Cash, Cash Equivalents and Available for Sale Securities

3 Months Ended

Mar. 31, 2020

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash, Cash Equivalents and Available for Sale Securities

Cash, Cash Equivalents and Available for Sale Securities

The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of purchase to be cash equivalents. As of March 31, 2020 and December 31, 2019, the Company had cash and cash equivalents of approximately $108.4 million and $125.7 million, respectively. Cash and cash equivalents included cash of $4.1 million at March 31, 2020 and $3.2 million at December 31, 2019. Cash and cash equivalents at March 31, 2020 and December 31, 2019 included $104.3 million and $122.5 million, respectively, of investments in money market funds and certain investment-grade corporate debt securities with original maturities of 90 days or less.

The Company considers securities with original maturities of greater than 90 days at the date of purchase to be available for sale securities. The Company held no available for sale securities at March 31, 2020 or at December 31, 2019, respectively.

The Company believes that its existing cash and cash equivalents as of March 31, 2020 will be sufficient to fund its operations and capital expenditure requirements as currently planned for at least the next 12 months from the filing of this Quarterly Report on Form 10-Q. This estimate is based on the Company's current business plan, including the continuation of its current research and development programs. This estimate also does not reflect any additional expenditures, including associated development costs, in the event it in-licenses or acquires any new product candidates or if it commences any new sponsored research programs. The Company has based this estimate on assumptions that may prove to be wrong, and it could use its available capital resources sooner than it currently expects.