Kodiak Sciences (KOD) 10% Owner Victor Perlroth Exercises Options

What Happened
Victor Perlroth, a reported 10% owner of Kodiak Sciences (KOD), exercised multiple option/derivative awards on September 25, 2026 to acquire a total of 1,280,524 common shares. The exercises covered: 600,000 shares at $5.38 (paid $3,228,000), 365,840 shares at $2.49 (paid $910,942), and 314,684 shares at $3.95 (paid $1,243,002), for total cash paid of approximately $5,381,944. The filing also shows corresponding derivative instruments converted/disposed at $0 (i.e., the underlying derivative was converted into shares).

Key Details

• Transaction date: September 25, 2026 (Form 4 filed September 29, 2026) — filing appears timely under Form 4 rules.
• Transaction type/code: M (exercise/conversion of derivative).
• Shares acquired: 1,280,524 total (600,000; 365,840; 314,684).
• Consideration paid: $3,228,000 + $910,942 + $1,243,002 = $5,381,944 (approx $5.38M).
• Corresponding derivative entries: same lots listed as disposed at $0, indicating conversion of the derivative instruments into shares.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes: F1 indicates the option shares are fully vested; F2 and F3 describe separate vesting schedules for different grants (1/48th monthly vesting schedules starting July 1, 2024 and July 1, 2025).

Context
This was an option exercise (derivative conversion) rather than an open-market purchase or a sale of shares. Perlroth is reported as a 10% owner — a large shareholder filing rather than, for example, routine executive open-market sales. The filing does not indicate an immediate sale of the newly acquired shares (no “sale” proceeds reported), and the zero-dollar disposed lines reflect conversion of derivative awards into common stock.