Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash

v3.20.2
Restricted Cash
9 Months Ended
Sep. 30, 2020
Cash And Cash Equivalents [Abstract]  
Restricted Cash

 

6. Restricted Cash

At September 30, 2020, the Company had $3.1 million in restricted cash, all of which was classified as long-term on the Company’s condensed consolidated balance sheets, and all of which was attributable to the 2019 Lease (See Note 9).

In connection with the execution of the 2019 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 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.

During the nine months ended September 30, 2020, the Company collected its $0.3 million letter of credit associated with its 2015 Lease (See Note 9), which was previously classified as short-term on the Company’s consolidated balance sheets as of December 31, 2019.

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 was classified as long-term.

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 September 30, 2020, December 31, 2019, September 30, 2019 and December 31, 2018 (in thousands):

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

September 30, 2019

 

 

December 31, 2018

 

Cash and cash equivalents

 

$

93,133

 

 

$

41,441

 

 

$

33,364

 

 

$

49,886

 

Restricted cash, current portion

 

 

 

 

 

290

 

 

 

638

 

 

 

638

 

Restricted cash, net of current portion

 

 

3,086

 

 

 

3,086

 

 

 

3,376

 

 

 

290

 

Total cash, cash equivalents and restricted cash

 

$

96,219

 

 

$

44,817

 

 

$

37,378

 

 

$

50,814