Kodiak Sciences Inc. Notes to Consolidated Financial Statements 89 3. Property and Equipment, net Property and equipment, net consists of the following (in thousands): December 31, 2025 2024 .............................................................................. Leasehold improvement $ 96,514 $ 96,534 ........................................................................... Machinery and equipment 40,671 40,326 .................................................................................. Furniture and fixtures 2,042 2,042 ................................................................ Computer software and hardware 346 378 .............................................................................. Construction in progress 5,157 4,204 ..................................................................... Total property and equipment 144,730 143,484 .................................................................. Less: Accumulated depreciation (59,472) (41,262) ............................................................... Total property and equipment, net $ 85,258 $ 102,222 The Company's property and equipment are maintained in the United States and Switzerland with net book values of $32.1 million and $53.2 million, respectively, as of December 31, 2025 compared to $35.6 million and $66.6 million, respectively, as of December 31, 2024. Depreciation expense was $18.3 million and $18.7 million for the years ended December 31, 2025 and 2024, respectively. 4. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): December 31, 2025 2024 ........................................................................ Accrued salaries and benefits $ 7,770 $ 5,266 ......................... Accrued manufacturing and research & development costs 6,238 2,148 .......................................................... Accrued clinical trial and related costs 4,494 2,803 ....................................................... Accrued legal fees and professional fees 824 443 ................................................................................ Accrued other liabilities 1,281 370 ................................................... Total accrued and other current liabilities $ 20,607 $ 11,030 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, 2025 Level 1 Level 2 Level 3 Total Cash equivalents: .............................................................. Money market funds $ 207,585 $ — $ — $ 207,585 ............................................................ Total cash equivalents 207,585 — — 207,585 ......................................................................................... Cash 2,277 — — 2,277 ............................................. Total cash and cash equivalents $ 209,862 $ — $ — $ 209,862 Fair Value Measurements at December 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: .............................................................. Money market funds $ 166,464 $ — $ — $ 166,464 ............................................................ Total cash equivalents 166,464 — — 166,464 ......................................................................................... Cash 1,610 — — 1,610 ............................................. Total cash and cash equivalents $ 168,074 $ — $ — $ 168,074