T O O U R K O D I A K STOCKHOLDERS An incredible unmet need still exists—not just for patients, but for physicians and health systems. Current anti-VEGF therapies can improve and sustain vision in patients for many years when dosed monthly or every other month during a clinical trial. But in the real world, patients cannot be seen or treated this often. Since current medicines only last in the eye for a relatively short time, treatments occur less often than they should, and disease recurs between doses. This can lead to permanent vision loss starting just a few months after initiation of therapy outside of clinical trials. It’s a global epidemic of preventable blindness! Yet we cannot blame the patients, physicians or health systems. The solution is to bring new science to the design and manufacture of next generation retinal medicines so that the medicines can fit seamlessly into the lives of our patients, rather than trying to force patients and physicians to fit their lives around the limitations of today’s medicines. At Kodiak, we have been focused on this problem and this unmet need since our inception as a company ten years ago. We have accelerated our efforts this past year and are proud of the milestones and progress made in 2018. We enter 2019 with a full head of steam and arrive at work excited to advance our bold mission of applying trailblazing science to the design and development of a pipeline of “Go-To” retinal medicines. To win for patients and other stakeholders globally, we also remain steadfast in our singular focus on ophthalmology. It is my pleasure to present our first annual report, capping a series of firsts in what was a momentous year for Kodiak Sciences in 2018. We completed our initial public offering providing us with the resources to advance the development of our retinal medicines. We entered the clinic with KSI-301, our first product candidate built on the ABC Platform. We demonstrated safety and durability through 12 weeks after a single dose of KSI-301 in patients with diabetic macular edema. We are very proud of how KSI-301 performed in this first-in-human study in patients with severe disease. We then expanded into a Phase 1b multiple-dose study that is currently dosing treatment naïve patients in a broader set of retinal diseases. And we outlined an ambitious strategy for KSI-301 which builds on the strong science underlying our design of KSI-301 and which, if successful, positions KSI- 301 as a first-line medicine to both prevent and treat vision loss in millions of patients globally. It is an inspiring and humbling challenge, and we are advancing on all fronts with our science, our pipeline molecules especially KSI-301, our manufacturing platforms, our clinical development, and our research & development execution. K O D I A K S C I E N C E S I N C .