FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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 as of March 31, 2025 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, 2025
Assets included in:
Cash and cash equivalents
Money market securities	$	25,809	$	—	$	—	$	25,809

Government and agency - U.S.	3,973		—		—		3,973
Marketable securities
Corporate debt securities	—		145,985		—		145,985

Government and agency - U.S.	—		21,799		—		21,799
Total fair value	$	29,782	$	167,784	$	—	$	197,566
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	780	$	780
Total fair value	$	—	$	—	$	780	$	780


	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 at 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 derivatives liability	$	—	$	—	$	970	$	970
Total fair value	$	—	$	—	$	970	$	970

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, 2025 (in thousands):


Balance, December 31, 2024	$	970
Change in fair value of embedded derivatives	(190)
Balance, March 31, 2025	$	780