Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-17

Kodiak Sciences (KOD)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,499,221
Victor Perlroth total, FY2025
1st
CEO pay percentile vs peers
CEO-to-median pay ratio
99.35%
Say-on-pay support, latest vote
Companies that benchmark against KOD
5 companies name KOD as a compensation peer

Each company listed discloses KOD in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named KOD in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Victor Perlroth$792,497$0$0$923,032$772,824$0$10,868$2,499,221
Chief Executive Officer and Chairman of the Board
John Borgeson552,96800678,700373,321010,8681,615,857
Executive Vice President, Chief Financial Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Victor Perlroth$2,499,221
John Borgeson1,615,857

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
John BorgesonChief Financial Officer2026-06-04D25,896$34$880,723CommonForm 4 ↗
John BorgesonChief Financial Officer2026-06-04D4,10435142,286CommonForm 4 ↗
John BorgesonChief Financial Officer2026-06-04A30,000131,200CommonForm 4 ↗
John BorgesonChief Financial Officer2026-06-04D30,00000Derivative, Class A CommonForm 4 ↗
Richard S. LevyDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
Charles A. BancroftDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
BAKER BROS. ADVISORS LPDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
Taiyin YangDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
Robert ProfusekDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
Bassil I. DahiyatDirector2026-06-30A17,73100Derivative, Class A CommonForm 4 ↗
John BorgesonChief Financial Officer2026-07-15A66,50000Derivative, Class A CommonForm 4 ↗
Victor PerlrothDirector2026-07-15A100,00000Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
John BorgesonOPTION$678,700
Victor PerlrothOPTION923,032
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
John Borgeson$0$0$678,7000.0%
Victor Perlroth00923,0320.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
John BorgesonOption82,1367.24
Victor PerlrothOption47,3968.15
Victor PerlrothOption262,2092.49
John BorgesonOption216,0322.49
John BorgesonOption20,7828.15
Victor PerlrothOption223,9593.95
Victor PerlrothOption132,6057.24
05

Incentive-plan design — the Compensation Discussion & Analysis

We focus on providing a competitive compensation package which provides significant short-term and long-term incentives for the achievement of measurable corporate objectives. We believe that this approach provides an appropriate blend of short-term and long-term incentives to maximize stockholder value.

CEO STI target (% of salary)65%
CEO LTI target (% of salary)
Independent consultantCompensia, Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingFalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0249,157,143323,19621,00599.35%Passed
20252025-06-0235,200,8642,365,79649,47393.7%Passed
20242024-06-0436,430,8784,405,09339,31289.21%Passed
20232023-06-0632,457,9165,299,67343,64285.96%Passed
20222022-06-0732,519,4263,748,42531,56489.66%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0299.35%a
20252025-06-0293.7%b
20242024-06-0489.21%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert A. Profusek, J.DIndependent · Lead Independent Director · Compensation (Chair) · Nominating and Governance (Chair)$86,500$0$92,800$0$0$179,300
Charles A. BancroftIndependent · Audit (Chair) · Compensation · Nominating and Governance77,500092,80000170,300
Bassil I. Dahiyat, Ph.DIndependent · Audit55,000092,80000147,800
Taiyin Yang, Ph.DIndependent · Audit55,000092,80000147,800
Richard S. Levy, M.DIndependent · Compensation · Nominating and Governance50,000092,80000142,800
Felix J. Baker, Ph.DIndependent · Compensation · Nominating and Governance092,8000092,800
Victor Perlroth, M.DEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$92,800
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$324,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$324,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Kodiak Sciences names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Kodiak Sciences.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1RAPT Therapeutics2024Brian Wong$630,000$0$5,927,297$416,000$6,979,539
2Viridian Therapeutics2025Stephen Mahoney700,0001,058,0984,381,713630,0006,776,249
3AbCellera Biologics2025Carl Hansen550,00005,361,93406,293,085
4Nektar Therapeutics2025Howard Robin1,106,282942,0812,986,5351,106,2826,256,954
5Allogene Therapeutics2025David Chang724,0002,409,5372,588,329400,0106,136,093
6Heron Therapeutics2025Craig Collard689,431946,2541,352,917517,1893,516,291
7Kodiak Sciences2025Victor Perlroth792,4970923,032772,8242,499,221
8Fate Therapeutics2025Bahram Valamehr600,00001,283,868360,0002,248,568
94D Molecular Therapeutics2025David Kirn667,2520822,750560,5972,051,343
10Mersana Therapeutics2024Michael Huber632,500133,635518,044322,5751,613,754
EyePoint Pharmaceuticalsnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Kodiak Sciences150%Options 100not disclosedCompensia, Inc.
4D Molecular Therapeutics140%Options 100not disclosedRadford (part of the Rewards Solutions practice at Aon plc)
AbCellera Biologicsnot disclosedOption 100not disclosedAlpine Rewards
Allogene Therapeutics85%Options 55 · RSU 25 · PSU 20NoCompensia
EyePoint Pharmaceuticalsnot disclosednot disclosednot disclosednot disclosed
Fate Therapeutics100%Options 100NoAon's Human Capital Solutions practice (Radford)
Heron Therapeutics100%Options 67 · RSU 33not disclosedCompensia, Inc.
Mersana Therapeutics85%Options 75 · RSU 25not disclosedPearl Meyer & Partners, LLC
Nektar Therapeutics100%not disclosedNoAon
RAPT Therapeutics120%Options 100not disclosedAon plc/Radford
Viridian Therapeutics150%Options 75 · RSU 25not disclosedCompensia

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Victor PerlrothDEF 14A2026-04-220001193125-26-170429Section “2025 Summary Compensation Table”. As printed: 2,499,221. Filing ↗machine: r4 · c14 · span 905058–905068
2Section 01, John BorgesonDEF 14A2026-04-220001193125-26-170429Section “2025 Summary Compensation Table”. As printed: 1,615,857. Filing ↗machine: r7 · c14 · span 926659–926668
3Section 03, John Borgeson OPTIONDEF 14A2026-04-220001193125-26-170429Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t62 · r7 · c8 · span 923787–923794
4Section 03, Victor Perlroth OPTIONDEF 14A2026-04-220001193125-26-170429Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t62 · r4 · c8 · span 902183–902190
5Section 07, pay ratio10-K2026-03-310001193125-26-134887Section “CEO Pay Ratio”. As printed: —. Filing ↗
6Section 08, Robert A. Profusek, J.DDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 179,300. Filing ↗machine: t35 · r8 · c12 · span 520504–520511
7Section 08, Charles A. BancroftDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 170,300. Filing ↗machine: t35 · r5 · c12 · span 500683–500690
8Section 08, Bassil I. Dahiyat, Ph.DDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 147,800. Filing ↗machine: t35 · r6 · c12 · span 507291–507298
9Section 08, Taiyin Yang, Ph.DDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 147,800. Filing ↗machine: t35 · r9 · c12 · span 527106–527113
10Section 08, Richard S. Levy, M.DDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 142,800. Filing ↗machine: t35 · r7 · c12 · span 513896–513903
11Section 08, Felix J. Baker, Ph.DDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 92,800. Filing ↗machine: t35 · r4 · c8 · span 492311–492317
12Section 08, Victor Perlroth, M.DDEF 14A2026-04-220001193125-26-170429Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, John Borgeson 2026-06-04Form 42026-06-050001754045-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, John Borgeson 2026-06-04Form 42026-06-050001754045-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, John Borgeson 2026-06-04Form 42026-06-050001754045-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, John Borgeson 2026-06-04Form 42026-06-050001754045-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Richard S. Levy 2026-06-30Form 42026-07-020001454983-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, BAKER BROS. ADVISORS LP 2026-06-30Form 42026-07-020001193125-26-294724Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Charles A. Bancroft 2026-06-30Form 42026-07-020001480250-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, BAKER BROS. ADVISORS LP 2026-06-30Form 42026-07-020001193125-26-294724Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Taiyin Yang 2026-06-30Form 42026-07-020001334505-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Robert Profusek 2026-06-30Form 42026-07-020001143732-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Bassil I. Dahiyat 2026-06-30Form 42026-07-020001591312-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, John Borgeson 2026-07-15Form 42026-07-170001754045-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Victor Perlroth 2026-07-15Form 42026-07-170001754181-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
26Section 06, 2026 voteForm 8-K2026-06-040001193125-26-257766Item 5.07 · say-on-pay result. As reported: 99.35% (votes for as printed: 49,157,143). Filing ↗
27Section 06, 2025 voteForm 8-K2025-06-030001193125-25-134149Item 5.07 · say-on-pay result. As reported: 93.7% (votes for as printed: 35,200,864). Filing ↗
28Section 06, 2024 voteForm 8-K2024-06-060001193125-24-156056Item 5.07 · say-on-pay result. As reported: 89.21% (votes for as printed: 36,430,878). Filing ↗
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Section 09b board cost (computed)ComputedcomputedCash 324,000 + equity 0 + all other 0 = 324,000, summed across the director compensation table rows.machine: formula: Σ = 324,000
31RAPT Therapeutics, Section 10b CEO totalDEF 14A2025-04-140000950170-25-053517CEO total compensation as printed in RAPT Therapeutics's own proxy. As printed: 6,979,539. Filing ↗machine: r2 · c23 · span 816852–816861
32Viridian Therapeutics, Section 10b CEO totalDEF 14A2026-04-170001193125-26-160344CEO total compensation as printed in Viridian Therapeutics's own proxy. As printed: 6,776,249. Filing ↗machine: r2 · c35 · span 371769–371778
33AbCellera Biologics, Section 10b CEO totalDEF 14A2026-04-290001703057-26-000020CEO total compensation as printed in AbCellera Biologics's own proxy. As printed: 6,293,085. Filing ↗machine: r2 · c36 · span 392248–392257
34Nektar Therapeutics, Section 10b CEO totalDEF 14A2026-04-240001140361-26-016708CEO total compensation as printed in Nektar Therapeutics's own proxy. As printed: 6,256,954. Filing ↗machine: r2 · c24 · span 738327–738336
35Allogene Therapeutics, Section 10b CEO totalDEF 14A2026-04-300001628280-26-028948CEO total compensation as printed in Allogene Therapeutics's own proxy. As printed: 6,136,093. Filing ↗machine: r2 · c54 · span 451014–451023
36Heron Therapeutics, Section 10b CEO totalDEF 14A2026-04-300001193125-26-196306CEO total compensation as printed in Heron Therapeutics's own proxy. As printed: 3,516,291. Filing ↗machine: span 728212–728221
37Kodiak Sciences (subject), Section 10b CEO totalDEF 14A2026-04-220001193125-26-170429CEO total compensation as printed in Kodiak Sciences's own proxy. As printed: 2,499,221. Filing ↗machine: r4 · c14 · span 905058–905068
38Fate Therapeutics, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177094CEO total compensation as printed in Fate Therapeutics's own proxy. As printed: 2,248,568. Filing ↗machine: r2 · c31 · span 391551–391560
394D Molecular Therapeutics, Section 10b CEO totalDEF 14A2026-04-280001140361-26-017427CEO total compensation as printed in 4D Molecular Therapeutics's own proxy. As printed: 2,051,343. Filing ↗machine: r2 · c21 · span 356185–356194
40Mersana Therapeutics, Section 10b CEO totalDEF 14A2025-04-290001104659-25-040448CEO total compensation as printed in Mersana Therapeutics's own proxy. As printed: 1,613,754. Filing ↗machine: t16 · r1 · c41 · span 608188–608197
41Section 10a, AbCellera Biologics reciprocityDEF 14A0001703057-26-000020AbCellera Biologics's most recent proxy was read; its disclosed peer group does not include Kodiak Sciences. Filing ↗
42Section 10a, Viridian Therapeutics reciprocityDEF 14A0001193125-26-160344Viridian Therapeutics's most recent proxy was read; its disclosed peer group does not include Kodiak Sciences. Filing ↗
43Section 10a, Nektar Therapeutics reciprocityDEF 14A0001140361-26-016708Nektar Therapeutics names Kodiak Sciences in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Allogene Therapeutics reciprocityDEF 14A0001628280-26-028948Allogene Therapeutics's most recent proxy was read; its disclosed peer group does not include Kodiak Sciences. Filing ↗
45Section 10a, Heron Therapeutics reciprocityDEF 14A0001193125-26-196306Heron Therapeutics's most recent proxy was read; its disclosed peer group does not include Kodiak Sciences. Filing ↗
46Section 10a, Mersana Therapeutics reciprocityDEF 14A0001104659-25-040448Mersana Therapeutics's most recent proxy was read; its disclosed peer group does not include Kodiak Sciences. Filing ↗