SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	As of March 31, 2026
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	32,999	$	—	$	—	$	32,999
Marketable securities, available for sale:
Asset-backed securities	Level 2		56,984		17		(24)		56,977
Corporate debt securities	Level 2		181,820		44		(221)		181,643
Commercial paper	Level 2		20,209		2		(36)		20,175
U.S. government treasury and agency securities	Level 2		207,590		62		(96)		207,556
Total		$	499,602	$	125	$	(377)	$	499,350

	As of December 31, 2025
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	60,965	$	—	$	—	$	60,965
Marketable securities, available for sale:
Asset-backed securities	Level 2		55,426		78		—		55,504
Corporate debt securities	Level 2		193,479		270		(5)		193,744
Commercial paper	Level 2		10,424		7		—		10,431
U.S. government treasury and agency securities	Level 2		208,955		327		—		209,282
Total		$	529,249	$	682	$	(5)	$	529,926