88 Kodiak Sciences Inc. Consolidated Statements of Cash Flows (in thousands) Year Ended December 31, 2024 2023 2022 Cash flows from operating activities Net loss..........................................................................................................$ (176,207) $ (260,491) $ (333,823) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation ............................................................................................... 18,710 18,298 3,796 Stock-based compensation ........................................................................... 60,213 88,556 106,033 Loss on disposal of long-lived assets............................................................. — 2 — Net amortization (accretion) of premium (discount) on marketable securities.... — (846) (1,068) Settlement of derivative contracts ................................................................. 355 — (616) Amortization of operating lease right-of-use asset .......................................... 7,996 7,649 7,205 Amortization of issuance costs ..................................................................... — 4 53 Changes in assets and liabilities: Prepaid expenses and other current assets.................................................. (60) 8,451 (2,744) Other assets ............................................................................................ (12) 426 7,384 Accounts payable.................................................................................... (9,693) 5,597 1,660 Accrued and other current liabilities.......................................................... (7,371) (12,907) (2,246) Operating lease liability ........................................................................... (11,250) (8,922) 7,907 Net cash provided by (used in) operating activities ................................. (117,319) (154,183) (206,459) Cash flows from investing activities Purchase of property and equipment.................................................................. (375) (41,350) (37,021) Deposits on property and equipment ................................................................. (25) (77) (10,342) Purchase of marketable securities...................................................................... — (49,347) (427,766) Maturities of marketable securities.................................................................... — 340,000 138,000 Settlement of derivative contracts ..................................................................... (355) — 616 Net cash provided by (used in) investing activities ................................. (755) 249,226 (336,513) Cash flows from financing activities Proceeds from issuance of common stock upon options exercise.......................... 394 60 1,770 Proceeds from issuance of common stock pursuant to employee stock purchase plan................................................................................................................ 107 182 174 Principal payments of tenant improvement allowance payable............................. — (211) (49) Net cash provided by (used in) financing activities ................................. 501 31 1,895 Net increase (decrease) in cash, cash equivalents and restricted cash.................... (117,573) 95,074 (541,077) Cash, cash equivalents and restricted cash, at beginning of period........................ 291,831 196,757 737,834 Cash, cash equivalents and restricted cash, at end of period.................................$ 174,258 $ 291,831 $ 196,757 Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets Cash and cash equivalents................................................................................$ 168,074 $ 285,507 $ 190,433 Restricted cash................................................................................................ 6,184 6,324 6,324 Total cash, cash equivalents and restricted cash in consolidated balance sheets.............................................................................................................$ 174,258 $ 291,831 $ 196,757 Supplemental cash flow information: Cash paid for interest.......................................................................................$ — $ 13 $ 18 Supplemental disclosures of non-cash investing and financing information: Operating lease right-of-use asset obtained in exchange for operating lease liability...........................................................................................................$ (49) $ 2,668 $ (170) Purchase of property and equipment under accounts payable and accruals ............$ 50 $ — $ 2,917 Reclassification of deposits to property and equipment .......................................$ 25 $ 44,300 $ 5,363 The accompanying notes are an integral part of these consolidated financial statements.