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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
Fair value measurements at reporting date using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value at
December 31,
2023
Assets included in:
Cash and cash equivalents
Money market securities$66,207 $— $— $66,207 
Marketable securities
Corporate debt securities— 201,635 — 201,635 
U.S. treasury securities— 37,554 — 37,554 
Total fair value$66,207 $239,189 $— $305,396 
Liabilities included in:
Debt, long-term
Embedded derivative liabilities$— $— $2,560 $2,560 
Total fair value$— $— $2,560 $2,560 


Fair value measurements at reporting date using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value at
December 31,
2022
Assets included in:
Cash and cash equivalents
Money market securities$129,100 $— $— $129,100 
Marketable securities
Corporate debt securities— 45,762 — 45,762 
Asset-backed securities— 2,904 — 2,904 
Government and agency - U.S.— 14,675 — 14,675 
Total fair value$129,100 $63,341 $— $192,441 
Schedule of the Fair Value using Level 3 Significant Unobservable Inputs
The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2023 (in thousands):
Balance, January 1, 2023$— 
Fair value of embedded derivatives at issuance of Term Loan1,200 
Change in fair value of embedded derivatives1,360 
Balance, December 31, 2023$2,560 
Schedule of Estimate of Fair Value in Embedded Derivatives in Term Loan
For the year ended December 31, 2023, the fair value of the embedded derivatives in the Term Loan has been estimated using the Monte Carlo model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the embedded derivatives in the Term Loan as of December 31, 2023 and November 10, 2023 (inception) is as follows:
December 31,November 10,
20232023
Conversion price$2.53$2.53
Expected term (in years)4.74.9
Expected equity volatility106.7%102.5%
Risk-free interest rate3.9%4.7%
Discount for lack of marketability11.5%9.5%
Expected dividend yield0%0%
The Black-Scholes option-pricing model was used to estimate the fair value of the warrant on November 10, 2023 with the following weighted average assumptions:
Risk-free interest rate4.6%
Contractual term (in years)10
Expected volatility98.4%
Expected dividend yield0%