Finally figured out what was wrong. The cube needed to have the following:
- Simulate Physics needed to be checked
- Start Awake needed to be checked
- Simulation Generates Hit Events needed to be checked
- Collision Presets needed to be “BlockAllDynamic”
Additionally, the collision component in the projectile needed to have the following:
- Simulation Generates Hit Events needed to be unchecked
- Simulation Generates Overlap Events needed to be checked
- Collision Presets needed to be “Projectile”