Presentation at Jefferies Global Healthcare Conference

THE OPHTHALMOLOGY MEDICINES COMPANY Jefferies Global Healthcare Conference – London November 17, 2025 1

2 Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding Kodiak’s plans, commitments, aspirations and goals related to Kodiak’s drug candidates. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors which are discussed in the section entitled “Risk Factors” in Kodiak’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”) as well as discussions of potential risks, uncertainties, and other important factors in Kodiak’s subsequent filings with the SEC. All information in this presentation is as of the date presented, and Kodiak undertakes no duty to update such information unless required by law. Kodiak ® , Kodiak Sciences ® , ABC ® , ABC Platform , and the Kodiak logo are registered trademarks or trademarks of Kodiak Sciences Inc. in various global jurisdictions.

• Robust 20-week data from Phase 1b APEX • MOA validated by scientific community • Phase 3 PEAK and PINNACLE enrolling at a faster-than- expected pace • Commercial opportunity of 150,000+ initial addressable patients with headroom • Science-based “heavyweights” • Tarcocimab: targeting BLA mid-2026 in wet AMD, RVO and diabetic retinopathy • KSI-501: bispecific ABC ® may be even better! • KSI-102, KSI-103: bispecifics for inflammation • Duets for glaucoma and geographic atrophy • VETi: AI headsets for commercial leadership • URSUS: commercial manufacturing A potent reason to believe in Kodiak 2 options in the $15+ billion anti-VEGF market Accelerating our technology and pipeline leadership KSI-101 Tarcocimab & KSI-501 Pipeline, Digital Health, Manufacturing Wholly Owned We are a precommercial, retina-focused biotech on the move 3 AMD: age-related macular degeneration; RVO: retinal vein occlusion; ABC: antibody biopolymer conjugate

Our Phase 3 clinical programs (3) and pipeline assets (4) are designed to address the leading causes of vision loss ABC: antibody biopolymer conjugate; MESI: macular edema secondary to inflammation; AMD: age-related macular degeneration; DR: diabetic retinopathy; RVO: retinal vein occlusion Retinal Vascular Diseases Glaucoma Geographic Atrophy Ocular Inflammation Macular Edema Secondary to Inflammation (MESI) ~800K 1 ~150K* Phase 3 Anti-IL-6, VEGF trap ABC ® KSI-501 Pre-clinical NLRP3i + IOP Lowering ABC ® Glaucoma “Duet” Tarcocimab Phase 3 Anti-VEGF ABC ® Pre-clinical NLRP3i + Complement inhibition ABC ® GA “Duet” Pre-IND KSI-102: anti-IL-6, anti-TNF- α KSI-103: anti-IL-6, anti-IL-1 Bispecific proteins KSI-102 & KSI-103 Estimated prevalence (US) (wet AMD, DR, RVO) 4 1. Nila Kirupaharan et al. Invest. Ophthalmol. Vis. Sci. 2024;65(7):6510. 2. Saundankar V et al. Manag Care Spec Pharm . 2025;31(1):88-94. 3. Ehrlich JR et al. JAMA Ophthalmol. 2024;142(11):1046–1053. 4. Rein DB et al. JAMA Ophthalmol. 2022;140(12):1202–1208. 5. Lundeen EA et al. JAMA Ophthalmol. 2023;141(8):747–754. 6. Kalva, P et al. Baylor University Medical Center Proceedings , 36 (3), 335–340. *KSI-101 initial addressable population in MESI. Kodiak Data on File. KSI-101 Phase 3 Anti-IL-6, VEGF trap Bispecific protein

Spotlight on our Phase 3 programs . ABC: antibody biopolymer conjugate; DR: diabetic retinopathy; RVO: retinal vein occlusion; AMD: age-related macular degeneration Quadrant of core unmet need Quadrant of core unmet need Greenfield market opportunity 5 • Strong immediacy • Industry leading durability • BLA filing expected 2026 in 3 indications of wet AMD, DR and RVO Tarcocimab Anti-VEGF ABC ® biologic designed for: KSI-501 Anti-IL-6, VEGF trap bispecific ABC ® biologic designed for: • High-strength, dual inhibition of IL-6 and VEGF • Safe and potent control of macular edema secondary to inflammation (MESI) KSI-101 Anti-IL-6, VEGF trap bispecific protein designed for: For patients with retinal vascular diseases For patients with MESI • Improved efficacy beyond anti-VEGF monotherapies • Strong immediacy • Industry leading durability

MOA Indication Phase 3 Study Complete Q1 ‘26 Q2 ‘26 Q3 ‘26 Q4 ‘26 1Q ’27 2Q ’27 3Q ‘27 Tarcocimab Anti-VEGF Antibody Biopolymer Conjugate (ABC) RVO BEACON BLA* DR GLOW1 Wet AMD DAYLIGHT DR GLOW2 Wet AMD DAYBREAK KSI-501 Anti-IL-6, VEGF Trap ABC Wet AMD DAYBREAK Wet AMD 2nd Pivotal KSI-101 Anti-IL-6, VEGF Trap Protein MESI PEAK PINNACLE All three assets are on track for Phase 3 topline data readouts in 2026; a series of BLA filings possible in 2026 and 2027 ABC: antibody biopolymer conjugate; DR: diabetic retinopathy; AMD: age-related macular edema; RVO: retinal vein occlusion; MESI: macular edema secondary to inflammation; BLA: biologics license application; GLOW2: NCT06270836. DAYBREAK: NCT06556368 * Based on expected timeline of clinical data BLA* BLA* 6 Actively Enrolling = BLA-facing topline data readouts (expected) = active and ongoing Phase 3 study Enrollment Complete

Our pipeline has the potential to provide sustainable revenue streams starting from 2027, with built-in life cycle management, risk diversification and continuing technology and product leadership in retina Net sales (USD) 2027 2028 2029 2030 2031 2032 Tarcocimab KSI-501 KSI-101 Net Sales Potential of Kodiak Clinical Portfolio (Illustrative) Tarcocimab launch in DR, wet AMD and RVO Potential launch of KSI-501 Potential launch of KSI-101 in MESI Potential for strong immediacy and best durability Mainstay Biologic Potential for best efficacy and strong immediacy and best durability “Next gen” product to fast follow tarcocimab Mainstay Biologic Greenfield market Safe, potent, local biologic in a greenfield market segment of high unmet need Kodiak’s assets are proprietary and wholly-owned. We have the flexibility in our commercialization decisions to support adoption of our products in the marketplace. 7

8 Tarcocimab & KSI-501

The Retinal Vascular Diseases and the Anti-VEGF Market: Tarcocimab & KSI-501 9

There remains valuable open space in the retinal vascular diseases market, despite the availability of approved biologics and clinical trials of new exploratory technologies Efficacy Durability Gen 1.0 • Eylea • Lucentis • Biosimilars Gen 1.5 • Eylea HD • Vabysmo Implants Gene Therapies Approved mainstay biologics that provide: High Immediacy High Immediacy + Incremental Durability Exploratory technology-products in clinical trials designed for: High Durability High Immediacy + High Durability At the same time and in the same product A biologic that provides: 10

The Gen 1.0 biologics that provide immediacy and the Gen 1.5 biologics that provide immediacy and incremental durability are meaningful for patients and physicians Gen 1.0 Good efficacy, limited durability Gen 1.5 Immediacy Incremental durability Q4W Q8W Q12W Q16W Wet AMD DME DR RVO Wet AMD DME DR RVO Wet AMD DME RVO Wet AMD DME DR Dosing regimen per label for approved intravitreal biologics RVO Q8W dosing pending FDA approval Q20W Q24W ~$1.2B in 2024 ~$8.6B in 2024 ~$4.7B in 2024 ~$1.2B in 2024 This sustained commercial success is a testament to: • The power of the intravitreal biologic as the mainstay of therapy • The unmet need that remains for patients 11 Estimated worldwide sales 1 1. Based on company reports and SEC filings.

Despite their commercial success, real-world data in wet AMD show that most patients are falling short of the durability promise of the Gen 1.5 labels 12 1. Adapted from Durga Borkar, et al. Poster presented at ARVO 2025. Poster #3108. Treatment-Naïve Eyes (n=389 a ) Previously Treated Eyes (n=6364 a ) Faricimab injections observed after the first 6 months of treatment through Year 2 in the FARENTINA study 1 Year 2: ~4.5 Year 2: ~6 Most patients are on a Q8W- Q12W schedule in the real world in Year 2 a Only eyes with ≥ 1 injection after index and prior to censoring were included. In Year 2, patients received 4.5 injections which is an average dosing interval of every 11.5 weeks In Year 2, patients received 6.0 injections which is an average dosing interval of every 8 weeks

Technologies being explored in clinical trials, including implants and gene therapies, are engineering for high durability but are lacking immediacy Maintenance agents to be used in subset of patients but always relying on mainstay biologics to (re)establish disease control • Engineering for durability • Long-term safety unknown Implants • Engineering for durability • Onerous monitoring and inflammation control • Long-term safety unknown Gene Therapies Implants and gene therapies are being tested on top of mainstay biologics , which are given during the loading phase and then as needed during the maintenance phase . 13

Therefore, the open space remains. A biologic that provides high immediacy and high durability at the same time and in the same therapy has the potential to be a heavy weight in this important $15+ billion marketplace Mainstay intravitreal biologic monotherapies for all patients Gen 1.0 • Eylea • Lucentis • Biosimilars Gen 1.5 • Eylea HD • Vabysmo Onerous monitoring and inflammation control. Long-term safety unknown Maintenance agents to be used in subset of patients but always relying on mainstay biologics to (re)establish disease control Implants Gene Therapies Efficacy Durability High Immediacy + High Durability At the same time and in the same product A biologic that provides: 14

Kodiak’s ABC ® Platform Science in Retina 15

Designed-in Extended Tissue Residence Time A proprietary phosphorylcholine- based polymer is conjugated to an antibody to increase molecular size which extends ocular half-life High In-Vitro Potency Extended Ocular Half- Life in Animals Extended Ocular Half- Life in Humans Both unconjugated protein and conjugated protein demonstrate high binding affinity and potency in vitro 3x the ocular t½ of approved intravitreal biologics when measured in rabbits following an intravitreal injection 3x the ocular t½ of faricimab when measured from aqueous humor in patients following an intravitreal injection Powerful Immediacy via Unconjugated Antibody The unconjugated protein delivers a strong “pulse” of anti-VEGF inhibition during the loading phase, or to recapture control of the disease in patients whose disease has reactivated Extended Clinical Durability via Conjugated Antibody The conjugated protein maintains the signature durability as seen in Kodiak’s pivotal studies to date The ABC ® Platform supports Kodiak’s science of IMMEDIACY and DURABILITY 16

Tarcocimab and KSI-501 bring the best of both worlds – with a science of high immediacy and high durability at the same time in a single biologic Increasing molecular size (kDa) 149 kDa 210 kDa 950 kDa 1000 kDa 149 kDa Immediacy is achieved with lower molecular weight intravitreal biologics Durability increases as molecular weight increases for intravitreal biologics 17

Tarcocimab and KSI-501 bring the best of both worlds – with a science of high immediacy and high durability at the same time in a single biologic Molecular Size (kDa) Tarcocimab KSI-501 + 1 mg 4 mg + 1.5 mg 3.5 mg I M M E D I A C Y Unconjugated protein D U R A B I L I T Y ABC ® (conjugated) protein 18

Tarcocimab has a mean ocular half-life in humans of 20 days, which is 3-fold longer than faricimab 10-90th percentiles 8.3 (10th percentile) 19.8 days (Mean) 5.2 (10 th percentile) t½ <5 days t½ >11 days Faricimab Tarcocimab Percent of Patients Each dot represents the ocular half-life from one individual patient. Blue dots are tarcocimab from the Phase 1b study of tarcocimab in patients with wet AMD, DME and RVO. Gray dots are faricimab from Genentech, Inc. PK and ER of faricimab, Report # 1105763 0% 81% 10% 10% 0 20 40 60 80 100 FARICIMAB TARCOCIMAB 31.8 (90th percentile) 11.2 (90 th percentile) 7.5 days (Mean) 10-90th percentiles Human Ocular Half-Life (Days) ~3x longer than faricimab 19

Tarcocimab demonstrated consistent 20-day ocular half-life across wet AMD, DME and RVO patients Height of the box represents the mean; error bars represent standard deviation. 20 All Wet AMD DME RVO 0 10 20 30 40 50 Acqueous humor t1/2 (days) n=47 n=23 DME n=8 n=16 Tarcocimab Human Ocular Half-Life by Indication RVO n=16 wAMD n=23 All n=47 T 1/2 tarcocimab 19.8 Days T 1/2 faricimab 7.5 Days

From 4 to 10 days From 7 to 18 days From 12 to 28 days Modeling suggests tarcocimab may provide a similar immediacy of efficacy while meaningfully extending dosing intervals for all patient types 1 10 100 1000 10000 0 30 60 Ocular Drug Quantity Time (days) Patient with Short Ocular T 1/2 0 30 60 90 120 150 Time (days) Patient with Average Ocular T 1/2 0 30 60 90 120 150 180 210 240 Time (days) Patient with Long Ocular T 1/2 Faricimab Tarcocimab Conjugated Protein Tarcocimab Unconjugated Protein Tarcocimab extends dosing interval from 3-4 weeks to 6-8 weeks Tarcocimab extends dosing interval from 8 weeks to 3+ months Tarcocimab extends dosing interval from 12 weeks to 6+ months Faricimab & Tarcocimab free protein t 1/2 = 7 days Tarcocimab conjugate t 1/2 =18 days Tarcocimab conjugate t 1/2 =10 days Faricimab & Tarcocimab free protein t 1/2 = 4 days TARCOCIMAB Extended T 1/2 FARICIMAB VABYSMO (faricimab solution for injection) Prescribing Information. South San Francisco, USA: Genentech, Inc. PK and ER of Faricimab, Report # 1105763 10-90th percentiles Faricimab & Tarcocimab free protein t 1/2 = 12 days Tarcocimab conjugate t 1/2 =28 days Human Ocular Half-Life (Days) 21

ABC ® Enabled Mainstay Biologics • Strong Immediacy • Industry-leading Durability • Better Efficacy • Strong Immediacy • Industry-leading Durability Tarcocimab KSI-501 22

Kodiak’s ongoing and planned clinical studies have a high probability of success to support a tarcocimab BLA in 2026 and a potential KSI-501 BLA in 2027 while supporting complementary and potentially differentiated commercial profiles Indication Phase 3 Study Primary Endpoint 6-Month Durability Results / Progress Tarcocimab RVO BEACON • Doubled treatment interval (Q8W) at PE (month 6) and ~50% of tarcocimab treated patients on 6-month dosing at Year 1 DR GLOW1 • 100% of patients on 6-month dosing at Year 1 Wet AMD DAYLIGHT Not Applicable • Monthly study of tarcocimab demonstrated favorable safety and non-inferior efficacy at Year 1 DR GLOW2 Superiority • Topline data on track for 1Q 2026 • Design mirrors successful GLOW1 study Wet AMD DAYBREAK Non- Inferiority • Enrollment complete • Topline data expected 3Q 2026 KSI-501 Wet AMD DAYBREAK Non- Inferiority Not Applicable • Enrollment complete • Topline data expected 3Q 2026 Not Specified 2nd Pivotal TBD TBD • In planning • Exploring start in 1Q or 2Q 2026 Completed Ongoing Planned 23 Ongoing

Tarcocimab and KSI-501 in wet AMD: DAYBREAK study explores in a definitive manner immediacy through the loading phase and real-world durability and, in the case of KSI-501, the potential for better efficacy DAYBREAK study design: a registrational study for both tarcocimab and KSI-501 DAYBREAK uses an AI-based tool to precisely measure fluid in the eye so that treatment is optimized for each patient • In high need patients, treats until dry, enables monthly dosing and detects disease reactivations earlier. • In long durability patients , allows patients without active disease to safely to 6-month dosing. Quadrant of core unmet need Enrollment complete, ~690 subjects enrolled Topline data expected 3Q 2026 24

Tarcocimab in DR: the GLOW2 study in DR features a similar study design as the successful GLOW1 study, with the benefit of an additional 3rd initiating dose DRSS: diabetic retinopathy severity score; GLOW 1 study NCT05066230; GLOW2 study NCT06270836 Proportion of patients developing any sight- threatening complication from Baseline to Week 48 Key Secondary Endpoint ~90% risk reduction for developing a pre- specified sight- threatening complication with tarcocimab Primary Endpoint Tarcocimab demonstrated superiority in ≥2- step and ≥3-step improvement in DRSS Proportion of patients with ≥2-Step improvement in DRSS from Baseline to Week 48 GLOW1 study results GLOW2 study design Primary Endpoint Initiating doses 25

Tarcocimab in DR: the GLOW1 study shows that tarcocimab opens the door to earlier treatment with only 2 doses a year – a transformative potential for millions of patients DR U.S. Prevalence ~9,000,000 1 < 1% are currently treated due to treatment burden with existing anti- VEGF therapies 26 Microhemorrhages visible on the retina even if no visual symptoms are present yet Image from a patient in the Phase 3 GLOW1 study in diabetic retinopathy Baseline Image from same patient after treatment with tarcocimab Week 48 Tarcocimab has the potential to improve outcomes for millions of patients with only 2 doses a year* * after 3 initiating doses. 1. Lundeen EA et al. JAMA Ophthalmol. 2023;141(8):747–754.

Tarcocimab in RVO: uniquely poised to address the core unmet need in RVO with high efficacy and best-in-class durability Quadrant of core unmet need RVO: retinal vein occlusion; BRVO: branched retinal vein occlusion; 1. Durability interval calculated based on patients that received no injections (46%) or 1 injection (29%) over the second 6 months of Year 1. 2. RVO market size from imarc: RVO Market Size, Epidemilogy, In-Market drug sales, pipeline therapies, and Regional Outlook 0% 10% 20% 30% 40% 50% 1 2 3 4 5 6 7 8 9 10 11 Tarcocimab BRVO Tarcocimab All RVO Aflibercept BRVO Aflibercept All RVO Number of injections through Year 1 Proportion of subjects Tarcocimab 78% received ≤ 5 doses Aflibercept 93% received ≥ 6 doses Tarcocimab Number of doses in the second 6 months of Year 1 0-1 doses 75% 2 doses 18% 4-6 doses 2% 3 doses 5% 6-month durability 75% 1 Gen 1.5 agents have failed to address the key unmet need for high efficacy with better durability in RVO. With built-in durability, tarcocimab delivered 6-month durability in 75% of RVO patients in BEACON and is uniquely poised to address key unmet needs for RVO patients RVO market size: ~$3B 27

Tarcocimab in RVO: tarcocimab achieves comparable visual and anatomical outcomes in all RVO patients, irrespective of the treatment paradigm used Mean observed data; Week 24 and 48 datapoints are Mean (Standard Deviation). Results for BCVA are based on a mixed model repeated measures (MMRM) analysis, with the change from baseline value as the dependent variable; treatment, visit (Week 1 through Week 48), and treatment by visit interaction as fixed effects; randomization stratification variables [baseline BCVA, disease duration, RVO type) and geographical location], as well as continuous covariates of baseline BCVA value and baseline OCT CMM value, as fixed effects; and subject as a random effect. a. Nominal p-value. Non-inferiority margin = 4.5 ETDRS letters. 290.0 (106.5) 262.4 (50.2) 74.6 (12.3) 74.3 (13.4) 74.7 (12.1) 75.4 (12.3) 322.3 (120.5) 307.5 (106.3) 0 4 8 12 16 20 24 55 60 65 70 75 80 1 24 28 32 36 40 44 48 0 4 8 12 16 20 24 200 300 400 500 600 1 24 28 32 36 40 44 48 Mean CST Over Time Mean BCVA over time Mean BCVA (ETDRS Letters) Mean CST (μm) Head-to-head Individualized Dosing of tarcocimab versus aflibercept Fixed Dosing (doubling of treatment interval) 28 In 75% of patients, tarcocimab delivered 6-month durability with similar visual and anatomical gains from Week 24 to 48 LSM change from BL BCVA at Week 48 (MMRM) 95% CI for LSM difference P-value for non-inferiority a Tarcocimab 11.7 -3.11, 0.94 p = 0.001 Aflibercept 12.8 Tarcocimab achieved similar visual and anatomical gains with two fewer doses (4 vs 6, respectively)

Revisiting the core unmet need: based on a science of high immediacy and high durability, tarcocimab and KSI-501 are poised to fill the ‘golden quadrant’ Mainstay intravitreal biologic monotherapies for all patients Gen 1.0 • Eylea • Lucentis • Biosimilars Gen 1.5 • Eylea HD • Vabysmo Gen 2.0 – Kodiak Intravitreal Biologic KSI-501 Tarcocimab Onerous monitoring and inflammation control. Long-term safety unknown Maintenance agents to be used in subset of patients, but always relying on mainstay biologics to (re)establish disease control Implants Gene Therapies Similar immediacy to Gen 1.0 therapies and longest durability for all patients Potential for additional efficacy beyond anti-VEGF monotherapies, while maintaining immediacy and signature durability of ABC ® platform Efficacy Durability Quadrant of core unmet need Durability Efficacy 29

30 KSI-101 Macular Edema Secondary to Inflammation (MESI)

31 Macular Edema Secondary to Inflammation What is MESI?

Macular edema, the common clinical presentation of a wide spectrum of diseases, can be caused by inflammation and/or by VEGF over-expression Inflammation driven VEGF driven Uveitis Systemic or Autoimmune Disease Inflammatory CNV Post Surgical Diabetic Macular Edema Retinal Vein Occlusion Neovascular AMD Myopic CNV AMD: age-related macular degeneration; CNV: choroidal neovascularization Macular Edema Spectrum of Diseases Macular edema secondary to inflammation Retinal vascular and degenerative diseases 32

Common Pathophysiology What is macular edema secondary to inflammation (MESI)? VEGF IL-6 IL-6 Blood Retinal Barrier Disruption Angiogenesis Inflammation 33 MESI is a heterogenous group of diseases that clinically present with macular edema and visual impairment, which are caused by a common pathophysiology: inflammation and blood retinal barrier disruption Macular edema with visual impairment Common Clinical Presentation Unifying Therapy? KSI-101

MESI comprises a heterogenous group of diseases with a common, readily identifiable clinical presentation: macular edema with visual impairment 34 Anterior Intermediate Posterior Panuveitis Location of Inflammation Specific Etiology Idiopathic Juvenile Idiopathic Arthritis Focal Chorioretinal inflammation Punctate Inner Choroidopathy Post-Operative Macular Edema Irrespective of the anatomical location of the inflammation or the specific etiology, the clinical presentation is the same: macular edema

Macular edema is the leading cause of vision loss among patients with ocular inflammation Normal Retina on OCT Macular edema on OCT Fluid that leaked into the retina causing macular edema 1. Br J Ophthalmol. 2004;88(9):1159-1162. 2. Tomkins-Netzer O, et al. Ophthalmology. 2021 May;128(5):719-728. 35 • Noninfectious MESI represents a set of serious ocular inflammatory conditions that cause significant vision loss. • Ocular inflammation is the 4 th leading cause of vision loss among working aged adults in the developed world 1 • Approximately 1/3 of patients with ocular inflammation develop macular edema in the U.S. 2 • Symptoms at diagnosis typically include distorted central vision, vitreous floaters, reduced visual acuity, and decreased color and contrast sensitivity • MESI leads to photoreceptor damage and can result in permanent loss of visual acuity

36 Macular Edema Secondary to Inflammation What causes MESI?

Dysregulation of the immune system causes a series of insults to the blood-ocular barrier, leading to breakdown of the barrier and release of inflammatory mediators Yang et al. Int. J. Mol. Sci. 2023, 24: 4676. Metcalfe et al. Front. Immunol. 2020, 11: 1424. Shaik et al. Biomolecules. 2020, 10: 1673. Valle et al. Exp Eye Res. 2019, 178: 27. Mesquida et al. Trans Vis Sci Tech. 2019, 8: 32. 1 Immune Trigger Blood-Retinal Barrier Breaks Down Causes immune cells to release pro-inflammatory cytokines, including IL-6 IL-6 upregulates VEGF. IL-6 and VEGF cause tight junction loss, allowing immune cells and blood plasma to leak into the retina IL-6 and VEGF Amplify Leakage VEGF promotes vascular leak and neovascularization, while IL-6 sustains inflammation and upregulates VEGF 2 3 BRB disrupted Macular edema, visual impairment and worsening inflammation Together, IL-6 and VEGF compound damage to the BRB 37

38 Macular Edema Secondary to Inflammation What is the unmet need?

There is a core unmet need in MESI for a potent, high-strength, locally administered and safe therapy Safety Efficacy Illustrative IVT anti-IL-6 monotherapy Systemic immuno- suppressants Steroids Core unmet need open High Fewer complications 39 • Targets both IL-6 and VEGF disease drivers • Potential to be disease modifying • High strength • Potent • Minimally invasive • Better safety

40 IL-6 inhibition in inflammatory macular edema What have we learned?

DOVETAIL Study – intravitreal anti-IL-6 monotherapy (Roche, vamikibart) has been studied as a potential therapy for patients with inflammatory macular edema 41 Sharma, et al. A Novel Intravitreal Anti-IL-6 Monoclonal Antibody for Uveitic Macular Edema (UME): Preliminary Results From the Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 28 – August 1, 2023

Vamikibart (Roche, anti-IL-6) has shown that anti-IL-6 monotherapy can provide visual and anatomical improvement in patients with inflammatory macular edema 42 Sharma, et al. A Novel Intravitreal Anti-IL-6 Monoclonal Antibody for Uveitic Macular Edema (UME): Preliminary Results From the Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 28 – August 1, 2023 A clear dose response is seen with IL-6 monotherapy in patients with inflammatory macular edema DOVETAIL Change from Baseline in BCVA DOVETAIL Change from Baseline in OCT CST

43 While intravitreal IL-6 monotherapy is helpful, 50% of patients have persistent IRF 1 , similar to the overall failure rate of systemic adalimumab, leaving room for a more potent and/or broader spectrum biologic therapy 1. Jaffe et al. N Engl J Med. 2016. 375:932-43. 2. Figure from Sharma, et al. A Novel Intravitreal Anti-IL-6 Monoclonal Antibody for Uveitic Macular Edema (UME): Preliminary Results From the Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 28 – August 1, 2023; Persistent intraretinal fluid (IRF) is known to cause permanent negative effects on visual function ~50% of patients have persistent IRF DOVETAIL Absence of IRF DOVETAIL Absence of SRF DOVETAIL ≥15-letter gainers at Week 12

The IL-6 pathway has been further validated in recent pivotal studies as a key target for inhibition in inflammatory macular edema 44 Clear anatomical improvement is seen with anti-IL-6 monotherapy Visual acuity gains correlating with the anatomical improvement are observed Vami kibart Phase 3 Program Change from Baseline in BCVA Vamikibart Phase 3 Program Change from Baseline in OCT CST MEERKAT MEERKAT SANDCAT SANDCAT Khurana, et al. Efficacy and Safety of Vamikibart in Patients With Uveitic Macular Edema: First Report of Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025.

No on-target adverse effects were identified in pivotal studies, derisking intravitreal IL-6 inhibition in inflammatory macular edema 45 A low rate of intraocular inflammation was observed, with no events of retinal vasculitis or vascular occlusion Vami kibart Phase 3 Program Selected oular adverse events Vamikibart Phase 3 Program Summary of Ocular (Study Eye) and non-ocular adverse events MEERKAT MEERKAT SANDCAT SANDCAT

Importantly, vamikibart was shown to have no effect on VEGF aqueous humor concentrations in DOVETAIL 46 Median Aqueous Humor VEGF concentration is not suppressed Evaluation of the Role of Interleukin-6 and Vascular Endothelial Growth Factor in Uveitic Macular Edema and Uveitis. Presented by Roche at Clinical Trials at the Summit, Las Vegas, June 21, 2025

47 Macular Edema Secondary to Inflammation How can this unmet need be addressed?

KSI-101 is a first-in-class, high-strength intravitreal biologic designed to target IL-6 mediated inflammation and VEGF-mediated vascular permeability simultaneously VEGF IL-6 IL-6 KSI-101: high formulation strength (100 mg/mL) 48

KSI-101 is poised to fulfill the core unmet need in MESI based on its potential to be a disease modifying, high-strength, locally administered and safe biologic Safety Efficacy Illustrative IVT anti-VEGF monotherapy Systemic immuno- suppressants High Less complications 1. Dual anti-IL-6 and anti-VEGF inhibition 2. Potential for disease modifying effect based on its synergistic inhibition of IL-6 and VEGF, as demonstrated in preclinical models and clinical cases 3. High strength formulation (100 mg/mL) and high potency provide the fire-power needed to treat “angry” inflammation and macular edema 4. Local (intravitreal) administration 5. Safety profile in line with intravitreally administered biologics (i.e., Eylea, Lucentis) KSI-101 is designed to address the core unmet need Core unmet need open Steroids 49 1. Targets both IL-6 & VEGF disease drivers 2. Potentially disease modifying 3. High strength 4. Potent 5. Minimally invasive 6. Better safety A unified treatment irrespective of presumed etiology

50 Phase 1b APEX KSI-101 in MESI Week 20 Extended Follow-up Data

Phase 1b APEX study: multiple dose study of KSI-101 in patients with MESI End of Study Subjects with MESI (n=41) Weeks 0 4 8 12 16 20 24 2.5 mg 5 mg 10 mg 51 KSI-101 intravitreal injection Key inclusion criteria • Macular edema secondary to inflammation (MESI) • Diagnosis of active or inactive non-infectious intraocular inflammation, acute or chronic • Active leakage as evidenced by fluorescein angiogram • OCT CST of ≥320 microns • BCVA score ≤75 and ≥25 (20/32 to 20/320 Snellen equivalent) KSI-101 2.5 mg (n=13) KSI-101 5 mg (n=14) KSI-101 10 mg (n=14) All KSI-101 (N=41) Age, years, mean (SD) 74.2 (11.6) 67.4 (8.1) 67.5 (18.8) 69.6 (13.7) Female, n (%) 8 (61.5) 7 (50.0) 8 (57.1) 23 (56.1) Race, White, n (%) 11 (84.6) 11 (78.6) 14 (100) 36 (87.8) MESI disease duration, months , mean (SD) 12.2 (20.1) 1.7 (1.2) 15.8 (37.2) 11.1 (26.5) Inflammation anatomical location, n (%) Anterior 0 2 (14.3) 0 2 (4.9) Intermediate 1 (7.7) 0 2 (14.3) 3 (7.3) Posterior 10 (76.9) 6 (42.9) 10 (71.4) 26 (63.4) Panuveitis 2 (15.4) 6 (42.9) 2 (14.3) 10 (24.4) Patients with active inflammation, n (%) 3 (23.1) 10 (71.4) 5 (35.7) 18 (43.9) Unilateral MESI, n (%) 9 (69.2) 6 (42.9) 5 (35.7) 20 (48.8) BCVA, ETDRS Letters , mean (SD) 62.7 (7.4) 65.5 (7.8) 62.1 (8.4) 63.5 (7.8) Snellen equivalent ~20/50 ~20/50 ~20/63 ~20/50 OCT CST, μm , mean (SD) 461.7 (137.7) 487.0 (124.1) 528.6 (157.3) 493.2 (139.7) Lens Status, pseudophakic, n (%) 9 (69.2) 13 (92.9) 11 (78.6) 33 (80.5) Baseline Characteristics Study Design: Ongoing, Open-label Phase 1b in MESI The APEX study is ongoing. Final results may be different due to data cleaning.

0 5 10 15 20 0 4 8 12 16 20 24 2.5 mg 5 mg 10 mg 60 65 70 75 80 0 4 8 12 16 20 24 2.5 mg 5 mg 10 mg 2.5 mg 13 13 13 13 13 13 13 5 mg 13 13 13 13 13 13 13 10 mg 13 13 13 13 13 12 12 The top two dose levels achieve meaningful vision gains of >10 letters by Week 4, subsequently achieving a 20/25 Snellen visual acuity by Week 20, with continued strengthening of visual acuity from week 12 to week 20 52 Mean ETDRS Letters Mean Change in BCVA over time Sample Size Observed BCVA over time Dose Level Preliminary Analysis 2.5 mg 13 13 13 13 13 13 13 5 mg 13 13 13 13 13 13 13 10 mg 13 13 13 13 13 12 12 Sample Size Dose Level Mean ETDRS Letters +11.8 +13.4 +15.4 The APEX study is ongoing. Final results may be different due to additional data collection or data cleaning. Includes patients in the per protocol set that completed the Week 12 visit and met all the eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). Weeks Weeks New Data

More than half of patients have achieved a ≥15 letter gain, with additional benefit observed at the top highest dose levels 53 Proportion of ≥15 letter gainers Patients, % 38 62 54 51 0 20 40 60 80 100 2.5 mg (n=13) 5 mg (n=13) 10 mg (n=13) All patients (n=39) Preliminary Analysis The APEX study is ongoing. Final results may be different due to additional data collection or data cleaning. Includes patients in the per protocol set that completed the Week 12 visit and met all the eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). New Data

200 300 400 500 600 0 4 8 12 16 20 24 2.5 mg 5 mg 10 mg The APEX study is ongoing. Final results may be different due to additional data collection or data cleaning. Includes patients in the per protocol set that completed the Week 12 visit and met all the eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). 54 Meaningful anatomical improvements are rapidly achieved, with OCT CST levels <325 μm observed as early as Week 4, further deepening over time Mean CST (μm) Observed OCT CST over time Weeks Dose Level Dryness (CST 250-325) 2.5 mg 13 12 13 13 13 13 13 5 mg 13 13 13 13 13 13 13 10 mg 13 13 13 13 13 12 12 Sample Size Mean Change -218 -230 -151 Preliminary Analysis New Data

8 77 81 96 96 96 90 0 20 40 60 80 100 0 1 4 8 12 16 20 24 Pooled 5 mg and 10 mg Patients, % Weeks 54 69 92 92 100 100 100 0 20 40 60 80 100 0 1 4 8 12 16 20 24 Patients, % Weeks Proportion of patients in the 5 and 10 mg (pooled) dose level achieving absence of IRF 55 ≥90% of patients in the top two dose levels achieved and maintained absence of both intraretinal and subretinal fluid 26 26 26 26 25 24 21 Pooled 5 mg and 10 mg 26 26 26 26 25 24 21 Sample size Sample size Proportion of patients in the 5 and 10 mg (pooled) dose level achieving absence of SRF The APEX study is ongoing. Final results may be different due to additional data collection or data cleaning. Includes patients in the per protocol set that completed the Week 12 visit and met all the eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). Includes all data available by the 29-Sep-25 reporting date. Preliminary Analysis New Data

KSI-101 has been well-tolerated KSI-101 2.5 mg (n=13) KSI-101 5 mg (n=14) KSI-101 10 mg (n=14) All KSI-101 (N=41) Summary of AEs in the Study eye, n (%) Subjects with ≥1 AEs 2 (15.4) 3 (21.4) 2 (14.3) 7 (17.1) Treatment-related AEs 1 (7.7) a 1 (7.1) b 0 2 (4.9) Serious AEs 0 0 0 0 Treatment-related serious AEs 0 0 0 0 Severe AEs 0 0 0 0 AEs leading to study discontinuation 0 1 (7.1) b 0 1 (2.4) Selected AEs in the Study Eye, n (%) Intraocular inflammation (recurrent uveitis flare-up) 1 (7.7) a 1 (7.1) b 0 2 (4.9) Occlusive retinal vasculitis 0 0 0 0 Cataract 0 0 0 0 Elevated IOP 0 0 0 0 Eye Pain 1 (7.7) a 0 0 1 (2.4) Vitreous hemorrhage 1 (7.7) a 0 0 1 (2.4) Preliminary results. As the APEX study is ongoing, final results may be different due to additional data collection or data cleaning. Includes all data available by the 3-Nov-25 data cutoff date. AE, Adverse event; IOP, intraocular pressure. Events are investigator reported. Adverse events are treatment-emergent events with start date ≥first study drug date and ≤last study drug date + 28 days. a Same patient. Vitreous hemorrhage secondary to aqueous humor sampling at the Day 1 visit (pre-dose). The patient had 3+ AC cells and flare and 2+ vitreous haze prior to the Day 1 KSI-101 dose. The patient safely received all 4 doses of KSI-101 and is +26 letters in BCVA at their last visit and no intraocular inflammation. b Same patient. Uveitis flare-up consistent with underlying disease 56 New Data

57 Macular Edema Secondary to Inflammation How does KSI-101 fit into the emerging treatment landscape?

58 DOVETAIL vamikibart – while intravitreal IL-6 monotherapy is helpful, 50% of patients have persistent Intra Retinal Fluid Sharma S, et al. A Novel Intravitreal Anti-IL-6 Monoclonal Antibody for Uveitic Macular Edema (UME): Preliminary Results From the Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 28 – August 1, 2023; Persistent intraretinal fluid (IRF) is known to cause permanent negative effects on visual function DOVETAIL vamikibart Absence of IRF DOVETAIL vamikibart Absence of SRF ~50% of patients have persistent IRF

Preliminary results. As the APEX study is ongoing, final results may be different due to additional data collection or data cleaning. Includes only patients in the per protocol set that meet all the eligibility criteria. Excludes one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). Includes all data available by the 14-Jul-25 reporting date. 59 KSI-101 seems to provide faster and better disease control, with ≥90% of patients in the top two dose levels achieving and maintaining absence of both intraretinal and subretinal fluid 8 77 81 96 96 96 90 0 20 40 60 80 100 0 1 4 8 12 16 20 24 Pooled 5 mg and 10 mg Patients, % Weeks 54 69 92 92 100 100 100 0 20 40 60 80 100 0 1 4 8 12 16 20 24 Patients, % Weeks Proportion of patients in the 5 and 10 mg (pooled) dose level achieving absence of IRF 26 26 26 26 25 24 21 Pooled 5 mg and 10 mg 26 26 26 26 25 24 21 Sample size Sample size Proportion of patients in the 5 and 10 mg (pooled) dose level achieving absence of SRF

Dryness (CST 250 – 325) Anti-IL-6 Vamikibart 0.25 mg 1 mg 0.25 mg 1 mg MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 0.25 mg 1 mg 2.5 mg Mean Change in OCT CST and Absolute CST OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 250 300 350 400 450 500 550 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=74 n=78 n=85 n=86 n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 60

250 300 350 400 450 500 550 Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 Mean Change in OCT CST and Absolute CST OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 Rapid onset of action observed with KSI-101 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 1 Effect of a single dose Effect of a single dose Week 1 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 2.5 mg 5 mg 10 mg n=12 n13 n=13 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 61

250 300 350 400 450 500 550 Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 Dryness levels observed with a single dose of KSI-101 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 4 Effect of a single dose Effect of a single dose Week 4 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 62

250 300 350 400 450 500 550 Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 4 Effect of a single dose Effect of 2 doses Week 8 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 Dryness levels observed with a single dose of KSI-101 2.5 mg 5 mg 10 mg n=12 n13 n=13 63

250 300 350 400 450 500 550 Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 4 Effect of a single dose Effect of 3 doses Week 12 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 Dryness levels observed with a single dose of KSI-101 2.5 mg 5 mg 10 mg n=12 n13 n=13 64

Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 A single dose of KSI-101 seems to provide a deeper drying effect than 4 doses of anti-IL-6 monotherapy 250 300 350 400 450 500 550 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 4 Effect of a single dose Effect of 4 doses Week 16 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 65

Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 250 300 350 400 450 500 550 Continued dosing with KSI-101 provides further deepening into the dryness corridor Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 8 Effect of 2 doses Effect of 4 doses Week 16 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 66

Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 250 300 350 400 450 500 550 Continued dosing with KSI-101 provides further deepening into the dryness corridor Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 12 Effect of 3 doses Effect of 4 doses Week 16 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 67

Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT 2 SANDCAT 2 APEX 3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL 1 OCT CST (μm) OCT CST (μm) 250 300 350 400 450 500 550 250 300 350 400 450 500 550 Dual inhibition of IL-6 and VEGF seems to provide a synergistic drying effect Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Day 1 Week 1 Week 4 Week 8 Week 12 Week 16 Week 16 Effect of 4 doses Effect of 4 doses Week 16 0.25 mg 1 mg 0.25 mg 1 mg 0.25 mg 1 mg 2.5 mg n=74 n=78 n=85 n=86 For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. n-values at baseline. 1. Adapted from Sharma S, et al. Phase 1 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 2023. Note DOVETAIL had only 3 loading doses. 2. Adapted from Khurana, et al. Phase 3 MEERKAT and SANDCAT. Presented at the American Academy of Ophthalmology Retina Subspecialty Day, Orlando, FL, October 17, 2025. 3. Preliminary results. 3. The APEX study is ongoing. Final results may be different due to data cleaning. Results include patients in the per protocol set that met all eligibility criteria. Excludes one patient in the 5 mg dose that discontinued treatment before Week 4, and one patient in the 10 mg dose with a significant epiretinal membrane at baseline (exclusion criterion). n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 68

69 Macular Edema Secondary to Inflammation PEAK and PINNACLE KSI-101 Pivotal Program

Phase 3 pivotal program in MESI – PEAK and PINNACLE Study Design Weeks D1 4 8 12 16 20 24 28 32 36 40 44 48 KSI-101 5 mg (n >50) KSI-101 10 mg (n >50) Sham (n >50) Primary endpoint KSI-101 5 mg injection Sham injection KSI-101 10 mg injection Individualized treatment (PRN) Sham PRN Fixed monthly dosing Individualized dosing PEAK and PINNACLE are actively enrolling 70 Key inclusion criteria • Macular edema secondary to inflammation (MESI) • Diagnosis of active or inactive non-infectious intraocular inflammation, acute or chronic. • Active leakage as evidenced by fluorescein angiogram • OCT CST of ≥320 microns • BCVA score ≤78 and ≥25 (~20/25 to 20/320 Snellen) Individualized treatment criteria (Week 24-44) • Increase in OCT CST ≥50 μm compared to the lowest previous measurement, or • OCT CST >320 μm

Phase 3 pivotal program in MESI – PEAK and PINNACLE Study Design Weeks D1 4 8 12 16 20 24 28 32 36 40 44 48 KSI-101 5 mg (n >50) KSI-101 10 mg (n >50) Sham (n >50) Primary endpoint KSI-101 5 mg injection Sham injection KSI-101 10 mg injection Individualized treatment (PRN) Sham PRN Fixed monthly dosing Individualized dosing PEAK and PINNACLE are actively enrolling 71 Rescue criteria • BCVA decrease ≥15 letters and CST worsening by ≥100 μm from Day 1, due to MESI. • Worsening of inflammation by ≥2 grade levels in anterior chamber cells and/or vitreous haze; or progression to grade 4. • The intraocular inflammation complications in the Study Eye did not improve and require rescue treatment to prevent irreversible loss of vision per Investigator’s judgment. Rescue Treatment allowed from Week 4 to Week 44, when warranted

Phase 3 pivotal program in MESI – PEAK and PINNACLE Study Design PEAK PINNACLE Primary endpoint BCVA change from baseline to the average of Week 20 and 24 Key secondary endpoints Time to 15 letter gain Time to 15 letter gain Time to 15 letter loss Weeks D1 4 8 12 16 20 24 28 32 36 40 44 48 KSI-101 5 mg (n >50) KSI-101 10 mg (n >50) Sham (n >50) Primary endpoint KSI-101 5 mg injection Sham injection KSI-101 10 mg injection Individualized treatment (PRN) Sham PRN Fixed monthly dosing Individualized dosing PEAK and PINNACLE are actively enrolling 72

Day 1 enroll in either study based on CST and BCVA Mild macular edema CST≥320 and <400 Moderate to severe macular edema CST ≥400 73 PEAK and PINNACLE – Key question: are these identical studies? PEAK Master Protocol Design A single screening process for both studies CST≥320 and BCVA 25-78 letters Mild to severe vision impairment BCVA 25-78 Moderate to severe vision impairment BCVA 25-70 Mild vision impairment BCVA 71-78 Based on the MESI patient population studied in APEX, two distinct and complementary sub-populations will be studied in PEAK and PINNACLE, allowing both studies to run concurrently in all study sites and covering a wide spectrum of MESI patients Moderate to severe edema with moderate to severe vision impairment Mild edema with any vision impairment Moderate to severe edema with good vision PINNACLE

• Robust 20-week data from Phase 1b APEX • MOA validated by scientific community • Phase 3 PEAK and PINNACLE enrolling at a faster-than- expected pace • Commercial opportunity of 150,000+ initial addressable patients with headroom • Science-based “heavyweights” • Tarcocimab: targeting BLA mid-2026 in wet AMD, RVO and diabetic retinopathy • KSI-501: bispecific ABC ® may be even better! • KSI-102, KSI-103: bispecifics for inflammation • Duets for glaucoma and geographic atrophy • VETi: AI headsets for commercial leadership • URSUS: commercial manufacturing A potent reason to believe in Kodiak 2 options in the $15+ billion anti-VEGF market Accelerating our technology and pipeline leadership KSI-101 Tarcocimab & KSI-501 Pipeline, Digital Health, Manufacturing Wholly Owned We are a precommercial, retina-focused biotech on the move 74 AMD: age-related macular degeneration; RVO: retinal vein occlusion; ABC: antibody biopolymer conjugate