FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

SCHEDULE OF FAIR VALUE INSTRUMENTS

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	17,201	$	17,201	$	—	$	—
Total cash equivalents		17,201		17,201		—		—
Short-term investments
U.S. Treasury bills		25,592		25,592		—		—
Commercial paper		80,188		—		80,188		—
Agency bond		14,379		—		14,379		—
Total short-term investments		120,159		25,592		94,567		—
Total fair value of assets	$	137,360	$	42,793	$	94,567	$	—

			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	39,653	$	39,653	$	—	$	—
Commercial paper		14,448		—		14,448		—
Total cash equivalents		54,101		39,653		14,448		—
Short-term investments
U.S. Treasury bills		25,135		25,135		—		—
Corporate debt securities		10,715		—		10,715		—
Commercial paper		77,328		—		77,328		—
Total short-term investments		113,178		25,135		88,043		—
Total fair value of assets	$	167,279	$	64,788	$	102,491	$	—

SCHEDULE OF SHORT TERM INVESTMENT

The following tables summarize the Company’s short-term investments (in thousands):

		As of September 30, 2022
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		80,379		2		(193)		80,188
U.S. Treasury bills	2 years or less		26,052		—		(460)		25,592
Agency bond	2 years or less		14,499		—		(120)		14,379
		$	120,930	$	2	$	(773)	$	120,159

		As of December 31, 2021
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Corporate debt securities	1 year or less	$	10,726	$	—	$	(11)	$	10,715
Commercial paper	1 year or less		77,328		9		(9)		77,328
U.S. Treasury bills	2 years or less		25,183		—		(48)		25,135
		$	113,237	$	9	$	(68)	$	113,178