Home / Going-concern warnings / Kodiak Sciences Inc.
Filed 2026-03-31 路 Form 10-K 路 Accession 0001193125-26-134887 mid
Price before filing: $33.66 (2026-03-30 close, split/dividend-adjusted)
Market cap at flag: $2.36B (2026-03-31) 路 Latest: $5.37B (2026-10-16)
| Window | KOD | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +29.2% | +13.7% | +15.5% | 2026-04-30 |
| 90 days | +12.1% | +17.6% | -5.4% | 2026-06-29 |
| 180 days | +167.1% | +21.8% | +145.4% | 2026-09-28 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: no open-market insider sales or purchases reported.
30 days after: 1 insider sold $1.2M (4 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2026-03-31: red flag filed | |||||||
| 2026-04-02 | BORGESON JOHN A. Chief Financial Officer | Sale | 12,692 | $39.14 | $497K | yes | Form 4 |
| 2026-04-02 | BORGESON JOHN A. Chief Financial Officer | Sale | 12,477 | $40.29 | $503K | yes | Form 4 |
| 2026-04-02 | BORGESON JOHN A. Chief Financial Officer | Sale | 4,231 | $40.88 | $173K | yes | Form 4 |
| 2026-04-02 | BORGESON JOHN A. Chief Financial Officer | Sale | 600 | $41.77 | $25K | yes | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-31 to 2026-04-30. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As discussed in Note 1 to the consolidated financial statements, the Company has incurred net losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: PricewaterhouseCoopers LLP
Source: independent auditor report in Form 10-K (period 2025-12-31)
Why this score: in auditor's report
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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