3. Restricted Cash

The Company is required, as a condition of its $5.0 million term loan (the “Term Loan”), to maintain cash collateral on deposit in a segregated money market bank account equal to the principal portion of the Term Loan, as determined on a quarterly basis. The bank may restrict withdrawals or transfers by or on behalf of the Company that would violate this requirement. The required Term Loan reserve totaled $3.1 million and $3.5 million as of March 31, 2021 and December 31, 2020, respectively. These amounts are presented in part as restricted cash and in part as other assets on the accompanying condensed balance sheets.

The following table reconciles cash and cash equivalents and restricted cash per the balance sheet to the condensed statement of cash flows:


	March 31,		December 31,
(in thousands)	2021		2020
Cash and cash equivalents	$	36,527	$	32,772
Restricted cash (including $1,386 and $1,806 in other assets as of March 31, 2021 and December 31, 2020, respectively)		3,092		3,512
Total	$	39,619	$	36,284