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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
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 as of December 31, 2024 using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value as of
December 31,
2024
Assets included in:
Cash and cash equivalents
Money market securities$35,268 $— $— $35,268 
Marketable securities
Corporate debt securities— 178,901 — 178,901 
Government and agency - U.S.— 16,997 — 16,997 
Total fair value$35,268 $195,898 $— $231,166 
Liabilities included in:
Debt, long-term
Embedded derivative liabilities$— $— $970 $970 
Total fair value$— $— $970 $970 
Fair value measurements as of December 31, 2023 using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value as of
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 $— $305,396 
Liabilities included in:
Debt, long-term
Embedded derivative liabilities$— $— $2,560 $2,560 
Total fair value$— $— $2,560 $2,560 
The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets.
The fair value for the available-for-sale marketable securities is determined based on valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.
The following table presents changes in Level 3 liabilities measured at fair value for the two-year period ended December 31, 2024 (in thousands):
Balance, January 1, 2023$— 
Fair value of embedded derivatives at issuance of Term Loan1,200 
Change in fair value of embedded derivatives1,360 
Balance, December 31, 20232,560 
Change in fair value of embedded derivatives(1,590)
Balance, December 31, 2024$970 
During the years ended December 31, 2024 and 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, 2024 and 2023 and November 10, 2023 (inception) is as follows:
December 31,November 10,
202420232023
Conversion price$2.53$2.53$2.53
Expected term (in years)3.74.74.9
Expected equity volatility98.2%106.7%102.5%
Risk-free interest rate4.3%3.9%4.7%
Discount for lack of marketability12.5%11.5%9.5%
Expected dividend yield0%0%0%