Cash and Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash and cash equivalents and restricted cash

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statement of cash flows that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands):

	March 31, 2022		March 31, 2021
Cash and cash equivalents	$	49,033	$	103,450
Short-term restricted cash	250		424
Long-term restricted cash	125		—
Total cash, cash equivalents and restricted cash shown on the condensed consolidated statement of cash flows	$	49,408	$	103,874

Short-term restricted cash

The Company leases its Boston, Massachusetts office space under a non-cancelable operating lease. In accordance with the lease, the Company has a cash-collateralized irrevocable standby letter of credit in the amount of $0.3 million as of both March 31, 2022 and December 31, 2021 naming the landlord as beneficiary. The $0.3 million letter of credit was

refunded to the Company in April 2022 under the terms of the original lease agreement. The Company executed an amendment to the existing lease agreement in April 2021. In accordance with the amendment, the cash-collateralized irrevocable standby letter of credit was reduced to an insignificant amount and is reclassified as long-term restricted cash as of March 31, 2022. Refer to Note 14, Leases, for further details.

Long-term restricted cash

As of March 31, 2022 and December 31, 2021, long-term restricted cash included the insignificant cash-collateralized irrevocable standby letter of credit described above.