83 Kodiak Sciences Inc. Consolidated Statements of Cash Flows (in thousands) Year Ended December 31, 2025 2024 2023 Cash flows from operating activities ........................................................................................................ Net loss $ (229,967) $ (176,207) $ (260,491) Adjustments to reconcile net loss to net cash used in operating activities: ............................................................................................. Depreciation 18,328 18,710 18,298 ......................................................................... Stock-based compensation 58,863 60,213 88,556 ........................................................... Non-cash lease impairment expense 1,910 — — ....................................... Net accretion of discount on marketable securities — — (846) ............................................................... Settlement of derivative contracts — 355 — ........................................ Amortization of operating lease right-of-use asset 7,992 7,996 7,649 ....................................................................................................... Other 20 — 6 Changes in assets and liabilities: ................................................ Prepaid expenses and other current assets (891) (60) 8,451 .......................................................................................... Other assets 59 (12) 426 .................................................................................. Accounts payable 8,070 (9,693) 5,597 ....................................................... Accrued and other current liabilities 9,273 (7,371) (12,907) ......................................................................... Operating lease liability (11,165) (11,250) (8,922) ................................................................................. Long-term deposit 1,500 — — ................................................... Net cash used in operating activities (136,008) (117,319) (154,183) Cash flows from investing activities ............................................................... Purchase of property and equipment (506) (375) (41,350) ............................................................... Deposits on property and equipment — (25) (77) ................................................................... Purchase of marketable securities — — (49,347) ................................................................. Maturities of marketable securities — — 340,000 ................................................................... Settlement of derivative contracts — (355) — ............................... Net cash (used in) provided by investing activities (506) (755) 249,226 Cash flows from financing activities ............................. Proceeds from public offering, net of underwriting discount 172,960 — — .............................................................. Proceeds from stock option exercises 5,162 394 60 ..................................................................................... Proceeds from ESPP 180 107 182 .......................... Principal payments of tenant improvement allowance payable — — (211) ............................................ Net cash provided by financing activities 178,302 501 31 .................. Net increase (decrease) in cash, cash equivalents and restricted cash 41,788 (117,573) 95,074 ..................... Cash, cash equivalents and restricted cash, at beginning of period 174,258 291,831 196,757 .............................. Cash, cash equivalents and restricted cash, at end of period $ 216,046 $ 174,258 $ 291,831 Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: ............................................................................. Cash and cash equivalents $ 209,862 $ 168,074 $ 285,507 ............................................................................................. Restricted cash 6,184 6,184 6,324 .......................................... Total cash, cash equivalents and restricted cash $ 216,046 $ 174,258 $ 291,831 Supplemental cash flow information: .................................................................................... Cash paid for interest $ — $ — $ 13 .......... Purchase of property and equipment under accounts payable and accruals 878 50 — ..................................... Reclassification of deposits to property and equipment — 25 44,300 .................................................................................... Unpaid offering costs 303 — — ........................................................ Cash in-transit for stock option exercises 201 — — See notes to consolidated financial statements.