TO OUR KODIAK STOCKHOLDERS, EMPLOYEES AND PARTNERS When I wrote to you last year, I asked you to look at Kodiak with fresh eyes— to see, beneath the market turbulence, a company grounded in science with the potential to build something enduring. I shared ɎǝƏɎɎǝƺƬȒȅǣȇǕȅȒȇɎǝɀɯȒɖǼƳƫƺƳƺˡȇǣȇǕِÁǝƺɵɯƺȸƺِ In 2025, we continued to execute across our portfolio, advancing three late-stage clinical programs across major causes of vision loss. We gained greater clarity on our path forward and, in important ways, exceeded our expectations. Most notably, in the Phase 1b APEX study, KSI-101 demonstrated rapid retinal drying and meaningful ǣȅȵȸȒɮƺȅƺȇɎɀ ǣȇ ɮǣɀǣȒȇً ɯǣɎǝ ȅȒȸƺ ɎǝƏȇ ǝƏǼǔ Ȓǔ ȵƏɎǣƺȇɎɀ ǣȇ ǝǣǕǝ ƺȸ ƳȒɀƺ ǕȸȒɖȵɀ ƏƬǝǣƺɮǣȇǕٮד׏ڿ ǼƺɎɎƺȸ ǕƏǣȇɀƏȇƳȒɮƺȸۏ׎חƏƬǝǣƺɮǣȇǕɀɖɀɎƏǣȇƺƳȸƺɎǣȇƏǼƳȸɵȇƺɀɀِáǝǣǼƺƺ ƏȸǼɵًɎǝƺɀƺˡȇƳǣȇǕɀɯƺȸƺɀɎȸǣǸǣȇǕƏȇƳ ɀɖȵȵȒȸɎƺƳȒɖȸƏƳɮƏȇƬƺȅƺȇɎȒǔk³X׏׎׏ٮǣȇɎȒ ̈ǝƏɀƺِבÁǝƺɵƏǼɀȒȅƏȸǸƺƳƏɀɎƺȵٮƬǝƏȇǕƺǣȇȒɖȸƬȒȇɮǣƬɎǣȒȇ ǣȇk³Xټ׏׎׏ٮɀȵȒɎƺȇɎǣƏǼɎȒƫƺƬȒȅƺƏƬȒȸȇƺȸɀɎȒȇƺɎǝƺȸƏȵɵǔȒȸȅƏƬɖǼƏȸƺƳƺȅƏɀƺƬȒȇƳƏȸɵɎȒǣȇˢƏȅȅƏɎǣȒȇ (MESI), a heterogeneous group of diseases with no approved intravitreal biologic therapy. Zenkuda™ (tarcocimab), our lead investigational therapy built on our ABC Platform, has now completed four successful Phase 3 studies across diabetic retinopathy, retinal vein occlusion and wet AMD. Zenkuda ǝƏɀƳƺȅȒȇɀɎȸƏɎƺƳٮהȅȒȇɎǝȵȸƺƳȒȅǣȇƏȇɎƳȒɀǣȇǕǣȇɎƺȸɮƏǼɀɯǣɎǝƏƬȒȇɀǣɀɎƺȇɎɀƏǔƺɎɵȵȸȒˡǼƺًɀɖȵȵȒȸɎǣȇǕ its emergence as a durable, mainstay biologic. Following the recent positive GLOW2 results in March ًהא׎אñƺȇǸɖƳƏǣɀȇȒɯȒȇƏȵƏɎǝɎȒɯƏȸƳƏȵǼƏȇȇƺƳ nˡǼǣȇǕ٪Əȅǣ ǼƺɀɎȒȇƺɎǝƏɎȅƏȸǸɀƏȅƺƏȇǣȇǕǔɖǼ step in Kodiak’s maturation as a company. «ƺɀɖǼɎɀǔȸȒȅJn…áאǔɖȸɎǝƺȸƺǼƺɮƏɎƺƳɎǝƺǔƏɮȒȸƏƫǼƺɀƏǔƺɎɵȵȸȒˡǼƺȒǔȒɖȸ !ȵǼƏɎǔȒȸȅƏȇƳƳƺǼǣɮƺȸƺƳƏ robust and consistent clinical signal, strengthening our conviction in the ABC platform’s potential to enable differentiated, disease-modifying medicines across vision-threatening diseases. k³Xً׏׎דٮȒɖȸǣȇɮƺɀɎǣǕƏɎǣȒȇƏǼƏȇɎǣٮXnًהٮà0JIٮɎȸƏȵƫǣɀȵƺƬǣˡƬɎǝƺ ȸƏȵɵƫɖǣǼɎȒȇɎǝƺ !ȵǼƏɎǔȒȸȅًǣɀƏƳɮƏȇƬǣȇǕ ɎǝȸȒɖǕǝ ̈ǝƏɀƺבǣȇɯƺɎx(ِ ɵƏƳƳȸƺɀɀǣȇǕǣȇˢƏȅȅƏɎȒȸɵȵƏɎǝɯƏɵɀ ǣȇƏƳƳǣɎǣȒȇɎȒà0JIًk³X׏׎דٮȸƺˢƺƬɎɀ our effort to move beyond single-mechanism approaches and explore whether broadening the biology can translate into improved outcomes. ÁȒǕƺɎǝƺȸًɎǝƺɀƺɎǝȸƺƺǣȇɮƺɀɎǣǕƏɎǣȒȇƏǼɎǝƺȸƏȵǣƺɀȸƺȵȸƺɀƺȇɎƏƳǣɮ ƺȸɀǣˡƺƳƏȇƳƬȒȅȵǼƺȅƺȇɎƏȸɵȵȒȸɎǔȒǼǣȒ٪ grounded in science, spanning multiple mechanisms, indications and stages of evidence, and focused on improving long-term patient outcomes. Beyond our late-stage programs, we continue to invest in an emerging pipeline with a goal to build an ƺɮƺȇ Ƴƺƺȵƺȸً ȅȒȸƺ ƳǣɮƺȸɀǣˡƺƳ ȵȒȸɎǔȒǼǣȒ Ȓɮƺȸ Ɏǣȅƺِ Áǝǣɀ ǣȇƬǼɖƳƺɀ  ƳɖƏǼ ƬɵɎȒǸǣȇƺٮɎƏȸǕƺɎǣȇǕ ȵȸȒǕȸƏȅɀ ǣȇ ȸƺɎǣȇƏǼǣȇˢƏȅȅƏɎȒȸɵƳǣɀƺƏɀƺɀƏɀɯƺǼǼƏɀȒɖȸȇƺɴɎٮǕƺȇƺȸƏɎǣȒȇ !(ȵǼƏɎǔȒȸȅًɯǝǣƬǝƺɴɎƺȇƳɀȒɖȸ ! technology to incorporate sustained release multi-mechanism therapeutic modalities with a 10x or even 100x (i.e. meaningful) improvement in drug-antibody-ratio versus today’s antibody drug conjugate KOD I A K S C I E N C E S I N C .