BORGESON JOHN A. 4

What Happened

• John A. Borgeson, CFO of Kodiak Sciences (KOD), exercised stock options and sold shares on April 2, 2026. He exercised 30,000 option shares at $1.04 per share (cost $31,200) and reported an additional 30,000-share derivative disposition at $0.00. On the same day he sold a total of 30,000 shares in open-market transactions, generating aggregate proceeds of approximately $1,197,488.
• The sales were reported in four blocks with weighted-average prices and proceeds: 12,692 shares at $39.14 ($496,765); 12,477 shares at $40.29 ($502,698); 4,231 shares at $40.88 ($172,963); and 600 shares at $41.77 ($25,062). Footnotes give the detailed price ranges for each weighted average.

Key Details

• Transaction date: April 2, 2026.
• Option exercise: 30,000 shares acquired at $1.04 each (total $31,200); the option shares are fully vested (footnote F6).
• Open‑market sales: 30,000 shares sold for total proceeds ≈ $1,197,488 (weighted-average prices; see footnotes F2–F5 for price ranges).
• Filing notes the sales were effected under a 10b5-1 trading plan adopted Sept 29, 2025 (footnote F1).
• The filing shows a separate 30,000-share disposition at $0.00 reported as a derivative transaction; the Form does not describe the mechanics of that line.
• Shares owned after the transactions: not disclosed in the provided filing.
• Timeliness: Reported on April 2, 2026 for transactions on April 2, 2026 (filed timely).

Context

• This filing combines an option exercise (M) and same‑day sales. When insiders exercise options and then sell shares the same day, it can reflect routine monetization or tax-liability management; here the sales were executed under a pre-existing 10b5-1 plan. The $0.00 derivative disposition line may reflect share surrender/withholding or other option-related mechanics commonly used to cover exercise costs or taxes, but the filing does not specify details. Retail investors should treat sales as routine insider liquidity unless additional company disclosures indicate otherwise.