3. Consolidated Financial Statement Detail

Cash and Cash Equivalents

At December 31, 2018, cash and cash equivalents consisted of demand deposits of $45.8 million. At December 31, 2017, cash and cash equivalents consisted of demand deposits of $8.6 million and money market funds of $34.9 million with maturities of less than 90 days at the date of purchase.

Long-term Equity Securities

At December 31, 2018, long-term equity securities consisted of an investment in Rezolute’s common stock of $0.4 million (see Note 4). The Company recognized a loss of $0.6 million due to the change in fair value of its investment in Rezolute’s common stock in other income, net line item of the consolidated statement of operations and comprehensive loss for the year ended December 31, 2018.

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

During the year ended December 31, 2017, the Company completed the sale of equipment and disposal of certain equipment located in one of its leased facilities for total proceeds of $1.6 million. The total carrying value of the equipment sold and disposed of was $0.4 million. Accordingly, the Company recorded a gain of $1.2 million on the sale and disposal of equipment in the other income, net line of the Company’s consolidated statement of operations and comprehensive income. The Company recorded depreciation expense of $30,000 and $0.3 million for the years ended December 31, 2018 and 2017, respectively.

Accrued and Other Liabilities

Accrued and other liabilities consisted of the following (in thousands):