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Kodiak Sciences Inc.(KOD), a biopharmaceutical com pany focused on developing innovative therapies for retinal diseases, reported its financial results. The company's unaudited condensed consolidated financial statements revealed a net loss of $70.8 million during the three months ended March 31, 2023. Despite the loss, the company achieved promising revenue, amounting to $74.6 million in the same quarter.
Net Loss of $70.8 Million for Q1 2023
The unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for Kodiak Sciences Inc. showed that during the three months ended March 31, 2023, the company incurred operating expenses of $74.6 million. These expenses were broken down into research and development expenses totaling $56.5 million and general and administrative expenses amounting to $18.1 million.
As a result of these operating expenses, Kodiak Sciences Inc. reported a net loss of $70.8 million for the first quarter of 2023. The net loss per common share, both basic and diluted, was $1.35.
Despite the net loss, Kodiak Sciences Inc. achieved significant revenue during the three months ended March 31, 2023. The company's revenue amounted to $74.6 million for the quarter, indicating robust sales and potential growth opportunities.
The revenue earned by Kodiak Sciences Inc. reflects the positive impact of its products and ongoing efforts in the field of retinal disease therapies.
As of March 31, 2023, Kodiak Sciences Inc. had total assets worth $640.3 million. This included current assets of $431.1 million, which mainly comprised cash and cash equivalents of $316.6 million and marketable securities valued at $104.6 million.
The company's total liabilities amounted to $247.7 million, with current liabilities of $68.9 million. Kodiak Sciences Inc. also reported stockholders' equity of $392.6 million.
The management of Kodiak Sciences Inc. remains committed to its mission of developing and delivering innovative therapies for retinal diseases. The company is focused on advancing its pipeline and achieving significant milestones in its clinical trials.
Overall, Kodiak Sciences Inc. continues to invest in research and development to drive future growth and bring transformative treatments to patients suffering from retinal diseases.