Victor Perlroth, M.D. Chairman of the Board and Chief Executive Officer KODIAK SCIENCES INC. We interpret Kodiak’s current stock price as meaning that investor sentiment is a ‘show me’ sentiment. We expect to show the results of our efforts shortly, with the four Phase 3 studies on schedule to be unmasked in the third quarter of 2023. When the data are released, we will evaluate the balance of efficacy, durability and safety. And, if on a solid base, we will work to rebuild value by focusing on tarcocimab’s benefit to patients and physicians as well as the economic opportunity for the molecule, for the platform and for Kodiak. We feel we are well positioned for this and other outcomes, with a talented work force and a solid cash position. An ABC Platform Company— Clinical Pipeline Expansion We also expanded our clinical pipeline in 2022 with the filing of the Investigational New Drug (IND) application with the US FDA for KSI-501, a potential first-in-class bispecific ABC that is designed to inhibit two mechanisms implicated in retinal diseases: vascular permeability mediated by vascular endothelial growth factor (VEGF) and inflammation mediated by interleukin-6 (IL-6). Chronic inflammation is a key driver in all retinal vascular diseases and is not addressed by current approved therapies which focus on retinal fluid and vascular permeability. We believe KSI-501 to be the first therapy to combine these two powerful mechanisms of action into a single molecule, and we believe KSI-501 has the potential to become a major new category of retinal medicines with greater therapeutic efficacy than existing therapies while also benefiting from the promising long- interval durability of our ABC Platform. We are very pleased to have initiated dosing of patients in the ongoing Phase 1 study of KSI-501 in DME patients, and we look forward to engaging with the retina community on the therapeutic potential of this new investigational ABC medicine. Advancement in Commercial Manufacturing As our pipeline expands and our tarcocimab pivotal program matures, we continue our manufacturing scale-up in collaboration with our partner Lonza. In 2022, we achieved mechanical completion of Ursus, our custom-designed clinical and commercial manufacturing facility dedicated to ABC medicines. Following cGMP commissioning in the first quarter of 2023, we have begun commercial scale cGMP manufacturing in the facility. Looking Ahead In 2022, we stayed focused on our mission and made progress despite a complex environment and clinical disappointment, with the goal of bringing the science of our ABC platform into innovative, next-generation retinal medicines for millions of patients worldwide. We have strived to exercise discipline and creativity when it comes to building and financing the company and we intend to continue to do so in this current adverse capital market that carries significant uncertainty. Notably, we still retain global rights to all our investigational medicines and technology platforms, and we see these as potential assets of value. In 2023, we are focused on maturation of the tarcocimab program with readouts from multiple Phase 3 studies and on rebuilding tarcocimab as a differentiated and compelling first-line agent in particular for diabetic eye disease. We have made great progress in activating our commercial manufacturing capability to support clinical and anticipated commercial needs. We are also excited to be exploring the therapeutic potential of KSI-501 in the clinic which, as our second investigational medicine, marks Kodiak’s maturation into a true biopharmaceuticals platform company. In closing, we remain committed to achieving our mission to prevent and treat the leading causes of blindness in the developed world while at the same time generating stockholder value. We intend to stay focused on this mission yet remain nimble in our approach to meet changing circumstances. On behalf of Kodiak’s board of directors and leadership team, I want to thank you for your continued support. I also want to thank our dedicated employees and corporate partners around the world for their commitment to our efforts.