Kodiak Sciences shares surge 178% after Zenkuda and tabirafusp-ted match Eylea in Phase 3 trial

Key points

• Kodiak Sciences shares rose from $32.35 to $89.92, a 178% gain, adding over $3 billion to market value.
• Zenkuda and tabirafusp-ted were non-inferior to Eylea in visual acuity and retinal drying in the Daybreak trial.
• An AI-guided dosing strategy allowed 54% of Zenkuda patients to extend injection intervals to six months.
• Kodiak plans to file for FDA approval of Zenkuda for wet AMD, diabetic retinopathy, and retinal vein occlusion in Q4 2026.
• Tabirafusp-ted, a bispecific therapy, also matched Eylea, with an FDA filing expected late next year.

Background

This follows a 2023 failure of Zenkuda due to cataract concerns, which was later resolved. The broader eye drug market has seen a shift toward longer dosing intervals, with Roche’s Vabysmo and Regeneron’s Eylea HD already offering 16-20 week intervals. Kodiak’s success challenges these incumbents by offering even longer intervals for a majority of patients.

How outlets are covering it

BioPharma Dive emphasizes the market value surge and the turnaround from a prior trial failure. Fierce Biotech highlights the competitive landscape, noting that Eylea patents have expired, leading to biosimilar competition from Biocon’s Yesafili, and branded rivals like Eylea HD and Vabysmo. Yahoo Finance focuses on the stock price surge, reporting a 178% increase, while BioPharma Dive notes a 128% jump at market open, reflecting different trading moments.

Why it matters

This success could disrupt the dominant eye drug market by offering a more convenient dosing schedule, potentially reducing the burden on ophthalmologists and patients. It also validates Kodiak’s AI-guided dosing strategy, which could influence future trial designs in ophthalmology.

What to watch

Kodiak will file for FDA approval of Zenkuda in Q4 2026 and tabirafusp-ted late next year. The company will also conduct post-hoc analyses to identify patient subgroups that benefit most from IL-6 inhibition with tabirafusp-ted.