Slide 1: Corporate Presentation
THE OPHTHALMOLOGY MEDICINES COMPANY Corporate Presentation September 2026
Slide 2: Forward-Looking Statements
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
Slide 3: Kodiak is emerging into a fully integrated Vision Sciences company
Kodiak is emerging into a fully integrated Vision Sciences company VETi: Visual Engagement Technology and imager 3
Slide 4: Late-stage clinical portfolio and emerging pipeline across retina mechanisms
We have both a late-stage clinical portfolio and an emerging pipeline that span multiple retina mechanisms of action, indications and drug types Estimated prevalence across leading causes of vision loss (U.S.) ABC: antibody biopolymer conjugate; MESI: macular edema secondary to inflammation; AMD: ag
Slide 5: Three late-stage clinical assets target leading causes of vision loss
Our three late-stage clinical assets target leading causes of vision loss KSI-101 Zenkuda KSI-501 ~146M9 Phase 3 Phase 3 Phase 3 Anti-IL-6, VEGF Trap Anti-VEGF Anti-IL-6, VEGF Trap Intravitreal Protein Intravitreal ABC® Intravitreal ABC® MESI wAMD, DR, RVO wAMD, DME ~32M6,7 ~9.6M U.S.8 ~28M4 Estimat
Slide 6: All three clinical programs in Phase 3 with topline data expected in 2026
We are gathering speed: all three clinical programs are in Phase 3 with topline data expected in 2026 and Zenkuda is BLA ready KSI-101 Zenkuda KSI-501 Anti-IL-6, VEGF trap Anti-IL-6, VEGF trap Anti-VEGF ABC® biologic bispecific ABC® biologic bispecific protein Differentiated efficacy, Strong immedia
Slide 7: Four Phase 3 readouts in 2026 position Kodiak to file 3 BLAs
Four Phase 3 readouts in 2026, if successful, position Kodiak to file 3 licensing applications (BLA) in 2026 and 2027 4 successful pivotal 3 additional topline data Licensing applications (BLA) studies completed readouts expected in 2026 3 expected in 2026 and 2027 ZENKUDA 3Q ‘26 4Q ‘26 1Q ‘27 2Q ‘2
Slide 8: Significant investment in commercial manufacturing
Significant investment in commercial manufacturing has positioned Kodiak well for potential launch of multiple ABC® products into large and growing markets URSUS, a premium commercial manufacturing facility dedicated to the manufacture of Kodiak’s ABC® medicines • Custom designed for large scale pre
Slide 9: Therapeutics
lr THERAPEUTICS KADIAK
Slide 10: Kodiak's ABC Platform Science for Retina
ZENKUDA + KSI-501 Kodiak’s ABC® Platform Science for Retina 10
Slide 11: The ABC Platform supports science of immediacy and durability
The ABC Platform supports Kodiak’s science of immediacy and durability Designed-in High Extended Extended Powerful Immediacy Extended Extended Tissue In-Vitro Ocular Half- Ocular Half- via Unconjugated Clinical Durability via Residence Time Potency Life in Animals Life in Humans Antibody Conjugated
Slide 12: Durability: ABC Platform medicines designed for longer ocular durability
Durability: ABC® Platform-based medicines are designed for longer ocular durability ABC® Platform-based medicines have a high molecular weight which increases their ocular half-life compared to today’s intravitreal biologics 950 kDa 1000 kDa Immediacy Durability KSI-501 Zenkuda Achieved with lower I
Slide 13: Zenkuda mean ocular half-life in humans of 20 days
Durability: Zenkuda has a mean ocular half-life in humans of 20 days, which is 3-fold longer than faricimab 19.8 days (Mean) ~3x longer than faricimab 10-90th percentiles Zenkuda 8.3 31.8 (10th percentile) (90th percentile) Faricimab 10-90th percentiles 5.2 11.2 (10th percentile) (90th percentile) H
Slide 14: Zenkuda ocular half-life calculated from aqueous humor concentrations
Durability: Zenkuda’s ocular half-life in humans was calculated by measuring aqueous humor concentrations over time from patients in the Phase 1b Study Using Aqueous Humor Concentration of Zenkuda to Determine Ocular t1/2 in Human • Aqueous humor samples were collected from 47 subjects in the Zenkud
Slide 15: Zenkuda extended ocular half-life >20 days in 45% of patients
Durability: Zenkuda achieved an extended ocular half-life of >20 days in 45% of sampled patients from the Phase 1b Study Patients Ocular t½ All Patients (n=47) Select Individual Patients* Distribution (N=47) 100000 100000 t1/2 = 39.8 days 10000 10000 >20 Days 45% Tarcocimab aqueous humor t1/2 = 27.5
Slide 16: Modeling suggests Zenkuda may extend dosing intervals for all patient types
Modeling suggests Zenkuda may provide a similar immediacy of efficacy while meaningfully extending dosing intervals for all patient types From 4 to From 7 to From 12 to ZENKUDA 10 days 18 days 28 days extended t1/2 10-90th percentiles FARICIMAB Human Ocular Half-Life (Days) Patient with Short Ocular
Slide 17: Zenkuda and KSI-501 combine unconjugated and conjugated protein
Zenkuda and KSI-501 combine unconjugated and conjugated protein, enabling high immediacy and high durability in a single biologic Zenkuda – 5 mg KSI-501 – 5 mg I M M ED I A CY I M M ED I A CY 1.0 mg 1.5 mg Unconjugated Unconjugated + + D U R A B I LI T Y D U R A B I LI T Y 4.0 mg 3.5 mg ABC (conjuga
Slide 18: Retinal Vascular Diseases and the Anti-VEGF Market
ZENKUDA + KSI-501 Retinal Vascular Diseases and the Anti-VEGF Market 18
Slide 19: Open space in the ~$15B retinal vascular diseases market
There remains valuable open space in the ~$15B retinal vascular diseases market, despite the availability of approved biologics and clinical trials of new exploratory technologies Approved mainstay biologics provide: The poised opportunity is a single biologic with: Gen 1.0 Gen 1.5 Gen 2.0 • Eylea H
Slide 20: Gen 1.0 and Gen 1.5 biologics meaningful for patients and physicians
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 Dosing regimen per label for approved intravitreal biologics and estimated worldwide sales in 2025 Wet AMD DME ~718M in 20251,2 DR RVO G
Slide 21: Real-world wAMD data show patients falling short of Gen 1.5 durability
Despite their commercial success, real-world data in wAMD show that most patients are falling short of the durability promise of the Gen 1.5 labels Faricimab injections observed after the first 6 months of treatment through Year 2 in the FARENTINA study1 Treatment-Naïve Eyes (n=389a) Year 2: In Year
Slide 22: Implants and gene therapies lack immediacy
Technologies being explored in clinical trials, including implants and gene therapies, are engineering for high durability but are lacking immediacy Implants Gene Therapies • Engineering for durability • Engineering for durability • Long-term safety unknown • Onerous monitoring and inflammation cont
Slide 23: ABC Enabled Mainstay Biologics Target Product Profiles
ABC® Enabled Mainstay Biologics Target Product Profiles Zenkuda and KSI-501: Differentiated ABC platform mainstay biologics Target product profiles ZENKUDA KSI-501 Anti-VEGF ABC® biologic Anti-IL-6, VEGF trap bispecific ABC® biologic 23
Slide 24: Complementary and differentiated product profiles support a broad retinal franchise
Zenkuda and KSI-501’s complementary and differentiated product profiles support a broad retinal franchise Primary 6-Month Phase 3 Study Endpoint Durability Across 4 pivotal studies, Zenkuda demonstrated: ZENKUDA • Non-inferior efficacy with 6-month predominant durability RVO • Favorable and well-tol
Slide 25: Potential implications of Phase 3 DAYBREAK in wAMD
What are the potential ABC® Enabledimplications and Target Mainstay Biologics upsides for Zenkuda Product Profiles and KSI-501 in the Phase 3 DAYBREAK in wAMD, if successful? ZENKUDA KSI-501 Demonstrate immediate disease Explore efficacy benefit of DAYBREAK control and 4/5/6-month durability dual IL
Slide 26: Gen 2.0 biologics designed for the high-immediacy, high-durability golden quadrant
Revisiting the core unmet need: Kodiak’s Gen 2.0 biologics are designed to occupy the high-immediacy, high-durability golden quadrant 26
Slide 27: Distinct paths into the Gen 2.0 golden quadrant
Zenkuda and KSI-501 offer distinct paths into the Gen 2.0 golden quadrant 27
Slide 28: Spotlight on Zenkuda
Spotlight on Zenkuda KODIAK
Slide 29: Zenkuda in RVO: share in a large and growing >$3B market
Zenkuda in Retinal Vein Occlusion: Well-positioned to capture meaningful share in a large and growing >$3B RVO market • RVO is a meaningful and growing market Zenkuda is designed to address • ~3B estimated RVO market1 key unmet needs in RVO4 ‒ ~20% of Eylea net sales derived from RVO in 20252 • ~1M
Slide 30: High efficacy and industry-leading durability in Phase 3 BEACON
Zenkuda in Retinal Vein Occlusion: Demonstrated high efficacy and industry-leading durability in the Phase 3 BEACON study Phase 3 Zenkuda: Number of doses Number of injections through Year 1 in the second 6 months of Year 1 BEACON 50% Primary 4-6 doses: 2% Endpoint 3 doses: 5% 78% 40% 93% received r
Slide 31: Comparable visual and anatomical outcomes in all RVO patients
Zenkuda achieved comparable visual and anatomical outcomes in all RVO patients, irrespective of the treatment paradigm used Fixed Dosing (0-24) Head-to-head Individualized Dosing (24-48) Doubling of treatment interval Zenkuda vs aflibercept With two fewer doses (4 vs 6), 75% achieved 6-month durabil
Slide 32: Zenkuda in Diabetic Retinopathy: large, undertreated disease
Zenkuda in Diabetic Retinopathy: A large, undertreated disease with meaningful risk progression ~9.6M DME can occur at any stage DR can progress quickly into vision- People in the threatening PDR or DME3 U.S. have DR1,2 • DME can occur at any stage, but the risk • Damage occurring in eye increases a
Slide 33: A durable anti-VEGF therapy could expand treatment in DR
Zenkuda in Diabetic Retinopathy: A durable anti-VEGF therapy could expand treatment in DR ~9% treated with anti-VEGF therapy in 20251 Zenkuda’s 6-month dosing has the potential to expand anti-VEGF • While higher than previously estimated, use remains low adoption • DR is often asymptomatic and ~9% a
Slide 34: Superiority in ≥2-step DRSS improvement in GLOW1 and GLOW2
Zenkuda in Diabetic Retinopathy: Established superiority in ≥2-step improvement in DRSS in GLOW1 and GLOW2 Proportion of patients with ≥2-Step improvement in Diabetic Retinopathy Phase 3 Severity Score (DRSS) from Baseline to Week 48 100% of GLOW1 patients on GLOW2 6-month dosing at GLOW1 GLOW2 Year
Slide 35: Reduced risk of sight-threatening complications by ≥85%
Zenkuda in Diabetic Retinopathy: Reduced the risk of developing sight- threatening complications by ≥85% in GLOW1 and GLOW2 Proportion of patients developing sight-threatening complications Phase 3 from Baseline through Week 48 100% of GLOW1 patients on GLOW2 6-month dosing at Year 1 Superiority GLO
Slide 36: Superiority in ≥3-step DRSS improvement in GLOW1 and GLOW2
Zenkuda in Diabetic Retinopathy: Zenkuda established superiority in ≥3-step improvement in DR Severity Score (DRSS) in GLOW1 and GLOW2 Proportion of patients with ≥3-Step improvement in DRSS from Phase 3 Baseline to Week 48 100% of GLOW1 patients on GLOW2 6-month dosing at Year 1 Superiority 25% GLO
Slide 37: GLOW studies show Zenkuda opens door to earlier treatment
The GLOW studies show that Zenkuda opens the door to earlier treatment with only 2 doses a year – a transformative potential for millions of patients Baseline Week 48 U.S. Prevalence ~9,600,0001 Microhemorrhages visible on the retina even if no visual symptoms are present yet DR ~9% are currently Im
Slide 38: Zenkuda in wAMD: Phase 3 DAYBREAK study design
Zenkuda in wAMD: The ongoing Phase 3 DAYBREAK study is designed to evaluate immediacy and real-world durability Objective: Assess immediacy + durability potential in wAMD Phase 3 DAYBREAK Noninferiority 6-month durability potential Primary Endpoint End of Study AI-based tool precisely measures fluid
Slide 39: Traditional retreatment criteria may not capture clinically meaningful fluid
Traditional retreatment criteria in wAMD trials may not fully capture clinically meaningful retinal fluid • In the real world, retina specialists assess the pattern and amount of fluid – not just CST or vision thresholds – to decide whether retreatment is needed Would you treat? Example A Example B
Slide 40: DAYBREAK quantifies retinal fluid monthly to individualize treatment
DAYBREAK quantifies retinal fluid monthly, after the loading phase, to individualize treatment Using a fluid tool provides meaningful advantages: 1. Optimizes treatment for each patient based on disease activity; patients treated only when they truly need it High need patients Long durability patien
Slide 41: Spotlight on KSI-501
Spotlight on KSI-501 KODIAK
Slide 42: KSI-501 in wAMD: Phase 3 DAYBREAK study design
KSI-501 in wAMD: The ongoing Phase 3 DAYBREAK study is designed to evaluate immediacy and differentiated efficacy Phase 3 Objective: Explore efficacy potential of bispecific IL-6 and VEGF inhibition DAYBREAK Noninferiority Differentiated efficacy exploration Primary Endpoint End of Study AI-based to
Slide 43: KSI-501 in DME: many patients continue to face challenges
KSI-501 in DME: Treatment has advanced dramatically with intravitreal therapies, but many patients continue to face challenges today The majority of patients treated ~20% to 66% of DME patients with intravitreal therapy have persistent macular edema do not achieve 20/20 vision1 despite intravitreal
Slide 44: KSI-501 in DME: Phase 3 ALTO study design
KSI-501 in DME: The ongoing Phase 3 ALTO study is designed to explore differentiated efficacy and durability Phase 3 Objective: Explore efficacy of bispecific IL-6 and VEGF inhibition + 6-month durability ALTO potential in DME Superiority 6-month durability potential Primary endpoint Key secondary e
Slide 45: Macular Edema Secondary to Inflammation
KSI-101 Macular Edema Secondary to Inflammation 45
Slide 46: Macular edema caused by inflammation and/or VEGF over-expression
Macular edema, the common clinical presentation of a wide spectrum of diseases, can be caused by inflammation and/or by VEGF over-expression Macular Edema Spectrum of Diseases Diabetic Macular Uveitis Edema Inflammation driven VEGF driven Retinal Vein Systemic or Occlusion Autoimmune Disease Myopic
Slide 47: Macular edema and visual impairment shared irrespective of etiology
Macular edema and visual impairment are shared clinical features irrespective of etiology or location of inflammation Anterior Intermediate Posterior Panuveitis Location of Inflammation Macular edema is a shared clinical feature irrespective of the anatomical location of inflammation or specific eti
Slide 48: MESI caused by immune dysregulation and blood-retinal barrier breakdown
MESI is caused by immune dysregulation, leading to blood-retinal barrier breakdown and release of inflammatory mediators Immune Trigger Blood-Retinal Barrier Breaks Down IL-6 and VEGF Amplify Leakage Causes immune cells to release IL-6 upregulates VEGF. IL-6 and VEGF cause VEGF promotes vascular lea
Slide 49: Corticosteroids most used for MESI but carry safety risks
Corticosteroids are used most often for MESI, but carry significant safety risks and efficacy can be limited Most frequently prescribed medications in patients • Steroids were the most with macular edema due to noninfectious uveitis, common medication class and across any line of therapy1 remain the
Slide 50: Adverse effects from current MESI treatments lead to surgeries and vision loss
Adverse effects from current MESI treatments can lead to complex, repeated surgeries and irreversible vision loss RETISERT® Label Visual damage from glaucoma (fluocinolone acetonide Cataract repair is complex in MESI intravitreal implant) and can be contraindicated, can be irreversible and can leadi
Slide 51: Patient journey case: steroid-induced glaucoma with recurrent MESI
Patient journey case: steroids induced glaucoma with recurrent MESI over the course of approximately 2 years 1 2 3 4 5 Trial of bromfenac IOP stable and Patient presented Developed drops with initial macular edema now Worsening in Aug. 2023 with a worsening of improvement then resolved after macular
Slide 52: KSI-101 first-in-class intravitreal biologic targeting IL-6 and VEGF
KSI-101 is a first-in-class, high-strength intravitreal biologic designed to target IL-6 mediated inflammation and VEGF-mediated vascular permeability simultaneously KSI-101: high formulation strength (100 mg/mL) 52
Slide 53: IL-6 and VEGF each disrupt the blood-retinal barrier independently
IL-6 and VEGF each disrupt the blood-retinal barrier independently. When combined, they cause an even greater loss of barrier integrity Ocular inflammation Assessing vascular endothelial barrier integrity damages tight junctions using electrical resistance measurements between endothelial cells • Th
Slide 54: KSI-101 restores barrier resistance more than monotherapies
Bispecific KSI-101 restores barrier resistance from pre-existing insult greater than anti-IL-6 or anti-VEGF monotherapies alone Preclinical model of endothelial cells simulating the blood-retinal barrier No Exposure to VEGF + IL-6/R: 150 150 high barrier resistance due to intact tight junctions KSI-
Slide 55: KSI-101 in MESI: APEX Phase 1b results
KSI-101 in MESI: Multiple-dose results from APEX Phase 1b study in the U.S. and a clinical cohort of Asian patients from tertiary uveitis centers Study Design: Open-label Phase 1b in MESI Baseline Characteristics APEX U.S. (N=41) Asia* KSI-101 Weeks 0 4 8 12 16 20 24 KSI-101 2.5 mg KSI-101 5 mg KSI-
Slide 56: Vision gains of >10 letters after a single injection
Meaningful vision gains of >10 letters were observed after a single injection with continued improvement through 24 weeks Mean Change in BCVA 20 15 Mean ETDRS letters 10 5 U.S. 2.5 mg U.S. 5 mg U.S. 10 mg Asia Pooled 0 0 4 8 12 16 20 24 Weeks 2.5 mg 13 13 13 13 13 13 13 12 U.S. 5 mg 13 13 13 13 13 1
Slide 57: Top two dose levels achieve vision gains of >10 letters by Week 4
In APEX U.S., the top two dose levels achieve meaningful vision gains of >10 letters by Week 4 and continue to improve over time, achieving a 20/25 Snellen visual acuity by Week 20 Mean Change in BCVA over time Observed BCVA over time 20 80 Mean Change Mean ETDRS Letters Mean ETDRS Letters 15 +14.4
Slide 58: More than half of patients achieved ≥15 letter gain
More than half of patients achieved a ≥15 letter gain, with additional benefit observed in the top dose levels in the U.S. Proportion of ≥15 letter gainers 100 80 Patients, % 60 62 58 54 40 38 20 0 U.S. 2.5 mg U.S. 5 mg U.S. 10 mg Asia Pooled (n=13) (n=13) (n=13) (n=12) U.S. Asian Cohort Final resul
Slide 59: KSI-101 achieved dryness after a single injection
KSI-101 consistently achieved dryness (CST 250-325 μm) after a single injection, with sustained dryness observed during follow-up Observed OCT CST 600 U.S. 2.5 mg U.S. 5 mg U.S. 10 mg Asia Pooled 500 Rapid improvement Mean CST (µm) demonstrated within 1 week 400 300 Dryness (CST 250 – 325) 200 0 1 4
Slide 60: ≥90% of patients achieved absence of IRF and SRF
In APEX U.S., ≥90% of patients in the top two dose levels achieved absence of both IRF and SRF. A recurrence in IRF was observed in some patients 8 to 12 weeks after the last study treatment Proportion of patients in the 5 and 10 mg Proportion of patients in the 5 and 10 mg (pooled) dose level achie
Slide 61: KSI-101 has been well-tolerated
KSI-101 has been well-tolerated Asia KSI-101 KSI-101 2.5 mg KSI-101 5 mg KSI-101 10 mg All KSI-101 pooled (n=13) (n=14) (n=14) (N=41) (N=13) Summary of AEs in the Study eye, n (%) Subjects with ≥1 AEs 2 (15.4) 3 (21.4) 2 (14.3) 7 (17.1) 3 (23.1) Treatment-related AEs 1 (7.7)a 1 (7.1)b 0 2 (4.9) 0 Se
Slide 62: Single-dose KSI-101 demonstrates rapid responses independent of location or etiology
Single-dose KSI-101 demonstrates rapid, meaningful responses in MESI, independent of inflammation location or macular edema etiology Location of Inflammation Anterior Intermediate Posterior Panuveitis Day 1 Effect of Week 4 a single dose of KSI-101 Specific Macular Edema Etiology Juvenile Focal Chor
Slide 63: Mean change in OCT CST and absolute CST
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Week 4 Week 4 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Week 12 Week 12 350 350 Week 16 Week 16 300 300 Dryness (CST 250 – 325) 250 250 2.5 mg 5 mg 10 mg 0.25 mg 1 mg 2.5
Slide 64: Rapid onset of action observed with KSI-101
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week Effect of a Effect of a Week11 Week 11 Week 500 single dose single dose 500 Week 4 Week 4 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Week 12 Week 12 350 350 Week 16 Week 16 300 300 Dryness
Slide 65: Dryness levels observed with a single dose of KSI-101
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Effect of a Effect of a Week44 Week Week 4 Week 4 single dose single dose 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Week 12 Week 12 350 350 Week 16 Week 16 300 300 Drynes
Slide 66: Dryness levels with a single dose versus 2 doses
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Effect of a Week44 Week Week 4 single dose 450 450 Effect of 2 OCT CST (µm) OCT CST (µm) Week 8 Week 8 Week 8 doses 400 400 Week 12 Week 12 350 350 Week 16 Week 16 300 300 Dryness (CST
Slide 67: Dryness levels with a single dose versus 3 doses
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Effect of a Week44 Week Week 4 single dose 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Effect of 3 Week 12 Week Week 12 12 doses 350 350 Week 16 Week 16 300 300 Dryness (CS
Slide 68: Single dose of KSI-101 deeper drying than 4 doses of anti-IL-6
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Effect of a Week44 Week Week 4 single dose 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Week 12 Week 12 350 Effect of 4 350 Week 16 Week Week 16 16 doses 300 300 Dryness (CS
Slide 69: Continued dosing deepens dryness
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Week 4 Week 4 450 450 Effect of 2 OCT CST (µm) OCT CST (µm) Week88 Week Week 8 doses 400 400 Week 12 Week 12 350 Effect of 4 350 Week 16 Week Week 16 16 doses 300 300 Dryness (CST 250
Slide 70: Continued dosing deepens dryness (3 and 4 doses)
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Week 4 Week 4 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Effect of 3 Week1212 Week Week 12 doses 350 Effect of 4 350 Week 16 Week Week 16 16 doses 300 300 Dryness (CST 250
Slide 71: Dual inhibition of IL-6 and VEGF provides synergistic drying effect
Mean Change in OCT CST and Absolute CST APEX3 DOVETAIL1 MEERKAT2 SANDCAT2 550 Day 1 Day 1 550 Week 1 Week 1 500 500 Week 4 Week 4 450 450 OCT CST (µm) OCT CST (µm) Week 8 Week 8 400 400 Week 12 Week 12 350 Effect of 4 Effect of 4 350 Week1616 Week Week Week 16 16 doses doses 300 300 Dryness (CST 250
Slide 72: Phase 3 Program in MESI: PEAK and PINNACLE study design
Actively Enrolling The Phase 3 Program in MESI – PEAK and PINNACLE study design Fixed monthly dosing Individualized dosing Weeks D1 4 8 12 16 20 24 28 32 36 40 44 48 KSI-101 5 mg KSI-101 10 mg Sham KSI-101 5 mg injection Individualized treatment (PRN) Primary Individualized treatment criteria (Week
Slide 73: PEAK and PINNACLE master protocol design
PEAK and PINNACLE master protocol design: a single screening process that enrolls distinct and complementary MESI patient populations Master Protocol Design: a single screening process for both studies CST≥320 and BCVA 25-78 letters Moderate to severe Day 1 enroll in either study Mild macular edema
Slide 74: Increased size of the KSI-101 MESI pivotal program
We have increased the size of the KSI-101 MESI pivotal program • Patient enrollment faster than expected • No major changes to expected timelines are anticipated • Pivotal program aligned with FDA in type C meeting KSI-101 MESI Pivotal Program (PEAK and PINNACLE) n=900 First 300 patients Last 300 pa
Slide 75: MESI affects ~450,000 US patients
MESI affects ~450,000 US patients (~300,000 trial eligible) often reported by etiology (defined autoimmune, idiopathic, surgical, infectious and other) ~455K out of 5.4M ME patients in the U.S. may be classified under MESI, ~298K meet KSI-101 trial inclusion U.S. MESI EPIDEMIOLOGY Estimated by two m
Slide 76: KSI-101 initial addressable population greater than 150,000 patients
KSI-101 initial addressable population is greater than 150,000 MESI patients in the US KSI-101 ADDRESSABLE POPULATION # of Patients KSI-101 initial addressable population is >150,000 Minus Acute post- 1L 2L 3L procedural and (4-6 weeks) (~3 months) (6+ months) infectious >150,000 157K 300K 455K 70K
Slide 77: Most MESI patients in care of general ophthalmologists and retinal specialists
Most MESI patients are in the care of General Ophthalmologists and Retinal Specialists; complex cases are referred out to Uveitis Specialists OPHTHALMOLOGY PRACTICE BREAKDOWN – Method 2 % of ME patients by patient subtype across physician types • General ophthalmologists act as 8% the referral gatek
Slide 78: Kadiak
KADIAK 78
Slide 79: Discovery: broadening portfolio to additional causes of severe vision loss
Discovery: We are broadening our portfolio of investigational medicines to tackle additional high prevalence causes of severe vision loss Ocular Geographic Glaucoma ~80M4 Inflammation Atrophy Pre-IND Pre-clinical Pre-clinical Bispecific Antibodies: Bispecific Antibodies: ABC® Duet: anti-IL-6 , anti-
Slide 80: Glaucoma is leading cause of irreversible blindness with no neuroprotective treatments
Glaucoma is the leading cause of irreversible blindness worldwide with no approved neuroprotective treatments Worldwide prevalence of glaucoma1 Neuroinflammation Glaucoma is a progressive 120 ~112M optic neuropathy driven by neuroinflammation 100 ~80M DRIVES RGC DAMAGE / DEATH 80 • Current therapies
Slide 81: Glaucoma "duet": single molecule targeting neuroinflammation and elevated IOP
Glaucoma “duet”: a single molecule designed to target neuroinflammation (that causes optic neuropathy) and elevated IOP simultaneously Disease Modifying NLRP3 Inhibitor Targets the NLRP3 inflammasome complex that drives Neuroprotective neuroinflammation causing optic neuropathy + IOP Lowering Small
Slide 82: Geographic atrophy is a valuable market with high unmet need
Geographic atrophy is a valuable market with a high unmet need • Geographic atrophy (GA) is the advanced form of dry ~$1B in net sales for GA age-related macular degeneration, affecting ~1M monotherapies in 2025 people in the U.S. SYFOVRE Net Sales (in Millions) • GA is characterized by progressive
Slide 83: GA is a complex interplay of complement, inflammation, and angiogenic pathways
GA is a complex interplay of complement, inflammation, and angiogenic pathways NLRP3 inflammasome, IL- 1β, IL-6 Complement VEGF Smoking Age Advanced Diabetes AMD/GA Hypoxia, lipid Inflammation Human Genetics metabolism This interplay drives both GA and neovascular AMD, which may co-exist within the
Slide 84: Multi-asset GA pipeline addresses multifactorial disease
Kodiak’s multi-asset pipeline in GA is designed to address the multifactorial nature of the disease NLRP3 inflammasome, IL- 1β, IL-6 Complement VEGF Smoking Age Advanced Diabetes AMD/GA Hypoxia, lipid Inflammation Human Genetics metabolism Inhibitors of NLRP3 IL-6 + complement and Complement VEGF +
Slide 85: GA "duet": dual inhibition of complement and NLRP3
GA “duet”: Dual inhibition of validated complement pathways along with the inflammasome pathway (NLRP3) Peptide Inhibitor of Complement Anti-C3 and anti-C5 have been validated for GA, but current therapies do not sufficiently halt disease progression and are limited by frequent injections NLRP3 Inhi
Slide 86: GA bispecific antibody combining complement regulation with VEGF or IL-6 inhibition
GA bispecific antibody: Combining validated complement regulation with VEGF or IL-6 inhibition as a therapeutic target for GA IL-6 + Complement VEGF + Complement Reduces Prevents inflammation Anti-IL-6 wet-AMD Anti-VEGF -driven GA Fab conversion Fab progression Complement Inhibits C3 convertase Comp
Slide 87: Ocular inflammatory disease: 4th leading cause of vision loss among working-age adults
Ocular inflammatory disease: the 4th leading cause of vision loss among working-age adults with no approved biologics • ~1/3 of patients with ocular inflammation develop TNF-ɑ, IL-6 and IL-1 levels are upregulated macular edema, the leading cause of vision loss in in patients with ocular inflammatio
Slide 88: KSI-102 and KSI-103: dual cytokine targeting
KSI-102 and KSI-103: Engineered to inhibit TNF-α/IL-6 and IL-1/IL-6 through dual cytokine targeting KSI-102 KSI-103 (αTNF-α / αIL-6 bispecific) (IL-1 trap / αIL-6 bispecific) αTNF-α αTNF IL-1 Trap IL-1 trap mimics native heterodimeric receptor and can bind to IL-1α or IL-1β αIL-6 αIL-6 TNF-α IL-6 IL
Slide 89: Kodiak is gathering speed
Kodiak is gathering speed. Our position at the intersection of retinal biology, therapeutics and optics/AI is a genuine source of differentiation 15+ years experience Retinal biology, disease and therapeutics development VETi: Visual Engagement Technology and imager 89