77 Technology o Plat l fo t rm Developm l ent We continued progressing our technology development with our “due d t” and “triplet” inhibitors that embed small molecules and other bioactive molecules in the biopolymer backbone k to provide a high drug- r antibody ratio ("DAR"). The diverse bioactives are designed to be released over time to achieve sustained inhibition of targeted biological pathways. The biopolymer embedded with its poly-pharmacy payloads is conjugated to a protein therapeutic to form a “triplet” for tissue and cell targeting or omits the protein therapeutic to form a “due d t”. We believe this unique combination of high DAR and extended therapeutic benefit offe f rs potential for broad and important utility for multifac f torial ophthalmic and systemic diseases. Digi i ta i l Health l Plat l fo t rm Developm o ent We are developing a visual engagement technology and imager (“VETi”) designed by Kodiak engineers initially to be used by eye care profes f sionals for vision and ophthalmic anatomical examination, diagnosis and monitoring. Our longer-term goal with VETi, built with semiconductor technologies, is to deliver a wearable device for long-term health engagement and monitoring. We believe the Kodiak VETi platform as a medical engagement and imaging platform has the potential to disrupt r ophthalmology clinical trials by enabling new trial endpoints, thereby enabling faster and more cost-effective medicines development in ophthalmic disease, an area that historically requires lengthy and expensive trials. VETi may also aid in market build and shaping for undertreated or underdiagnosed diseases, such as diabetic eye diseases where Kodiak’s product candidates tarcocimab and KSI-501 are being studi t ed and where early treatment and prevention may allow patients to achieve better outcomes. Financial Operations Overview Since inception in June 2009, we have devoted subs u tantially all of our resources to discovering and developing product candidates and manufac f turing processes, building our ABC Platform and assembling our core capabilities in drug r development for high prevalence retinal diseases. We plan to continue to use third-party contract research organizations, or CROs, to carry out our preclinical and clinical development. We rely on third-party contract manufac f turing organizations, or CMOs, to manufact f ur t e and supp u ly our preclinical and clinical materials to be used during the development of our product candidates. We continue to invest in commercial manufact f ur t ing capacity. We do not have any products approved for sale and have not generated any product revenue since inception. We have funded our operations primarily through the sale and issuance of equity securities. In October 2018, we completed our initial public offe f ring, or IPO. In December 2019, we completed a follow-on offe f ring. In November 2020, we completed a second follow-on offe f ring. We have incurred significant operating losses to date and expect that our operating losses will increase signific f antly as we advance our product candidates, through preclinical and clinical development, seek regulatory r approval, prepare for and, if approved, proceed to commercialization; broaden and improve our platform; acquire, discover, validate and develop additional product candidates; obtain, maintain, protect and enforce our intellectua t l property portfol f io; and hire additional personnel. We expect to continue to incur additional costs associated with operating as a public company. Our net loss was $260.5 million, $333.8 million and $267.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, we had an accumulated deficit of $1,152.5 million. Our ability to generate product revenue will depend on the successful f development and eventual commercialization of one or more of our product candidates. Until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources, including potential collabor a ations with other companies or other strategic transactions. Adequate funding may not be availabl a e to us on acceptable terms, or at all. If we fail to raise capi a tal or enter into such agreements as, and when, needed, we may have to significantly delay, scale back, or discontinue the development and commercialization of tarcocimab for RVO, wet AMD, or DR or delay our effo f rts to advance and expand our product pipeline. As of December 31, 2023, we had cash and cash equivalents of $285.5 million.