UPDATE: Kodiak Sciences (KOD) - The Going Concern Footnote Nobody is Reading

The stock is up 18% since the GLOW2 vindication. The 10-Q just told you why management can’t sit still until September.

When I told you in March to take profits and let the rest ride into DAYBREAK, the dilution gap was supposed to be CLOSED. The Q1 10-Q filed this morning says otherwise. Kodiak burned $40.0M in operating cash this quarter, ended March with $169.5M, and management has now formally flagged substantial doubt about the Company’s ability to continue as a going concern. Runway is guided “into 2027” — which in plain English means not through DAYBREAK and the BLA work without a raise.

Meanwhile the catalyst calendar got sharper: DAYBREAK topline in September 2026 (~690 patients enrolled, completed) and PEAK topline in December 2026 (4Q). The science is on track. The balance sheet is the new bear case.