FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024
Assets included in:
Cash and cash equivalents
Money market securities	$	32,832	$	—	$	—	$	32,832
Marketable securities
Corporate debt securities	—		198,674		—		198,674
Government and agency - U.S.	—		27,037		—		27,037
Total fair value	$	32,832	$	225,711	$	—	$	258,543
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	1,520	$	1,520
Total fair value	$	—	$	—	$	1,520	$	1,520

	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 liability	$	—	$	—	$	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 nine months ended September 30, 2024 (in thousands):

Balance, December 31, 2023	$	2,560
Change in fair value of embedded derivatives	(1,040)
Balance, September 30, 2024	$	1,520

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

As of September 30, 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 September 30, 2024 and December 31, 2023 is as follows:

	September 30, 2024	December 31, 2023
Conversion price	$2.53	$2.53
Expected term (in years)	4.0	4.7
Expected equity volatility	102.1%	106.7%
Risk-free interest rate	3.6%	3.9%
Discount for lack of marketability	11.0%	11.5%
Expected dividend yield	0%	0%