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Balance Sheet Components
 12 Months Ended
Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components

4. Balance Sheet Components

Financial Instruments

Cash equivalents and investments, all of which are classified as available-for-sale securities, and restricted cash consisted of the following (in thousands):

 

 

December 31, 2021

 

 

December 31, 2020

 

 

Cost

 

 

Unrealized Gain

 

 

Unrealized (Loss)

 

 

Estimated Fair Value

 

 

Cost

 

 

Unrealized Gain

 

 

Unrealized (Loss)

 

 

Estimated Fair Value

 

Money market funds

$

56,337

 

 

$

—

 

 

$

—

 

 

$

56,337

 

 

$

106,782

 

 

$

—

 

 

$

—

 

 

$

106,782

 

Corporate notes and commercial paper

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,501

 

 

 

1

 

 

 

—

 

 

 

6,502

 

U.S. government agency securities

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,501

 

 

 

2

 

 

 

—

 

 

 

1,503

 

 

$

56,337

 

 

$

—

 

 

$

—

 

 

$

56,337

 

 

$

114,784

 

 

$

3

 

 

$

—

 

 

$

114,787

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

$

56,067

 

 

 

 

 

 

 

 

 

 

 

$

106,342

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

8,005

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

270

 

 

 

 

 

 

 

 

 

 

 

 

440

 

Total cash equivalents,
   restricted cash and
   investments

 

 

 

 

 

 

 

 

 

$

56,337

 

 

 

 

 

 

 

 

 

 

 

$

114,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2021, there have been no significant realized gains or losses on available-for-sale securities for the periods presented. As of December 31, 2021, there were no unrealized losses on cash equivalents. As of December 31, 2021, the Company had a total of $59.8 million in cash, cash equivalents and restricted cash, which included $3.5 million in cash and $56.3 million in cash equivalents and restricted cash.

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):

 

 

December 31,

 

 

2021

 

 

2020

 

Research and development equipment

$

1,882

 

 

$

2,174

 

Furniture and office equipment

 

167

 

 

 

167

 

Computer equipment

 

487

 

 

 

448

 

Software

 

80

 

 

 

80

 

Leasehold improvements

 

1,234

 

 

 

1,234

 

Total property and equipment

 

3,850

 

 

 

4,103

 

Less: accumulated depreciation

 

(3,294

)

 

 

(3,413

)

Property and equipment, net

$

556

 

 

$

690

 

 

Property and equipment depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $0.3 million, $0.4 million, and $0.5 million, respectively.

Accrued and Other Liabilities

Accrued and other liabilities consist of the following (in thousands):

 

 

December 31,

 

 

2021

 

 

2020

 

Accrued clinical and manufacturing expenses

$

5,086

 

 

$

7,910

 

Accrued payroll and related expenses

 

3,283

 

 

 

5,142

 

Current portion of lease liability

 

1,374

 

 

 

1,903

 

Other

 

613

 

 

 

1,452

 

Total accrued and other liabilities

$

10,356

 

 

$

16,407