Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 106 13. Net Loss per Common Share The following tabl a e sets forth the computation of basic and diluted net loss per share attributable to common stockholders which excludes shares which are legally outstanding, but subj u ect to repurchase by the Company (in thousands, except share and per share data): Year Ended December 31, 2023 2022 2021 Numerator: Net loss attributable to common stockholders $ (260,491) $ (333,823) $ (266,990) Denominator: Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted 52,414,256 52,249,620 51,788,918 Net loss per share attributable to common stockholders, basic and diluted $ (4.97) $ (6.39) $ (5.16) The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive: As of December 31, 2023 2022 2021 Outstanding stock options 17,601,466 16,542,107 14,523,917 Unvested restricted shares 164,817 280,522 363,930 Total 17,766,283 16,822,629 14,887,847 14. 401(k) Plan In 2011, the Company adopted a 401(k) retirement and savings plan covering all employees. The 401(k) plan allows employees to make pre- and post-tax contributions up to the maximum allowabl a e amount set by the Internal Revenue Service. The 401(k) plan was amended to include an employer matching provision in 2019. The Company will make matching contributions of 100% of employee contributions up to a maximum of $10,250. For the years ended December 31, 2023, 2022 and 2021, the expense related to the matching contributions was $0.9 million, $0.9 million and $0.7 million, respectively. 15. Liability related to Sale of Future Royalties On December 1, 2019, the Company and its subs u idiary Kodiak Sciences GmbH entered into a funding agreement with BBA, which holds more than 5% of the Company’s capital stock, pursuant to which BBA purchased the right to receive a capped 4.5% royalty on future net sales of tarcocimab, the Company’s anti-VEGF antibody biopolymer conjugate therapy, in exchange for $225.0 million. The royalty terminates upon the date that BBA has received an aggregate amount equal to 4.5 times the funding amount paid to the Company, unless earlier terminated or repurchased by the Company. Under the terms of the funding agreement, there is no obligation to repay any funding amount received, other than through the capped royalty payments on future product revenues. The Company has the option, exercisabl a e at any point during the term of the funding agreement, to repurchase 100% of the royalties due to BBA for a purchase price equal to 4.5 times the funding amount paid to the Company as of such time, less amounts paid by the Company to BBA. The closing of the funding agreement was subj u ect to certain conditions and occurred in Februa r ry 2020. The Company received $100.0 million of the funding on Februa r ry 4, 2020. The remaining $125.0 million, subj u ect to delivery r of notice by the Company, was payabl a e upon enrollment of 50% of the patients in the RVO clinical program. In July 2021, the funding agreement was amended, at the Company’s request, that the remaining funding amount of $125.0 million would not be paid. The Company recorded the initial $100.0 million payment as a liabi a lity on the consolidated balance sheet net of issuance costs. Once royalty payments to BBA are determined to be probabl a e and estimabl a e, and if such amounts exceed the liabi a lity balance, the Company will impute interest to accrete the liabi a lity on a prospective basis based on such estimates. If and when the Company makes royalty payments under the funding agreement, it would reduce the liabi a lity balance at such time. As of December 31, 2023, royalty payments are not probabl a e and estimabl a e.