• Strong 12-week data from Phase 1b APEX • PEAK and PINNACLE – already enrolling • Commercial opportunity of 150,000+ initial addressable patients with headroom • Science-based “heavyweights”? • Tarcocimab: targeting BLA mid-2026 in wet AMD, RVO and diabetic retinopathy • KSI-501: bispecific ABC ® may be even better! • KSI-102, KSI-103: bispecifics for inflammation • Duets for glaucoma and geographic atrophy • VETi: AI headsets for commercial leadership • URSUS: commercial manufacturing A potent reason to believe in Kodiak 2 options in the $15+ billion anti-VEGF market Accelerating our technology and product leadership in retina KSI-101 Tarcocimab & KSI-501 Pipeline, Digital Health, Manufacturing Wholly Owned Kodiak Investor R&D Day July 2025 – Key Messages 10 . AMD: age-related macular degeneration; RVO: retinal vein occlusion; ABC: antibody biopolymer conjugate