FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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
	2024		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	18,343	$	18,343	$	—	$	—
Commercial paper		2,988		—		2,988		—
Total cash equivalents		21,331		18,343		2,988		—
Short-term investments
Agency bonds		37,367		—		37,367		—
Commercial paper		19,503		—		19,503		—
U.S. Treasury bills		9,420		9,420		—		—
Corporate debt securities		6,843		—		6,843		—
Total short-term investments		73,133		9,420		63,713		—
Total fair value of assets	$	94,464	$	27,763	$	66,701	$	—

			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	19,787	$	19,787	$	—	$	—
Total cash equivalents		19,787		19,787		—		—
Short-term investments
Agency bonds		42,255				42,255
Commercial paper		38,386		—		38,386		—
U.S. Treasury bills		10,362		10,362		—		—
Corporate debt securities		7,945		—		7,945		—
Total short-term investments		98,948		10,362		88,586		—
Total fair value of assets	$	118,735	$	30,149	$	88,586	$	—

SCHEDULE OF SHORT TERM INVESTMENTS

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

		As of June 30, 2024
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Agency bonds	2 years or less		37,409		9		(51)		37,367
Commercial paper	2 years or less		19,508		3		(8)		19,503
U.S. Treasury bills	2 years or less		9,439		—		(19)		9,420
Corporate debt securities	2 years or less		6,860		—		(17)		6,843
		$	73,216	$	12	$	(95)	$	73,133

		As of December 31, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Agency bonds	2 years or less	$	42,090		179		(14)	$	42,255
Commercial paper	2 years or less		38,362		29		(5)		38,386
U.S. Treasury bills	2 years or less		10,334		31		(3)		10,362
Corporate debt securities	2 years or less		7,925		21		(1)		7,945
		$	98,711	$	260	$	(23)	$	98,948

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, 2024
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	17,234	$	(35)	$	12,498	$	(15)	$	29,732	$	(50)
Commercial paper		8,866		(8)		—		—		8,866		(8)
U.S. Treasury bills		7,380		(17)		1,975		(3)		9,355		(20)
Corporate debt securities		6,843		(17)		—		—		6,843		(17)
	$	40,323	$	(77)	$	14,473	$	(18)	$	54,796	$	(95)

		As of December 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	$	6,042	$	(5)	$	—	$	—	$	6,042	$	(5)
Agency bonds		3,760		(6)		6,579		(8)		10,339		(14)
U.S. Treasury bills		488		(2)		1,007		(1)		1,495		(3)
Corporate debt securities		3,110		(1)		—		—		3,110		(1)
	$	13,400	$	(14)	$	7,586	$	(9)	$	20,986	$	(23)