Annual report pursuant to Section 13 and 15(d)

Restricted Cash

v3.22.0.1
Restricted Cash
12 Months Ended
Dec. 31, 2021
Restricted Cash [Abstract]  
Restricted Cash

6. Restricted Cash

 

As of December 31, 2021, the Company had $3.1 million in restricted cash, which was classified as long-term on the Company’s consolidated balance sheets. The restricted cash pertained to the $3.1 million letter of credit issued by the Company in connection with the 2019 Lease (See Note 10). The letter of credit will expire 95 days after expiration or early termination of the 2019 Lease. The Company will have the right, under certain conditions, to reduce the amount of the letter of credit to $2.1 million in October 2023.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statement of cash flows as of December 31, 2021, 2020, 2019 and 2018 (in thousands):

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Cash and cash equivalents

 

$

92,302

 

 

$

173,984

 

 

$

41,441

 

 

$

49,886

 

Restricted cash, current portion

 

 

 

 

 

 

 

 

290

 

 

 

638

 

Restricted cash, net of current portion

 

 

3,086

 

 

 

3,086

 

 

 

3,086

 

 

 

290

 

Total cash, cash equivalents and restricted cash

 

$

95,388

 

 

$

177,070

 

 

$

44,817

 

 

$

50,814