2 Tarcocimab Clin l ical Program Summary r and Updatet Kodiak’s lead clinical program tarcocimab a is an investigational anti-VEGF therapy built on Kodiak’s ABC Platform and is designed to maintain potent and effe f ctive drug r levels in ocular tissues for longer than existing availabl a e agents. Kodiak’s objective with tarcocimab a is to enable earlier treatment and prevention of vision loss for patients with diabetic retinopathy and to develop a new durability agent to improve outcomes for patients with retinal vascular diseases. To date, tarcocimab has been studi t ed in six pivotal clinical studi t es: Phase 3 GLOW1 study t in non-prolifer f ative diabetic retinopathy (“NPDR”), Phase 3 BEACON study t in retinal vein occlusion (“RVO”), Phase 3 DAYLIGHT study t in wet age- related macular degeneration (“wet AMD”), Phase 3 GLEAM and GLIMMER studi t es with identical study t design in diabetic macular edema (“DME”), and Phase 2/3 DAZZLE study t in wet AMD. Of the six registrational studi t es, GLOW1, BEACON and DAYLIGHT successful f ly met the primary endpoint. More information about study t design and results from each individual pivotal study t are summarized below: GLOW1 W – Phase 3 Study in Patients with Non-Prolifer f ative Diabetic Retinopathy without DME M The Phase 3 GLOW1 study t was a global, multi-center, randomized pivotal supe u riority study t designed to evaluate the effi f cacy and safety of tarcocimab in treatment-naïve patients with moderately severe to severe NPDR. Patients were randomized to receive either tarcocimab every r six months afte f r initiating doses given at baseline, 8 weeks and 20 weeks into the study, t or to receive sham inje n ctions. The primary endpoint was at one year. On November 6, 2023, Kodiak announced that GLOW1 met its primary endpoint of the proportion of patients with at least a 2-step improvement on the Diabetic Retinopathy Severity Scale (DRSS) score, a grading system measuring the degree of retinopathy. Tarcocimab achieved a 29-fold increased response rate ratio, with 41.1% of evaluabl a e patients on tarcocimab a demonstrating at least 2-step improvement versus 1.4% of evaluabl a e patients in the sham group (p less than 0.0001). Visual acuity and retinal anatomy were improved and stable with tarcocimab on its extended-dosing intervals. At one year, GLOW1 also met its key secondary endpoint of greater reductions in the proportion of patients developing sight-threatening complications (such as diabetic macular edema and prolifer f ative diabetic retinopathy), versus sham, demonstrating an 89% decreased risk, achieving 21.0% versus 2.3% (p less than 0.0001). Tarcocimab a also showed a 95% risk reduction in the development of DME, versus sham, from 13.7% on sham versus 0.7% on tarcocimab. a The rates of serious ocular adverse events and intraocular inflammation in patients treated with tarcocimab a and sham were similar. BEACON – Phase 3 Study in Patientst with Treatment-Naïve Retinal Vein Occlusion The Phase 3 BEACON study t was a randomized, double-masked, multicenter, active comparator-controlled study t in treatment naïve patients with vision loss and macular edema due to retinal vein occlusion, including both branch ("BRVO") and central ("CRVO") subt u ypes. In the initial six months of the study, t patients received tarcocimab a on a fixed every- r 8-week dosing regimen following 2 monthly loading doses or afli f bercept 2mg on a fixed monthly dosing regimen per its labe a l. In the second six months of the study, t tarcocimab and afli f bercept were tested head-to-head according to a pro re nata (“PRN" R ) protocol in which patients in both groups were treated only when disease reactivated according to matched predefin f ed disease activity criteria. In August 2022, Kodiak announced that the BEACON study t met the primary effi f cacy endpoint of non-inferior visual acuity change from baseline at week 24 for subj u ects given tarcocimab a every r two months afte f r 2 monthly loading doses compared to subj u ects given monthly aflib f ercept. On September 7, 2023, Kodiak announced new one-year results from the BEACON study. t Tarcocimab a demonstrated matched effi f cacy with differentiated durability versus afli f bercept in the head-to-head comparison. Afte f r 4 initiating doses in the first 6 months, 47% of tarcocimab-treated patients required no additional inje n ctions in the second 6 months while matching the vision and anatomic outcomes of afli f bercept-treated patients. Despite receiving 6 initiating monthly doses, only 37% of aflib f ercept patients were inje n ction free in the second half of the study. t 77% of tarcocimab a treated patients received 5 or fewer doses in year one, while 93% of aflib f ercept treated patients received 6 or more doses. BRVO patients received a median of 4.0 inje n ctions on tarcocimab versus 7.0 inje n ctions of afli f bercept. Despite materially fewer inje n ctions in tarcocimab a treated patients, vision outcomes favored tarcocimab- a treated patients achieving an observed mean of 76.6 letters versus 75.6 letters for aflib f ercept treated patients. All RVO patients received a median of 5.0 inje n ctions on tarcocimab a versus 7.0 inje n ctions of aflib f ercept. Despite materially fewer inje n ctions in tarcocimab treated patients, vision outcomes favored tarcocimab-treated patients achieving an observed mean of 74.6 letters versus 74.3 letters for afli f bercept treated patients. Safety and tolerabi a lity were comparable between tarcocimab a and aflib f ercept. Intraocular inflammation (IOI) rate was comparable between groups (tarcocimab a 2.5% vs afli f bercept 0.7%). No cases of inflammation associated with vascular occlusion or vasculitis were reported.