FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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
	March 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	26,049	$	26,049	$	—	$	—
Total cash equivalents		26,049		26,049		—		—
Short-term investments
Commercial paper		53,686		—		53,686		—
U.S. Treasury bills		12,468		12,468		—		—
Agency bonds		26,204		—		26,204		—
Total short-term investments		92,358		12,468		79,890		—
Total fair value of assets	$	118,407	$	38,517	$	79,890	$	—

			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	18,436	$	18,436	$	—	$	—
Total cash equivalents		18,436		18,436		—		—
Short-term investments
Commercial paper		55,577		—		55,577		—
U.S. Treasury bills		26,841		26,841		—		—
Agency Bonds		24,405		—		24,405		—
Total short-term investments		106,823		26,841		79,982		—
Total fair value of assets	$	125,259	$	45,277	$	79,982	$	—

SCHEDULE OF SHORT TERM INVESTMENT

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

		As of March 31, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		53,734		5		(53)		53,686
U.S. Treasury bills	2 years or less		12,525		—		(57)		12,468
Agency bond	2 years or less		26,300		2		(98)		26,204
		$	92,559	$	7	$	(208)	$	92,358

		As of December 31, 2022
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less	$	55,645	$	16	$	(84)	$	55,577
U.S. Treasury bills	1 year or less		27,108		—		(267)		26,841
Agency bond	2 years or less		24,536		2		(133)		24,405
		$	107,289	$	18	$	(484)	$	106,823

SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES

The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands):

		As of March 31, 2023
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	35,656	$	(53)	$	—	$	—	$	35,656	$	(53)
U.S. Treasury bills		1,980		(3)		10,488		(54)		12,468		(57)
Agency bond		23,985		(98)		—		—		23,985		(98)
	$	61,621	$	(154)	$	10,488	$	(54)	$	72,109	$	(208)

		As of December 31, 2022
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	34,928	$	(84)	$	—	$	—	$	34,928	$	(84)
U.S. Treasury bills		1,971		(6)		24,833		(261)		26,804		(267)
Agency bond		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)