Before 28 September 2026, Kodiak Science (Nasdak Code: KOD) of Silicon Valley Retinal Diseases, published the results of the third phase of the DAYBREK clinical trial: two sections under the banner have reached the main end of treatment of humid age-related yellow-banding (wet AMD) in Zenkuda (tarcocimab teromer) and KSI-501 (tabirafusp tetromer). Stimulated by this news, the KOD stock price rose by about 143 per cent on the same day, from a previous collection of about $32.35 to $78.72, much more than the different statistical calibres in the 90 to 156 per cent interval previously reported by the financial and economic media. This was the largest single-day increase in the company in recent years, making it one of the largest increases in the biotechnologies of the same day.
DAYBREK is a key three-phase clinical study, assessing the efficacy and safety of Zenkuda and KSI-501 drugs for wet AMD. The core design of the experiment was a head-to-head comparison between the two candidate drugs and Absept (aflibercept, trade name Eylea, sold in regenerative medicine).
The results showed that neither drug had a better vision at the point of one year than Eylea. The so-called "non-poor" means that the visual improvement of the new drug is no less than that of the standard treatment available, which is one of the key thresholds for the approval of the new drug. In addition, it has been reported that 54 per cent of the patients in the experiment had a six-month interval between two injections, a figure which for the patients means less frequent injections and longer treatment intervals, directly reducing the burden of treatment for people with eye diseases such as cataracts.
Zenkuda is the core product of Kodiak, based on its exclusive antibodies-biopolymers (ABC) platform, which is an anti-VEGF biological formulation. Prior to this, Zenkuda had completed four key studies: GLOW1 and GLOW2 (Diabetic retinal disease), BEACON (retinal obstructive barrier) and DAYLIGHT (wett AMD) with positive results. The success of DAYBREK further consolidated its clinical data base in the area of retina vascular diseases.
KSI-501 is another drug with a combination of double-specific inflammation and VEGF-driven vascular seepage, both directed at IL-6 and complementary layouts with Zenkuda.
On 25 September, Kodiak Science announced in a press release that a web conference would be held on Monday, 28 September (Monday), at 8.30 a.m., to publish the results of the DAYBREK three studies.
The results were officially released and a telephone conference for investors was convened prior to the closing of the meeting on 28 September. After the news was released, KOD stock prices jumped significantly at the opening stage, with a maximum increase of over 150 per cent, and many financial and economic media tracked their stock prices in real time.
It is worth noting that before the results of the experiment were published, Goldman Sachs first covered Kodiak Science on Tuesday, giving a "neutral" rating at a target price of $36. At that time, the unit ' s transaction price was approximately $31.52, down from a point of $47.84 higher than 52 weeks, but had risen cumulatively by some 103 per cent over the past year. After the results of the experiment were published, the stock price was much higher than all previous analysts ' target ranges.
According to the information disclosed by the company, Kodiak plans to submit an application (BLA) for permission for multi-adaptative biological products to Zenkuda in the fourth quarter of 2026. The BLA will consolidate clinical data from five positive three-stage studies covering three main adaptations of humid AMD, diabetes retinal lesions and retinal intravenous traction.
In addition, KSI-501 ' s three AlTO studies in the diabetic yellow edema (DME) are still in the group. The results of the three issues of PAAK research toplines in KSI-101 (a non-coupted bipolar protein targeting IL-6 and VEGF) in the inflammation of yellow swollen edema (MESI) are expected to be released in December 2026 and the company plans to submit the BLA for KSI-101 in the second quarter of 2027.
For patients and clinicians, the results of DAYBREK mean that future wet AMD treatments may add a powerful new option. If Zenkuda is successfully approved, its design of "1 to 6 months of flexible drug spacing" will allow the patient to adjust the frequency of visits to individual cases and reduce the number of injections required per year, which is of direct clinical value to patients who require long-term follow-up visits to the geriatric eye.
For investors, the success of the experiment has significantly increased Kodiak ' s chances of transition from clinical to commercial. It should be noted, however, that the company is still unprofitable, with a negative $231 million in EBITDA over the past 12 months, with higher stock price volatility (about 2.18 for Beta). After this surge, stock prices are well above previous analysts ' target prices, and subsequent valuations will rely heavily on BLA approval progress and commercial landings.
For competitors, Kodik’s Zenkuda is described as “similar to Eylea” in terms of its therapeutic effects, which means that producers such as Eylea and Novartis, who already dominate the market, will face new competitive pressures. If Zenkuda is approved at longer intervals, it may change market patterns in the area of wet AMD treatment.
In the short term, investors should pay attention to more detailed data disclosed at the 28 September meeting of the Network, including safety indicators, the results of the sub-group analysis and the company ' s presentation of future commercial strategies. In the medium term, the timely submission of BLA in the fourth quarter of 2026, the progress of regulatory reviews and the follow-up results of the three studies, AlTO and PEAK, will be key nodes to determine whether Kodiak will truly complete the transition from a company in the clinical phase to a commercial eye pharmaceutical enterprise.