89 Kodiak Sciences Inc. Consolidated Statements of Cash Flows (in thousands) Year Ended December 31, 2023 2022 2021 Cash flows from operating activities Net loss $ (260,491) $ (333,823) $ (266,990) Adju d stments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 18,298 3,796 1,003 Stock-based compensation 88,556 106,033 61,385 Loss on disposal of long-lived assets 2 — 120 Net amortization (accretion) of premium (discount) on marketable securities (846) (1,068) 25 Settlement of derivative contracts — (616) — Amortization of operating lease right-of-u f se asset 7,649 7,205 7,708 Amortization of issuance costs 4 53 53 Changes in assets and liabilities: Prepaid expenses and other current assets 8,451 (2,744) (270) Other assets 426 7,384 1,465 Accounts payabl a e 5,597 1,660 (2,094) Accrue r d and other current liabilities (12,907) (2,246) 13,511 Operating lease liabi a lity (8,922) 7,907 1,814 Net cash provided by (used in) operating activities (154,183) (206,459) (182,270) Cash flows from investing activities Purchase of property and equipment (41,350) (37,021) (17,032) Deposits on property and equipment (77) (10,342) (46,266) Purchase of marketable securities (49,347) (427,766) — Maturities of marketable securities 340,000 138,000 24,500 Proceeds from derivative activity — 616 — Net cash provided by (used in) investing activities 249,226 (336,513) (38,798) Cash flows from financing activities Proceeds from issuance of common stock upon options exercise 60 1,770 7,743 Proceeds from issuance of common stock pursuant to employee stock purchase plan 182 174 484 Principal payments of tenant improvement allowance payabl a e (211) (49) (45) Net cash provided by (used in) financing activities 31 1,895 8,182 Net increase (decrease) in cash, cash equivalents and restricted cash 95,074 (541,077) (212,886) Cash, cash equivalents and restricted cash, at beginning of period 196,757 737,834 950,720 Cash, cash equivalents and restricted cash, at end of period $ 291,831 $ 196,757 $ 737,834 Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets Cash and cash equivalents $ 285,507 $ 190,433 $ 731,510 Restricted cash 6,324 6,324 6,324 Total cash, cash equivalents and restricted cash in consolidated balance sheets $ 291,831 $ 196,757 $ 737,834 Supplemental cash flow information: Cash paid for interest $ 13 $ 18 $ 22 Supplemental disclosures of non-cash investing and financing information: Operating lease right-of-use asset obtained in exchange for operating lease liabi a lity $ 2,668 $ (170) $ 773 Purchase of property and equipment under accounts payabl a e and accrua r ls $ — $ 2,917 $ 21,088 Reclassification of deposits to property and equipment $ 44,300 $ 5,363 $ 2,370 The accompanying notes are an integral part of these consolidated financial statements.