Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 96 3. Property and Equipment, net Property and equipment, net consists of the following (in thousands): December 31, 2023 December 31, 2022 Furniture and Fixtur t es $ 2,042 $ 1,969 Machinery r and Equipment 39,709 12,763 Computer Software and Hardware 378 374 Leasehold Improvement 96,534 43,483 Construc r tion in Progress 4,371 4,519 Total property and equipment 143,034 63,108 Less: Accumulated depreciation (22,552) (6,724) Property and equipment, net $ 120,482 $ 56,384 The Company's property and equipment are maintained in the United States and Switzerland with net book values of $40.2 million and $80.3 million, respectively, as of December 31, 2023 compared to $45.3 million and $11.1 million, respectively, as of December 31, 2022. Depreciation expense was $18.3 million, $3.8 million and $1.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. 4. Accrued and Other Current Liabilities Accrue r d and other current liabilities consist of the following (in thousands): December 31, 2023 December 31, 2022 Accrue r d manufact f ur t ing and research & development costs $ 8,662 $ 5,978 Accrue r d salaries and benefits 6,078 6,033 Accrue r d clinical trial and related costs 2,701 18,334 Accrue r d legal fees and profes f sional fees 196 283 Accrue r d property and equipment — 1,893 Accrue r d other liabi a lities 714 919 Total accrue r d and other current liabilities $ 18,351 $ 33,440 5. Fair Value Measurements The following tabl a es present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 274,466 $ — $ — $ 274,466 Marketable securities: U.S. treasury r securities — — — — Total $ 274,466 $ — $ — $ 274,466 ir Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 173,617 $ — $ — $ 173,617 Marketable securities: U.S. treasury r securities — 288,500 — 288,500 Total $ 173,617 $ 288,500 $ — $ 462,117 As of December 31, 2023 and 2022, the fair value of the liabi a lity related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to BBA, which are considered Level 3 inputs. Refer to