AUM)
- INSM: $1.15 billion (6.7% of AUM)
- ACAD: $1.15 billion (6.7% of AUM)
- As of February 23, 2026, KOD shares were priced at $25.91, up a staggering 480% over the past year and significantly outperforming the S&P 500’s roughly 13% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $1.6 billion |
| Net Income (TTM) | ($217.34 million) |
| Price (as of market close February 23, 2026) | $25.91 |
Company snapshot
- Kodiak Sciences develops and advances therapeutics for retinal diseases, with a lead product candidate, KSI-301, in Phase IIb/III trials targeting wet age-related macular degeneration and other retinal disorders.
- The firm operates a clinical-stage biopharmaceutical business model, generating value through the research, development, and potential commercialization of proprietary drug candidates.
- It focuses on developing therapeutics to treat retinal diseases as a clinical stage biopharmaceutical company based in the US.
Kodiak Sciences is a clinical-stage biotechnology company specializing in innovative therapies for retinal diseases.
What this transaction means for investors
Kodiak’s momentum is building into 2026. Tarcocimab and KSI-501 are both enrolled in the Phase 3 DAYBREAK study in wet AMD, with topline data expected in the third quarter, while GLOW2 in diabetic retinopathy is on track for this quarter. KSI-101 is advancing in PEAK and PINNACLE for MESI, targeting a new segment within retinal disease. The opportunity sits inside a roughly $15 billion anti-VEGF marketplace.
The financials reflect that ambition. Third quarter R&D spending reached $50.5 million, with a quarterly net loss of $61.5 million. Cash stood at $72 million at September 30 before a $184 million December raise.
Within a portfolio already heavy in oncology and metabolic biotech, a 3% weight is meaningful but not dominant. For long-term investors, the thesis hinges on non-inferiority and durability. If Phase 3 data validate the ABC platform, Kodiak could compete head-on in retinal vascular disease. If not, a 480% run leaves little margin for error.
