KOD 44th Annual J.P. Morgan… Presentation

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THE OPHTHALMOLOGY MEDICINES COMPANY 44 th Annual J.P. Morgan Healthcare Conference January 12, 2026 1

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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 theSEC. 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.

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• Robust 20-week data from Phase 1b APEX • MOA validated by scientific community • Phase 3 PEAK and PINNACLE topline data expected in 4Q 2026 and 2Q 2027 • 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 3AMD: age-related macular degeneration; RVO: retinal vein occlusion; ABC: antibody biopolymer conjugate

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With 3 Phase 3 retina programs leveraging our 15-year history, Kodiak is at a decisive moment and represents a compelling investment opportunity ABC: antibody biopolymer conjugate; DR: diabetic retinopathy; RVO: retinal vein occlusion; AMD: age-related macular degeneration 4 • 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 For patients with MESI Tarcocimab Anti-VEGF ABC® biologic KSI-501 Anti-IL-6, VEGF trap bispecific ABC® biologic For patients with retinal vascular diseases • Strong immediacy • Industry leading durability • BLA filing expected 2026 in 3 indications (wet AMD, DR and RVO) • Improved efficacy beyond anti-VEGF monotherapies • Strong immediacy • Industry leading durability Feb 2026 24-week data from Phase 1b APEX Q4 2026 Topline data from Phase 3 PEAK (MESI) Q2 2027 Topline data from Phase 3 PINNACLE (MESI) Q1 2026 Topline data from Phase 3 GLOW2 (DR) Q3 2026 Topline data from Phase 3 DAYBREAK (wet AMD) BLA filing in 2026 Wet AMD, Diabetic Retinopathy, Retinal Vein Occlusion Q3 2026 Topline data from Phase 3 DAYBREAK (wet AMD) KEY CATALYSTS (expected) Quadrant of core unmet need Quadrant of core unmet need Greenfield market opportunity

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MOA Indication Phase 3 Study Complete Q1 ‘26 Q2 ‘26 Q3 ‘26 Q4 ‘26 1Q ’27 2Q ’27 3Q ‘27 4Q ‘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 TBD 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; PEAK: NCT06990399; PINNACLE: NCT06996080 *Timing of topline data readouts reflect current expectations, subject to change BLA* BLA* 5 Actively Enrolling = BLA-facing topline data readouts (expected) = active and ongoing Phase 3 study Enrollment Complete

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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 (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 needKodiak’s assets are proprietary and wholly-owned. We have the flexibility in our commercialization decisions to support adoption of our products in the marketplace. 6

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Conjugates of Diverse APIs +/- a Biologic Target both intracellular and extracellular pathways High Drug Antibody Ratio (“DAR”) Can include APIs with DAR of 10 up to >250 Tailored Release of APIs Release of API payloads enabled by pH modulation or enzymatic cleavage of linkers Proven Safety Record of the ABC Platform >2,500 patient years of experience in patients Diverse APIs of varying biophysical properties including small molecules, macro- cycles, peptides and oligonucleotides are embedded in the biopolymer and released over a designed-in time Engineered to exhibit high binding affinity and specificity. Any biologic can be conjugated to the biopolymer Combines multiple APIs and can be tailored to meet a specific therapeutic goal. It is optically clear and made of phosphorylcholine, the primary hydrophilic component of human cell membranes Drug Cargo Antibody or Other Biologic Biopolymer A new combination of targeting, high drug loading, mixed API formats and tailored drug release – applications in ophthalmic and systemic diseases ANTIBODY BIOPOLYMER CONJUGATE DRUG (“ABCD”) Designed to embed small molecules and other Active Pharmaceutical Ingredients ("API") such as oligonucleotides and peptides into the biopolymer backbone for release over a designed-in time period A growing pipeline of multi-functional investigational therapies is built in modular fashion on our ABC® Platform and is maturing rapidly 7 1 2 3 4

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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 DiseasesGlaucoma Geographic AtrophyOcular Inflammation Macular Edema Secondary to Inflammation (MESI) ~800K1 ~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) 8 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 and shared Investor R&D Day July 2025. KSI-101 Phase 3 Anti-IL-6, VEGF trap Bispecific protein

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9 Tarcocimab & KSI-501

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Retinal Vascular Diseases and the Anti-VEGF Market 10

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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 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: 11

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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 The commercial success of new branded therapies is a testament to: • The power of the intravitreal biologic as the mainstay of therapy • The unmet need that remains for patients 12 Estimated worldwide sales1 1. Based on company reports and SEC filings.

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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 1. Adapted from Durga Borkar, et al. Poster presented at ARVO 2025. Poster #3108. Treatment-Naïve Eyes (n=389a) Previously Treated Eyes (n=6364a) Faricimab injections observed after the first 6 months of treatment through Year 2 in the FARENTINA study1 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 13

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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. 14

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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: 15

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Kodiak’s ABC® Platform Science in Retina 16

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The ABC Platform supports Kodiak’s science of immediacy and durability 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 17

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Increasing molecular weight (kDa), increasing durability 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 molecular-weight intravitreal biologics Conjugated Portion of ABC® Platform-based medicines* *Kodiak’s ABC platform-based medicines tarcocimab and KSI-501 combine unconjugated and conjugated protein in a single biologic 18

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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 (10th 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 (90th percentile) 7.5 days (Mean) 10-90th percentiles Human Ocular Half-Life (Days) ~3x longer than faricimab 19

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Tarcocimab’s ocular half-life in humans was calculated by measuring aqueous humor concentrations over time from patients in the Phase 1b Study 1 10 100 1000 10000 100000 0 4 8 12 16 20 24 28 • Aqueous humor samples were collected from 47 subjects in the tarcocimab Phase 1b study in patients with wet AMD, DME and RVO and were used to evaluate tarcocimab ocular half life in patients • Aqueous humor samples were collected at baseline and at Week 4, 12, 14, 16, 18, 20 and 24 and measured for tarcocimab concentrations • Samples collected between the last loading dose and the next re-dose were used to determine ocular half-life of tarcocimab Using Aqueous Humor Concentration of Tarcocimab to Determine Ocular t1/2 in human Weeks Tarcocimab aqueous humor concentration (ng/ml) AH samples from Week 12 – 24 were used to determine tarcocimab t1/2 3 loading doses of intravitreal injections of 5mg tarcocimab Data from one individual patient from the Phase 1b study of tarcocimab is used to illustrate the methodology here. Patients received as-needed redosing after week 8 and aqueous humor samples collected after a redose were excluded from the analysis 20

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Tarcocimab achieved an extended ocular half-life of >20 days in 45% of sampled patients from the Phase 1b Study Each line represents one individual patient from the Phase 1b study of tarcocimab in patients with wet AMD, DME and RVO. N= 47 patients, all received an intravitreal injection of 5mg tarcocimab clinical formulation on day 1. *Mean and standard deviations are plotted, though SDs are not visible due to small magnitude All Patients (n=47) Weeks Tarcocimab aqueous humor concentration (ng/ml) t1/2 = 6.1 days t1/2 = 10.1 days t1/2 = 16.9 days t1/2 = 27.5 days Select Individual Patients* Weeks 12 16 20 24 1 10 100 1000 10000 100000 19% 36% 45% Patients Ocular t½ Distribution (N=47) >20 Days 11-20 Days ≤11 Days 12 16 20 24 1 10 100 1000 10000 100000 t1/2 = 39.8 days 21

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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. 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 T1/2 tarcocimab 19.8 Days T1/2 faricimab 7.5 Days 22

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0 4 8 12 16 20 24 28 32 36 40 44 48 -250 -200 -150 -100 -50 0 Aflibercept Q8W (n=281) Tarcocimab Q4W (n=276) Observed values. OCT: optical coherence tomography; CST: central subfield thickness. -117 (114) -109 (121) Week 48 (SD) Mean Change in OCT CST Over Time In the wet AMD DAYLIGHT Phase 3 Study Week µm Comparable potencyImmediacy gap Did this 3x-longer durability come at a cost? 23 • 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 comparable to aflibercept Tarcocimab Q4W (n=276), pre-change formulationAflibercept Q8W (n=281)

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Commercial Formulation • Improved manufacturability • Increased ease of dosing & safety • Maintenance of dose & potency • Maintenance of signature durability and • Improved immediacy The commercial formulation is designed to confer several key benefits: To fix the immediacy gap, we add free protein and conjugated protein to the commercial formulations for tarcocimab and KSI-501 24 70% Conjugated 30% Unconjugated (Free Protein) 5 mg 4 mg 1 mg Strength (Total Anti-VEGF antibody) Amount of Conjugated Protein Amount of Free Protein 80% Conjugated 20% Unconjugated (Free Protein) Tarcocimab KSI-501 5 mg 3.5 mg 1.5 mg

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The unconjugated portion of the commercial formulation for tarcocimab contains a high molar equivalent to approved intravitreal biologics Brolucizumab Ranibizumab Aflibercept Faricimab Tarcocimab Old Formulation Tarcocimab Commercial Formulation Molecule Type Single-Chain Antibody Fragment Antibody Fragment Fusion Protein Antibody Antibody Biopolymer Conjugate (ABC) Unconjugated antibody + ABC Molecular Structure Molecular Weight 26 kDa 48 kDa 115 kDa 149 kDa 950 kDa 150 kDa 950 kDa Clinical Dose 6 mg 0.3-0.5 mg 2 mg 6 mg 5 mg By weight of antibody 5 mg 1 mg 4 mg Equivalent Molar Dose 11 0.5 1.0 2 3.5 0.7 2.8 Equivalent values are shown as fold changes relative to aflibercept. kDa = kilodalton Equivalent to2 mg of faricimab 1.3 mg of aflibercept 0.7 mg of ranibizumab 25

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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 0 4 8 12 -150 -100 -50 0 Aflibercept 2mg and 8mg Tarcocimab (clinical formulation) Disease Control Through the Loading Dose Phase in Wet AMD*CST Change from Baseline (µm) Weeks Powerful and immediate disease control with the 20% unconjugated protein • The 20% unconjugated protein (1 mg) is designed to improve the immediacy of the drying effect during the loading dose phase, “closing the gap" Maintain 6-month predominant durability with the 80% conjugated protein • As seen in tarcocimab pivotal studies to date *Approximate CST changes are plotted based on pivotal clinical studies of approved intravitreal biologics. CST changes for tarcocimab enhanced formulation is a projection 26

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From 4 to 10 days From 7 to 18 days From 12 to 28 days Modeling suggests tarcocimab may provide a strong 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) 0 30 60 90 120 150 Time (days) Patient with Average Ocular T1/2 0 30 60 90 120 150 180 210 240 Time (days) Faricimab Tarcocimab Conjugated ProteinTarcocimab 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 t1/2 = 7 days Tarcocimab conjugate t1/2 =18 days Tarcocimab conjugate t1/2 =10 days Faricimab & Tarcocimab free protein t1/2 = 4 days TARCOCIMAB Extended T1/2 FARICIMAB VABYSMO (faricimab solution for injection) Prescribing Information. South SanFrancisco, USA: Genentech, Inc. PK and ER of Faricimab, Report # 1105763 10-90th percentiles Faricimab & Tarcocimab free protein t1/2 = 12 days Tarcocimab conjugate t1/2 =28 days Human Ocular Half-Life (Days) 27 Patient with Short Ocular T1/2 Patient with Long Ocular T1/2

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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 28 1 mg ABC® Platform- based medicines 4 mg + Tarcocimab For immediacy: unconjugated protein For durability: ABC® (conjugated) protein 1 mg 3.5 mg+ KSI-501 1.5 mg

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ABC ® Enabled Mainstay Biologics Target Product Profiles KSI-501 • Non-inferior Efficacy • Strong Immediacy • Industry-leading Durability • Better Efficacy • Strong Immediacy • Industry-leading Durability TARCOCIMAB 29

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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 Indication Phase 3 Study Primary Endpoint 6-Month Durability Results / Progress Tarcocimab Retinal Vein Occlusion BEACON • Doubled treatment interval (Q8W) at PE (month 6) and ~50% of tarcocimab treated patients on 6-month dosing at Year 1 Diabetic Retinopathy 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 Diabetic Retinopathy 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 • Planned start in 2Q 2026 CompletedOngoingPlanned 30 Ongoing

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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 78% received ≤5 doses with tarcocimab 93% received ≥ 6 doses with aflibercept Tarcocimab demonstrated high efficacy and industry-leading durability in Retinal Vein Occlusion in the Phase 3 BEACON study 31 RVO BEACON 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, Epidemiology, In-Market drug sales, pipeline therapies, and Regional Outlook Tarcocimab: Number of doses in the second 6 months of Year 1 0-1 doses 2 doses 18% 4-6 doses: 2%3 doses: 5% 6-month durability 75% 1 RVO is a ~$3 billion market. Gen 1.5 agents have failed to address the key unmet need for high efficacy with better durability. Tarcocimab delivered 6-month durability in 75% of patients in BEACON and is uniquely poised to be a valuable medicine in this market Quadrant of core unmet need Primary endpoint 6-month durability

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Tarcocimab achieved 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. 74.6 (12.3) 74.3 (13.4) 322.3 (120.5) 307.5 (106.3) 24 28 32 36 40 44 48 24 28 32 36 40 44 48 290.0 (106.5) 262.4 (50.2) 74.7 (12.1) 75.4 (12.3) 0 4 8 12 16 20 24 55 60 65 70 75 80 1 0 4 8 12 16 20 24 200 300 400 500 600 1 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) 32 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-inferioritya Tarcocimab 11.7 -3.11, 0.94 p = 0.001Aflibercept 12.8 Tarcocimab achieved similar visual and anatomical gains with two fewer doses (4 vs 6, respectively)

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Tarcocimab demonstrated high efficacy and industry-leading durability in diabetic retinopathy in the Phase 3 GLOW1 study 33 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 48 100% of patients on 6-month dosing at Year 1 DRSS: diabetic retinopathy severity score; GLOW 1 study NCT05066230; GLOW2 study NCT06270836 1. Roche epidemiology data from 2025 DR GLOW1 Primary endpoint (superiority) 6-month dosing in all patients Approximately 855,000 patients with DR were treated with anti-VEGF agents in the US in 2025, indicating a higher use of anti-VEGF agents than previously estimated1 Quadrant of core unmet need

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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 ~9,700,0001 ~9% are currently treated due to treatment burden with existing anti- VEGF therapies 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. Roche epidemiology data from 2025 34

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In the ongoing Phase 3 GLOW2 study in DR, what are the potential implications and upsides for tarcocimab? DRSS: diabetic retinopathy severity score; GLOW 1 study NCT05066230; GLOW2 study NCT06270836 Primary Endpoint Initiating doses • Topline data expected Q1 2026. Key implications of GLOW2: • 1st Phase 3 readout using the commercial formulation for tarcocimab, providing important safety data • 2nd pivotal superiority study with 100% of patients on every 6-month (twice a year) dosing versus sham – evaluating ≥2-step improvement in DRSS (primary endpoint) and risk reduction in developing pre-specified sight-threatening complications (key secondary endpoint) • Features a similar study design as the successful GLOW1 study, with the benefit of an additional 3rd initiating dose • If successful, tarcocimab will have a BLA-ready profile for a filing in Diabetic Retinopathy (based on GLOW1 and GLOW2 studies) and in Retinal Vein Occlusion (based on BEACON study) Additional 3rd initiating dose Superiority study 6-month dosing in all patients Topline data: Q1 2026 GLOW2 study design DR GLOW2 35 Quadrant of core unmet need

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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 through the loading phase, real-world durability, and for KSI-501, the potential for better efficacy Topline data: Q3 2026 Tarcocimab objective Assess 6-month durability potential with individualized Q4W to Q24W dosing KSI-501 objective Explore the efficacy potential of bispecific IL-6 and VEGF inhibition in fixed Q8W dosing with additional individualized monthly dosing Noninferiority study 6-month durability (tarcocimab) Better efficacy (KSI-501) Wet AMD DAYBREAK • Uses an AI-based tool to precisely measure fluid in the eye so treatment is optimized per patient • In high-need patients treats until dry, enables monthly dosing and detects disease reactivation earlier • In long-durability patients allows patients without active disease to safely go to every 6-month dosing 36 Quadrant of core unmet need

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0 4 8 12 16 20 24 28 32 36 40 44 48 -250 -200 -150 -100 -50 0 Aflibercept Q8W (n=281) Tarcocimab Q4W (n=276) Week µm In DAYBREAK for wet AMD, what are the potential implications and upsides for tarcocimab? • Topline data expected Q3 2026 • If successful, DAYBREAK will demonstrate tarcocimab’s (commercial formulation) ability to provide: • Strong and immediate disease control in the loading phase (closing the ‘immediacy gap’), • Non-inferior vision gains to aflibercept Q8W, and • Long-interval dosing with a flexible 1-month through 6-month label Illustrative only: Highlighting the potential for the tarcocimab commercial formulation to demonstrate high immediacy (in the loading phase) and high durability (in the maintenance phase) Strong disease control Majority of patients maintain drying effect with long-interval dosing vs Q8W aflibercept Topline data: Q3 2026 Noninferiority study 6-month durability Wet AMD DAYBREAK 37 Quadrant of core unmet need

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In DAYBREAK for wet AMD, what are the potential implications and upsides for KSI-501? Topline data: Q3 2026 Noninferiority study Better efficacy • Q3 2026 – Year 1 topline data evaluating Q4W/Q8W KSI-501 in wet AMD • Potential efficacy upside • Better vision gains than anti-VEGF monotherapy aflibercept with good OCT control • Note that bispecific inhibition of IL-6 and VEGF in the APEX Phase 1b study has shown that KSI-101, a bispecific anti-IL-6, VEGF trap, provides rapid and meaningful vision gains and rapid and powerful anatomical improvement in very sick patients • Strong and immediate disease control • Immediate disease control in the loading phase (closing the ‘immediacy gap’*), Wet AMD DAYBREAK KSI-501 38 Quadrant of core unmet need

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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-501Tarcocimab 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 39

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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 designed for large scale premium manufacturing of complex antibody conjugate biotherapies • Mechanical completion in 1H2022; commissioned as a cGMP facility for commercial supply in Jan 2023 • Successful cGMP manufacture and release commercial scale tarcocimab commercial formulation in Nov 2023 • BLA-facing commercial-scale validation batches were manufactured and released in 2025 for antibody, biopolymer, and bioconjugate 40

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KSI-101 Macular Edema Secondary to Inflammation (MESI) 41

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Macular Edema Secondary to Inflammation What is MESI? 42

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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 43

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Common Pathophysiology What is macular edema secondary to inflammation (MESI)? VEGF IL-6 IL-6Blood Retinal Barrier Disruption Angiogenesis Inflammation 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 44

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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 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 45

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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. • 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 working aged adults in the developed world1 • 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 46

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Macular Edema Secondary to Inflammation What causes MESI? 47

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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 48

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0 10 20 30 40 50 0 50 100 150 Treatments Time (hrs) % Resistance Normal / Untreated VEGF IL-6/R VEGF + IL-6/R ↑ Treatment IL-6 and VEGF each disrupt the blood-retinal barrier independently. When combined, they cause an even greater loss of barrier integrity • Ocular inflammation damages tight junctions between endothelial cells, compromising the integrity of the blood retina barrier. This increases vascular permeability • The integrity of the blood-retinal barrier can be measured by barrier resistance • Exposure to both IL-6/R and VEGF additively induces greater loss in barrier function, as measured by decreased barrier resistance, than either IL-6 of VEGF alone, in human umbilical vein endothelial cells (HUVEC) Combination of IL-6/R + VEGF induces greater loss of barrier resistance and function than either VEGF or IL-6 aloneExposure start No exposure HUVEC cells were treated as indicated after growth to establish barrier High barrier resistance from intact tight junctions Assessing vascular endothelial barrier integrity using electrical resistance measurements 49

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Macular Edema Secondary to Inflammation What is the unmet need? 50

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Corticosteroids are used most often for MESI, but carry significant safety risks and efficacy can be limited Most frequently prescribed medications in patients with macular edema due to noninfectious uveitis, across any line of therapy1 • Steroids were the most common medication class and remain the standard of care1 • XIPERE® (suprachoroidal triamcinolone acetonide) is the only approved local ocular treatment in the U.S. • Approximately 30-40% of patients do not fully respond to intraocular steroids 2,3 • Intraocular steroids are avoided in the pediatric population and used with caution in adults due to high risk of permanent glaucoma damage and cataract formation 1. Eichenbaum, D. et al. ARVO 2025 Poster Presentation 643. 2. Teper SJ. Journal of Clinical Medicine. 2021; 10(18):4133. 3. Tomkins-Netzer O et al. Ophthalmology. 2015. 122:2351 -2359. 73.3% Steroids 51

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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 Visual damage from glaucoma can be irreversible and can lead to legal blindness Cataract repair in MESI patients is complex and can be contraindicated, leading to permanent vision loss RETISERT® (fluocinolone acetonide intravitreal implant) label: • 60% of patients will require chronic IOP lowering medications to control intraocular pressure • 37% will require filtering procedures to control intraocular pressure • Within an average post- implantation period of approximately 2 years, nearly all phakic eyes are expected to develop cataracts and require cataract surgery RETISERT® (fluocinolone acetonide intravitreal implant) Prescribing Information. • Concerns about permanent IOP elevation limit steroid use and dose • Supplemental topical drops to control elevated IOP are often insufficient, requiring invasive glaucoma surgeries • Once the optic nerve is damaged due to glaucoma (high eye pressure), the visual loss can be irreversible • Even with good inflammation control, surgeries can trigger intractable inflammation, often leaving the eyes with no intraocular lens implant and/or suboptimal results ((synechiae/scarring) 52

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Patient journey: steroids induced glaucoma with recurrent MESI over the course of approximately 2 years Failed treatments • Weekly adalimumab • Methotrexate • Cellcept • Azathioprine • Oral steroids • Difluprednate eyedrops Worsening macular edema with taper of difluprednate eyedrops Patient presented in August 2023 with a 12- year history of panuveitis of both eyes and multiple failed treatments Referred to a rheumatologist Referred to a glaucoma specialist Surgery #1: A combined cataract surgery and glaucoma surgery (OMNI canaloplasty) of the right eye in Jan 2024 IOP continue to rise despite surgery 1 Referred to a glaucoma specialist Surgery #2: Glaucoma tube shunt surgery of the right eye in May 2025 IOP now stable 2 Patient presented to uveitis specialist 3 4 Trial of bromfenac drops with initial improvement then worsening of macular edema IOP stable and macular edema now resolved after fluocinolone intravitreal injections Will evaluate further need for IMT next visit Developed worsening of chorioretinal lesions and macular edema Intraocular pressure (IOP) spikes to 40s with any steroids (topical eyedrops and intravitreal) For alternate immunomodulatory therapy (IMT) Attempted authorization for tocilizumab but insurance denied twice. Unable to get authorization for infliximab either Minimum macular edema initially Place back on difluprednate drops QID with spike of IOP to 38 53This representative case is based on Dr. Quan Nguyen’s clinical experience, literature, and reviewed by uveitis consultants.

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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 • Targets both IL-6 and VEGF disease drivers • Potential to be disease modifying • High strength • Potent • Minimally invasive • Better safety 54

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IL-6 inhibition in inflammatory macular edema What have we learned? 55

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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 DOVETAIL Study. Presented at the American Society of Retina Specialists, Seattle, WA, July 28 – August 1, 2023 56

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Vamikibart (Roche, anti-IL-6) has shown that anti-IL-6 monotherapy can provide visual and anatomical improvement in 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 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 57

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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 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 58

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The IL-6 pathway has been further validated in recent pivotal studies as a key target for inhibition in inflammatory macular edema Clear anatomical improvement is seen with anti-IL-6 monotherapy Visual acuity gains correlating with the anatomical improvement are observed Vamikibart Phase 3 Program Change from Baseline in BCVA Vamikibart Phase 3 Program Change from Baseline in OCT CST MEERKAT MEERKATSANDCAT 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. 59

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No on-target adverse effects were identified in pivotal studies, derisking intravitreal IL-6 inhibition in inflammatory macular edema A low rate of intraocular inflammation was observed, with no events of retinal vasculitis or vascular occlusion Vamikibart Phase 3 Program Selected oular adverse events Vamikibart Phase 3 Program Summary of Ocular (Study Eye) and non-ocular adverse events MEERKAT MEERKATSANDCAT SANDCAT 60

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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 b y Roche at Clinical Trials at the Summit, Las Vegas, June 21, 2025 61

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Macular Edema Secondary to Inflammation How can this unmet need be addressed? 62

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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-6IL-6 KSI-101: high formulation strength (100 mg/mL) 63

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-2 -1 0 1 2 3 0 50 100 150 Log inhibitor [nM] % Control -2 0 2 4 0 50 100 150 Log inhibitor [pM] % Control KSI-101 is a potent dual inhibitor of VEGF signaling and IL-6 classic (cis) and soluble (trans) receptor-mediated pathways KSI-101 inhibits VEGF signaling KSI-101 inhibits soluble IL-6 receptor-mediated signaling KSI-101 inhibits IL-6 classic signaling 0 1 2 3 4 5 0 200000 400000 600000 800000 Log inhibitor [pM] RLUs KSI-101 IC50 = 164 pM Aflibercept IC50 = 130 pM IC50 = 77 pM IC50 = 2.3 nM 64

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Bispecific KSI-101 improves barrier tight junctions greater than anti-IL-6 or anti-VEGF monotherapies alone Dual inhibition by KSI-101 confers superior normalization of complex tight junction-mediated barrier biology compared to either anti-VEGF or anti-IL-6 monotherapy alone Demonstrates the synergistic effect of IL-6 and VEGF dual inhibition RPE CellsVascular Cells B Anti-VEGF Anti-IL-6 KSI-101 Monotherapy Inhibition Dual inhibition No Inhibitors Exogenous VEGF and IL-6 Tight junction disruption and changes in cell morphology RPE cells: nuclei in blue, ZO1 (tight junction protein) in yellow. Red arrows indicate gaps in ZO-1 tight junction protein. Vascular cells: nuclei in purple, ZO1 (tight junction protein) in yellow, actin in green. Kodiak Data on File. 65

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0 20 40 60 0 50 100 150 Hours % Resistance No Exposure VEGF + IL-6/R VEGF + IL-6/R + anti-VEGF VEGF + IL-6/R + KSI-101 VEGF + IL-6/R + anti-IL-6 Bispecific KSI-101 restores barrier resistance from pre-existing insult greater than anti-IL-6 or anti-VEGF monotherapies alone Exposure Start (Exogenous VEGF and IL-6) Treatment High barrier resistance Intact tight junctions KSI-101 restores barrier integrity to no exposure levels Anti-VEGF and anti-IL- 6 monotherapy only partially restore barrier function No Exposure VEGF + IL-6/R + KSI-101 VEGF + IL-6/R + anti-VEGF VEGF + IL-6/R + anti-IL-6 VEGF + IL-6/R HUVEC cells were treated as indicated after growth to establish barrier 66

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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 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 67

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Phase 1b APEX KSI-101 in MESI Week 20 Extended Follow-up Data 68

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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 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. 69

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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 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 SizeDose 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 70

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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 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). 71

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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). 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 72

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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 ≥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 73

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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 c leaning. 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 cell s 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 74

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Macular Edema Secondary to Inflammation How does KSI-101 fit into the emerging treatment landscape? 75

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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 th e 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 76

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Preliminary results. As the APEX study is ongoing, final results may be different due to additional data collection or data c leaning. 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. 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 77

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Dryness (CST 250 – 325) Anti-IL-6 Vamikibart 0.25 mg 1 mg 0.25 mg 1 mg MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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=86n=12 n=12 n=13 2.5 mg 5 mg 10 mg n=12 n13 n=13 78

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250 300 350 400 450 500 550 Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 mg0.25 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 79

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250 300 350 400 450 500 550 Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 mg0.25 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 80

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250 300 350 400 450 500 550 Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 mg0.25 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 81

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250 300 350 400 450 500 550 Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 mg0.25 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 82

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Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 550Day 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 mg0.25 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 83

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Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 mg0.25 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 84

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Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 mg0.25 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 85

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Mean Change in OCT CST and Absolute CST Dryness (CST 250 – 325) Anti-IL-6 Vamikibart MEERKAT2 SANDCAT2 APEX3 Anti-IL-6, VEGF trap KSI-101 DOVETAIL1 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 16Week 16 Effect of 4 doses Effect of 4 doses Week 16 0.25 mg 1 mg 0.25 mg 1 mg0.25 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 86

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Macular Edema Secondary to Inflammation PEAK and PINNACLE KSI-101 Pivotal Program 87

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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 KSI-101 10 mg Sham 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 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 88

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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 KSI-101 10 mg Sham Primary endpoint KSI-101 5 mg injection Sham injection KSI-101 10 mg injection Individualized treatment (PRN) Sham PRN Fixed monthly dosing Individualized dosing 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. 89 Rescue Treatment allowed from Week 4 to Week 44, when warranted PEAK and PINNACLE are actively enrolling

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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 endpoint Proportion of patients in whom BCVA had improved by ≥15 letters from baseline to 24 weeks Weeks D1 4 8 12 16 20 24 28 32 36 40 44 48 KSI-101 5 mg KSI-101 10 mg Sham Primary endpoint KSI-101 5 mg injection Sham injection KSI-101 10 mg injection Individualized treatment (PRN) Sham PRN Fixed monthly dosing Individualized dosing 90 PEAK and PINNACLE are actively enrolling

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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 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 91

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We have increased the size of the PEAK and PINNACLE pivotal program 92 PEAK PINNACLE n=300 n=300 Pivotal analysis 1: 300 patients from PEAK (PEAK-1) Pivotal analysis 2: 2nd 300 patients from PEAK (PEAK-2) plus 300 patients from PINNACLE PEAK-1 PEAK-2 (or fewer depending on size of FDA-mandated safety database) n=300 4Q 2026 2Q 2027 • Patient enrollment faster than expected • No major changes to expected timelines are anticipated • Pivotal program aligned with FDA in type C meeting

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KSI-101 Commercial Opportunity 93

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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, Ophthalmology. 2021 May;128(5):719-728, Orphanet J Rare Dis. 2012 Aug 29:7:57 94

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A chronic retinal condition that occurs when inflam- mation (past or present) disrupts the blood-retinal barrier triggering edema, and leading to serious risk of vision loss MESI can be triggered by a variety of underlying systemic and local autoimmune conditions and represents a prevalence of 450,000 patients in the US of which ~300,000 are trial-eligible A serious vision threatening disease The initial KSI-101 addressable population is the >150,000 MESI patients in the US who are contraindicated for intraocular steroid inject- tions, at risk of glaucoma or cataract development due to chronic steroid treatment or are refractory from chronic steroid treatment Over time, avoiding the consequences of longer- term steroid use together with SOC matched efficacy can support a first-line therapeutic of choice profile for KSI-101 >150,000 initial KSI-101 addressable MESI patients in the US KSI-101 is in development for the treatment of MESI: • Locally injected • Potent • High-dose • First-in-class anti-IL6 and VEGF trap • Bispecific protein M I Historically, physicians segment and treat patients based on presumed etiology, resulting a lengthy trial and error patient journey KSI-101 offers the promise of simplifying the MESI diagnostic and patient journey, upgrading the ophthalmologist as the primary ocular caregiver, and improving patient outcome across etiologies Differentiated potent high strength dual MOA Interviewed physicians are impressed by the KSI-101 safety and efficacy product profile, noting that it lacks the serious negative consequences of chronic steroid use, including glaucoma and cataract, but has strong efficacy across etiologies on par with current intraocular steroids E S Potential for a simplified and safer MESI patient journey I Excitement from physician interviews 95

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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) Total ME wAMD- ME DME RVO-ME Other Non- MESI1 MESI ~5,415 ~1,665 ~1,485 ~1,450 ~360 ~455 ~455K out of 5.4M ME patients in the U.S. may be classified under the “MESI” definition, ~298K meet KSI-101 trail inclusion U.S. MESI EPIDEMIOLOGY – METHOD 1 (2025) Thousands of patients Note: 1 Other Non-MESI includes epiretinal membrane ME and RP-associated ME; 2 Non-exhaustive list, other types include laser photocoagulation, DMEK, DSEAK-ME, IOL replacement, scleral buckling, pneumatic retinopexy; 3 Non-exhaustive list, others include birdshot choroidopathy, multiple evanescent white dot syndrome, punctate inner choroidopathy, and more; 4 Non-exhaustive list, others include bartonella sp. Tuberculosis, endophthalmitis; DME = Diabetic Macular Edema; ERM = Epiretinal Membrane; HLA = Human Leukocyte Antigen, ME = Macular Edema; MESI = Macular Edema Secondary to Inflammation; RP = Retinitis Pigmentosa; RVO = Retinal Vein Occlusion; RVO = Retinal Vein Occlusion; UME = Uveitic Macular Edema; wAMD = Wet Age-Related Degeneration Source: See appendix POST-PROCEDURAL ME2 Pars Plana Vitrectomy ~60K Glaucoma surgery ~50K Cataract surgery ~30K DEFINED AUTOIMMUNE ME3 HLA-B27 ~20K Multiple sclerosis ~10K Idiopathic Multifocal Choroiditis ~7K Serpiginous choroidopathy ~6K Vogt-Koyanagi-Harada ~4K Ankylosing spondylitis ~15K OTHER MESI Scleritis ~10K Inflammatory CNV ~6K Sarcoidosis ~7K ~145 ~180 ~80 ~20 ~30 MESI Post-Procedural (Acute ~113K) Idiopathic (etiology unknown)* Defined Autoimmune Related* Other MESI Infectious4 (Excluded from KSI-101 trials) Post-Procedural (Refractory ~32K) * Other MESI (inflammatory CNV ~6K) * * = KSI-101 PEAK and PINNACLE TRIAL INCLUSION 96

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# of Patients 300K Total trial eligible patient prevalence Today, treated with topical steroids and/or oral immunosuppressants1 Contraindicated for intraocular steroids Today, treated with single intraocular steroid injection Treated with multiple intraocular steroid injections Refractory to intraocular steroids 1L (4-6 weeks) 2L (~3 months) 3L (6+ months) Note: 1 First line includes eye drops or systemic immunnosuppressants. Eyedrops prescribed by physicians includes steroidal and non-steroidal anti-inflammatory drops; IO = Intraocular; ME = Macular Edema; MESI = Macular Edema Secondary to Inflammation; Source: Bellocq et al., BMJ (2014); Birnbaum et al., JAMA Ophthalmol. (2011); Erden et al., Ocular Immunol. Inflamm. (2019); Kao et al., A.A. Ophthalmol. (2022);Expert Interviews (JUN 2025); MUST Research Group, Ophthalmol. (2019); Schallhorn et al., Am. J. Ophthalmol. (2018) KSI-101 initial addressable population is >150,000 KSI-101 initial addressable population is greater than 150,000 MESI patients in the US Example therapies: KSI-101 ADDRESSABLE POPULATION Total MESI prevalence 455K 298K 34K 153K 25K 157K 16K 70K Minus Acute post- procedural and infectious >150,000 97

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Other MESI1 * Infectious Defined Autoimmune-Related2 * Idiopathic (etiology unknown) * Post-procedural* Other ME RVO-ME DME wAMD-ME 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 31% 27% 27% 7% U.S. Prevalence 26% 29% 14% 5% 13% 6% General Opthalmologist 31% 31% 14% 7% 6% 5% Retinal Specialist 18% 34% 7% 5% 10% 7% 15% Uveitis Specialist Notes: 1Other causes can include RP, scleritis, neoplasms, drug-induced, and trauma-induced; 2 Non-exhaustive drivers include sarcoidosis, systemic lupus erythematosus, scleroderma, rheumatoid arthritis, Behcet’s disease, Vogt-Koyanagi-Harada disease, and others; trauma-induced; DME = Diabetic Macular Edema, ERM = Epiretinal Membrane, ME = Macular Edema, MESI = Macular Edema Secondary to Inflammation, RP = Retinitis Pigmentosa, RVO = Retinal Vein Occlusion, wAMD = Wet Age-Related Degeneration Source: Expert Interviews (JUN 2025); Review of Optometry (2024); Ho and Avery, Retina Today (2025); Tsui et al., J Acad Ophthal (2022) MESI INDICATIONS: • General ophthalmologists act as the referral gatekeepers, being the most common physician subtype (~18K in the U.S.) • Retinal specialists (~3K in the US) tend to treat a diverse set of macular edema patients (~17% of their current case load is MESI today) • Uveitis specialists are rare (~200 in the U.S.) but are the most familiar with MESI subtypes as it makes up ~40% of their practice OPHTHALMOLOGY PRACTICE BREAKDOWN – METHOD 2 % of ME patients by patient subtype across physician types 8% 26% 17% 40% * KSI-101 TRIAL INCLUSION 98

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• Robust 20-week data from Phase 1b APEX • MOA validated by scientific community • Phase 3 PEAK and PINNACLE topline data expected in 4Q 2026 and 2Q 2027 • 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 99AMD: age-related macular degeneration; RVO: retinal vein occlusion; ABC: antibody biopolymer conjugate

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