Positive Phase 3 topline results from the GLOW2 study for Zenkuda (tarcocimab tedromer) in diabetic retinopathy demonstrated superiority over sham. Zenkuda achieved 62.5% of patients with a 2-step improvement in diabetic retinopathy severity score (DRSS) compared to 3.3% for sham-treated patients (p<0.0001). An 85% risk reduction in the development of sight-threatening complications was observed with Zenkuda (2.4% vs. 15.8% with sham, p=0.0001). Zenkuda was well tolerated with no reported instances of intraocular inflammation, retinal vasculitis, or occlusive retinal vasculitis, and a low cataract adverse event rate of 2.3% versus 1.6% with sham. Kodiak Sciences intends to move on an accelerated timeline toward a multi-indication Biologics License Application (BLA) submission for Zenkuda. Enrollment has been completed in the Phase 3 DAYBREAK study for both Zenkuda and KSI-501 in patients with neovascular age-related macular degeneration (wet AMD), with approximately 690 subjects enrolled. Topline data for the DAYBREAK study is expected in September 2026. Enrollment is progressing well in the Phase 3 PEAK and PINNACLE studies for KSI-101, with topline results for PEAK expected in 4Q 2026 and for PINNACLE in 2Q 2027. KSI-101 demonstrated robust anatomical and visual responses in the Phase 1b APEX study in patients with macular edema secondary to inflammation (MESI), including >90% resolution of intraretinal and subretinal fluid by Week 8 in top dose groups. The company continues to expand a diversified pipeline of bispecific antibody candidates (KSI-102, KSI-103) and retina duet programs in glaucoma and geographic atrophy. Significant progress has been made with digital health and artificial intelligence capabilities through the VETi platform, enabling the development of an AI-powered wearable headset. Kodiak Sciences ended 2025 with $209.9 million of cash and cash equivalents. Net loss for the fourth quarter of 2025 was $56.7 million, or $1.04 per share, compared to $44.1 million, or $0.84 per share, for the fourth quarter of 2024. Net loss for the full year 2025 was $229.967 million, or $4.32 per share, compared to $176.207 million, or $3.35 per share, for the full year 2024. Research and development (R&D) expenses were $45.5 million for Q4 2025, up from $31.8 million for Q4 2024, primarily due to increased clinical activities. R&D expenses for the full year 2025 were $182.4 million, up from $126.1 million for the full year 2024. General and administrative (G&A) expenses were $12.0 million for Q4 2025, down from $14.4 million for Q4 2024, partly offset by sublease income. G&A expenses for the full year 2025 were $52.0 million, down from $60.8 million for the full year 2024. An equity offering completed in December 2025 generated net proceeds of $173.0 million. Current cash and cash equivalents are believed to support current and planned operations into 2027.