Kodiak Sciences Closes $184 Million Public Offering, Including Full Exercise of Underwriters' Option

Kodiak Sciences Secures $184 Million in Capital for Retina Therapeutics Development

Kodiak Sciences Inc. (Nasdaq: KOD), a precommercial biotechnology firm specializing in transformative therapeutics for retinal diseases, announced on December 18, 2025, the successful closing of its previously disclosed underwritten public offering. The transaction generated significant capital, raising $184 million in gross proceeds for the Palo Alto, California-based company.

The successful closing is a crucial financial milestone, providing substantial funding for the continued research, development, and potential commercialization of its pipeline assets. The total proceeds of $184 million were achieved due to robust investor interest, which led to the full exercise of the underwriters' option to purchase additional shares.

Details of the Offering and Share Structure

The public offering involved the sale of a total of 8,000,000 shares of Kodiak Sciences' common stock. These shares were sold to the public at a price of $23.00 per share. A key indicator of market confidence in the offering was the complete utilization of the option granted to the underwriters.

• The base offering included a substantial number of common shares.
• The underwriters exercised their option in full, purchasing an additional 1,043,478 shares.
• The full exercise of the option was instrumental in reaching the final gross proceeds of $184 million.

For a precommercial biotechnology company like Kodiak Sciences, which is committed to developing novel treatments, securing this level of financing is vital. Capital raised through equity offerings is typically earmarked for advancing clinical trials, expanding manufacturing capabilities, and preparing for potential regulatory submissions, all of which are capital-intensive activities in the biotech sector.

Market Implications for Biotechnology Financing

The successful completion of this offering, particularly the full exercise of the over-allotment option, underscores the market's appetite for well-capitalized biotech firms, even those in the precommercial stage. The full exercise of the option is often interpreted by analysts as a strong signal of demand and confidence from institutional investors regarding the company's long-term prospects and pipeline value.

Underwritten public offerings are a standard mechanism for growth-stage biotechnology companies to raise non-dilutive capital (relative to debt financing) to fund multi-year research and development cycles. The $184 million infusion significantly strengthens Kodiak Sciences' balance sheet, providing a longer runway to achieve critical clinical milestones without immediate pressure to seek further financing.

The successful execution and closing of the offering at the announced price point of $23.00 per share demonstrates the market's valuation of Kodiak's focus on transformative retina therapeutics. The capital will support the company's mission to bring innovative treatments to patients with serious eye diseases.

The transaction, which closed on December 18, 2025, positions Kodiak Sciences to accelerate its development programs in the competitive field of ophthalmology. Investors closely monitor such financing events as they provide insight into a company's ability to fund its operations through key value-inflection points, such as Phase 3 trial readouts or regulatory filings.