Ophthalmic New Drug Achieves Phase 3 Success, But Market Cap Drops by 200 Billion Won in a Day

On April 26, U.S. ophthalmology drug developer Kodiak Sciences Inc. (Nasdaq: KOD) closed down 6.94% at $37.39 on the Nasdaq. The company’s market capitalization now stands at roughly $2.3 billion (about KRW 3.1 trillion), meaning it lost around $150 million (approximately KRW 200 billion) in a single day.

The previous session, shares had jumped nearly 70% intraday after news that its lead candidate, GenCoda (tarcocisumab tedromer), demonstrated superior efficacy versus placebo in the Phase 3 GLOW2 trial for diabetic retinopathy. Market observers view this latest pullback as profit-taking and consolidation. Kodiak plans to release topline data from its Phase 3 DAYBREAK trial in wet age-related macular degeneration in Q2 this year, then pursue major retinal disease approvals via a single biologics license application (BLA) that includes GenCoda.

Kodiak Sciences is a clinical-stage biotech focused on retinal diseases, developing GenCoda and a dual-mechanism candidate, KSI-501, on its long-acting anti-VEGF ABC platform. With no commercial products yet, the stock remains highly volatile, driven by pivotal Phase 3 results, regulatory timelines, and potential additional funding requirements.