Kodiak Sciences Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
KOD$108.06+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(229,967) | $(176,207) | $(260,491) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 18,328 | 18,710 | 18,298 |
| Stock-based compensation | 58,863 | 60,213 | 88,556 |
| Non-cash lease impairment expense | 1,910 | — | — |
| Net accretion of discount on marketable securities | — | — | (846) |
| Settlement of derivative contracts | — | 355 | — |
| Amortization of operating lease right-of-use asset | 7,992 | 7,996 | 7,649 |
| Other | 20 | — | 6 |
| Changes in assets and liabilities: | |||
| Prepaid expenses and other current assets | (891) | (60) | 8,451 |
| Other assets | 59 | (12) | 426 |
| Accounts payable | 8,070 | (9,693) | 5,597 |
| Accrued and other current liabilities | 9,273 | (7,371) | (12,907) |
| Operating lease liability | (11,165) | (11,250) | (8,922) |
| Long-term deposit | 1,500 | — | — |
| Net cash used in operating activities | (136,008) | (117,319) | (154,183) |
| Cash flows from investing activities | |||
| Purchase of property and equipment | (506) | (375) | (41,350) |
| Deposits on property and equipment | — | (25) | (77) |
| Purchase of marketable securities | — | — | (49,347) |
| Maturities of marketable securities | — | — | 340,000 |
| Settlement of derivative contracts | — | (355) | — |
| Net cash (used in) provided by investing activities | (506) | (755) | 249,226 |
| Cash flows from financing activities | |||
| Proceeds from public offering, net of underwriting discount | 172,960 | — | — |
| Proceeds from stock option exercises | 5,162 | 394 | 60 |
| Proceeds from ESPP | 180 | 107 | 182 |
| Principal payments of tenant improvement allowance payable | — | — | (211) |
| Net cash provided by financing activities | 178,302 | 501 | 31 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 41,788 | (117,573) | 95,074 |
| Cash, cash equivalents and restricted cash, at beginning of period | 174,258 | 291,831 | 196,757 |
| Cash, cash equivalents and restricted cash, at end of period | $216,046 | $174,258 | $291,831 |
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | |||
| Cash and cash equivalents | $209,862 | $168,074 | $285,507 |
| Restricted cash | 6,184 | 6,184 | 6,324 |
| Total cash, cash equivalents and restricted cash | $216,046 | $174,258 | $291,831 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $— | $— | $13 |
| Purchase of property and equipment under accounts payable and accruals | 878 | 50 | — |
| Reclassification of deposits to property and equipment | — | 25 | 44,300 |
| Unpaid offering costs | 303 | — | — |
| Cash in-transit for stock option exercises | 201 | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.