Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 105 Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules. Cash received for early exercised stock options is recorded as accrued liabilities and other current liabilities on the consolidated balance sheet and is reclassified to common stock and additional paid-in capital as such shares vest. At December 31, 2024, there were no early exercised stock options subject to the Company’s right of repurchase. 13. Segment Information The Company operates and manages its business as one operating and reportable segment, which is the business of researching, developing and commercializing transformative therapeutics to treat a broad spectrum of retinal diseases. The chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses net loss to allocate resources and assess performance when making decisions on the timing and extent of the Company's development programs for its product candidates. The assets are managed on a consolidated basis as reported on the consolidated balance sheets. The significant expense categories within net loss are presented on the consolidated statements of operations. The research and development expenses have been disaggregated as follows (in thousands): Year Ended December 31, 2024 2023 2022 Tarcocimab program expenses ...................................... $ 39,496 $ 90,513 $ 132,953 KSI-501 and KSI-101 program expenses ...................... 8,495 7,264 6,964 ABC Platform and other program expenses .................. 12,915 20,997 27,409 Payroll and personnel expenses ..................................... 45,522 65,382 79,314 Facilities and other research and development expenses......................................................................... 19,667 22,142 20,951 Total research and development expenses..................... $ 126,095 $ 206,298 $ 267,591 14. Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Year Ended December 31, 2024 2023 2022 Numerator: Net loss attributable to common stockholders ................... $ (176,207) $ (260,491) $ (333,823) Denominator: Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted......................... 52,583,148 52,414,256 52,249,620 Net loss per share attributable to common stockholders, basic and diluted.................................................................. $ (3.35) $ (4.97) $ (6.39) 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, 2024 2023 2022 Outstanding stock options.................................................. 19,873,073 17,601,466 16,542,107 Unvested restricted shares.................................................. 121,660 164,817 280,522 Total ................................................................................... 19,994,733 17,766,283 16,822,629