FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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
	June 30,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	44,750	$	44,750	$	—	$	—
Commercial paper		4,992		—		4,992		—
Total cash equivalents		49,742		44,750		4,992		—
Short-term investments
Commercial paper		47,750		—		47,750		—
Agency bonds		38,458		—		38,458		—
U.S. Treasury bills		2,987		2,987		—		—
Total short-term investments		89,195		2,987		86,208		—
Total fair value of assets	$	138,937	$	47,737	$	91,200	$	—

			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 June 30, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		47,827		2		(79)		47,750
U.S. Treasury bills	2 years or less		2,995		—		(9)		2,986
Agency bonds	2 years or less		38,596		—		(137)		38,459
		$	89,418	$	2	$	(225)	$	89,195

		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 bonds	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 June 30, 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	$	37,293	$	(79)	$	—	$	—	$	37,293	$	(79)
U.S. Treasury bills		2,193		(9)		—		—		2,193		(9)
Agency bonds		32,957		(132)		5,501		(5)		38,458		(137)
	$	72,443	$	(220)	$	5,501	$	(5)	$	77,944	$	(225)

		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 bonds		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)