FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUE MEASUREMENTS:

Summary of Assets Measured at Fair Value on a Recurring Basis (In Thousands)

		Fair Value Measurements Using
	Balance Sheet	December 31,
Assets	Classification	2024		(Level 1)		(Level 2)		Level 3)
Money market mutual funds	Cash equivalents	$	66,213	$	66,213	$	—	$	—
Available-for-sale debt securities:
U.S. Government securities (1)	Short-term investments		24,291		24,291		—		—
Convertible note receivable (2)	Non-current assets		2,038		—		—		2,038
Total		$	92,542	$	90,504	$	—	$	2,038

		Fair Value Measurements Using
	Balance Sheet	December 31,
Assets	Classification	2023		(Level 1)		(Level 2)		(Level 3)
Money market mutual funds	Cash equivalents	$	83,810	$	83,810	$	—	$	—
Available-for-sale debt securities:
U.S. Government securities (1)	Short-term investments		36,544		36,544		—		—
Total		$	120,354	$	120,354	$	—	$	—

(1) The carrying amount of the Company’s investments in U.S. Government securities approximate fair value due to their short-term maturities, and there have been no events or changes in circumstances that would have had a significant effect on the fair value of these securities as of December 31, 2024 and 2023.

(2) In August 2024, the Company purchased a $2.0 million non-marketable convertible promissory note from an unrelated third party (the “convertible note”). The convertible note bears a 5% interest rate annually and will mature in August 2026.