Kodiak Sciences Inc. (KOD)

[Whalatane]

Claudes view on an exit

The real question is the exit pathway, not timing. Based on Baker Bros.' history, a voluntary open-market sale is unlikely near-term. The more probable eventual outcome would be:

Acquisition by a large pharma (Roche, Novartis, AbbVie, etc. are all active in retinal disease) if the Phase 3 data is positive — this is the classic Baker Bros. "exit". my emphasis
Long-term hold if Kodiak becomes a commercial-stage company on its own

Bottom line: The chances they sell KOD in the near term are low. They're in accumulation mode, the data catalysts are still ahead, and this fits their classic pattern of riding a position through its most critical inflection point. The more likely scenario is they hold through the 2026 Phase 3 readouts, and if successful, either hold even longer or get taken out via M&A.

This was before todays results
I go with the " get taken out via M&A "

Kiwi