TO OUR KODIAK STOCKHOLDERS, EMPLOYEES, AND PARTNERS Since Kodiak’s founding in 2009, we have been unwavering in our commitment to develop important new medicines for the treatment and prevention of vision loss. We iterated our science, translated it into product candidates and raised more than $1 billion of capital to carry us through. More recently, we made science-based improvements to our ABC® product designs, expanded our late-phase portfolio (tarcocimab, KSI-501 and KSI-101) and initiated a new set of pivotal clinical studies. We also expanded our early-phase pipeline of ABC® duets to tackle glaucoma and geographic atrophy, a next set of high prevalence diseases of the retina. We made intentional choices behind the scenes in support of our potential to become an important and enduring company, for example: retaining full ownership and control of our technology and products on a global basis; building a Swissmedic-approved commercial manufacturing facility (URSUS) for our ABC® medicines; developing and investing in prefilled syringe technology; continuing our march to a first biologics license application (BLA) filing in multiple large indications; and investing in new LIDAR- and OCT- based retinal headset technologies to enable smaller, more targeted clinical trials in the future. We are well-positioned to capitalize on our deliberate decision-making over the years. I look to the improvements we have made with our enhanced formulations of tarcocimab and KSI-501, which are designed to improve efficacy, safety and manufacturability while maintaining our signature durability. I look to our true science of durability and the human data we shared in 2024 demonstrating a 20-day half-life of our ABC® medicines in patients, versus approximately 8-days for current marketed therapies. I look to the addition of KSI-101 to our late-stage pipeline and the intriguing commercial opportunity for this bispecific molecule in a high unmet need disease area. Many of today’s storied biopharma companies went through dark periods, where they struggled to survive– and they persisted and thrived mainly as a result of their resourcefulness and commitment. The biopharma journey to becoming a great company is not a straight line, and Kodiak’s journey to date has certainly been anything but a straight line. I believe we remain a contender to take our place among that select group of companies, and the next three months (APEX data for KSI-101), nine months (GLOW2 topline data for tarcocimab) and fifteen months (DAYBREAK topline data for tarcocimab and KSI-501) will provide important data on this journey. KODIAK SCIENCES INC.