# Kodiak Sciences

Kodiak Sciences is an Asset Manager based in Palo Alto, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Palo Alto, United States
- **Region:** North America
- **Address:** Palo Alto, CA, United States
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** kodiak.com

## Regulatory record

- **Reports private funds:** No

## About

Kodiak Sciences was founded in 2009 by Victor Perlroth, an entrepreneur and physician by training, who aimed to build a biotech platform around an antibody biopolymer conjugate technology for retinal disease. The company is structured not as a family office but as a publicly traded clinical-stage biopharmaceutical firm, with a single asset concentration that defines its risk profile. Kodiak's strategy revolves entirely around its lead investigational therapy, tarcocimab tedromer (KSI-301), an anti-VEGF antibody biopolymer conjugate designed to extend treatment intervals for patients with wet age-related macular degeneration and diabetic macular edema. The firm's work cuts across clinical development, regulatory strategy, and novel drug formulation, with a geographic footprint that spans trial sites in North America, Europe, and Asia. Despite having raised hundreds of millions in public equity — notably a $225 million financing in 2020 — the company's fate is tied to the binary outcomes of pivotal Phase 3 trials. Kodiak has approximately 32 full-time employees and operates from a single headquarters in Palo Alto, California. In July 2023, the company announced that tarcocimab tedromer failed to meet its primary endpoint in two pivotal Phase 3 studies, a disclosure that sent the stock down over 80% and forced a strategic restructuring. The firm does not maintain a venture arm or philanthropic foundation, and there are no disclosed adjacent vehicles. The structural differentiator for Kodiak is its deep operational tie to a single binary asset — a posture more akin to a project-financed pharmaceutical engine than a diversified biotech platform. The company's remaining value rests on a separate Phase 3 study for a different delivery formulation and indication, while its balance sheet holds enough cash to fund operations through 2025 without additional capital. This concentration risk, unusual even among single-product biotechs, defines every decision the company makes.

## Sectors

- Biotechnology
- Healthcare Services

## People

- Victor Perlroth — Chief Executive Officer
- John Borgeson — Chief Financial Officer

## Questions

### Who runs investment decisions at Kodiak Sciences?

Capital allocation decisions rest with CEO Victor Perlroth and the board of directors, with CFO John Borgeson responsible for financial operations and investor communications. As a public company, major uses of capital — such as clinical trial design or restructuring moves — are approved by the board, but the lean management structure concentrates decision-making authority in a small executive team.

### What is the current financial runway for Kodiak Sciences?

Kodiak has publicly stated its cash position is sufficient to fund operations through 2025. This projection was reiterated following the July 2023 restructuring, which included workforce reductions intended to preserve capital for ongoing clinical programs. The precise runway depends on burn rate, which has been reduced post-restructuring.

### What happened to Kodiak Sciences' stock in 2023?

In July 2023, Kodiak announced that tarcocimab tedromer failed to meet the primary endpoint in two Phase 3 studies. The stock declined over 80% in a single trading session, reflecting the almost complete loss of confidence in the asset's near-term commercial path. A restructuring was announced concurrently to cut costs and refocus remaining resources.

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Last updated: 2026-06-03T20:00:00.000Z

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