Ophthalmic Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › OPHTHALMIC THERAPEUTICS

One Pivotal Readout Resets the Wet AMD Race While the Sector Slides

This update covers what moved, what companies announced and what it means in Ophthalmic Therapeutics over September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › OPHTHALMIC THERAPEUTICS

   Cover slide introducing the Ophthalmic Therapeutics bi-weekly industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Ophthalmic Therapeutics, covering the two weeks of September 14–28, 2026. In the pages that follow, we walk through what moved, what companies announced, what transacted, and what it means for the sector.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › OPHTHALMIC THERAPEUTICS One Pivotal Readout Resets the Wet AMD Race While the Sector Slides This update covers what moved, what companies announced and what it means in Ophthalmic Therapeutics over September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Clinical and Regulatory Readouts, Not the Broad Market

   This slide summarizes the two-week period's key takeaway across 12 covered names, close-to-close.

   We start with the bottom line: 10 of 12 covered names fell over the window, with a -6.2% sector median move against a +0.8% return for the S&P 500. That gap tells us the pressure sat inside the sector rather than across the broader market. Two clinical and regulatory readouts — from Kodiak Sciences and Surrozen — did the heavy lifting on the upside, while the rest of the group absorbed the decline. So what: this period rewarded readout catalysts specifically, not sector-wide sentiment.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Clinical and Regulatory Readouts, Not the Broad Market The two-week period in one page · 12 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 12 Covered Names Fell; The Median Move Was -6.2% The S&P 500 returned +0.8% over the same window, so the weakness sat inside the sector rather than across the market. 2 A Pivotal Wet AMD Readout Carried the Whole Period Kodiak Sciences Inc. (KOD) ended the two-week period +171.3%, with its largest day on Sep 28 at +178.0%, following topline results from the DAYBREAK pivotal Phase 3 study of Zenkuda and KSI-501. Barron's reported the company plans to file for regulatory approval of Zenkuda. 3 A First Regulatory Step Was Enough to Double a Small Developer in a Day Surrozen, Inc. (SRZN) gained +66.1% over the window and +108.4% on Sep 24, reported alongside its submission of an Investigational New Drug application to the FDA for SZN-8141 in diabetic macular edema. 4 The Declines Were Concentrated in Names the Market Already Prices High Ocular Therapeutix, Inc. (OCUL), a Premium-tier name in NeuraCap's standing view, fell -28.5%, with a -20.6% day on Sep 28. EyePoint Pharmaceuticals, Inc. (EYPT) fell -22.1% and Oculis Holding AG (OCS) fell -14.5%. +171.3% Best mover — Kodiak Sciences Inc. (KOD) worst: OCUL -28.5% · 2 up / 10 down of 12 covered -6.2% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Binary Readouts Did the Work in Both Directions

   This slide charts each covered name's close-to-close stock move for the two-week window against a sector-relative materiality bar.

   We show every covered name's window return here, benchmarked to a ±14.1% materiality bar. Kodiak Sciences Inc. (KOD) stands apart at +171.3%, with its largest single day at +178.0% on Sep 28, on the back of pivotal DAYBREAK Phase 3 results for Zenkuda and KSI-501. Ocular Therapeutix, Inc. (OCUL) fell -28.5%, EyePoint Pharmaceuticals, Inc. (EYPT) fell -22.1%, and Oculis Holding AG (OCS) fell -14.5%, concentrating declines in names the market already prices at a premium. So what: the moves that cleared our materiality bar were binary readouts, not broad repricing.

   Everything on this page

   PUBLIC MARKET MOVERS Binary Readouts Did the Work in Both Directions Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -6.2% · S&P 500 +0.8% · materiality bar ±14.1% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -6.2% Kodiak Sciences Inc. (KOD) +171.3% Shares moved following the September 28 topline results from the DAYBREAK pivotal Phase 3 study of Zenkuda and KSI-501 in wet AMD; Barron's reported the company plans to file for approval of Zenkuda. In retina, a clean pivotal win can re-rate a pre-commercial developer in a single session. COMPANY-SPECIFIC Surrozen, Inc. (SRZN) +66.1% The move appears to reflect the company's submission of an Investigational New Drug application to the FDA for SZN-8141 in diabetic macular edema, reported September 24. Surrozen also presented at a healthcare conference on September 16. Entry into diabetic macular edema draws attention at the earliest regulatory step, not only at readout. COMPANY-SPECIFIC Ocular Therapeutix, Inc. (OCUL) -28.5% No notable in-window news was identified that clearly explains the move. At -28.5%, the decline was well below the -6.2% median move across covered names. Premium-tier names carry the highest embedded expectations and travel furthest in both directions. UNEXPLAINED EyePoint Pharmaceuticals, Inc. (EYPT) -22.1% The available evidence points to the September 15 notice that Pomerantz LLP is investigating claims on behalf of EyePoint investors. The largest single day ran the other way, at +15.7% on Sep 17. A legal overhang can price into a developer's equity long before any claim is tested. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Regulatory Milestones on One Side, Legal Notices on the Other

   This slide lists the two-week period's highest-impact regulatory and legal news events with source links.

   We surface the period's highest-impact events here, each linked to its underlying filing or article. Kodiak Sciences' DAYBREAK topline results and Surrozen's FDA IND submission for SZN-8141 anchor the regulatory side of the page. So what: these are the catalysts a client should track directly, not proxy through price action alone.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Regulatory Milestones on One Side, Legal Notices on the Other The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · GlobeNewsWire Ocular Therapeutix granted inducement equity to newly hired employees Inducement grants go to new hires, so the notice is a staffing signal from a company preparing an NDA submission — the stage where commercial build costs begin. Hiring ahead of approval is the earliest observable sign that a launch is being resourced. Sep 16 · NEWS · GlobeNewsWire EyePoint granted inducement equity to new hires in its retinal disease programmes The grants point to continued hiring at a developer of therapies for serious retinal diseases. Field-force build is the cost that precedes any buy-and-bill pull-through. Retina prescribers are concentrated, so a small specialist team built early can cover the account base. Sep 15 · NEWS · GlobeNewsWire Ocular Therapeutix cleared its pre-NDA meeting with the FDA for AXPAXLI in wet AMD The company said the meeting confirms its plan to submit the AXPAXLI NDA on SOL-1 Week 52 efficacy and safety plus interim SOL-R safety, with submission on track for 4Q 2026. Clarity on the regulatory path, not incremental acuity data, is what carries a retina asset toward launch. Sep 17 · NEWS · PRNewsWire Pomerantz recirculated its investor-claims investigation notice on EyePoint The second release widened the reach of the same notice within the window, keeping the item in front of the market for several sessions. Repeat distribution of a single notice can extend its presence in the news flow well past day one. Sep 17 · NEWS · PRNewsWire Pomerantz recirculated its investor-claims investigation notice on LENZ Therapeutics A second release of the same notice kept the item live in the window and shows how quickly these notices propagate across wire services. Two of the period's covered names drew the same type of notice within days of each other. Sep 17 · NEWS · GlobeNewsWire An Oculis board member purchased ordinary shares, disclosed under managerial transaction rules A board-level purchase is a direct signal of how insiders view the company's own programme position, disclosed in a period when the shares traded down. Insider purchases are one of the few company-level signals available between clinical readouts.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Deal Record Stood Still While the Clinical Record Moved

   This slide reviews M&A and strategic activity for the two-week window against a precedent set of 20 recorded deals.

   We checked the deal record for the window and found it empty — no new transactions to price against this period's clinical moves. Our precedent set of 20 recorded deals remains the reference point for valuation context, with a sector EV/Revenue median of 4.2x and an 18.5x median for Premium-tier names. So what: without fresh deal evidence, buyers and sellers are left to price off the public market's readout-driven multiples.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Deal Record Stood Still While the Clinical Record Moved September 14–28, 2026 · precedent transactions: 20 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. Buyers continue to reference the 20 precedent transactions already carried in the record, priced on asset-level cash flows rather than on a market multiple. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 20 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Readout-Driven Two-Week Period Changes for Operators, Buyers and Advisors

   This slide translates the two-week period's evidence into observations for operators, acquirers and advisors.

   We read this period's evidence for the people who act on it. For operators, dosing interval, durability of effect and retina specialist account penetration are the operating measures behind the largest moves. For acquirers, Kodiak Sciences' move toward a Zenkuda filing and Surrozen's new diabetic macular edema programme both add a data point to the wet AMD reference set. So what: advisors should lead conversations with the readout calendar, not the index, given 10 of 12 names fell while the S&P 500 gained +0.8%.

   Everything on this page

   WHAT IT MEANS What a Readout-Driven Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2026E) median 4.2x 14 companies in the study 3 valuation tiers Standing thesis: Ophthalmic therapeutics splits in two: clinical-stage programme owners and a sterile ophthalmic supply business FOR OWNERS & OPERATORS Durability Is the KPI the Period Rewarded Dosing interval and durability of effect, injection burden per patient per year and retina specialist account penetration are the operating measures behind this period's largest moves. FOR ACQUIRERS The Reference Set in Wet AMD Just Gained a Data Point Kodiak Sciences Inc. (KOD) moved from pre-readout to a stated plan to file for approval of Zenkuda, and Surrozen, Inc. (SRZN) opened a diabetic macular edema programme at the FDA. Ocular Therapeutix, Inc. FOR ADVISORS Lead with the Readout Calendar, Not the Index 10 of 12 covered names fell while the S&P 500 returned +0.8%, and both gainers were driven by clinical or regulatory progress.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update's figures and statements.

   We close by showing our work: every figure in this update links back to the filing, price record, or publisher source it was taken from. This is where we distinguish observed fact, derived calculation, and NeuraCap's calibrated reads. So what: clients can verify any number here before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Ophthalmic Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T181931Z_559_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · prnewswire.com

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