5. Balance Sheet Components

Cash and Cash Equivalents

Cash and cash equivalents consist of the following:


	September 30, 2018		December 31, 2017
	(in thousands)
Cash	$	1,109	$	556
Cash equivalents:
Money market accounts		115,019		99,792

Total cash and cash equivalents	$	116,128	$	100,348

In November 2016, the FASB issued new guidance ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires the beginning-of-period and end-of-period totals on the statement of cash flows to include restricted cash and restricted cash equivalents, as well as disclosure of how the statement of cash flows reconciles to the balance sheet if restricted cash is shown separately from cash and cash equivalents on the balance sheet. The company adopted the guidance effective January 1, 2018 retrospectively to all periods presented. As a result, the condensed consolidated statement of cash flows no longer presents transfers to or from restricted cash.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows.


	September 30, 2018		September 30, 2017
	(in thousands)
Cash and cash equivalents	$	116,128	$	107,824
Restricted cash included in other assets		300		187

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows	$	116,428	$	108,011

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	September 30, 2018		December 31, 2017
	(in thousands)
Prepaid research and development project costs	$	1,106	$	549
Prepaid insurance		815		478
Other receivables		407		103
Income taxes receivable		294		—
Other		581		247

Total prepaid expenses and other current assets	$	3,203	$	1,377

Property and Equipment, net

Property and equipment, net consists of the following:


	September 30, 2018			December 31, 2017
	(in thousands)
Software	$	259		$	254
Leasehold improvements		108			79
Computer equipment		89			93
Furniture and fixtures		3			3

Property and equipment, gross		459			429
Less: accumulated depreciation		(334	)		(275	)

Total property and equipment, net	$	125		$	154

Depreciation related to the Company’s property and equipment was $26,000 and $0.1 million for the three and nine months ended September 30, 2018, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2017.

Accrued Liabilities

Accrued liabilities consist of the following:


	September 30, 2018		December 31, 2017
	(in thousands)
Accrued research and development costs	$	3,589	$	2,763
Accrued employee-related costs		2,133		2,699
Accrued professional fees		617		317
Accrued restructuring costs (Note 11)		71		137
Other		758		217

Total accrued liabilities	$	7,168	$	6,133