Kodiak Sciences Inc · NASDAQ:KOD
Kodiak Sciences — Investor Presentation (September 2026)
42 slides from Kodiak Sciences's investor presentation, Sep 28, 2026
Slide 1: DAYBREAK Webcast
DAYBREAK WEBCAST September 28, 2026 KODIAK
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: Welcome
WELCOME Victor Perlroth MD Chairman and CEO 3
Slide 4: Searching for durability without sacrifice
For more than 20 years, since the first anti-VEGF approval in 2004, we have been searching for durability without sacrifice A biologic that provides real-world durability Approved mainstay biologics provide: without sacrificing immediacy or efficacy Gen 1.0 Gen 1.5 Gen 2.0 • Eylea • Lucentis • Eylea
Slide 5: Today's Speakers
Today’s Speakers Kodiak Management Industry Experts Charles Wykoff, MD, PhD Victor Perlroth, MD • Director of Research, Retina Consultants of Texas Chairman and CEO • Chairman of Research, Retina Consultants of America • Professor of Clinical Ophthalmology and Deputy Chair of Ophthalmology, Blanton
Slide 6: Kodiak's Intentional Journey
KODIAK’S INTENTIONAL J. Pablo Velazquez-Martin JOURNEY MD 6
Slide 7: How we got here
How we got here Looking back 2 years to Kodiak’s R&D Day on September 23, 2024 7
Slide 8: One-year primary efficacy and safety outcomes of the Phase 3 DAYBREAK Study
One-year primary efficacy and safety outcomes of the Phase 3 DAYBREAK Study in Wet Age-related Macular Degeneration Efficacy and Safety of Zenkuda (tarcocimab tedromer) Compared to Aflibercept Efficacy and Safety of tabirafusp alfa tedromer (KSI-501) Compared to Aflibercept 8
Slide 9: DAYBREAK's innovative design tests two molecules against a single comparator
DAYBREAK’s innovative design allows two molecules to be independently tested at full alpha significance vs a single comparator Single Comparator Tarcocimab Aflibercept Tabirafusp-ted 5 mg 2 mg 5 mg Extended durability Per label Intensive Dosing Individualized Q8W Q8W + individualized Q4W Q4W – Q24W
Slide 10: Efficacy and safety of Zenkuda (tarcocimab tedromer)
One-year primary efficacy and safety outcomes of the Phase 3 DAYBREAK Study in Wet AMD Efficacy and safety of Zenkuda (tarcocimab tedromer) Charles Wykoff MD, PhD compared to aflibercept 10
Slide 11: Tarcocimab: dosing intervals of up to 6 months in wAMD
DAYBREAK – tarcocimab: evaluated the potential for dosing intervals of up to 6 months in wAMD Treatment paradigm Objective Treat-to-dryness with Comparable efficacy with up to individualized Q4-24W dosing 6-month dosing wAMD: wet age-related macular degeneration; BCVA: best-corrected visual acuity;
Slide 12: AI volumetric fluid tool and real-world decision-making
Disease activity detected by an AI volumetric fluid tool allowed implementation of retina specialists' real-world decision-making. Fluid = treatment True dryness no treatment Any fluid active treatment IRF SRF IRF SRF Stable disease IRF detected with no IRF or peripheral to SRF detected central
Slide 13: Baseline ocular characteristics balanced
Baseline ocular characteristics were balanced and consistent with treatment-naïve wAMD patients Tarcocimab Q4-24W Aflibercept Q8W n= 220 n= 224 BCVA, ETDRS Letters, mean (SD) 59.7 (13.48) 59.7 (13.29) ≥20/40 Snellen equivalent, n (%) 72 (32.7%) 72 (32.1%) ≤20/200 Snellen equivalent, n (%) 26 (11.8%)
Slide 14: Primary endpoint met: tarcocimab visual gains
Primary endpoint met: tarcocimab demonstrated meaningful visual gains sustained with up to 6-month dosing Observed BCVA 75 Mean BCVA Change 70 at Week 48 ETDRS Letters +7.6 65 +7.2 60 Tarcocimab Aflibercept 55 0 4 8 12 16 20 24 28 32 36 40 44 48 Week LSM BCVA change LSM difference a Avg W40-48 (95.0
Slide 15: Tarcocimab rapid and sustained retinal drying
Tarcocimab demonstrated rapid and sustained retinal drying in extended dosing with intervals up to 6-months 500 Observed OCT CST 400 OCT CST (µm) Mean OCT CST 300 Change at Week 48 -138 200 -132 100 Tarcocimab Aflibercept 0 0 4 8 12 16 20 24 28 32 36 40 44 48 Week LSM OCT CST LSM difference a change
Slide 16: More than half of tarcocimab patients achieved 6-month dosing
Using real-world retreatment criteria, more than half of tarcocimab patients achieved 6-month dosing Interval at the Primary Endpoint 4W 5% 8W 12% 12W 6-month 13% interval 54% 16W 8% 5-6 month 20W durability 8% 62% Real-world treatment decisions Real-world durability 48% of patients achieved a 6-mon
Slide 17: Tarcocimab was well-tolerated
Tarcocimab was well-tolerated Tarcocimab Aflibercept Ocular Adverse Events (AEs) up to Week 48 n = 220 n = 224 Subjects with any AE in the Study Eye, n (%)a Subjects with ≥1 AEs 89 (40.5%) 79 (35.3%) Serious AEs 2 (0.9%) 1 (0.4%) AEs leading to treatment discontinuation 1 (0.5%) 3 (1.3%) Selected AE
Slide 18: Zenkuda meets primary endpoint and establishes durability benchmark
Zenkuda meets primary endpoint in DAYBREAK and establishes a new benchmark for durability in wAMD New benchmark in Primary durability endpoint met p=0.0007 Rapid and sustained disease control Nominal a p<0.0001 Multi-indication BLA Encompassing 5 positive Phase 3 studies across wAMD (DAYLIGHT and DA
Slide 19: Efficacy and safety of tabirafusp alfa tedromer
One-year primary efficacy and safety outcomes of the Phase 3 DAYBREAK Study in Wet AMD Charles Wykoff Efficacy and safety of MD, PhD tabirafusp alfa tedromer compared to aflibercept 19
Slide 20: Tabirafusp-ted: dual VEGF and IL-6 inhibition in wAMD
DAYBREAK – tabirafusp-ted: explored if dual VEGF and IL-6 inhibition can improve outcomes in treatment-naïve wAMD Objective Treatment paradigm Explore efficacy potential with dual Proactive bimonthly dosing, with VEGF and IL-6 inhibition in individualized monthly doses treatment-naïve wAMD IL-6: int
Slide 21: Baseline ocular characteristics balanced
Baseline ocular characteristics were balanced and consistent with treatment-naïve wAMD patients Tabirafusp-ted Q8W Aflibercept Q8W n=223 n= 224 BCVA, ETDRS Letters, mean (SD) 59.1 (13.54) 59.7 (13.29) ≥20/40 Snellen equivalent, n (%) 73 (32.7%) 72 (32.1%) ≤20/200 Snellen equivalent, n (%) 25 (11.2%)
Slide 22: Primary endpoint met: tabirafusp-ted visual gains
Primary endpoint met: tabirafusp-ted demonstrated meaningful visual gains 75 Observed BCVA Mean BCVA Change 70 at Week 48 ETDRS Letters +7.6 65 +6.3 60 Tabirafusp-ted Aflibercept 55 0 4 8 12 16 20 24 28 32 36 40 44 48 Week LSM BCVA change LSM difference a Avg W40-48 (95.02% CI) p-valuea (MMRM)a Tabi
Slide 23: Tabirafusp-ted non-inferior retinal drying
Tabirafusp-ted achieved non-inferior retinal drying compared to aflibercept 500 Observed OCT CST 400 OCT CST (µm) Mean OCT CST 300 Change at Week 48 -131 200 -138 100 Tabirafusp-ted Aflibercept 0 0 4 8 12 16 20 24 28 32 36 40 44 48 Week LSM OCT CST LSM difference a change at W48 (95.02% CI) p-valuea
Slide 24: Tabirafusp-ted was well-tolerated
Tabirafusp-ted was well-tolerated Tabirafusp-ted Aflibercept Ocular Adverse Events (AEs) up to Week 48 n = 223 n = 224 Subjects with any AE in the Study Eye, n (%)a Subjects with ≥1 AEs 85 (38.1%) 79 (35.3%) Serious AEs 0 1 (0.4%) AEs leading to treatment discontinuation 1 (0.4%) 3 (1.3%) Selected A
Slide 25: Tabirafusp-ted meets primary endpoint; DME program accelerating
Tabirafusp-ted meets primary endpoint in wAMD and development program accelerating in DME Exploring additional Primary benefits endpoint met Higher levels of IL-6 in aqueous p=0.0036 humor of wAMD patients have previously been correlated with poorer BCVA outcomes1. Similar Planned post hoc analyses
Slide 26: From intentional design to a new standard-of-care in durability
From intentional design to A new standard-of-care in durability David Brown MD 26
Slide 27: Problem Statement
Problem Statement 27
Slide 28: Zenkuda's 2-in-1 formulation
Zenkuda’s 2-in-1 formulation Combines unconjugated and ABC (conjugated) protein by design Unconjugated Protein ABC (conjugated) Protein 2-in-1 1 mg 4 mg Zenkuda 5 mg formulation Potent anti-VEGF antibody Modified Fc Inert immune effector function Unconjugated Protein ABC (conjugated) Protein High Mo
Slide 29: Kodiak's 2-in-1 formulation: immediacy and durability
Kodiak’s 2-in-1 formulation: Designed for strong immediacy and a new standard-of-care in durability in one intravitreal biologic Kodiak’s science of immediacy and durability ABC PLATFORM DESIGN 1 A proprietary phosphorylcholine-based polymer is conjugated to an antibody to increase molecular size an
Slide 30: Potency comparable to aflibercept
Potency: Both unconjugated protein and conjugated protein demonstrate high binding affinity and potency similar to aflibercept High Binding Affinity for VEGF-A High Potency in Inhibiting VEGF High Potency in Inhibiting Binding to its Receptors VEGF-mediated cell proliferation* Both the tarcocimab co
Slide 31: Zenkuda ocular half-life 3-fold longer than faricimab
Durability: Zenkuda has a mean ocular half-life in humans of 20 days, which is 3-fold longer than faricimab 19.8 days ~3x longer than faricimab (Mean) 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 32: 20-day half-life calculated from aqueous humor
Durability: Zenkuda’s 20-day half-life was calculated from aqueous humor fluid of 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 Zenkuda Phase 1b study in patients AH samples
Slide 33: Extended ocular half-life in 45% of sampled 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 34: State-of-the-art: trial durability not replicated in real world
What is the state-of-the art today? Durability results from clinical trials are not replicated in real-world clinical practice Real World Clinical Trials ≥13-week mean injection ≥16-week injection interval interval in 24-month follow-up EYLEA HD 100 100 77% 79% 75 75 50 50 25.8% 25 25 PULSAR PULSAR
Slide 35: Why is there a discrepancy? Restrictive retreatment criteria
Why is there a discrepancy? Most Phase 3 studies use retreatment criteria designed to artificially inflate treatment intervals and are not reflective of real-world practice Real-world dosing intervals for EYLEA HD and faricimab in over 30,000 treatment naïve wAMD patients 60 Fewer than ~2.5% of pati
Slide 36: Traditional retreatment criteria miss meaningful retinal fluid
Why is there a discrepancy? Traditional retreatment criteria in wAMD trials miss clinically meaningful retinal fluid • In the real world, retina specialists assess the pattern and amount of fluid –not CST or vision thresholds– to decide whether retreatment is needed Would you treat? Example A Exampl
Slide 37: DAYBREAK determines retinal fluid monthly to individualize treatment
DAYBREAK determines presence of retinal fluid monthly, after the loading phase, to individualize treatment Using a fluid tool provides meaningful advantages: 1. Provides a consistent standard across all patients, all sites and all investigators 2. Optimizes treatment for each patient in the study ba
Slide 38: Why DAYBREAK reflects real-world durability
Revisiting why DAYBREAK reflects real-world durability: Any detected fluid triggered treatment, mirroring real-world retina practice 54% Zenkuda-treated patients achieve a 6-month dosing interval at the Primary Endpoint based on DAYBREAK’s strict treat-to- dryness approach in wAMD Setting a new Real
Slide 39: Zenkuda's profile with potential to set new standard of care
Zenkuda’s intentional science and design have translated into a clinical profile with the potential to set a new standard of care Strong fluid control and vision gains in the loading phase More than 50% of patients on 6-month dosing through Year 1, using strict treat-to-dryness real-world retreatmen
Slide 40: Kodiak's Next Frontier
KODIAK’S NEXT FRONTIER Victor Perlroth MD 40
Slide 41: Kodiak's next frontier: VETi and clinical therapeutics
After 17 years of development, we have achieved a definitive milestone in the field of retina and are poised for upcoming regulatory and pre-commercial milestones 3 CLINICAL THERAPEUTICS ADVANCING DISCOVERY MAKING AN IMPACT VETi +/- ABC PLATFORM Zenkuda BLA-ready in wAMD, DR and RVO; potential to be
Slide 42: Thank You Q&A
THERAPEUTICS DISCOVERY Q&A 42
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