On February 17, 2026, Connecticut-based Braidwell disclosed a new position in Kodiak Sciences (NASDAQ:KOD), acquiring 2,072,788 shares in a trade estimated at $57.96 million.
Braidwell LP reported a new holding in Kodiak Sciences, acquiring 2,072,788 shares during the fourth quarter of 2025, according to an SEC filing dated February 17, 2026. The quarter-end position value stood at $57.96 million, capturing both share purchases and price movements.
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This new position accounts for 1.85% of Braidwell’s 13F reportable AUM at quarter-end.
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Top five holdings after the filing:
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NASDAQ:CAI: $210.88 million (8.08% of AUM)
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NASDAQ:EWTX: $129.31 million (4.95% of AUM)
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NASDAQ:NBIX: $106.59 million (4.08% of AUM)
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NYSE:GKOS: $104.10 million (3.99% of AUM)
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NASDAQ:NUVL: $82.63 million (3.16% of AUM)
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As of February 17, 2026, shares of Kodiak Sciences were priced at $22.66, up 340% over the past year and far outperforming the S&P 500.
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Metric |
Value |
|---|---|
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Price (as of market close February 17, 2026) |
$22.66 |
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Market Capitalization |
$1.30 billion |
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Net Income (TTM) |
($217.34 million) |
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One-Year Price Change |
340.0% |
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Kodiak Sciences develops and advances therapeutics for retinal diseases, with lead candidates including KSI-301 (in Phase IIb/III trials) and preclinical assets KSI-501 and KSI-601.
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The company operates a clinical-stage biopharmaceutical model, investing in research and development to create novel treatments and aiming to generate revenue through future commercialization and potential licensing agreements.
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It targets ophthalmologists, retina specialists, and healthcare providers treating patients with retinal vascular and inflammatory diseases, including age-related macular degeneration and diabetic eye conditions.
Kodiak Sciences is a biotechnology company focused on the research and development of innovative therapies for retinal diseases. With a pipeline led by KSI-301 and supported by additional preclinical candidates, the company leverages advanced antibody biopolymer technology to address significant unmet medical needs in ophthalmology.
Retina biotech is entering a pivotal stretch, and Kodiak sits at the center of it. The company has three late-stage programs with Phase 3 topline data expected across 2026, targeting a global anti-VEGF market estimated at roughly $15 billion. That kind of density has helped the stock’s 340% run over the past year.
Execution, however, still matters. Kodiak ended the third quarter with $72 million in cash and reported a quarterly net loss of $61.5 million, reflecting stepped-up R&D spending tied to active Phase 3 trials. The December $184 million public offering strengthened the balance sheet ahead of those readouts, though it also underscores ongoing capital needs in late-stage biotech.
Within a portfolio heavy on life sciences names like CAI, NBIX and EWTX, a 1.85% allocation signals measured conviction rather than all-in risk. For long-term investors, the thesis hinges on durability. If tarcocimab or KSI-501 can show non-inferior efficacy with extended dosing, the commercial leverage is substantial. If data misses, volatility can return quickly.
