[Form 4] Kodiak Sciences Inc Insider Trading Activity

Rhea-AI Filing Summary

Confluent, Inc. (CFLT) – Form 144 Notice of Proposed Sale

On 07/02/2025 an affiliate of Confluent filed a Form 144 indicating the intention to sell up to 242,501 common shares, representing roughly 0.07 % of the company’s 340,389,876 shares outstanding. The planned broker is Morgan Stanley Smith Barney LLC, Executive Financial Services, New York. Based on the market price used in the filing, the prospective sale is valued at $6.23 million.

The shares were acquired the same day (07/02/2025) via a stock-option exercise, with cash used to cover the exercise price. The filer—identified in prior sales data within the notice as Melanie Vinson—has sold stock in two prior transactions during the last three months: 13,937 shares on 05/22/2025 for $304,662.82 and 14,087 shares on 05/20/2025 for $307,476.95, together totaling 28,024 shares and $612,140 in gross proceeds.

Key takeaways for investors

• Form 144 filings announce a proposed—not yet executed—sale; actual sales may differ.
• The number of shares is immaterial to the company’s float but notable for tracking insider sentiment.
• The stock-option exercise increases the share count by an equal amount, but the dilution impact is de-minimis at the company level.

While the filing signals insider intent to monetize holdings, the relatively small percentage of outstanding shares suggests limited direct market impact. No undisclosed adverse information was asserted by the filer, as required by Rule 144.

Positive

• None.

Negative

• Insider intent to sell 242,501 shares ($6.23 M) may be viewed as a mild negative sentiment signal despite immaterial dilution.

Insights

Financial Analyst

TL;DR: Routine Form 144 shows insider aims to sell $6.2 M in stock—size immaterial, sentiment slightly negative.

The proposed sale equals 0.07 % of shares outstanding, so supply pressure should be negligible. However, consecutive insider liquidations within the past quarter indicate ongoing profit-taking following option exercises. Because Form 144 is only a notice, the sale may occur piecemeal or be withheld if market conditions change. From a valuation standpoint, dilution is minimal and does not affect per-share metrics. I view the filing as neutral for fundamentals but a minor negative signal for sentiment.

Corporate Governance Expert

TL;DR: Standard compliance filing; insider selling pattern worth monitoring, but governance risk low.

Rule 144 requires affiliates to pre-announce sizable open-market sales. The filer certified no material non-public information, satisfying governance best practices. The option-exercise-plus-sale structure is common for liquidity and tax obligations. Aggregate insider sales over three months (≈270 K shares including proposed) remain well below Rule 144 volume limits, indicating adherence to regulatory thresholds. Unless the pace accelerates or multiple executives join in, the governance impact is not material.

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).

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^*

Levy Richard S

(Last) (First) (Middle)

1250 PAGE MILL ROAD

(Street)

PALO ALTO CA 94304

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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

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

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

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

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)	$3.73	06/30/2025		A		40,000		(1)	06/29/2035	Common Stock	40,000	$0	40,000	D

Explanation of Responses:

1. One hundred percent (100%) of the shares subject to the option shall vest upon the earlier of June 30, 2026 or one (1) day prior to the Issuer's next annual meeting occurring after the grant date, in each case, provided the Reporting Person continues to serve as a member of the Issuer's board of directors through the applicable vesting date.

	/s/ David Peinsipp, Attorney-in-Fact for Richard S. Levy	07/02/2025
	** 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.

FAQ

How many CFLT shares are proposed for sale in this Form 144?

242,501 common shares are listed for potential sale.

What is the estimated value of the shares noted in the CFLT Form 144 filing?

The aggregate market value disclosed is $6,227,425.68.

When could the proposed CFLT insider sale occur?

The approximate sale date provided is 07/02/2025.

Who is the broker handling the proposed sale for CFLT shares?

The filing names Morgan Stanley Smith Barney LLC, Executive Financial Services.

Does the filing create immediate dilution for CFLT shareholders?

Dilution impact is de-minimis; 242,501 shares equal about 0.07 % of total shares outstanding.

Is this Form 144 a guarantee the CFLT insider will sell?

No. Form 144 is a notice of intent; the insider may sell, postpone, or cancel the transaction.