Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 94 4. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): December 31, 2022 December 31, 2021 Accrued clinical trial and related costs ........................................................... $ 18,334 $ 21,776 Accrued salaries and benefits.......................................................................... 6,033 6,187 Accrued manufacturing and research & development costs........................... 5,978 6,041 Accrued leasehold improvements................................................................... 1,893 13,021 Accrued legal fees........................................................................................... 245 403 Accrued professional fees............................................................................... 39 176 Accrued other liabilities.................................................................................. 919 715 Total accrued and other current liabilities ...................................................... $ 33,440 $ 48,319 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, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds................................................................. $ 173,617 $ — $ — $ 173,617 Marketable securities: U.S. treasury securities............................................................. — $ 288,500 — $ 288,500 Total.......................................................................................... $ 173,617 $ 288,500 $ — $ 462,117 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds................................................................. $ 706,703 $ — $ — $ 706,703 Total.......................................................................................... $ 706,703 $ — $ — $ 706,703 As of December 31, 2022 and 2021, the fair value of the liability related to sale of future royalties is based on our current estimates of future royalties expected to be paid to BBA, which are considered Level 3 inputs. Refer to Note 15. There were no transfers of assets or liabilities between the fair value measurement levels during the years ended December 31, 2022 and 2021.