In This Story
Kodiak Sciences Inc (KOD-5.88%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $43.9 million, compared to a net loss of $50.0 million in the same quarter the previous year. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses for the quarter were $31.9 million, down from $36.2 million in the previous year, primarily due to decreased manufacturing activities and clinical trial costs.
General and administrative expenses decreased to $14.8 million from $18.3 million in the previous year, mainly due to a reduction in stock-based compensation expenses.
As of September 30, 2024, Kodiak had cash and cash equivalents of $197.9 million, which the company believes will be sufficient to meet its operating and capital expenditure requirements for the next 12 months.
Kodiak continues to focus on its lead investigational medicine, tarcocimab, which is being studied in two Phase 3 clinical trials for diabetic retinopathy and wet age-related macular degeneration.
The company also reported progress in its KSI-501 and KSI-101 programs, with increased clinical activities contributing to the overall research and development expenses.
Kodiak acknowledges the challenges posed by global economic conditions, including inflation and geopolitical conflicts, which may impact its operations and capital resources.
The filing highlights the company's dependence on third-party manufacturers and suppliers for the production of its product candidates, which poses risks to its supply chain.
Kodiak is exploring opportunities for strategic collaborations and partnerships to advance its product candidates and expand its pipeline.
The company remains focused on maintaining compliance with regulatory requirements and managing risks associated with its business operations and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kodiak Sciences Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.