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KODKodiak Sciences Inc Common Stock

Options Analysis Report•BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
Market Cap $2.5B|NASDAQ
● 2026-08-28$39.12
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +336.1%YTD +50.3%7D +2.1%
122
30D
±20.9%
41%

KOD Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

3.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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KOD Gamma Walls

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Value

Is IV priced right?

2.1
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks2/9 checks passed
≤35%

IV Rank 97.4% — elevated vs history

<1.05x

IV/HV 2.03x — IV premium over HV

Sector Relative≤50%

Sector percentile 96% — above sector median

<1.1x

Front/Back 0.54x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 122.0% — crisis-level IV

<80%

Effective IV 187.7% (ATM 122.0% + spread 32.9% + bias) — expensive

<3.0%

Total drag 45.68% (spread 32.87% + slippage 12.81%) — high friction

≥5.0

Vega efficiency 3.13 (vega 10.289 / spread 32.87%) — spread drag

Sentiment

Bullish or bearish?

3.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Moderate signal (Conviction: -68%, Raw: -53%)
|net sentiment| ≥25%

Conviction-weighted: -68% (strong bearish) — Raw: -53%

≥15%

|OI skew| 12.7% — balanced

Same sign, |vol skew| ≥10%

Vol skew +93.4%, OI skew -12.7% — divergent (opposite)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -84%, ATM: -100%, OTM: -43% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 11% — very bullish vs sector

Activity

Unusual activity?

2.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.4% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +4.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 17% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 38% — patient

≥30

Conviction -68 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed
≤5.0%

Spread 32.9% — wide

≥10,000

OI 34,906 — adequate

≥500

Volume 122/day — thin

≤$0.50

$1.64 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 98% — much wider than sector

≥100 contracts

Depth 73.9 contracts (bid:56.1 ask:17.8) — thin

<1.0%

Avg slippage 12.81% — poor

Timing

Is now a good time?

7.5
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -46.2% — contango

<30 or >70

IV percentile 97% — seller opportunity

≥10pts kink

IV kink -70.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 308.97 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -68% @ 84% consistency — STRONG directional (bearish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls3.4
bullishIV expensive, bearish flow
Long Puts4.6
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV rich premium, bearish flow
Covered Call6.4
bearishIV rich premium, bearish flow

For educational purposes only. Not investment advice.