Shares of Kodiak Sciences (KOD) exploded as much as 190% Monday after the small biotech released topline results from its Phase 3 DAYBREAK trial testing two experimental drugs for wet age-related macular degeneration, a leading cause of vision loss in older adults, according to FierceBiotech.

Both candidates — tarcocimab tedromer, branded Zenkuda, and tabirafusp alfa tedromer — matched Regeneron's blockbuster drug Eylea (aflibercept) on the trial's primary vision-gain endpoint at one year, with statistically strong results (Zenkuda p=0.0007; tabirafusp p=0.0036). The bigger selling point for patients: roughly 54% of Zenkuda patients were able to stay on a six-month dosing schedule, compared with Eylea's standard every-eight-weeks injections directly into the eye.

From resurrection to rocket ship

The rally marks a dramatic turnaround for a company whose earlier lead drug had stumbled in previous trials. Shares closed Friday at $32.35 and spiked as high as roughly $90 intraday Monday, according to BioSpace's market coverage, which tracked gains of at least 166% before volatility pushed the figure higher through the session.

TWO ASSETS, ONE TRIAL, A NEAR-TRIPLING OF THE STOCK BEFORE LUNCH

Kodiak said it plans to file for FDA approval of Zenkuda across multiple indications — wet AMD, diabetic retinopathy and retinal vein occlusion — in the fourth quarter of 2026, according to FX Leaders' report on the trading action. The less-frequent dosing schedule, if approved, could appeal to both patients and ophthalmologists managing the injection burden of chronic eye disease treatment.

Kodiak has not announced pricing plans for either drug, and full trial data — including safety details beyond the topline efficacy numbers — has not yet been published or peer-reviewed. Analysts are expected to weigh in on the durability of Monday's rally as more detailed results emerge.