Restricted Cash

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Restricted Cash

7. Restricted Cash

The Company is required to maintain a stand-by letter of credit as a security deposit under its leases for its office space in Stamford, Connecticut (refer to Note 17, Commitments and Contingencies: Leases). The fair value of the letter of credit approximates its contract value. The Company’s bank requires the Company to maintain a restricted cash balance to serve as collateral for the letter of credit issued to the landlord by the bank. As of December 31, 2020, the restricted cash balance for the Stamford Lease was invested in a commercial money market account.

The letter of credit balance for the Stamford lease was required to remain at $769 through May 2019 and thereafter, upon request from the Company, was eligible to be reduced to $408 through the end of the lease term in December 2023. The reduction in the balance of the letter of credit for the Stamford lease was contingent upon the Company not being in default of any provisions of that lease prior to request for the reduction. In July 2019, the Company was granted the reduction in the balance of the letter of credit. As of December 31, 2020 and 2019, the Company had $408 of restricted cash related to the Stamford lease in long-term assets.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Balance Sheets that sum to the total of the same such amounts shown in the Statements of Cash Flows.

	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	31,683	$	18,305
Restricted cash, long-term assets		408		408
Total cash, cash equivalents, and restricted cash shown in the Statements of Cash Flows	$	32,091	$	18,713