Kodiak(KOD) - 2022 Q1 - Quarterly Report

Financial Position - Kodiak Sciences has $671.7 million in cash and cash equivalents as of March 31, 2022[67]. - As of March 31, 2022, the company had cash and cash equivalents of $671.7 million, which is expected to be sufficient for at least the next 12 months[97][98]. - The company has an accumulated deficit of $653.9 million as of March 31, 2022, indicating ongoing financial challenges[98]. - Net cash used in operating activities was $43.2 million for the three months ended March 31, 2022, compared to $34.6 million in the same period of 2021[106]. - The company incurred net cash used in investing activities of $18.3 million for the three months ended March 31, 2022, mainly for property and equipment purchases[107]. - The company has not generated any product revenue to date and does not expect to do so until regulatory approval and commercialization of its product candidates[100]. Clinical Trials and Research - KSI-301 is being investigated in five registrational clinical trials targeting high-prevalence retinal diseases[65]. - The BEACON study for KSI-301 has enrolled over 550 patients and expects to announce top-line data in August 2022[71]. - GLEAM and GLIMMER studies have enrolled approximately 450 patients each and expect to announce top-line data in mid-2023[72]. - The DAYLIGHT study has completed enrollment of approximately 550 patients and expects to announce top-line data in mid-2023[73]. - KSI-501 is targeting a group estimated to be 30% of treated patients who are suboptimal anti-VEGF responders[66]. - Kodiak plans to submit an IND for KSI-501 in the second half of 2022[78]. - The overall rate of missed study visits across ongoing studies remains less than 5%[80]. Expenses and Losses - For the three months ended March 31, 2022, the company reported a net loss of $95.7 million, compared to a net loss of $50.4 million for the same period in 2021, representing an increase in losses of $45.3 million[90]. - Research and development expenses totaled $76.2 million for the three months ended March 31, 2022, up from $40.3 million in 2021, marking a 88.8% increase[91]. - KSI-301 program expenses increased by $17.2 million to $40.7 million in Q1 2022, primarily due to clinical trial costs and manufacturing progress[92]. - Payroll and personnel expenses rose by $11.6 million to $21.2 million in Q1 2022, largely driven by increased stock-based compensation[94]. - General and administrative expenses are expected to increase due to higher personnel costs and compliance-related expenses[87]. - General and administrative expenses increased by $9.4 million to $19.6 million in Q1 2022, primarily due to stock-based compensation[96].