KODIAK SCIENCES INC. DEAR FELLOW STOCKHOLDERS We had a clinical setback in our tarcocimab program in mid-2023 that caused us to reexamine and adjust our plan. Our reexamination confirmed that: • Our expertise in retina drug development is rare and valuable. Retinal drug development is a highly technical area with few great companies, so there should be an increasing return to depth of expertise. Retina is also a large market with significant growth potential due to the demographics of aging and diabetes globally. • We have a strong cash position. Historically, we have adopted a disciplined and varied approach to financing the company through equity financings at attractive prices and creative vehicles such as future product royalties. • We have strong support from our core stockholders. This support allows us to make decisions over the time horizons needed to plan and execute, which we need to rebuild value. Our reexamination led us to two conclusions that informed our go-forward plan: • The marketplace for intravitreal anti-VEGF therapies, while complex, is anticipated to remain receptive to our therapy over the next few years. We do not see the existing branded therapies as differentiated from each other. While the bottom of the market is covered, we think an opening exists for true Generation 2.0 products. • The science of our ABC Platform holds the promise of a Generation 2.0 profile. Our performance objective for tarcocimab (and our ABC Platform pipeline products such as KSI-501) is to bring to market an intravitreal biologic that: (1) is a first-line agent for treatment-naïve patients and also for treatment- experienced patients; (2) enables twice-a-year dosing in most patients and is also labeled for monthly dosing in high need patients; (3) does not sacrifice immediacy or potency in order to gain its durability; (4) shows safety consistent with standard of care agents. We are a science-driven innovator. We had already leaned into important design and manufacturing changes in our ABC Platform medicines following the 2022 Phase 2b/3 DAZZLE study results and prior to last summer’s disappointing GLEAM and GLIMMER study readouts. We believe these adjustments can support a profile aligned with our performance objective. We plan to initiate two new Phase 3 studies in 2024 in our tarcocimab and KSI-501 programs (GLOW2 and DAYBREAK) to showcase the safety, efficacy and durability of their go-to-market formulations. We believe we can initiate and read out these studies with our existing financial resources. We plan to advance KSI-101, the unconjugated anti-IL-6 and VEGF-trap bispecific protein portion of KSI- 501 toward late-stage development. KSI-101 represents a greenfield development opportunity for us as it focuses on a market outside the established anti-VEGF market and is independent of the ABC Platform