FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Assets Measured at Fair Value on a Recurring Basis

The following table sets forth the Company’s cash equivalents and short-term marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2025 (in thousands):

	Fair Value Measurements as of June 30, 2025:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	97,318	$	—	$	—	$	97,318
Commercial Paper	6,481		—		—		6,481
U.S. Treasury securities	2,201		—		—		2,201
Short-term marketable securities
Commercial paper	—		31,732		—		31,732
Corporate bonds	—		27,492		—		27,492
U.S. Treasury securities	—		7,407		—		7,407
Total	$	106,000	$	66,631	$	—	$	172,631

There were no Level 1, 2 or 3 assets or liabilities as of December 31, 2024.

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.

Assets Measured at Fair Value on a Non-Recurring Basis

Derivative Liability

In connection with the issuance of the Company’s convertible notes, the Company recorded a derivative liability (see Note 8). The estimated fair value of the derivative liability was recorded using significant unobservable measures and other fair value inputs and is therefore classified as a Level 3 financial instrument.

The fair value of the derivative liability was valued using a probability-weighted scenario analysis utilizing the terms of the notes under the with-or-without method. The Company determined a 100% probability of conversion into equity as the notes were converted into shares of the Company’s common stock upon the Offering in April 2024.

Upon the Offering in April 2024, all the convertible notes, including principal and accrued interest, were converted into 2,104,562 shares of the Company’s common stock. Accordingly, the related derivative liability was converted into additional paid-in capital.