Victor Perlroth, M.D. !ǝƏǣȸȅƏȇȒǔɎǝƺ ȒƏȸƳƏȇƳ!ǝǣƺǔ0ɴƺƬɖɎǣɮƺ…ǔˡƬƺȸ Vi ctor Perlroth, M.D. !ǝ Əǣ ȸȅƏȇ ȒǔɎǝƺ ȒƏȸƳ ƏȇƳ !ǝǣƺǔ0ɴƺƬɖɎǣɮƺ…ǔˡƬƺȸ KOD I A K S C I E N C E S I N C . technologies. I am personally very excited about our duet program in glaucoma which contains our ȇƺɯzn« ̈בǣȇˢƏȅȅƏɀȒȅƺǣȇǝǣƫǣɎȒȸƏɀȒȇƺȒǔǣɎɀɎɯȒȵȸǣȇƬǣȵƏǼȅƺƬǝƏȇǣɀȅɀȒǔƏƬɎǣȒȇِ áƺƏȸƺƏǼɀȒȅƏǸǣȇǕȅƺƏȇǣȇǕǔɖǼȵȸȒǕȸƺɀɀɯǣɎǝȒɖȸàǣɀɖƏǼ0ȇǕƏǕƺȅƺȇɎÁƺƬǝȇȒǼȒǕɵƏȇƳǣȅƏǕƺȸȵȸȒǕȸƏȅ ٢à0Áǣ٣ً ɯǝǣƬǝ ɯƺ ƫƺǼǣƺɮƺ ǝƏɀ Ɏǝƺ ȵȒɎƺȇɎǣƏǼ ɎȒ ƫƺƬȒȅƺ Əȇ ǣȅȵȒȸɎƏ ȇɎ ȵƏȸɎ Ȓǔ ǝȒɯ kȒƳǣƏǸ ƫɖǣǼƳɀ ɮƏǼɖƺ ȒɮƺȸɎǝƺǼȒȇǕɎƺȸȅِà0ÁǣǣɀƏȇƏɖɎȒȇȒȅȒɖɀًXٮƏȇƳȅƏƬǝǣȇƺǼƺƏȸȇǣȇǕٮƺȇƏƫǼƺƳɯƺƏȸƏƫǼƺǝƺƏƳɀƺɎƫɖǣǼɎ Ȓȇ kȒƳǣƏǸټɀ ɀɖǣɎƺ Ȓǔ ȵȸȒȵȸǣƺɎƏȸɵ nǣ(« ɀƺȇɀȒȸ ɎƺƬǝȇȒǼȒǕǣƺɀ ɯǝǣƬǝ ƺȇǕƏǕƺ ƳǣȸƺƬɎǼɵ ɯǣɎǝ Ɏǝƺ ƺɵƺِ Áǝƺ ȵȸȒǕȸƏȅǝƏɀƏƬǝǣƺɮƺƳɀǣǕȇǣˡƬƏȇɎƏƳɮƏȇƬƺȅƺȇɎɀǣȇǝƏȸƳɯƏȸƺًɀȒǔɎɯ ƏȸƺƏȇƳƏǼǕȒȸǣɎǝȅɀƳƺɮƺǼȒȵȅƺȇɎً and we have been encouraged by the pace of progress. Beyond its potential applications in retinal ƳǣɀƺƏɀƺȅƺƏɀɖȸƺȅƺȇɎƏȇƳƬƏȸƺƳƺǼǣɮƺȸɵًɯƺǝƏɮƺƫƺǕɖȇƺɴȵǼȒȸǣȇǕ ƫȸȒƏƳƺȸɖɀƺɀȒǔɎǝƺà0ÁǣɎƺƬǝȇȒǼȒǕɵ —including identity security and cognitive science— where early prototype development has been ȵȸȒȅǣɀǣȇǕِ áǝǣǼƺ Ɏǝƺ ǔɖǼǼ ɀƬȒȵƺ Ȓǔ à0Áǣټɀ ƏȵȵǼǣƬƏɎǣȒȇ ȸƺȅƏǣȇɀ Ə ȇ ƏȸƺƏ Ȓǔ ƏƬɎǣɮƺ ƳǣɀƬȒɮƺȸɵً ɯƺ Əȸƺ ǣȇƬȸƺƏɀǣȇǕǼɵƬȒȇˡƳƺȇɎɎǝƏɎkȒƳǣƏǸټɀȵȒɀǣɎǣȒȇƏɎɎǝƺǣȇɎƺȸɀƺƬɎǣȒȇȒǔȸƺɎǣȇƏǼƫǣȒǼȒǕɵًȒȵɎǣƬɀƏȇƳƏȸɎǣˡƬǣƏǼ intelligence is a genuine source of differentiation. ÁƏǸƺȇɎȒǕƺɎǝƺȸًȒɖȸǼƏɎƺٮɀɎƏǕƺȵȒȸɎǔȒǼǣȒًȒɖȸƺȅƺȸǕǣȇǕȵǣȵƺǼǣȇƺ ƏȇƳȒɖȸǣȇɮƺɀɎȅƺȇɎǣȇà0ÁǣƬȸɵɀɎƏǼǼǣɿƺ how we increasingly think about Kodiak: not only as a developer of medicines but as a Vision Sciences company. áƺ Əȸƺ ȇȒɯ ǣȇ Ə ȵƺȸǣȒƳ ƳƺˡȇƺƳ ƫɵ ǣȅȵȒȸɎƏȇɎ ƬǼǣȇǣƬƏǼ ȸƺƏƳȒɖɎɀ ƏȇƳ Ȓɖȸ ˡȸɀɎ ȵǼƏȇȇƺƳ ȸƺǕɖǼƏɎȒȸɵ ɀɖƫȅǣɀɀǣȒȇِÁǝƺɀƺȅǣǼƺɀɎȒȇƺɀɯǣǼǼȅȒȸƺǔɖǼǼɵǣȇǔȒȸȅɎǝƺȸȒǼƺȒɖ ȸɎǝƺȸƏȵǣƺɀȅƏɵȵǼƏɵǣȇɎǝƺɎȸƺƏɎȅƺȇɎ landscape and as importantly the long-term direction of the company. Xȇًדא׎אɯƺƏǼɀȒɎȒȒǸȅƺƏɀɖȸƺƳɀɎƺȵɀɎȒɀɎȸƺȇǕɎǝƺȇȒɖȸˡȇƏȇƬǣƏǼ ȵȒɀǣɎǣȒȇًǣȇƬǼɖƳǣȇǕɎǝƺƬȒȅȵǼƺɎǣȒȇȒǔ an equity offering in December 2025 in which we received net proceeds of $173.0 million, ensuring that we have the resources to execute through this next phase with focus and discipline. Biopharmaceutical development requires patience and resilience. In our journey, we continue to follow what I like to call the gentle arrows of science where progress unfolds over extended periods and with moments of clarity emerging only after thoughtful and sustained effort. We believe 2025 (building as it does on our choices made in 2023 and 2024) was an important step in this process and that 2026 will be ƏƳƺˡȇǣȇǕȵƺȸǣȒƳȒǔǼƺƏȸȇǣȇǕƏȇƳًɯƺǝȒȵƺًȒǔɮƏǼǣƳƏɎǣȒȇǔȒȸkȒ ƳǣƏǸِ We enter 2026 with more to show than we had a year ago: a portfolio of late-stage investigational therapies with compelling early signals, an emerging and diverse early pipeline and enabling sensor technologies that bridge retina into cognitive science and broaden our long-term opportunity. Our team has earned the right to be optimistic about what comes next. Important work remains, and we hold our expectations with appropriate humility. We are genuinely excited about the year ahead. We are grateful to our employees, clinical partners and the many patients for their continued ƬȒȅȅǣɎȅƺȇɎِ Áǝƺǣȸ ƺǔǔȒȸɎɀ ȅƏǸƺ Ɏǝǣɀ ɯȒȸǸ ȵȒɀɀǣƫǼƺً ƏȇƳ Ɏǝƺǣȸ ƳƺƳǣƬƏɎǣȒȇ ɎȒ ǣȅȵȸȒɮǣȇǕ ȒɖɎƬȒȅƺɀ ǔȒȸ people living with retinal disease is what drives us every day. ɵƺƏȸƏǕȒًɯƺƏɀǸƺƳɵȒɖɎȒ ǼȒȒǸƏɎkȒƳǣƏǸɯǣɎǝǔȸƺɀǝƺɵƺɀِÁȒƳ ƏɵًɯƺƫƺǼǣƺɮƺɎǝƺȸƺǣɀƺɮƺȇȅȒȸƺɎȒɀƺƺً ƏƬȒȅȵƏȇɵɯǣɎǝǕȸȒɯǣȇǕƺɮǣƳƺȇƬƺًǣȇƬȸƺƏɀǣȇǕƬǼƏȸǣɎɵƏȇƳƏɯƺǼǼٮ ƳƺˡȇƺƳȵƏɎǝǔȒȸɯƏȸƳِ