Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Kodiak Sciences Inc. (KOD)
A forensic read on Kodiak Sciences Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
-253.8%
ROE
$2.2B
Market cap
Kodiak Sciences Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-193%Return on invested capital. Return on invested capital is -193% and slipping from -64% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+0.6%/yrShare-count dilution. Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Free Cash Flow$-136.5M
Return on Equity-146.1%
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🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.