Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash

v3.24.2
Restricted Cash
6 Months Ended
Jun. 30, 2024
Restricted Cash [Abstract]  
Restricted Cash

6. Restricted Cash

As of each of June 30, 2024 and December 31, 2023, the Company had $2.1 million in restricted cash, which was classified as long-term on the Company’s condensed consolidated balance sheets, and all of which was attributable to the lease with respect to the Company's corporate headquarters (the “HQ Lease”) (See Note 9).

In connection with the execution of the HQ Lease, the Company was required to provide the landlord with a letter of credit in the amount of $3.1 million that will expire 95 days after expiration or early termination of the HQ Lease. Pursuant to the HQ Lease, the Company exercised its right to reduce the amount of the letter of credit to $2.1 million during the year ended December 31, 2023.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the Company’s condensed consolidated statement of cash flows as of June 30, 2024 and 2023 (in thousands):

 

 

June 30,

 

 

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

78,964

 

 

$

115,442

 

Restricted cash

 

$

2,119

 

 

 

3,086

 

Total cash, cash equivalents and restricted cash

 

$

81,083

 

 

$

118,528