Kodiak (KOD) CFO sells 30,000 shares under 10b5-1 trading plan

Rhea-AI Filing Summary

Kodiak Sciences Inc. Chief Financial Officer John A. Borgeson reported an exercise-and-sell transaction in company stock. He exercised stock options for 30,000 shares of common stock at an exercise price of $1.04 per share and acquired those shares. On the same date, he sold a total of 30,000 shares of common stock in open-market transactions at weighted-average prices of $34.01 and $34.67 per share, as disclosed in two sale entries. These sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on September 29, 2025. After these transactions, he directly holds 241,930 shares of Kodiak Sciences common stock.

Insights

Insider trading and governance analyst

CFO exercised options and sold 30,000 shares under a 10b5-1 plan, leaving a sizable remaining stake.

Kodiak Sciences’ CFO, John A. Borgeson, exercised stock options to acquire 30,000 common shares at an exercise price of $1.04 per share, then sold 30,000 shares in open-market trades. This is a classic exercise-and-sell pattern converting options into cash.

The filing shows sales at weighted-average prices around $34.01 and $34.67, executed pursuant to a Rule 10b5-1 trading plan adopted on September 29, 2025. Such pre-planned trades are typically viewed as routine portfolio management rather than opportunistic timing.

After these transactions, Borgeson directly owns 241,930 Kodiak shares. The net effect is a 30,000-share reduction in his position from these trades, while the absence of remaining derivative positions in this filing indicates the relevant option grant was fully exercised.

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares ($1,023,009)

Net Sell 4 txns

Insider BORGESON JOHN A.

Role Chief Financial Officer

Sold 30,000 shs ($1.02M)

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	30,000	$0.00	--
Exercise	Common Stock	30,000	$1.04	$31K
Sale	Common Stock	25,896	$34.01	$881K
Sale	Common Stock	4,104	$34.67	$142K

Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct, null); Common Stock — 241,930 shares (Direct, null)

Footnotes (1)

1. The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on September 29, 2025. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $33.49 to $34.48, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in these footnotes. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $34.49 to $35.05, inclusive. The shares subject to this option are fully vested.

Key Figures

Shares sold: 30,000 shares Weighted-average sale price 1: $34.01 per share Weighted-average sale price 2: $34.67 per share +5 more

8 metrics

Shares sold 30,000 shares Open-market sales on June 4, 2026

Weighted-average sale price 1 $34.01 per share Common stock sale entry on June 4, 2026

Weighted-average sale price 2 $34.67 per share Common stock sale entry on June 4, 2026

Options exercised 30,000 shares Stock Option (Right to Buy) exercised on June 4, 2026

Option exercise price $1.04 per share Stock option conversion price

Shares owned after transactions 241,930 shares Direct common stock ownership after reported trades

Net share change -30,000 shares Net-sell direction from transaction summary

10b5-1 plan adoption date September 29, 2025 Date trading plan was adopted

Key Terms

Rule 10b5-1 trading plan, weighted-average price, Stock Option (Right to Buy), derivative security, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted-average price financial

"The price reported in Column 4 is a weighted-average price. The shares were sold"

Stock Option (Right to Buy) financial

"Stock Option (Right to Buy) with an underlying security of Common Stock"

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

open-market sale financial

"transaction_action is described as open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BORGESON JOHN A.

(Last) (First) (Middle)

1250 PAGE MILL ROAD

(Street)

PALO ALTO CALIFORNIA 94304

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Kodiak Sciences Inc. [ KOD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/04/2026		M		30,000	A	$1.04	241,930	D
Common Stock	06/04/2026		S(1)		25,896	D	$34.01(2)	216,034	D
Common Stock	06/04/2026		S(1)		4,104	D	$34.67(3)	211,930	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1.04	06/04/2026		M			30,000	(4)	06/22/2026	Common Stock	30,000	$0	0	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on September 29, 2025.

2. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $33.49 to $34.48, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in these footnotes.

3. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $34.49 to $35.05, inclusive.

4. The shares subject to this option are fully vested.

	/s/ David Peinsipp, Attorney-in-Fact for John A. Borgeson	06/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Kodiak Sciences (KOD) CFO John Borgeson do in this Form 4 filing?

Kodiak Sciences CFO John A. Borgeson exercised options for 30,000 shares at $1.04 and sold 30,000 common shares in open-market transactions, leaving him with 241,930 shares directly owned after the reported transactions.

How many Kodiak Sciences shares did the CFO sell and at what prices?

The CFO sold a total of 30,000 Kodiak Sciences common shares. The filing reports weighted-average sale prices of $34.01 and $34.67 per share, with individual trades occurring within disclosed price ranges around those averages.

Did Kodiak Sciences’ CFO use a Rule 10b5-1 plan for these stock sales?

Yes. The filing states that the sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 29, 2025, indicating the transactions were pre-arranged rather than timed spontaneously.

How many Kodiak Sciences shares does the CFO own after these transactions?

After the reported option exercise and share sales, the CFO directly owns 241,930 shares of Kodiak Sciences common stock, according to the post-transaction share balances disclosed in the Form 4 data.

What stock options did the Kodiak Sciences CFO exercise in this Form 4?

He exercised a stock option covering 30,000 shares of Kodiak Sciences common stock at an exercise price of $1.04 per share. A footnote states the shares subject to this option were fully vested at the time of exercise.

Does the Form 4 show any remaining stock options for the Kodiak Sciences CFO?

The derivative section shows a stock option for 30,000 shares being exercised down to zero, and the derivative summary is empty, indicating no remaining derivative position from this specific option grant in the filing.