Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 95 3. Property and Equipment, net Property and equipment, net consists of the following (in thousands): December 31, 2024 December 31, 2023 Furniture and fixtures..................................................................... $ 2,042 $ 2,042 Machinery and equipment.............................................................. 40,326 39,709 Computer software and hardware .................................................. 378 378 Leasehold improvement................................................................. 96,534 96,534 Construction in progress ................................................................ 4,204 4,371 Total property and equipment........................................................ 143,484 143,034 Less: Accumulated depreciation.................................................... (41,262) (22,552) Total property and equipment, net................................................. $ 102,222 $ 120,482 The Company's property and equipment are maintained in the United States and Switzerland with net book values of $35.6 million and $66.6 million, respectively, as of December 31, 2024 compared to $40.2 million and $80.3 million, respectively, as of December 31, 2023. Depreciation expense was $18.7 million, $18.3 million and $3.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. 4. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): December 31, 2024 December 31, 2023 Accrued salaries and benefits .......................................................................... $ 5,266 $ 6,078 Accrued clinical trial and related costs............................................................ 2,803 2,701 Accrued manufacturing and research & development costs............................ 2,148 8,662 Accrued legal fees and professional fees......................................................... 443 196 Accrued other liabilities................................................................................... 370 714 Total accrued and other current liabilities ....................................................... $ 11,030 $ 18,351 5. Fair Value Measurements The following tables 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, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds ................................................................. $ 166,464 $ — $ — $ 166,464 Total .......................................................................................... $ 166,464 $ — $ — $ 166,464 Fair Value Measurements at December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds ................................................................. $ 274,466 $ — $ — $ 274,466 Total .......................................................................................... $ 274,466 $ — $ — $ 274,466