Exhibit 99.1 Kodiak Sciences Announces Recent Business Highlights and Fourth Quarter and Full Year 2024 Financial Results "It is remarkable that after twenty years of anti-VEGF therapy, retinal commercial franchises continue to be a major driver of revenue and profitability within large pharma companies. This sustained commercial success is a testament to the power of the intravitreal biologic as the mainstay of therapy and also a testament to the unmet need that remains for patients. First generation agent ...

Core Insights - Kodiak Sciences Inc. reported significant advancements in its clinical pipeline and financial results for the fourth quarter and full year ended December 31, 2024, highlighting the ongoing development of its anti-VEGF therapies, tarcocimab and KSI-501, as well as the introduction of KSI-101 targeting macular edema inflammation [1][4]. Business Highlights - The company hosted an Investor R&D Day in September 2024, showcasing its strategic direction termed Kodiak 2.0, emphasizing the unmet needs in retinal therapies and the potential of its product candidates [2]. - Kodiak has two Phase 3 studies for tarcocimab, GLOW2 and DAYBREAK, with topline data expected in 1Q 2026 and 2Q 2026 respectively [2][8]. - KSI-501 is also in the Phase 3 DAYBREAK study, exploring its efficacy against aflibercept, with a focus on regulatory pathways for a potential BLA filing [2][22]. - KSI-101 has received FDA Orphan Drug Designation and is being developed for a significant market opportunity in macular edema inflammation, with ongoing clinical studies [2][8]. Financial Results - Kodiak ended Q4 2024 with $168.1 million in cash and cash equivalents, sufficient to support operations into 2026 [4]. - The net loss for Q4 2024 was $44.1 million, a decrease from a net loss of $59.5 million in Q4 2023, reflecting improved financial management [5]. - R&D expenses for Q4 2024 were $31.8 million, down from $46.6 million in Q4 2023, primarily due to reduced manufacturing activities and equity award forfeitures [6]. - For the full year 2024, R&D expenses totaled $126.1 million, a significant reduction from $206.3 million in 2023, driven by decreased clinical activities for completed trials [7]. Pipeline Developments - Tarcocimab has shown promising results in previous Phase 3 studies, with a focus on extended dosing intervals and improved patient outcomes [12][15]. - KSI-501 is designed to provide dual action against IL-6 and VEGF, with ongoing studies to assess its efficacy in treating wet AMD [19][21]. - KSI-101 targets a new market segment for retinal inflammatory conditions, with ongoing Phase 1b studies to evaluate its safety and efficacy [23][25]. Technology Advancements - Kodiak is advancing its Visual Engagement Technology and imager (VETi), which aims to integrate AI and machine learning for enhanced ophthalmic diagnostics and monitoring [3][30]. - The VETi program is expected to disrupt traditional clinical trials in ophthalmology by enabling new endpoints and improving the efficiency of drug development [30].

Core Insights - Kodiak Sciences Inc. has completed enrollment in its GLOW2 Phase 3 clinical trial for tarcocimab tedromer in patients with diabetic retinopathy, exceeding its target with over 250 patients [1][2] - The GLOW2 study is designed to evaluate the efficacy and safety of tarcocimab, with topline clinical data expected in the first quarter of 2026 [2][7] - Tarcocimab aims to address the treatment burden in diabetic retinopathy, with a dosing regimen of four doses in the first year and subsequent doses every six months [3][12] Company Overview - Kodiak Sciences is focused on developing transformative therapeutics for retinal diseases, utilizing its proprietary Antibody Biopolymer Conjugate (ABC) Platform [17][18] - The company is advancing multiple clinical programs, including GLOW2 for diabetic retinopathy and DAYBREAK for wet age-related macular degeneration (AMD) [18][19] Clinical Trial Details - The GLOW2 study is a randomized, double-masked, multi-center trial with a primary endpoint of improvement on the Diabetic Retinopathy Severity Scale (DRSS) [4][12] - Tarcocimab has shown promising results in previous studies, including GLOW1, where it achieved a 29-fold increased response rate in improving DRSS scores [13][14] Treatment Landscape - Current treatment options for diabetic retinopathy involve frequent injections, with fewer than 1% of patients receiving treatment due to the high burden [3][11] - Tarcocimab's potential for biannual dosing could significantly change the treatment landscape, helping millions of patients [3][11] Future Prospects - If GLOW2 is successful, Kodiak anticipates filing a regulatory package for tarcocimab that includes indications for diabetic retinopathy, wet AMD, and retinal vein occlusion [2][6] - The DAYBREAK study aims to broaden the efficacy profile of tarcocimab in wet AMD, with topline data expected in the second quarter of 2026 [2][9]

Company Overview - Kodiak Sciences (NASDAQ: KOD) is a biopharmaceutical company focused on developing treatments for retinal diseases that can lead to blindness [1] - The company utilizes a novel Antibody Biopolymer Conjugate Design (ABCD) platform, which aims to create drugs with enhanced durability and efficacy, allowing for fewer doses required for treatment [1] Pipeline and Development - Kodiak Sciences has an active pipeline that includes various candidates targeting retinal diseases, although specific details on the pipeline are not provided in the text [1]

Core Insights - Kodiak Sciences Inc. is presenting its glaucoma treatment pipeline at the Glaucoma 360 New Horizons Forum 2025, focusing on a dual-acting therapy that targets neuroinflammation and intraocular pressure [1][3][5] Company Overview - Kodiak Sciences is a biopharmaceutical company dedicated to developing transformative therapeutics for retinal diseases, utilizing its Antibody Biopolymer Conjugate Drug (ABCD) platform [6][11] - The company is advancing three clinical programs, with two in late-stage development and one expected to progress rapidly into pivotal studies [6] Industry Context - Glaucoma is the leading cause of irreversible blindness, affecting around 76 million people globally, with current therapies primarily focused on lowering intraocular pressure [2] - Emerging research highlights neuroinflammation as a significant factor in optic neuropathy associated with glaucoma [2] Product Development - Kodiak's investigational "duet" therapy aims to reduce neuroinflammation and lower intraocular pressure, potentially transforming glaucoma treatment [3][4] - The therapy targets the NLRP3 inflammasome and is designed for quarterly dosing, offering a comprehensive solution to slow disease progression [3][4] Clinical Trials - Kodiak's lead investigational medicine, tarcocimab, is undergoing two Phase 3 clinical trials for diabetic retinopathy and wet AMD, actively enrolling patients [7] - KSI-501, another investigational medicine, is designed to inhibit IL-6 mediated inflammation and is also in a Phase 3 study for wet AMD [8][9] - KSI-101 is being developed for retinal inflammatory diseases, with a Phase 1b study currently enrolling patients [10]

Core Insights - Kodiak Sciences Inc. is focused on developing transformative therapeutics for retinal diseases and will present at the J.P. Morgan Healthcare Conference on January 15, 2025 [1][2] Company Overview - Kodiak Sciences is a biopharmaceutical company dedicated to researching, developing, and commercializing therapeutics for retinal diseases, utilizing its ABC Platform™ for innovative drug design [3] - The company is advancing a portfolio of three clinical programs, with two in late-stage development and one expected to progress rapidly into pivotal studies [3] Investigational Medicines - Tarcocimab, Kodiak's lead investigational medicine, is an anti-VEGF antibody biopolymer conjugate being studied in two Phase 3 trials for diabetic retinopathy and wet AMD [4] - KSI-501 is a first-in-class bispecific antibody biopolymer conjugate targeting IL-6 and VEGF, currently in a Phase 3 study for wet AMD [5] - KSI-101 is being developed for retinal inflammatory diseases, with a Phase 1b study ongoing and plans for subsequent Phase 2b/3 studies [6] Platform Technology - Kodiak is enhancing its platform technology to incorporate small molecules and other active pharmaceutical ingredients into its biopolymer backbone, creating high drug-antibody-ratio medicines [7] - This extension, termed the ABCD Platform, aims to provide tailored modulation of biological pathways for multifactorial diseases [7]

Kodiak Sciences Stock Performance - Kodiak Sciences (KOD) shares have surged 270.7% in the past six months, driven by updates on its lead investigational candidate, tarcocimab [1] - Over the past year, KOD shares have risen 201%, outperforming the industry's 15.7% decline [5] Tarcocimab Development Program - Tarcocimab, a novel anti-VEGF antibody biopolymer conjugate, is being evaluated for retinal vascular diseases [1] - Following positive phase III results from the GLOW1 study, Kodiak rebooted tarcocimab's development program in late 2023 [2] - The GLOW2 study, initiated in late 2023, is enrolling patients and aims to support a biologics license application for diabetic retinopathy (DR) [2] - The revival of tarcocimab has restored stakeholder confidence in its potential for treating retinal diseases [3] Financial Analyst Outlook - Jefferies upgraded KOD to a "BUY" rating, citing a major "turnaround story" for 2025 [4] - Jefferies set a target price of $20 per share ($1 billion market cap) for 2025, projecting a potential rise to $30-$50 per share ($1.5-$3 billion market cap) by 2026 [4] KSI-501 Development - KSI-501, a dual inhibitor bioconjugate molecule, is being developed for retinal vascular diseases [7] - Following a successful phase I study, Kodiak is advancing KSI-501 into phase III through the DAYBREAK study for wet AMD [8] - The DAYBREAK study will also evaluate tarcocimab as a second investigational arm, positioning Kodiak with two late-stage candidates [8] KSI-101 Development - KSI-101, the unconjugated protein component of KSI-501, targets IL-6 and VEGF for diabetic macular edema (DME) and macular edema secondary to inflammation (MESI) [9] - The phase Ib APEX study is enrolling patients to evaluate KSI-101's safety and tolerability, with plans to progress into late-stage development [10] - Pivotal phase IIb/III studies (PEAK and PINNACLE) will investigate KSI-101 in MESI [10] Financial Position and Investor Interest - Kodiak ended Q3 with $197.9 million in cash, cash equivalents, and marketable securities, sufficient to support operations into 2026 [12] - The company is gaining significant interest from healthcare funds due to its attractive valuation and may seek financing in 2025 [11] Industry Comparison - Castle Biosciences (CSTL) shares have gained 59.4% in six months, with earnings beating estimates in the past four quarters [14] - Vanda Pharmaceuticals (VNDA) shares have lost 8% in six months, with a negative earnings surprise in the past four quarters [15] - CytomX Therapeutics (CTMX) shares have lost 13.1% in six months, with mixed earnings performance in the past four quarters [16][17]

Core Insights - Kodiak Sciences Inc. (KOD) is showing potential as a technical investment due to reaching a key support level and experiencing a "golden cross" where the 50-day simple moving average crossed above the 200-day simple moving average [1] - The occurrence of a golden cross is typically seen as a bullish indicator, suggesting a possible breakout in stock price [1] - KOD has experienced a significant price increase of 65.5% over the past four weeks, indicating strong upward momentum [1] - The stock currently holds a 3 (Hold) rating on the Zacks Rank, further suggesting potential for a breakout [1] - Recent earnings expectations have improved, with two upward revisions in estimates over the past 60 days, reinforcing the bullish outlook for KOD [2] Technical Analysis - The golden cross event consists of three stages: a price decline bottoming out, the shorter moving average crossing above the longer moving average, and maintaining upward momentum [1] - A golden cross is contrasted with a death cross, which signals potential bearish price movement [1] Earnings Expectations - The Zacks Consensus Estimate for KOD has moved upward, indicating positive sentiment among analysts regarding the company's earnings prospects [2] - Investors are encouraged to consider adding KOD to their watchlist due to the combination of technical indicators and positive earnings revisions [2]

Core Viewpoint - Kodiak Sciences reported a narrower loss of 84 cents per share in Q3 2024, compared to a loss of 95 cents per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of 90 cents [1] Financial Performance - Research and development expenses decreased by 12% year over year to $31.9 million, attributed to lower manufacturing costs and reduced clinical study expenses for its lead candidate, tarcocimab [2] - General and administrative expenses fell by 19% year over year to $14.8 million, mainly due to lower noncash stock-based compensation expenses [2] - As of September 30, 2024, Kodiak had cash, cash equivalents, and marketable securities totaling $197.9 million, down from $219.2 million as of June 30, 2024, with the company confident that this balance can support operations into 2026 [4] Pipeline Developments - Kodiak is conducting the phase III GLOW2 study to evaluate the efficacy and safety of tarcocimab in treatment-naïve patients with diabetic retinopathy, which may contribute to a marketing authorization application if successful [5] - The company is also studying KSI-501, a dual inhibitor designed to target inflammation and abnormal angiogenesis in retinal vascular diseases [6] - Tarcocimab will be evaluated as a second investigational arm in the phase III DAYBREAK study, alongside KSI-501 [7] - Kodiak is enrolling patients in the phase Ib APEX study for KSI-101, targeting diabetic macular edema and macular edema secondary to inflammation [8] - The APEX study aims to assess safety and tolerability and identify dose levels for late-stage development, with pivotal studies planned for KSI-101 in MESI [9]

Clinical Development - Kodiak Sciences is developing three clinical programs, with two in late-stage trials: tarcocimab for diabetic retinopathy and wet AMD, and KSI-501 for wet AMD[37] - The Phase 3 GLOW2 study for tarcocimab is designed to evaluate efficacy in treatment-naïve patients with diabetic retinopathy, with a primary endpoint of ≥2 steps improvement on the Diabetic Retinopathy Severity Scale at Week 48[39] - KSI-501 is being evaluated in the Phase 3 DAYBREAK study, which includes a non-inferiority comparison against aflibercept, with a focus on individualized dosing[39] - Kodiak's KSI-101 is in the Phase 1b APEX study, targeting retinal inflammatory diseases, with a goal to progress into dual Phase 2b/3 studies[39] - The first patients were dosed in the Phase 3 GLOW2 study of tarcocimab for diabetic retinopathy (DR) in May 2024, and additional Phase 3 trials for wet AMD and a Phase 1b trial for retinal fluid and inflammation have been initiated[55] - Two pivotal Phase 3 clinical trials of tarcocimab did not meet their primary efficacy endpoints, leading to a pause in further development pending review of additional study data[57] - The company resumed development of tarcocimab in November 2023 after favorable results from previous trials, but future success remains uncertain[57] - A Phase 1 study of KSI-501 has been conducted, and the company plans to initiate a dose-finding Phase 1b APEX study in 2024, with potential dual Phase 2b/3 studies planned for Q2 2025[56] - Clinical trials are subject to significant delays and uncertainties, which could impact the timelines for product development and regulatory approval[59] Financial Performance - Kodiak reported a net loss of $43.946 million for the three months ended September 30, 2024, compared to a net loss of $50.007 million for the same period in 2023, reflecting a decrease of $6.061 million[43] - Research and development expenses for the third quarter of 2024 were $31.878 million, down from $36.188 million in the same quarter of 2023, a reduction of $4.310 million[43] - General and administrative expenses for the third quarter of 2024 were $14.754 million, down from $18.312 million in the same quarter of 2023, a decrease of $3.558 million[43] - The company reported a net loss of $43.9 million and $132.1 million for the three and nine months ended September 30, 2024, with $14.8 million and $51.6 million related to non-cash stock-based compensation[45] - Cash and cash equivalents as of September 30, 2024, were $197.9 million, expected to support operations into 2026[45] - Net cash used in operating activities was $87.2 million for the nine months ended September 30, 2024, based on operational spend of $60.1 million[47] - The accumulated deficit as of September 30, 2024, was $1,284.6 million, indicating ongoing financial challenges[45] - The company has not generated any product revenue and does not expect to until regulatory approval and commercialization of product candidates[45] - The company plans to raise additional funding based on the status of its clinical trials and projected cash flows, with potential dilution for existing shareholders[45] - The company anticipates continued significant and increasing operating losses for the foreseeable future due to ongoing research and development activities and clinical trials[120] - The company has never generated revenue from product sales and does not expect to do so until after successful clinical development and regulatory approval[121] Research and Development - The company is advancing its ABCD Platform to include small molecules and other APIs, aiming for high drug-antibody ratios for targeted therapies[37] - Kodiak is exploring new preclinical programs for glaucoma and dry AMD, utilizing its ABCD Platform to develop therapies with dual mechanisms of action[40] - Tarcocimab program expenses decreased by $7.8 million and $53.5 million during the three and nine months ended September 30, 2024, primarily due to reduced manufacturing and clinical activities[44] - KSI-501 and KSI-101 program expenses increased by $0.9 million and $2.4 million during the three and nine months ended September 30, 2024, driven by increased clinical activities[44] Regulatory and Compliance Risks - The company has never submitted an application for regulatory approval for any product candidate, which is necessary before commercialization can occur[58] - Regulatory approval may not be granted even if clinical trials are successful, and the company may face additional requirements or restrictions post-approval[58] - The company’s prospects heavily depend on the outcomes of ongoing clinical studies for its product candidates, including tarcocimab, KSI-501, and KSI-101[55] - Investment in biopharmaceutical product development carries significant risks, including the potential failure to demonstrate adequate efficacy or safety profiles[58] - The company must demonstrate a favorable risk versus benefit profile for its product candidates to obtain regulatory approval, which is inherently uncertain and costly[64] - Regulatory approval processes for product candidates are lengthy and unpredictable, potentially taking many years and requiring extensive clinical data[72] - The company has not yet obtained regulatory approval for any product candidates, which poses a risk to generating product revenue[72] - Changes in drug pricing and access policies, such as those under the Inflation Reduction Act of 2022, may negatively impact the commercial viability of product candidates[71] - The company faces competition from biosimilars, which may enter the market sooner than anticipated due to regulatory pathways established by the Biologics Price Competition and Innovation Act[71] - The company may incur substantial liabilities from product liability lawsuits, impacting commercialization efforts[71] Competition and Market Dynamics - Roche's Vabysmo and Regeneron's Eylea HD are significant competitors, with Vabysmo gaining rapid market share since its FDA approval in January 2022[64] - The company faces challenges in patient enrollment for clinical trials due to strict eligibility criteria and competition from other trials, which could delay development and increase costs[62] - The development of new product candidates is highly competitive, with major pharmaceutical companies having greater resources and established products in the market[64] - The company’s ABC Platform may not yield viable product candidates, and competitors may develop superior technologies that could render its platform less attractive[64] - The commercial success of product candidates depends on market acceptance by physicians, patients, and payors, influenced by efficacy, safety, pricing, and marketing support[71] Intellectual Property and Patent Risks - The ability to obtain and maintain patent protection is crucial; failure to do so could allow competitors to commercialize similar products[95] - The patent prosecution process is complex and costly, and there is no guarantee that pending applications will result in issued patents[96] - The scope of patent protection may not be sufficiently broad, which could adversely affect the company's ability to prevent competitors from commercializing similar technologies[97] - The company faces significant challenges in protecting its intellectual property globally, with potential competitors able to exploit technologies in jurisdictions without patent protection[99] - The company may incur substantial costs and time due to potential patent challenges, which could adversely affect its business and financial condition[101] - The company’s patents may be challenged in various proceedings, which could lead to a reduction in patent scope or invalidation[100] Operational and Management Challenges - The company faces intense competition for skilled personnel in the biotechnology and pharmaceutical industries, which may hinder its ability to attract and retain qualified employees[111] - Future growth will impose significant responsibilities on management, including recruiting and integrating new employees and managing operational complexity[111] - The company relies on third-party organizations for critical services, and any disruption in these services could adversely affect clinical trials and regulatory approvals[113] - Cybersecurity threats, including ransomware and supply-chain attacks, pose significant risks to the company's operations and sensitive information[115] - Business disruptions from natural disasters or health epidemics could harm the company's financial condition and increase operational costs[116] Financial Strategy and Capital Needs - The company has funded its operations primarily through the sale of equity securities and will require additional capital for further development and commercialization of its product candidates[123] - The company anticipates incurring significant costs associated with commercializing any approved product candidate and ongoing compliance efforts[122] - The company may need to raise additional funds sooner than anticipated if it chooses to expand more rapidly than currently planned[122] - The company has no committed source of additional capital, which may hinder its ability to complete development and commercialization of product candidates[122] - Future sales of common stock could lead to a decline in share price, impacting capital raising efforts[128] Compliance and Regulatory Environment - The company must comply with strict advertising and promotion regulations, which could limit marketing strategies for approved products[69] - Ongoing regulatory compliance is essential to avoid sanctions that could adversely affect commercialization and revenue generation[78] - The company is subject to numerous federal, state, and local environmental, health, and safety laws, which could result in fines or penalties if not complied with[83] - The company faces significant costs associated with compliance with environmental laws, which may impair research, product development, and manufacturing efforts[84] - The company must ensure compliance with evolving data privacy laws, which may require changes to its business model and increase legal risks[84]