Kodiak Sciences (KOD) saw its shares surge sharply after two investigational eye drugs produced positive Phase 3 data, and the company plans to move forward with a marketing application for Zenkuda. Boxer Capital’s increased stake reflects a bet on upcoming clinical catalysts, but the company remains loss-making and pre-revenue, and future trial results will determine whether it can successfully commercialize its therapies.
Kodiak Sciences shares soared 178% on Monday in response. Kodiak said Zenkuda and KSI-501 met the primary endpoint in a Phase 3 clinical study targeting wet age-related macular degeneration. Wet AMD is a serious eye condition in which abnormal blood vessels grow beneath the retina and leak fluid, potentially causing rapid vision loss. Among the results, Zenkuda’s were especially encouraging, showing rapid and durable treatment effects as well as a favorable safety profile. Chief Medical Officer J. Pablo Velazquez-Martin said the study demonstrated the properties Kodiak had hoped to achieve when designing Zenkuda, including “rapid disease control in wet AMD and the potential for six-month durability under a strict treat-to-dry retreatment criterion.”
Based on these results, Kodiak intends to submit a Biologics License Application (BLA) for Zenkuda later this year. A BLA is a formal request submitted to the U.S. Food and Drug Administration (FDA) for approval to market a biologic product across state lines. Chief Executive Officer Victor Perlroth said the data put the biotechnology company “on track for the next phase of Kodiak’s growth as the company prepares for the planned commercialization of Zenkuda as a potential best-in-class therapy.” According to Strategic Market Research, global retinal drug sales are projected to exceed $32 billion by 2030, making it a potentially highly lucrative market.
According to an SEC filing submitted on May 15, 2026, Boxer Capital Management increased its Kodiak Sciences position by 225,000 shares in the first quarter, with the transaction valued at an estimated $5.81 million based on the quarterly average price. The fund’s holdings in Kodiak Sciences reached 1,361,000 shares, with a market value of $51.88 million at the end of the quarter. The net position value change for the quarter was $20.12 million, including trading activity and price movements. Kodiak Sciences is a clinical-stage biotechnology company focused on developing innovative therapies for retinal diseases, using its proprietary antibody biopolymer conjugate platform to advance a pipeline of differentiated drug candidates aimed at addressing major unmet needs in ophthalmology.
The transaction appears to be a bet that Kodiak Sciences’ massive rally may still have room to run if upcoming clinical milestones meet bullish investors’ expectations. Rather than taking profits after a 1,000% gain, Boxer Capital instead added to its position as the company enters what management calls a “defining period.” Kodiak has multiple late-stage catalysts approaching. On the financial side, Kodiak ended the quarter with $169.5 million in cash and said existing resources should support operations into 2027. The company still reported a quarterly net loss of $58.2 million and has not yet generated revenue.
