SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	41,474	$	—	$	—	$	41,474
Marketable securities, available for sale:
Asset-backed securities	Level 2		50,262	$	69	$	—		50,331
Corporate debt securities	Level 2		193,769	$	179	$	(81)		193,867
Commercial paper	Level 2		10,432	$	3	$	—		10,435
U.S. government treasury and agency securities	Level 2		173,621	$	279	$	(29)		173,871
Total		$	469,558	$	530	$	(110)	$	469,978

	As of December 31, 2023
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	85,897	$	—	$	—	$	85,897
Marketable securities, available for sale:
Asset-backed securities	Level 2		10,228		12		(2)		10,238
Corporate debt securities	Level 2		82,514		66		(113)		82,467
Commercial paper	Level 2		19,457		13		(8)		19,462
U.S. government treasury and agency securities	Level 2		116,579		151		(26)		116,704
Supranational and sovereign government securities	Level 2		3,419		6		—		3,425
Total		$	318,094	$	248	$	(149)	$	318,193