PERLROTH VICTOR 4

What Happened
Victor Perlroth, Chairman and CEO of Kodiak Sciences (KOD), reported exercising stock-option derivatives on March 25, 2026. The Form 4 lists two related derivative transactions totaling 600,000 option shares: 300,000 shares acquired at $1.04 per share (cost $312,000) and 300,000 shares reported as disposed at $0.00 (listed as a derivative). The acquisition represents conversion of options into common stock; the $0.00 disposition line typically reflects a non‑cash settlement (see Context).

Key Details

• Transaction date: 2026-03-25 (reported on Form 4 filed 2026-03-27) — filing appears timely (filed two days after the transaction).
• Transactions: 300,000 shares acquired at $1.04/share (total $312,000); 300,000 shares disposed at $0.00 (derivative). Transaction code: M = option exercise/conversion.
• Shares owned after the transaction: not stated in the filing.
• Footnote: F1 — "The shares subject to this option are fully vested."
• No 10b5-1 plan or additional trading plan is disclosed in the filing.

Context
This was an option exercise rather than an open‑market purchase or sale. The paired lines (acquire at $1.04 and dispose at $0.00) are commonly used when some exercised shares are surrendered (for example, to cover exercise costs or tax withholding) while the remainder are delivered to the insider; the filing itself labels the $0.00 line as a derivative disposition but does not spell out the mechanism. Option exercises by executives are routine and factual (they convert vested options into stock); they do not by themselves indicate a change in sentiment about the company.