FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary 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 March 31, 2024
Assets included in:
Cash and cash equivalents
Money market securities	$	46,395	$	—	$	—	$	46,395
Marketable securities
Corporate debt securities	—		210,906		—		210,906
Government and agency - U.S.	—		38,784		—		38,784
Total fair value	$	46,395	$	249,690	$	—	$	296,085
Liabilities included in:
Debt, long-term
Embedded derivatives liabilities	$	—	$	—	$	2,610	$	2,610
Total fair value	$	—	$	—	$	2,610	$	2,610

	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
Government and agency - U.S.	—		37,554		—		37,554
Total fair value	$	66,207	$	239,189	$	—	$	305,396
Liabilities included in:
Debt, long-term
Embedded derivatives liabilities	$	—	$	—	$	2,560	$	2,560
Total fair value	$	—	$	—	$	2,560	$	2,560

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 three months ended March 31, 2024 (in thousands):

Balance, December 31, 2023	$	2,560
Change in fair value of embedded derivatives	50
Balance, March 31, 2024	$	2,610

Schedule of Estimate of Fair Value in Embedded Derivatives in Term Loan

As of March 31, 2024 and 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 March 31, 2024 and December 31, 2023 is as follows:

	March 31, 2024	December 31, 2023
Conversion price	$2.53	$2.53
Expected term (in years)	4.5	4.7
Expected equity volatility	102.9%	106.7%
Risk-free interest rate	4.3%	3.9%
Discount for lack of marketability	15.0%	11.5%
Expected dividend yield	0%	0%