Kodiak Sciences Inc. Notes to Consolidated Financial Statements 98 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, 2025 2024 2023 .................................... Tarcocimab program expenses $ 54,049 $ 39,496 $ 90,513 .................... KSI-501 and KSI-101 program expenses 28,980 8,495 7,264 ................ ABC Platform and other program expenses 23,776 12,915 20,997 ................................... Payroll and personnel expenses 56,082 45,522 65,382 ....................................................................... Facilities and other research and development expenses 19,486 19,667 22,142 ................... Total research and development expenses $ 182,373 $ 126,095 $ 206,298 13. 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, 2025 2024 2023 Numerator: ............................................................................. Net loss $ (229,967) $ (176,207) $ (260,491) Denominator: ............. Weighted-average shares outstanding used in computing net loss per share, basic and diluted 53,208,311 52,583,148 52,414,256 ..................................... Net loss per share, basic and diluted $ (4.32) $ (3.35) $ (4.97) 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: Year Ended December 31, 2025 2024 2023 ............................................... Outstanding stock options 22,223,236 19,873,073 17,601,466 ............................................... Unvested restricted shares 120,820 121,660 164,817 ................................................................................ ESPP 38,203 44,547 70,761 ................................................................................. Total 22,382,259 20,039,280 17,837,044 14. 401(k) Plan In 2011, the Company adopted a 401(k) retirement and savings plan covering all employees. The 401(k) plan allows employees to make pre- and post-tax contributions up to the maximum allowable amount set by the Internal Revenue Service. The 401(k) plan was amended to include an employer matching provision in 2019. The Company will make matching contributions of 100% of employee contributions up to a maximum of $10,250. For the years ended December 31, 2025, 2024 and 2023, expense related to the matching contributions was $1.0 million, $0.9 million and $0.9 million, respectively.