FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The Company’s cash equivalents consist of money market funds and highly liquid investments with original maturities of 90 days or less from the date of purchase. The Company classifies cash equivalents and short-term investments within Level 1 or Level 2 of the fair value hierarchy.

The following tables present the Company’s cash equivalents and short-term investments by significant investment category and fair value level as of December 31, 2024 and 2023 (in thousands):

	December 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1:
Money market funds	$	34,267	$	—	$	—	$	34,267
U.S. government securities	98,716		81		(2)		98,795
Level 2:
Corporate paper	60,669		16		(11)		60,674
Total	$	193,652	$	97	$	(13)	$	193,736

	December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1:
Money market funds	$	117,328	$	—	$	—	$	117,328
U.S. government securities	64,630		12		—		64,642
Level 2:
Corporate paper	37,888		—		(7)		37,881
Total	$	219,846	$	12	$	(7)	$	219,851

There have been no transfers of assets between fair value levels during the periods presented. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.