FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair Value Measured as of December 31, 2023 Using:
	Adjusted Cost		Unrealized gains		Fair Value		Cash and Cash Equivalent		Marketable Securities
Assets
Level 1
Money market funds	$	16,377	$	—	$	16,377	$	16,377	$	—
Level 2
Corporate bonds	2,880		1		2,881		—		2,881
Commercial paper	8,809		5		8,814		—		8,814
U.S. Government securities	7,892		4		7,896		—		7,896
Total financial assets	$	35,958	$	10	$	35,968	$	16,377	$	19,591
Liabilities
Level 2
Private placement warrant liability	$	—	$	—	$	—	$	—	$	—
Level 3
Convertible notes	—		—		—		—		—
Derivative warrant liability	—		—		26		—		—
Total financial liabilities	$	—	$	—	$	26	$	—	$	—

	Fair Value Measured as of December 31, 2022 Using:
	Adjusted Cost		Unrealized losses		Fair Value		Cash and Cash Equivalent		Marketable Securities
Assets
Level 1
Money market funds	$	14,253	$	—	$	14,253	$	14,253	$	—
Level 2
Asset-backed securities	3,507		(119)		3,388		—		3,388
Corporate bonds	22,139		(240)		21,899		—		21,899
Commercial paper	20,760		—		20,760		—		20,760
U.S. Government securities	29,983		(895)		29,088		—		29,088
Total financial assets	$	90,642	$	(1,254)	$	89,388	$	14,253	$	75,135
Liabilities
Level 2
Private placement warrant liability	$	—	$	—	$	7	$	—	$	—
Level 3
Convertible notes	—		—		8,594		—		—
Derivative warrant liability	—		—		119		—		—
Total financial liabilities	$	—	$	—	$	8,720	$	—	$	—

Schedule of the Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in fair value of the Company’s Level 3 financial instruments for the year ended December 31, 2023 (in thousands):

	2022 Convertible Note		Derivative Warrant Liability		Total
Balance at December 31, 2022	$	8,594	$	119	$	8,713
Additions	—		—		—
Payments or conversions	(9,573)		—		(9,573)
Change in fair value included in other income (expense), net	958		(93)		865
Change in fair value due to instrument specific credit risk included in other comprehensive income	21		—		21
Balance at December 31, 2023	$	—	$	26	$	26

Schedule of Key Inputs into the Black-Sholes Option Pricing Model

The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at December 31, 2023 are as follows:

	December 31, 2023
Expected term (years)	2.7
Expected volatility	155.7		%
Risk-free interest rate	4.1		%
Dividend yield	—		%
Exercise price	$	105.00