Kodiak Sciences Inc · NASDAQ:KOD
Kodiak Sciences — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
99 slides from Kodiak Sciences's conference presentation, Jan 12, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
THE OPHTHALMOLOGY MEDICINES COMPANY 44th Annual J.P. Morgan Healthcare Conference 1 January 12, 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: We are a precommercial, retina-focused biotech on the move
We are a precommercial, retina-focused biotech on the move Wholly Owned • Robust 20-week data from Phase 1b APEX • MOA validated by scientific community A potent KSI-101 • Phase 3 PEAK and PINNACLE topline data expected in 4Q reason to 2026 and 2Q 2027 believe in • Commercial opportunity of 150,000+
Slide 4: Three Phase 3 retina programs: a decisive moment and investment opportunity
With 3 Phase 3 retina programs leveraging our 15-year history, Kodiak is at a decisive moment and represents a compelling investment opportunity For patients with MESI For patients with retinal vascular diseases KSI-101 Tarcocimab KSI-501 Anti-IL-6, VEGF trap Anti-IL-6, VEGF trap Anti-VEGF ABC® biol
Slide 5: All three assets on track for Phase 3 topline data readouts in 2026
All three assets are on track for Phase 3 topline data readouts in 2026; a series of BLA filings possible in 2026 and 2027 MOA Indication Phase 3 Study Complete Q1 ‘26 Q2 ‘26 Q3 ‘26 Q4 ‘26 1Q ’27 2Q ’27 3Q ‘27 4Q ‘27 RVO BEACON Anti-VEGF DR GLOW1 Antibody Tarcocimab Biopolymer Wet AMD DAYLIGHT BLA*
Slide 6: Portfolio potential for sustainable revenue beginning 2027
Our portfolio has the potential for sustainable revenue beginning 2027, with built-in life cycle management, risk diversification and continued leadership in retinal innovation Net Sales Potential of Kodiak Clinical Portfolio (Illustrative) Greenfield market KSI-101 Safe, potent, local biologic in a
Slide 7: Growing pipeline built in modular fashion on the ABC Platform
A growing pipeline of multi-functional investigational therapies is built in modular fashion on our ABC® Platform and is maturing rapidly ANTIBODY BIOPOLYMER CONJUGATE DRUG (“ABCD”) Conjugates of Diverse APIs +/- a Biologic Designed to embed small molecules and other Active Pharmaceutical 1 Target b
Slide 8: Phase 3 programs and pipeline assets address leading causes of vision loss
Our Phase 3 clinical programs (3) and pipeline assets (4) are designed to address the leading causes of vision loss Estimated prevalence (US) ABC: antibody biopolymer conjugate; MESI: macular edema secondary to inflammation; AMD: age-related macular degeneration; DR: diabetic retinopathy; RVO: retin
Slide 9: Tarcocimab & KSI-501
Tarcocimab & KSI-501 KODIAK
Slide 10: Retinal Vascular Diseases and the Anti-VEGF Market
Retinal Vascular Diseases and the Anti-VEGF Market 10
Slide 11: Valuable open space in the $15 billion retinal vascular diseases market
There remains valuable open space in the $15 billion retinal vascular diseases market, despite the availability of approved biologics and clinical trials of new exploratory technologies Approved mainstay biologics that provide: A biologic that provides: Gen 1.0 Gen 1.5 High Immediacy + High Durabili
Slide 12: Gen 1.0 and Gen 1.5 biologics provide immediacy and incremental durability
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 Wet AMD DME ~$1.2B in 2024 Estimated worldwide sales1 Gen 1.0 DR RVO Good e
Slide 13: Real-world data show most patients fall short of Gen 1.5 durability promise
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 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 Y
Slide 14: Implants and gene therapies engineer durability but 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 15: The open space remains for high immediacy and high durability
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 A biologic that prov
Slide 16: Kodiak's ABC Platform Science in Retina
Kodiak’s ABC® Platform Science in Retina 16
Slide 17: The ABC Platform supports the science of immediacy and durability
The ABC Platform supports Kodiak’s science of immediacy and durability Designed-in High Extended Extended Powerful Extended Extended Tissue In-Vitro Ocular Half-Life Ocular Half-Life Immediacy via Clinical Durability Residence Time Potency in Animals in Humans Unconjugated via Conjugated Antibody An
Slide 18: High molecular weight increases ocular half-life
ABC® Platform-based medicines have a high molecular weight which increases their ocular half-life compared to today’s intravitreal biologics Tarcocimab I 950 kDa Durability increases as molecular weight increases for intravitreal biologics KSI-501 I 1000 kDa Immediacy is achieved with lower molecula
Slide 19: Tarcocimab mean ocular half-life in humans is 3-fold longer than faricimab
Tarcocimab has a mean ocular half-life in humans of 20 days, which is 3-fold longer than faricimab 19.8 days ~3x longer (Mean) than faricimab 10-90th percentiles TARCOCIMAB 8.3 31.8 (10th percentile) (90th percentile) FARICIMAB 10-90th percentiles 5.2 11.2 (10th percentile) (90th percentile) Human O
Slide 20: Ocular half-life calculated from aqueous humor concentrations in Phase 1b
Tarcocimab’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 Tarcocimab to Determine Ocular t1/2 in human • Aqueous humor samples were collected AH samples from from 47 subjects in
Slide 21: Extended ocular half-life of >20 days in 45% of sampled patients
Tarcocimab achieved an extended ocular half-life of >20 days in 45% of sampled patients from the Phase 1b Study All Patients Patients Ocular t½ Select Individual Patients* (n=47) Distribution (N=47) 100000 100000 t1/2 = 39.8 days 10000 10000 45% >20 Days Tarcocimab aqueous humor t1/2 = 27.5 days con
Slide 22: Consistent 20-day ocular half-life across wet AMD, DME and RVO
Tarcocimab demonstrated consistent 20-day ocular half-life across wet AMD, DME and RVO patients Tarcocimab Human Ocular Half-Life by Indication 50 Acqueous humor t1/2 (days) 40 30 T1/2 tarcocimab 20 19.8 Days 10 T1/2 faricimab 7.5 Days 0 All All wAMD Wet AMD DME DME RVO RVO n=47 n=23 n=8 n=16 n=47 n
Slide 23: Did this 3x-longer durability come at a cost?
Did this 3x-longer durability come at a cost? • Immediacy seemed to be the cost. In the wet AMD DAYLIGHT Phase 3 study with the pre-change tarcocimab formulation, a deficit was seen in the loading phase, in the “immediacy” of the effect. After the loading phase, the drying potential or “potency” was
Slide 24: Adding free protein to commercial formulations to fix the immediacy gap
To fix the immediacy gap, we add free protein and conjugated protein to the commercial formulations for tarcocimab and KSI-501 Commercial Formulation The commercial formulation is designed to confer several key benefits: Tarcocimab KSI-501 80% Conjugated 70% Conjugated • Improved manufacturability 2
Slide 25: Unconjugated portion contains high molar equivalent to approved biologics
The unconjugated portion of the commercial formulation for tarcocimab contains a high molar equivalent to approved intravitreal biologics Tarcocimab Tarcocimab Commercial Brolucizumab Ranibizumab Aflibercept Faricimab Old Formulation Formulation Single-Chain Antibody Antibody Fusion Unconjugated ant
Slide 26: Free protein brings powerful and immediate disease control
Free protein was added was to bring powerful and immediate disease control into the commercial formulation, while also improving manufacturability, dose administration and patient safety Disease Control Through the Loading Dose Phase in Wet AMD* Powerful and immediate disease control with 0 the 20%
Slide 27: Modeling suggests strong immediacy while extending dosing intervals
Modeling suggests tarcocimab may provide a strong immediacy of efficacy while meaningfully extending dosing intervals for all patient types From 4 to From 7 to From 12 to TARCOCIMAB 10 days 18 days 28 days Extended T1/2 10-90th percentiles FARICIMAB Human Ocular Half-Life (Days) Patient with Short O
Slide 28: Best of both worlds: high immediacy and high durability
Tarcocimab and KSI-501 bring the best of both worlds – high immediacy and high durability – at the same time and in the same biologic therapy For immediacy: unconjugated protein For durability: ABC® (conjugated) protein Tarcocimab + 1 mg 1 mg 4 mg KSI-501 1.5 mg + 3.5 mg ABC® Platform- based medicin
Slide 29: ABC Enabled Mainstay Biologics Target Product Profiles
ABC ® Enabled Mainstay Biologics Target Product Profiles TARCOCIMAB KSI-501 • Non-inferior Efficacy • Better Efficacy • Strong Immediacy • Strong Immediacy • Industry-leading Durability • Industry-leading Durability 29
Slide 30: Ongoing and planned studies may support tarcocimab BLA in 2026
Ongoing and planned studies may support a tarcocimab BLA in 2026 and a potential KSI-501 BLA in 2027, while enabling complementary & potentially differentiated commercial profiles Phase 3 Primary 6-Month Indication Results / Progress Study Endpoint Durability Retinal • Doubled treatment interval (Q8
Slide 31: Tarcocimab efficacy and durability in RVO in Phase 3 BEACON
Tarcocimab demonstrated high efficacy and industry-leading durability in Retinal Vein Occlusion in the Phase 3 BEACON study Number of injections through Year 1 Tarcocimab: Number of doses RVO in the second 6 months of Year 1 BEACON 50% 4-6 doses: 2% 78% 93% received 3 doses: 5% Primary 40% received
Slide 32: Comparable visual and anatomical outcomes in RVO across treatment paradigms
Tarcocimab achieved comparable visual and anatomical outcomes in all RVO patients, irrespective of the treatment paradigm used 80 Mean BCVA over time 75.4 (12.3) 75 74.6 (12.3) (ETDRS Letters) 74.7 (12.1) 74.3 (13.4) Mean BCVA 70 65 60 55 0 1 4 8 12 16 20 24 24 28 32 36 40 44 48 Tarcocimab achieved
Slide 33: Efficacy and durability in diabetic retinopathy in Phase 3 GLOW1
Tarcocimab demonstrated high efficacy and industry-leading durability in diabetic retinopathy in the Phase 3 GLOW1 study Proportion of patients with ≥2-Step improvement Proportion of patients developing any sight- in DRSS from Baseline to Week 48 threatening complication from Baseline to Week 48 DR
Slide 34: GLOW1 opens door to earlier treatment with only 2 doses a year
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 Baseline Week 48 U.S. Prevalence ~9,700,0001 Microhemorrhages visible on the retina even if no visual symptoms are present yet DR ~9% are currently
Slide 35: Potential implications of the Phase 3 GLOW2 study in DR
In the ongoing Phase 3 GLOW2 study in DR, what are the potential implications and upsides for tarcocimab? • Topline data expected Q1 2026. Key implications of GLOW2: DR GLOW2 • 1st Phase 3 readout using the commercial formulation for tarcocimab, providing important safety data Superiority • 2nd pivo
Slide 36: Phase 3 DAYBREAK study in wet AMD
The ongoing Phase 3 DAYBREAK study in wet AMD explores in a definitive manner immediacy through the loading phase, real-world durability, and for KSI-501, the potential for better efficacy • Registrational study for both tarcocimab and KSI-501. Explores in a definitive manner immediacy Wet AMD throu
Slide 37: DAYBREAK implications and upsides for tarcocimab
In DAYBREAK for wet AMD, what are the potential implications and upsides for tarcocimab? • Topline data expected Q3 2026 Wet AMD DAYBREAK • If successful, DAYBREAK will demonstrate tarcocimab’s (commercial formulation) ability to provide: • Strong and immediate disease control in the loading phase (
Slide 38: DAYBREAK implications and upsides for KSI-501
In DAYBREAK for wet AMD, what are the potential implications and upsides for KSI-501? • Q3 2026 – Year 1 topline data evaluating Q4W/Q8W KSI-501 in wet AMD Wet AMD DAYBREAK • Potential efficacy upside • Better vision gains than anti-VEGF monotherapy aflibercept with good OCT control Noninferiority •
Slide 39: Tarcocimab and KSI-501 poised to fill the 'golden quadrant'
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 Quadrant monotherapies for all patients of core Gen 2.0 – Kodiak Intravitreal Biologic unmet need Efficacy Tarcocim
Slide 40: Commercial manufacturing investment positions Kodiak for launch
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 • A commercial scale facility dedicated to the manufacture of Kodiak’s ABC medicines • Custom
Slide 41: KSI-101 Macular Edema Secondary to Inflammation (MESI)
Macular Edema Secondary to Inflammation KSI-101 (MESI) 41
Slide 42: What is MESI?
Macular Edema Secondary to Inflammation What is MESI? 42
Slide 43: 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 44: What is macular edema secondary to inflammation (MESI)?
What is macular edema secondary to inflammation (MESI)? Common Common Clinical Unifying Therapy? Pathophysiology Presentation Inflammation VEGF Macular edema with visual impairment Blood IL-6 IL-6 Retinal Barrier Disruption Angiogenesis KSI-101 MESI is a heterogenous group of diseases that clinicall
Slide 45: MESI comprises a heterogenous group of diseases with common presentation
MESI comprises a heterogenous group of diseases with a common, readily identifiable clinical presentation: macular edema with visual impairment Anterior Intermediate Posterior Panuveitis Location of Inflammation Irrespective of the anatomical location of the inflammation or the specific etiology, th
Slide 46: Macular edema is the leading cause of vision loss in ocular inflammation
Macular edema is the leading cause of vision loss among patients with ocular inflammation Normal Retina on OCT • Noninfectious MESI represents a set of serious ocular inflammatory conditions that cause significant vision loss. • Ocular inflammation is the 4th leading cause of vision loss among worki
Slide 47: What causes MESI?
Macular Edema Secondary to Inflammation What causes MESI? 47
Slide 48: Immune dysregulation breaks down the blood-ocular barrier
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 1 Immune Trigger 2 Blood-Retinal Barrier Breaks Down 3 IL-6 and VEGF Amplify Leakage Causes immune cells to release IL-6 upregulates VE
Slide 49: IL-6 and VEGF each disrupt the blood-retinal barrier; combined, greater loss
IL-6 and VEGF each disrupt the blood-retinal barrier independently. When combined, they cause an even greater loss of barrier integrity Assessing vascular endothelial barrier integrity Treatments • Ocular inflammation damages using electrical resistance measurements tight junctions between endotheli
Slide 50: What is the unmet need?
Macular Edema Secondary to Inflammation What is the unmet need? 50
Slide 51: Corticosteroids are used most often 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 52: Adverse effects of treatments often require multiple surgical interventions
Adverse effects from today’s treatments for MESI often require multiple surgical interventions, but surgeries are complicated in MESI patients and require complete control of inflammation before, during and after each procedure Cataract repair in MESI patients is Visual damage from glaucoma can comp
Slide 53: Patient journey: steroid-induced glaucoma with recurrent MESI
Patient journey: steroids induced glaucoma with recurrent MESI over the course of approximately 2 years Patient presented to uveitis specialist Trial of bromfenac IOP stable and Patient presented in Developed drops with initial macular edema now August 2023 with a 12- worsening of improvement then r
Slide 54: Core unmet need in MESI for a potent, safe, local therapy
There is a core unmet need in MESI for a potent, high-strength, locally administered and safe therapy Illustrative complications • Targets both IL-6 and VEGF disease drivers Fewer IVT anti-IL-6 • Potential to be disease modifying Core monotherapy • High strength unmet need open • Potent • Minimally
Slide 55: IL-6 inhibition in inflammatory macular edema: what have we learned?
IL-6 inhibition in inflammatory macular edema What have we learned? 55
Slide 56: DOVETAIL Study of intravitreal anti-IL-6 vamikibart
DOVETAIL Study – intravitreal anti-IL-6 monotherapy (Roche, vamikibart) has been studied as a potential therapy for patients with inflammatory macular edema Sharma, et al. A Novel Intravitreal Anti-IL-6 Monoclonal Antibody for Uveitic Macular Edema (UME): Preliminary Results From the Phase 1 DOVETAI
Slide 57: Vamikibart shows visual and anatomical improvement
Vamikibart (Roche, anti-IL-6) has shown that anti-IL-6 monotherapy can provide visual and anatomical improvement in patients with inflammatory macular edema DOVETAIL DOVETAIL Change from Baseline in BCVA Change from Baseline in OCT CST A clear dose response is seen with IL-6 monotherapy in patients
Slide 58: Intravitreal IL-6 monotherapy helpful, but 50% have persistent IRF
While intravitreal IL-6 monotherapy is helpful, 50% of patients have persistent IRF1, similar to the overall failure rate of systemic adalimumab, leaving room for a more potent and/or broader spectrum biologic therapy DOVETAIL DOVETAIL DOVETAIL Absence of IRF Absence of SRF ≥15-letter gainers at Wee
Slide 59: IL-6 pathway validated in recent pivotal studies
The IL-6 pathway has been further validated in recent pivotal studies as a key target for inhibition in inflammatory macular edema Vamikibart Phase 3 Program Vamikibart Phase 3 Program Change from Baseline in OCT CST Change from Baseline in BCVA MEERKAT SANDCAT MEERKAT SANDCAT Clear anatomical Visua
Slide 60: No on-target adverse effects identified in pivotal studies
No on-target adverse effects were identified in pivotal studies, derisking intravitreal IL-6 inhibition in inflammatory macular edema Vamikibart Phase 3 Program Summary of Ocular (Study Eye) and Vamikibart Phase 3 Program non-ocular adverse events Selected oular adverse events MEERKAT SANDCAT MEERKA
Slide 61: Vamikibart has no effect on VEGF aqueous humor concentrations
Importantly, vamikibart was shown to have no effect on VEGF aqueous humor concentrations in DOVETAIL 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 Cl
Slide 62: How can this unmet need be addressed?
Macular Edema Secondary to Inflammation How can this unmet need be addressed? 62
Slide 63: KSI-101 is a first-in-class, high-strength intravitreal biologic
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) VEGF IL-6 IL-6 63
Slide 64: KSI-101 is a potent dual inhibitor of VEGF and IL-6 pathways
KSI-101 is a potent dual inhibitor of VEGF signaling and IL-6 classic (cis) and soluble (trans) receptor-mediated pathways KSI-101 inhibits IL-6 KSI-101 inhibits soluble IL-6 KSI-101 inhibits VEGF classic signaling receptor-mediated signaling signaling 150 IC50 = 77 pM 150 IC50 = 2.3 nM KSI-101 IC50
Slide 65: KSI-101 improves barrier tight junctions more than monotherapies
Bispecific KSI-101 improves barrier tight junctions greater than anti-IL-6 or anti-VEGF monotherapies alone Exogenous VEGF and IL-6 Tight junction disruption and changes in cell morphology Monotherapy Inhibition Dual inhibition No Inhibitors Anti-VEGF Anti-IL-6 KSI-101 Dual inhibition by B KSI-101 c
Slide 66: 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 150 High barrier resistance Intact tight junctions No Exposure No Exposure VEGF + IL-6/R VEGF++KSI-101 IL-6/R + KSI-101 KSI-101 restores barrier integrity to 100 % Resistan
Slide 67: KSI-101 poised to fulfill the core unmet need in MESI
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 Illustrative KSI-101 is designed to address the core unmet need complications 1. Targets both IL-6 & Core VEGF disease drivers IVT anti-VEG
Slide 68: Phase 1b APEX KSI-101 in MESI Week 20 Extended Follow-up Data
Phase 1b APEX KSI-101 in MESI Week 20 Extended Follow-up Data 68
Slide 69: Phase 1b APEX study: multiple dose study of KSI-101 in MESI
Phase 1b APEX study: multiple dose study of KSI-101 in patients with MESI Study Design: Ongoing, Open-label Phase 1b in MESI Baseline Characteristics Weeks 0 4 8 12 16 20 24 KSI-101 2.5 mg KSI-101 5 mg KSI-101 10 mg All KSI-101 (n=13) (n=14) (n=14) (N=41) Subjects with MESI 2.5 mg Age, years, mean (
Slide 70: Top two dose levels achieve vision gains of >10 letters by Week 4
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 Mean Change in BCVA over time Observed BCVA over time 20 80 +15.4 Mean ETDRS Letter
Slide 71: More than half of patients achieved a ≥15 letter gain
More than half of patients have achieved a ≥15 letter gain, with additional benefit observed at the top highest dose levels Proportion of ≥15 letter gainers 100 80 Patients, % 60 62 54 51 40 38 20 0 2.5 mg 5 mg 10 mg All patients (n=13) (n=13) (n=13) (n=39) Preliminary Analysis The APEX study is ong
Slide 72: Rapid anatomical improvements with OCT CST <325 µm
Meaningful anatomical improvements are rapidly achieved, with OCT CST levels <325 µm observed as early as Week 4, further deepening over time Observed OCT CST over time 600 2.5 mg 5 mg 10 mg 500 Mean CST (µm) 400 Mean Change 300 -151 -230 Dryness -218 (CST 250-325) 200 0 4 8 12 16 20 24 Weeks 2.5 mg
Slide 73: ≥90% in top two doses achieved absence of intraretinal and subretinal fluid
≥90% of patients in the top two dose levels achieved and maintained absence of both intraretinal and subretinal fluid Proportion of patients in the 5 and 10 mg Proportion of patients in the 5 and 10 mg (pooled) dose level achieving absence of IRF (pooled) dose level achieving absence of SRF 100 100
Slide 74: KSI-101 has been well-tolerated
KSI-101 has been well-tolerated KSI-101 2.5 mg KSI-101 5 mg KSI-101 10 mg All KSI-101 (n=13) (n=14) (n=14) (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 se
Slide 75: How does KSI-101 fit into the emerging treatment landscape?
Macular Edema Secondary to Inflammation How does KSI-101 fit into the emerging treatment landscape? 75
Slide 76: DOVETAIL vamikibart: 50% of patients have persistent IRF
DOVETAIL vamikibart – while intravitreal IL-6 monotherapy is helpful, 50% of patients have persistent Intra Retinal Fluid DOVETAIL vamikibart DOVETAIL vamikibart Absence of IRF Absence of SRF ~50% of patients have persistent IRF Persistent intraretinal fluid (IRF) is known to cause permanent negativ
Slide 77: KSI-101 seems to provide faster and better disease control
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 Proportion of patients in the 5 and 10 mg Proportion of patients in the 5 and 10 mg (pooled) dose level achieving a
Slide 78: 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 79: 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 80: 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 81: Dryness levels after a single dose versus two 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 82: Dryness levels after a single dose versus three 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 83: Single KSI-101 dose gives 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 84: Continued dosing deepens dryness with 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 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 85: Continued dosing deepens dryness with KSI-101 at three 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 86: Dual IL-6 and VEGF inhibition seems to provide synergistic drying
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 87: PEAK and PINNACLE KSI-101 Pivotal Program
Macular Edema Secondary to Inflammation PEAK and PINNACLE KSI-101 Pivotal Program 87
Slide 88: Phase 3 pivotal program in MESI – study design
Phase 3 pivotal 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) KSI-101 10 mg injection Sham PRN Sham injection Primary endpoin
Slide 89: PEAK and PINNACLE study design: rescue criteria
Phase 3 pivotal 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) KSI-101 10 mg injection Sham PRN Primary endpoint Sham injectio
Slide 90: PEAK and PINNACLE endpoints
Phase 3 pivotal 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) KSI-101 10 mg injection Sham PRN Primary endpoint Sham injectio
Slide 91: PEAK and PINNACLE – are these identical studies?
PEAK and PINNACLE – Key question: are these identical studies? 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 based on CST and BCVA macular edema CST ≥400 CST≥320 and <400 Moderate t
Slide 92: Increased size of the PEAK and PINNACLE pivotal program
We have increased the size of the PEAK and PINNACLE pivotal program • Patient enrollment faster than expected • No major changes to expected timelines are anticipated • Pivotal program aligned with FDA in type C meeting PEAK-1 PEAK-2 PEAK n=300 n=300 n=300 PINNACLE (or fewer depending on size of FDA
Slide 93: KSI-101 Commercial Opportunity
KSI-101 Commercial Opportunity 93
Slide 94: Problem Statement: ocular inflammation and MESI
Problem Statement: Ocular inflammation is the 4th leading cause of blindness among the working-age population in the developed world MESI, a serious complication of ocular inflammation, is the primary contributor to vision loss and blindness in this group Br Journal of Ophthalmology 1996;80:844-848,
Slide 95: A serious vision threatening disease with >150,000 initial addressable patients
>150,000 initial KSI-101 Differentiated potent Potential for a A serious vision Excitement from addressable MESI high strength simplified and safer threatening disease physician interviews patients in the US dual MOA MESI patient journey I M E S I A chronic retinal condition The initial KSI-101 KSI-
Slide 96: MESI affects ~450,000 US patients, estimated by two methodologies
MESI affects ~450,000 US patients (~300,000 trial eligible), estimated by two methodologies and often reported by etiology (defined autoimmune, idiopathic, procedural, infectious and other) U.S. MESI EPIDEMIOLOGY – METHOD 1 (2025) Thousands of patients DEFINED AUTOIMMUNE ME3 ~5,415 ~1,665 HLA-B27 ~2
Slide 97: 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 KSI-101 initial addressable population is >150,000 # of Patients 1L 2L 3L Minus (4-6 weeks) (~3 months) (6+ months) Acute post- procedural and infectious >150,000 157K 300K 455K 70K
Slide 98: Most MESI patients are in the 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 17% of retina specialists’ current case load is MESI today OPHTHALMOLOGY PRACTICE BREAKDOWN – METHOD 2 % of ME patients by patient subtype across physician ty
Slide 99: We are a precommercial, retina-focused biotech on the move
We are a precommercial, retina-focused biotech on the move Wholly Owned • Robust 20-week data from Phase 1b APEX • MOA validated by scientific community A potent KSI-101 • Phase 3 PEAK and PINNACLE topline data expected in 4Q reason to 2026 and 2Q 2027 believe in • Commercial opportunity of 150,000+
Kodiak Sciences — 44th Annual J.P. Morgan Healthcare Conference (January 2026) on 6ix