Kodiak Sciences Surges Over 140% as Both DAYBREAK Drugs Beat AMD Trial Primary Endpoints

Kodiak Sciences shares surged more than 140% on September 28, hitting a 52-week high of $61.28, after the company announced that both Zenkuda and tabirafusp-ted met their one-year primary endpoints in the pivotal Phase 3 DAYBREAK trial for wet age-related macular degeneration. The trial measured non-inferiority of best corrected visual acuity against aflibercept, the active ingredient in Regeneron's Eylea, and both candidates matched or exceeded the comparator.

Zenkuda stood out for its durability profile, with 54% of patients achieving a 6-month dosing interval at year one under strict treat-to-dryness real world retreatment criteria. The drug also posted a 0% intraocular inflammation rate and a 0.5% cataract adverse event rate, compared with 0.9% for aflibercept. Tabirafusp-ted, an investigational anti-IL-6 and VEGF-trap bispecific therapy built on Kodiak's ABC platform, showed a 0.4% intraocular inflammation rate and a 0% cataract adverse event rate.

Kodiak plans to submit Zenkuda to regulatory authorities in the fourth quarter of 2026, drawing on data from five positive Phase 3 studies: DAYBREAK and DAYLIGHT in wet AMD, GLOW and GLOW2 in diabetic retinopathy, and BEACON. The company has no approved products and no commercial revenue, making the filing a pivotal step in its history. The next clinical catalyst is Phase 3 data from KSI-101, being evaluated in macular edema secondary to inflammation, expected in December 2026.

Jefferies responded by cutting its price target on Kodiak Sciences on valuation grounds following the sharp stock move, though no revised figure was specified in available reports.