FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2024 (in thousands):

			Fair Value Measurements, Using
	Total Carrying Value as of March 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Short-term U.S. Government bonds	$	464,408	$	464,408	$	—	$	—
Long-term U.S. Government bonds		298,893		298,893		—		—
Cash equivalents		3,247		3,247		—		—
Short-term Corporate bonds		796		796		—		—
Short-term Marketable securities		89		89		—		—

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2023 (in thousands):

			Fair Value Measurements, Using
	Total Carrying Value as of December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Short-term U.S. Government bonds	$	420,378	$	420,378	$	—	$	—
Long-term U.S. Government bonds		285,502		285,502		—		—
Short-term Corporate bonds		1,759		1,759		—		—
Cash equivalents		268		268		—		—

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.