|12 Months Ended|
Dec. 31, 2019
|Cash And Cash Equivalents [Abstract]|
6. Restricted Cash
At December 31, 2019, the Company had $3.4 million in restricted cash, of which $0.3 million was classified as short-term and $3.1 million as long-term on the Company’s consolidated balance sheets.
The Company’s letter of credit for the 2015 Lease (See Note 9) is classified as current on the Company’s consolidated balance sheets as of December 31, 2019.
In connection with the execution of the 2019 Lease (See Note 9), 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 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 $3.1 million letter of credit was classified as long-term restricted cash on the Company’s consolidated balance sheet as of December 31, 2019.
At December 31, 2018, the Company had $0.9 million in restricted cash, of which $0.6 million was classified as short-term and $0.3 million as long-term on the Company’s consolidated balance sheets.
In August 2018, the Company entered into a manufacturing agreement with a third party for manufacturing services related to one of its product candidates. In accordance with the terms of the manufacturing agreement, the Company was required to provide a letter of credit in the amount of $0.6 million. In October 2019, the third-party manufacturer released the Company from the letter of credit in accordance with the terms of the manufacturing agreement. In connection with this release, the Company collected the $0.6 million in full and the letter of credit is no longer outstanding.
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, 2019, 2018, 2017 and 2016 (in thousands):
The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.
No definition available.