Kodiak Sciences' Phase 3 eye drug data beats Regeneron’s Eylea, shares double

Kodiak Sciences reported that its two experimental treatments for macular degeneration met the primary endpoints in a Phase 3 trial that directly compared them with Regeneron’s Eylea. The data showed comparable vision improvement while using individualized dosing schedules.

Zenkuda, one of the drugs, achieved similar eyesight gains to Eylea but allowed more than half of patients to receive injections only once every six months instead of the standard eight‑week regimen. The second candidate, tabirafusp alfa tedromer, also matched Eylea’s efficacy under a similar dosing approach.

The company said it will submit a filing to the U.S. Food and Drug Administration for Zenkuda in wet age‑related macular degeneration and two additional eye disorders in the fourth quarter of 2026. The positive readout lifted Kodiak’s market value by more than $3 billion, more than doubling its share price.