Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2020

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

Cash and Cash Equivalents

Cash and Cash Equivalents

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 June 30, 2020 and December 31, 2019, the Company had cash and cash equivalents of approximately $245.7 million and $125.7 million, respectively. Cash and cash equivalents included cash of $3.4 million at June 30, 2020 and $3.2 million at December 31, 2019. Cash and cash equivalents at June 30, 2020 and December 31, 2019 included $242.4 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 June 30, 2020 or at December 31, 2019, respectively.

The Company believes that its existing cash and cash equivalents as of June 30, 2020 will be sufficient to fund its currently planned capital expenditure requirements and operating expenses 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, which includes the continuation of its clinical development programs for Zimura, the progression of its IC-100 and IC-200 programs into the clinic, and the advancement of its IC-500 development program. This estimate assumes that it will enroll approximately 400 patients in the GATHER2 trial. This estimate does not reflect any additional expenditures resulting from the potential in-licensing or acquisition of additional product candidates or technologies, commencement of any new sponsored research programs or any associated development the Company may pursue. 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.