Kodiak Sciences Inc. Notes to Consolidated Financial Statements 96 Stock Options Stock option activity, including stock options and performance-based stock options under the 2021 LTPIP, 2018 Plan and 2015 Plan is summarized as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) .................... Outstanding at December 31, 2024 19,873,073 $ 36.06 6.88 $ 51,018 ............................................................... Granted 3,784,474 4.36 ............................................................ Exercised (925,813) 5.79 .......................................... Forfeited or canceled (508,498) 14.60 .................... Outstanding at December 31, 2025 22,223,236 $ 32.42 6.43 328,282 ... Options exercisable as of December 31, 2025 12,741,012 $ 30.46 5.46 $ 185,993 The weighted-average grant date fair value of time-vested stock options granted for 2025, 2024 and 2023 was $2.98, $1.74 and $4.51 per share, respectively. The total intrinsic value of stock options exercised during 2025, 2024 and 2023 was $15.3 million, $0.3 million, and not significant, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of an option. The Company estimated the fair value of stock options using the Black-Scholes valuation model. The fair value of time-vested stock options was estimated using the following weighted-average assumptions: Year Ended December 31, 2025 2024 2023 ....................................................... Expected volatility 95% 92% 86% ................................................... Risk-free interest rate 3.80% 3.92% 3.55% .............................................................. Dividend yield 0% 0% 0% .............................................................. Expected term 3.98 3.98 4.00 Restricted Shares Restricted share activity, including restricted stock units and performance-based restricted stock units, under the 2018 Plan is summarized as follows: Number of Restricted Shares Weighted Average Grant Date Fair Value ............................................................ Unvested at December 31, 2024 121,660 $ 16.08 ................................................................................................... Granted 55,300 7.92 .................................................................................................... Vested (45,190) 34.88 ................................................................................................. Canceled (10,950) 13.23 ............................................................ Unvested at December 31, 2025 120,820 $ 5.58 The total fair value of RSUs vested during the years ended December 31, 2025, 2024, and 2023 was $0.4 million, $0.3 million and $0.8 million, respectively. Performance-Based Awards In December 2019, the Company granted 170,150 performance-based stock options and 128,900 performance-based RSUs (collectively “2019 PSA”). These equity awards vest 25% upon the achievement of specific clinical development milestones. The remaining awards would then vest in three equal annual installments after that date. The performance criteria for 2019 PSA was achieved in June 2021 and the awards became fully vested during 2024.